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Messages - runpaint

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Have you used Zhang's wallet?  I couldn't get it to work, it didn't seem to do anything.  But I did type in a 12-word key phrase.  Is it open-source, so we know the app doesn't send our passphrase?

Anyway the Jelurida Nxt mobile client is not listed in the App Store or Google Play.  At least not if you search for "Nxt wallet" or "Nxt client".  Ardor comes up though.

If anyone is serious about the possibility of widespread adoption, it will have to be an app that people can download from the phone's app store.

By the way, why can't there be a NXT Lite app that's exactly the same as the ARDR app?  Couldn't they just point it at NXT instead, and use the same program?

If someone started with that, we'd be a lot closer to trading on the NXT Asset Exchange on mobile.

Unless anyone knows of an app that already functions?  There's a Chinese app that doesn't work, for all I know it's just trying to get people's passphrases.  So if anyone can make a new app that works and can trade NXT assets between an Android device and an Apple device, post the link here and I'll send you some money.  But I'll send it in NXT Assets, using your app, so make sure it works.



BARR could be a really fun project and Nautilus has already proved that the technology works.

Do you think it will make much difference being on the AE instead of MS?

Hey guys, runpaint here, I'm running the website and launch. 

I don't know what will happen, but I bet it will be fun!

The website is barr.me, in a similar preliminary stage. 


Some guys in slack were saying I should just do it as an asset instead of a currency.

Opinions on that?

Dave had a great idea to name it BORG, which would sum up the coin pretty well, but there's already been a BorgCoin.

Ok, my idea for the coin has evolved a little bit.  I posted a mockup ANN for the new coin idea, and people started sharing it outside the Brainstorming channel.  So I might as well put it here, if we're going to be talking about it.

Since the idea is to accept multiple coins, and to require those coins be burned within a certain timeframe, it won't work to use a blockchain snapshot. 

Here's the basic idea:

[ANN] BARR - Burning Altcoins for Redemption & Reduction - Raising the BARR by Reducing Supply

Burning Altcoins for Redemption and Reduction is a new cryptocurrency on the NXT Monetary System platform. 

BARR is only earned in exchange for altcoins which are permanently destroyed via burn addresses.

Our goal is to thin out the crowded altcoin market by bringing multiple coins - and their users - into one project.  Most importantly, we have to leave the old coins behind. 
Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoins will make all remaining cryptocurrencies more valuable.

When BARR accepts an altcoin for burn redemption, we're essentially offering to buy out the coin at a fixed rate and replace it with BARR.
The higher the price of BARR, the more altcoins we will be able to buy out.   

Who benefits from BARR:  Holders of good coins, holders of bad coins, and holders of BARR. 

Holders of good coins benefit when bad coins are destroyed, leaving more money on the market available for the good coins. 
Holders of bad coins benefit when they burn their coins in exchange for BARR, turning their liabilities into liquidity. 
Holders of BARR benefit when the market bands together against the never-ending plague of altcoins;  buying BARR is a vote of No Confidence in Altcoin Business As Usual. 
BARR puts an end to pumping and dumping, because coins that no longer exist can never be dumped again. 

If you think there are too many altcoins on the market, buy BARR and help destroy those coins.

The current altcoin market is a place where coins are released, sold, and then continue to lose value for the remainder of their lifespan.  There are many altcoins which have never been profitable for anyone who has ever bought them.  Even when investors are willing to sell for a heavy loss, there often aren't enough buy orders at any price.  Those left holding the bag have no option but to find someone else to hold the bag - someone else who will also lose money. 

But now there is another option:  BARR.  Altcoin markets will never be the same.

Initial supply is set at 2 million BARR, which stays in the burnfund until exchanged for burned coins.
Additional coin generation goes to the burnfund, and begins at 2000 BARR per day, halving every 6 months. 
No BARR will be sold or distributed to anyone without being earned by burning the currently accepted altcoins. 

There is no IPO, ICO, or Pre-Sale, and our devs get 0 BARR unless we burn for it the same as everyone else. 
We welcome community contributions in 2 ways: 
 - - Buy the accepted altcoins and burn them for BARR
 - - Buy BARR from people who have earned it by burning their altcoins. 

