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Messages - v39453

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41
Nxt General Discussion / Re: Price speculation
« on: April 07, 2015, 03:21:50 pm »
why volume is low but usage is high?

NXT/BTC has low volatility -> low volume.

42
Nxt General Discussion / Re: Price speculation
« on: March 18, 2015, 01:06:06 pm »
Nothing at stakers have found the wikipedia page: http://en.wikipedia.org/w/index.php?title=Nxt&diff=651656085&oldid=649556558

43
Nxt General Discussion / Re: Nxt energy efficiency is insignifiant
« on: March 11, 2015, 09:54:52 pm »
Quote
The cost of maintaining the Bitcoin network seems large, but it's actually pretty small compared to the cost of maintaining the Euro or USD.

That's only because Bitcoin is small compared to EUR or USD. If USD and EUR had an extra cost of billions of dollars, I'm sure steps would be taken to remove it.

The cost of the physical cash part of USD is estimated to be around $200 billion / year. That's how much would be saved if money was just electronic and physical cash was removed. Yet it hasn't been removed (although suggestions have been made that it should be).

Source: http://fletcher.tufts.edu/CostofCash/Papers

Removing physical cash would be difficult, but an individual consumer can easily switch between Bitcoin and NXT, and because NXT will be cheaper for that individual consumer, it seems like an easy choice.

44
Nxt General Discussion / Re: Nxt energy efficiency is insignifiant
« on: March 10, 2015, 08:52:28 pm »
Quote
The cost of maintaining the Bitcoin network seems large, but it's actually pretty small compared to the cost of maintaining the Euro or USD.

That's only because Bitcoin is small compared to EUR or USD. If USD and EUR had an extra cost of billions of dollars, I'm sure steps would be taken to remove it.

Quote
Also, the idea that "saving energy" is a good and desirable thing, needs to be questioned in my opinion.

It can be questioned when talking to finance guys, because they might not care about saving energy, but they would understand the money argument.

45
Nxt General Discussion / Re: Nxt energy efficiency is insignifiant
« on: March 10, 2015, 01:37:10 pm »
But Bitcoin is meant to be used by the 7 billion humans, and if it would, the cost would be roughly the same than the one of today (cost ~= cost of PoW)

Mining costs are not constant. Bitcoin with 100 times the current market cap and the same mining costs would be 100 times easier to attack.

46
Account Control / Re: Microtransactions and other use cases
« on: March 08, 2015, 03:13:30 pm »
Quote
The deadline of a transaction limits the duration you can actually submit your tx.

In this case the transactions would have a deadline of one month (if that's possible).

Quote
Also a malicious merchant could broadcast ALL old tx too, as they are non exclusive.

At least in Bitcoin you can use one input only once, I'm pretty sure it's similar in Nxt.

Quote
Furthermore why would I even want to limit my account to only send to that specific merchant? I am pretty much locked to him for life then. What if he goes rouge or broke?

It's only one of your accounts, and in this case it is for one month. The lock expires after one month.

I think the original idea is from Satoshi Nakamoto himself, https://en.bitcoin.it/wiki/Contracts. The contracts described on that page are complicated and at least some of them don't actually work because of transaction malleability.

So I hope Nxt would have similar features, but they would be:

- simpler to understand
- would actually work

47
Account Control / Microtransactions and other use cases
« on: March 08, 2015, 12:53:24 pm »
From the wiki: "Allowing accounts to only send coins to a specified account"

I wonder if the following use cases are possible. They depend on there being no way to override or cancel this "lock".

1. Microtransactions. I lock one of my accounts to a payment processor's account for a month. Every time I buy something, I sign and send a transaction directly to the payment processor without broadcasting it. This transaction is always the sum of all my purchases up to that point. The payment processor stores the last transaction I send, and broadcasts it at the end of the month, paying only one fee.

2. Cross chain transactions. I have accounts A and A' on different chains, my counterparty has accounts B and B'. I lock account A to B and my counterparty locks B' to A'. I sign a small transaction from A to B without broadcasting it  and send it to my counterparty, who signs a small transaction from B' to A' and sends it to me. This continues with small increments to the amounts until the whole sum is covered, at which point both parties broadcast the  last transaction they have received.

3. Contract for difference without counterparty risk (contracts are for USD, gold, Apple stock or anything else). I lock my account A to B, who provides a CFD service, and B locks his account B2 to my account A2. Wins/losses are settled between the parties once a minute by signing transactions without broadcasting them. One practical application would be to lock the USD value of my NXT holdings by short selling. Skycoin developer talks about something similar in "Continuous Settlement and Clearing" here:
https://bitcointalk.org/index.php?topic=380441.msg10605137#msg10605137
 

48
Nxt General Discussion / Re: lyaffe and kushti on Let's Talk Bitcoin
« on: January 21, 2015, 08:55:45 am »
That was a good interview.

49
Nxt General Discussion / Re: Price speculation
« on: January 04, 2015, 04:12:41 pm »
[Account control]gives the possiblility, if someone can only spend 20% of an accounts funds per block, then as long as the person confirming the tx does it within 5 blocks, they can't have a double spend.
Yes, I mentioned AC in a follow-up to my original post. I've been thinking about it a bit more since. Just to check I have this right:

Suppose I have two accounts, the first with a balance of 100 NXT and a 20%/block limit. I send 20 NXT to the merchant, and 20 NXT to my second account.

