Nxt is biggest peercoin contender, let’s compere them. I thinks both coins have advantages and disadvantages over each other here is what I don’t like at ppc minting:
You will not lose anything if you are not minting for a year or two. Even if you have 1 milion ppc when you solve single block once in a year it’s almost zero contribution to ppc security.
For network to be secure everybody should mint constantly that’s why I don’t like fixed 1% year reward based on coinage. It would be better if there is fixed reward for pos blocks in a way that gives e.g. 1% year inflation.
If somebody have 100k ppc he would mint 10 times more blocks then somebody with 10k ppc so they would still achieve same 1%. Only thing, they would have to mint constantly.
Nxt coin solves that
And things I don’t like with Nxt is:
Very very low cost for security. All coins have to pay for security one way or another and the more they pay stronger is security. There are 2 ways to pay for security tx fees and inflation. As nxt don’t have inflation at all, minters get only tx fees and that’s ~0. That’s why I think security is maintained artificially at the moment, as only big holders are minting but not because of reward (as there is no reward) but they are minting to secure their investment.
Predictability, there is no pow at all and nothing can be used for randomnes. If eventually everybody start minting, you could came up with address which will win reward in future. That would result in pow at the end. Some randomnes might be possible if there would be at least one pow block in 1000 blocks.
You forgot the fact that it is built on a proprietary (but free to use) language OWNED by Sun Microsystems purchased by Oracle.
JAVA
Also, JAVA runtimes have had numerous security problems over the last few years. Especially on Windows computers. Constant updates to Java is worrisome.
The fact that NXT uses JAVA is a complete show stopper, and definitely does not make it Peercoin’s biggest contender, sorry.
[quote=“ppcman, post:2, topic:2200”]You forgot the fact that it is built on a proprietary (but free to use) language OWNED by Sun Microsystems purchased by Oracle.
JAVA
Also, JAVA runtimes have had numerous security problems over the last few years. Especially on Windows computers. Constant updates to Java is worrisome.
The fact that NXT uses JAVA is a complete show stopper, and definitely does not make it Peercoin’s biggest contender, sorry.[/quote]
Thanks for reply,
Someone could rewrite whole client in c++ objective-c python etc… I don’t think that’s such a big problem. Nxt source could be bigger problem because it is not based on bitcoin. Bitcoin source is proven solid for 5 years so there is more chance that vulnerabilities will show up in nxt code. Also I think nxt is not completely open source yet.
Anyway, I didn’t found so far currency that’s ideal imo and now I’m thinking to diversify with nxt, does other ppc users invest in nxt? I am not betraying ppc I just don’t want to be emotional when assessing coins.
At least NXT is trying something different, but its distribution model means I’m not going to go anywhere near it. Wasn’t the entire supply distributed to something like 70 people? That’s insane. Whenever it is brought up, their defence is that “anyone could have bought some”, or that the large holders are now sharing the wealth…I don’t understand how they can think that is a legitimate argument. Any innovations it does have are completely negated by this, in my opinion.
This is the main reason why I wouldn’t touch it. Whether it’s a scam or not, they did this part the wrong way. They complain about proof-of-work being in Peercoin, but it was the best way to distribute the coins and get everything started, not to mention the fact that PoW will become a much smaller part of the Peercoin network over time, as well as the energy waste.
I did buy £100 of nextcoin as a diversification, and wanted to put them in a paper wallet. However, nextcoin does not do a paper wallet - apparently, you have to download the client, write down the password, delete the client - and the password acts as your paper wallet (or something similar to that)
Here I must defend NXT a bit. The IPO of Nxt lasted 2 months, everybody could participate, but only ~70 persons have done it. There was not even a minimum investment - with a few satoshis of BTC everybody could have tried it. That is what I did too. I am no big Nxt stakeholder, but the few satoshis I throw in it have multiplied their value. What I criticized heavily on Nxt is that it was not open source from the beginning. It could have easily been a scam. But even then it was worth a try, and now it is open source and development is advancing pretty fast. It seems to be a solid altcoin now and a potential competitor for PPC.
But I like peercoin’s concept a bit more, partly for the reasons the OP points out and partly because of the distribution model which uses PoW for a slightly higher inflation in the first years. It’s difficult to find a 100% “fair” distribution model. And I think Nxt is doomed to be volatile as hell, partly because of the fixed “coin cap”.
I don’t think the issue is about whether NXT’s distribution model was fair. If it was available for 2 months then so be it. The issue I have is that the IPO model they did use failed to distribute the currency to a wide enough amount of people. I feel using proof-of-work for the initial distribution method as Peercoin did was far more successful in getting the coins spread out to as many people as possible.
Here I agree with you - although I don’t know how PPC was distributed at the beginning. Some people had complained that the very-early-adopters had mined millions of coins, but with BTC it was the same. That’s the reason why I think that an ideal distribution model has not been found until now (well, I like Timekoin’s model a bit - it pays the most stable nodes the most, like in the recently posted “Proof of Connection” thing - but I have doubts about its scalability and security.)
Was also not impressed with distribution, but as said not sure whether Peercoin’s initial distribution was that fair. It was probably the best there was, but still not great.
I have a few NXT to keep an eye on what is happening and whether we can learn from them. They have some potential once they are still around in another year and their code is proven a bit more. But not sure of their model which does not allow for any inflation, which is similar to Bitcoin once all coins are mined. As mentioned in this thread that will create volatility which is not great. And not being able to forge practically didn’t help either.
I definitely prefer Peercoin’s long term model of slow and sustained growth.
[quote=“RobertLloyd, post:6, topic:2200”]I did buy £100 of nextcoin as a diversification, and wanted to put them in a paper wallet. However, nextcoin does not do a paper wallet - apparently, you have to download the client, write down the password, delete the client - and the password acts as your paper wallet (or something similar to that)
That put me right off, so I sold them for PPC[/quote]
Wow I just find out that there really is no paper wallet in nxt. Somebody said that when you receive coins for the first time only 64 bits serves as protection not whole 256 and to enable full protection you have to have at least one output!?
[quote=“Cybnate, post:10, topic:2200”]Was also not impressed with distribution, but as said not sure whether Peercoin’s initial distribution was that fair. It was probably the best there was, but still not great.
I have a few NXT to keep an eye on what is happening and whether we can learn from them. They have some potential once they are still around in another year and their code is proven a bit more. But not sure of their model which does not allow for any inflation, which is similar to Bitcoin once all coins are mined. As mentioned in this thread that will create volatility which is not great. And not being able to forge practically didn’t help either.
I definitely prefer Peercoin’s long term model of slow and sustained growth.[/quote]
I also think zero inflation is not sufficient to secure network that’s basically biggest flaw of next imo.
And biggest flaw of ppc is that somebody can turn on minting once a year without any cost. I don’t understand what would be wrong if there is still e.g. 1% inflation but with fixed block reward. That way everybody would still collect 1% but would have to mint constantly?
I just don’t want to be emotional when assessing coins.