Swaps for burned coins will be done at a fixed rate - we will announce each coin, its exchange rate, and the period for which the offer will be available.
Initial coins offered for burn exchange are:
 - - Fractalcoin (FRAC), for 30 days, at 5000 satoshis or .5 BARR
 - - Keycoin (KEY), for 30 days, at 5000 satoshis or .5 BARR
 - - Sapience (AIFX), for 30 days, at 7500 satoshis or .75 BARR

We will attempt to provide buy support, hopefully with community help, to allow liquidity during coinswaps -
exchange your altcoin for BARR and sell your BARR back to us, or dump your coin to us on the exchanges and let us burn it. 

If we do not burn a significant percentage of a coin's supply, we may offer another round of burn at a later date.
No additional altcoins will be offered for burn exchange until there is enough available BARR in the burnfund to buy the total supply of the altcoin.

Since our goal is to remove these altcoins from the market, we will not offer burns on coins that are already dead.
We will not offer burns on coins that have high block rewards or which would otherwise be able to regain the supply after we burn it.

Coins destroyed by BARR as of October 10, 2015:
FRAC - 0, 0% of total supply
KEY - 0, 0% of total supply
AIFX - 0, 0% of total supply

BARR remaining in the burnfund as of October 10, 2015:
2,000,000 BARR


a snapshot of the blockchain can be created, mapping the coin's address to NXT address by using the coin address's privkey as the NXT password.

this way, even if someone doesnt do the conversion, their coins are transferred

But with that method, the old coins would still exist.  Correct? 

I think that's the best method to make sure 100% that no one ever has to lose their coins because of a swapover.

But for what I'm doing, I think there would be too much risk of one exchange keeping the old chain listed while everyone dumps their swapped MS coins for free. 

The mining in Nxt monetary system coins is only used for distribution of the coins, not for securing the blockchain. You only need to continue mining if you want the distribution of your existing coin to continue, and it needs to use one of the PoW algorithms supported, cannot be PoS. The good thing is that even if the hashrate drops and nobody is mining anymore, your coin security and ability to send transactions is not affected, as it is the Nxt block forging that secures the network and generates new blocks.

You can look at previous mintable coins created on the Nxt MS and see what parameters they used for minting difficulty:

The NRS package includes a simple MintWorker utility for CPU minting, but there are better ones such as NxtMint with GPU support:

Thanks for the info, there are a lot of options to think about.

Hey, rp....long time no see  ;D

lol, I was going to private message you, but this is actually unrelated to the other thing.

You need a foolproof way to connect an amount of old coin to a new NXT MS account and the user of that account.

I am waiting to hear back from ShapeShift.io.  Couldn't their platform work for an automated coinswap?

I'd be happy to brainstorm more about it.

I'll PM you here.

Nxt Monetary System / I need advice on swapping an existing coin to NXT MS
« on: September 30, 2015, 10:43:28 pm »

We're doing a community takeover of a coin that was abandoned by its devs.  We want to create a coin in the Monetary System and offer all holders to swap their coins to the new MS coin. 

The coin is PoW using X11, and I understand that the Monetary System doesn't offer that algo for mining.  If we continue PoW, we would want a very low block reward and a customized reward halving schedule.  But hashrate has dropped to almost nothing, so we're leaning towards PoS for the new coin.  Any thoughts on the pros and cons?

If an exchange will agree to swap all coins held on the exchange, that would be the easy part.  For the rest they could send to us, and we could burn them and send back an equal amount of new coins. 

The drawback there is that it's impossible to notify all users, and we'd have to keep the old blockchain running indefinitely because it's not right to cancel someone's crypto when they're not looking.  We don't want to have a cutoff for the swap. 

One way to solve that issue would be a snapshot and importing the same private keys from the old coin - is that possible in the Monetary System?  The drawback with that is that all the old coins would still exist;  but the network is almost dead right now so we could just hope it doesn't become an issue.  I guess we could try to snapshot the network and also require the old coins to be burned, but that would be complicated and require direct control over who is allowed to claim coins by importing private keys. 

But if the exchanges won't switch to the new coin, then a snapshot is out of the question.  An exchange might keep the old coins, but people will have the choice to withdraw their coins and send them to be burned and swapped for the new coins.

Any big problems I'm overlooking?  What are some important things I need to know?  What problems did NAUT run into? 

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