The attacker could also create more transactions to his own accounts. For example 1 transaction to the merchant, and 100 transactions to his own accounts. So I'm not so sure this will work.



50
Nxt General Discussion / Re: Price speculation
« on: January 02, 2015, 01:11:36 pm »
Quote
can features of MS coins be customised? as in can developers develop new features for their MS coin?

I don't think so.

I think sidechains are also meant to speed up Bitcoin development without fear of breaking the main chain, so the goals seem to be different.


51
Nxt General Discussion / Re: Price speculation
« on: January 02, 2015, 12:55:01 pm »
did anyone tweet @garzick yet to let him know that nxt, for all intents and purposes, has beaten bitcoin to sidechains and went a big step further and removed the need for secondary chains? im sure he will be delighted to hear the news.. :D

Sidechain is also a security "firewall" so I doubt he will be impressed.

I don't see a similarity between sidechains and MS, except maybe in the economics of NXT backed currencies.

52
Nxt General Discussion / Re: Price speculation
« on: January 02, 2015, 10:22:46 am »
Quote
Thoughts about possible fixes:

Or don't allow users to pick their own passwords, or hide it under an "advanced" menu. It could still be a brain wallet if the generated passwords/addresses follow some pattern.

53
Nxt General Discussion / Re: Price speculation
« on: December 31, 2014, 05:10:39 pm »
Is it possible to create group chats with NXT?

Is it hard to build this?

encrypted --> hard and would need a 3rd party encryption
unencrypted --> its a question of GUI only

A group could be an account to which everyone in the group has a password. Encrypted and unencrypted is equally easy, a question of doing the GUI.

54
Quote
...since NXT’s code is not completely open-source...

What did they mean?

Maybe old info from before March? ;)

That info may come directly from this forum. There was a discussion about code in development not being public.

But "code is not completely open-source" gives a wrong impression to the reader.

55
Testnet / Re: If you want some testNXT - ask here
« on: December 17, 2014, 04:46:56 pm »
I would like some testNXT please.

NXT-KQUJ-Q6TZ-QFLL-F3GTV
bc9d2c82857d05429ec980a639a7edcffc8e4ca079d180608cddd84932a1bc68





56
Nxt General Discussion / Re: 2.0 Competition
« on: December 04, 2014, 04:07:03 pm »
Nxt has a lot of assets on the list at coinmarketcap.

http://coinmarketcap.com/assets/

57
Nxt General Discussion / Re: Cold wallet method
« on: December 02, 2014, 01:26:40 pm »
Quote
IMO, it's not a cold wallet. If I could bruteforce passphrase, passphrase written on paper could be also in Mars, but I can take NXT from that account. Doing this procedure means only that passphrase was not announced in any place.

You can't bruteforce the passphrase.
http://en.wikipedia.org/wiki/Brute-force_attack#Theoretical_limits

Quote
So, "cold wallet" is only VERY STRONG PASSPHRASE :)

No it's not. It means that even if you have a virus or a keylogger, it can't send your passphrase over the Internet.


58
Nxt General Discussion / Re: Could a black market exist on NXT platform?
« on: December 01, 2014, 02:30:32 pm »
A banned account would regularly have to start up as a newbie.  Other people could paste faux accounts selling similar merchandise and just rip off anybody trying to buy. 

He would sign a message to prove his new identity.

Also if a marketplace had a filter, a new marketplace could be created without a filter by editing the source code, or implementing a totally new one. I have also created a prototype for a different kind of marketplace myself (not connected to the one discussed here, code not released) where the messages are also encrypted and every user can create a new marketplace, programming skills not needed.

59
Nxt General Discussion / Re: Could a black market exist on NXT platform?
« on: November 24, 2014, 10:24:10 am »
Most users will not have the time and motivation to monitor what is sold.

It's not just a question of motivation. There was a link somewhere (on this forum, don't remember) about the kind of filtering Youtube and others do. It's a job people are paid for, and it is also an extremely stressful job. Content filtering is not something that would be done for free. The content is too difficult to watch for people with a normal psyche.

The forgers can also refuse to include transactions in blocks.  I think this is a part of the protocol and will always be. So there is theoretically a way to stop transactions. But I would see no filtering as the only realistic option.

60
Monetary System / Re: Monetary System documentation
« on: November 12, 2014, 04:55:40 pm »
In fact, we already have this situation now, nothing prevents an asset to become more valuable than the total value of NXT in the system. If this is a security issue, this genie is out of the bottle now.

I don't think that anything needs to be done about it, but perhaps investors and users of Monetary System currencies should be aware that Nxt can have tokens with different security levels:

1. NXT coins and Monetary System currencies with market capitalization lower than NXT
2. Monetary System currencies with market capitalization higher than NXT. Danger is that cost of a double spend attack goes down when price rises (relative to NXT).   
3. Assets. Usually depend on the honesty of one person.

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