however nxt is doing 100% POS can this be adpated to PeerCoin, or is that just not required
There is no reason to move Peercoin to 100% proof-of-stake, because it’s already set up with a proof-of-stake component. This doesn’t even touch on the impossibility of it, because the entire network protocol is set up to function as a hybrid proof-of-work / proof-of-stake system, and you can’t just purge the proof-of-work component from Peercoin.
Time will tell if a pure proof-of-stake crypto can reach a point where it is viable.
PoS already means you rely on PoW less and less each day, is there really that much difference between 99% PoS and 100% PoS? What problems can arise when you go 100% and cut out miners completely?
Nothing, it’s the “getting started” point that’s the challenge. Once you have a coin base, PoS, theoretically, is all you need.
I guess it is better to have a small pow component in. My approach is, that it is stabilizing the price because of the connection to Fiat money (Power and Hardware costs)
Doublepost
I guess I meant more along the lines of what advantages would there be to having a small PoW element? Could it be a good thing for PPC that some people use equipment to mine it?
Correct me if I’m wrong but it seems that the PoW will mostly be used for distribution while the PoS is used for transaction/confirmation. And since the distribution decreases over time with difficulty, PoW will eventually retire naturally. Conversely, NXT uses a genesis block for distribution which has resulted in (from what I can recall) nearly 70% of the NXT belonging to the top 50 accounts… which is a problem especially since the larger an individual’s holdings the more coins are collected from their stake.
I think they found a way to distribute the coin. Just got 500 NXT in my wallet, I setup 2 days ago.
Only published my wallet address and posted my experience in their forum.
Btw their wallet is not something the average user can install, needs command line stuff.
But the geeky part in me liked that 
BTW Peercoin client is running beside NXT one. Minting soon…
Few words on NXT code
Hyper optimized and reusable
- Logging:
static void logMessage(String paramString)
{
System.out.println(new SimpleDateFormat("[yyyy-MM-dd HH:mm:ss.SSS] ").format(new Date()) + paramString);
}
- Serialization with streams support:
byte[] getBytes()
{
ByteBuffer localByteBuffer = ByteBuffer.allocate(128 + ((this.attachment == null) ? 0 : this.attachment.getBytes().length));
localByteBuffer.order(ByteOrder.LITTLE_ENDIAN);
localByteBuffer.put(this.type);
.
.
return localByteBuffer.array();
}
- HQ, handmade marshalling (3/4 of the code):
((JSONObject)localObject1).put("height", Integer.valueOf(((Nxt.Block)localObject8).height));
((JSONObject)localObject1).put("generator", convert(Nxt.Account.getId(((Nxt.Block)localObject8).generatorPublicKey)));
((JSONObject)localObject1).put("timestamp", Integer.valueOf(((Nxt.Block)localObject8).timestamp));
- Neural network based exception handling:
catch (Exception localException) { } - Sophisticated thread-safe mechanisms:
synchronized (Nxt.transactions){ . . synchronized (localObject2){ . }
I may be wrong and NXT can be a game changer, but what I see now is a sketch of some idea, published in rush, a promise of something without solid core ready, I don’t see NXT as a partner nor competitor for Peercoin but I’m still interested in details of their PoS implementation. We’ll see.
[quote=“kactech, post:10, topic:1235”]Few words on NXT code
[…]
I may be wrong and NXT can be a game changer, but what I see now is a sketch of some idea, published in rush, a promise of something without solid core ready, I don’t see NXT as a partner nor competitor for Peercoin but I’m still interested in details of their PoS implementation. We’ll see.[/quote]
Looks like they tried to be ahead of emunie by all means…
I’m following the Nxt situation a bit as I’m interested in its development and how they handle the distribution of Nxt units as that is one of my major concerns for a 100% PoS currency.
The distribution is way better solved by Peercoin but comes at the price of an energy consuming PoW.
Curently the Nxt network suffers from an ongoing heavy attack. Somebody seems to afraid of the success Nxt might have. Despite that attack and having only one exchange that doesn’t even support SSL - seriously: WTF? - it seems there is a lot of Nxt changing owners…
And supposedly designed to support high numbers of transactions per time it could become something that really can replace other payment processing approaches.
Who knows.
I think Peercoin might be able to learn one thing or another from Nxt and that’s worth looking at it 
A coin just needs to become better and cheaper medium of exchange to become a competitor in the market. If it provides cheaper fees for transactions while still preserving security, then I’ll probably jump on in.
I don’t understand how is NXT distributed? if it is 100% PoS, who decides who gets the initial coins?
ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0
ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0[/quote]
I’ll be the first to point out I don’t think anything surrounding a free market is a scam if knowing participants are involved. There were no ‘buddies’, everyone had an opportunity to submit Bitcoin for a portion of the NXT coins. Some people (not me) took the gamble not knowing if this project would ever see the light of day. I bought coins later at a higher price, fair enough. Everyone had an opportunity to participate.
While I appreciate the ‘scam this, scam that’ mentality on Bitcointalk, I rather save it for actual scams like crappy traders or massive PoW pre-mines. As for nothing new, aliases were already released a few nights ago which will tie into the decentralized dns.
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn’t do the same with NXT.
Quote from: kokojie on Today at 04:41:32 pm Quote from: kokojie on Today at 04:29:54 pm I don't understand how is NXT distributed? if it is 100% PoS, who decides who gets the initial coins?ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0I’ll be the first to point out I don’t think anything surrounding a free market is a scam if knowing participants are involved. There were no ‘buddies’, everyone had an opportunity to submit Bitcoin for a portion of the NXT coins. Some people (not me) took the gamble not knowing if this project would ever see the light of day. I bought coins later at a higher price, fair enough. Everyone had an opportunity to participate.
While I appreciate the ‘scam this, scam that’ mentality on Bitcointalk, I rather save it for actual scams like crappy traders or massive PoW pre-mines. As for nothing new, aliases were already released a few nights ago which will tie into the decentralized dns.
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn’t do the same with NXT.
I can’t believe I am hearing this from JustABit. At least peercoin has a whitepaper and source code to defy criticism. Be careful guys, no source code, no white paper, no history of creators, horrible coins distribution (25% total trading volume including multiple trades from day traders), unknown security. If it is indeed successful it will be almost certainly relaunched with a fairer distribution algorithm or adopted/forked by a coin with better distribution algorithm. It is not the end of the world.
[quote=“IAmNotMickey, post:16, topic:1235”]
Quote from: kokojie on Today at 04:41:32 pm
Quote from: kokojie on Today at 04:29:54 pm
I don’t understand how is NXT distributed? if it is 100% PoS, who decides who gets the initial coins?ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0I’ll be the first to point out I don’t think anything surrounding a free market is a scam if knowing participants are involved. There were no ‘buddies’, everyone had an opportunity to submit Bitcoin for a portion of the NXT coins. Some people (not me) took the gamble not knowing if this project would ever see the light of day. I bought coins later at a higher price, fair enough. Everyone had an opportunity to participate.
While I appreciate the ‘scam this, scam that’ mentality on Bitcointalk, I rather save it for actual scams like crappy traders or massive PoW pre-mines. As for nothing new, aliases were already released a few nights ago which will tie into the decentralized dns.
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn’t do the same with NXT.
I can’t believe I am hearing this from JustABit. At least peercoin has a whitepaper and source code to defy criticism. Be careful guys, no source code, no white paper, no history of creators, horrible coins distribution (25% total trading volume including multiple trades from day traders), unknown security. If it is indeed successful it will be almost certainly relaunched with a fairer distribution algorithm or adopted/forked by a coin with better distribution algorithm. It is not the end of the world.[/quote]
I wasn’t comparing to Peercoin… at all. All I’m saying is I believe in simple free market principles. Anyone that wanted to invest had the opportunity. Beyond that, I’ll let the market sort it out. The term scam is used loose and fast these days. It’s not the launch I would have made personally, but I’m not a developer for their coin and not one of my top concerns.
ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0[/quote]
I’ll be the first to point out I don’t think anything surrounding a free market is a scam if knowing participants are involved. There were no ‘buddies’, everyone had an opportunity to submit Bitcoin for a portion of the NXT coins. Some people (not me) took the gamble not knowing if this project would ever see the light of day. I bought coins later at a higher price, fair enough. Everyone had an opportunity to participate.
While I appreciate the ‘scam this, scam that’ mentality on Bitcointalk, I rather save it for actual scams like crappy traders or massive PoW pre-mines. As for nothing new, aliases were already released a few nights ago which will tie into the decentralized dns.
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn’t do the same with NXT.[/quote]
The key word is “everyone had a chance” to participate, so if I weren’t around when NXT started, then I have no chance to participate. I can’t even mine NXT, since all coins has already been distributed to the 70 or so “early adopters/distributors”.
Who knows how many of these people are insider/buddies of the creator? or maybe even the creator himself? I hang around alt coin forum all the time, and I didn’t really notice this project. Plus who would send 21 BTC to an unproven project that has nearly nothing? only insider and his buddy would do that. Like you said, you didn’t do it even though you heard about this project, because that’s what a sane person would do, nobody in their right mind would send 21 BTC to this project to become a “distributor” at the start, only a person that is on the inside would do this, since the BTC would come back to him, therefore he’s taking no risk.
The “distributors” now start pumping NXT with buzz words like “next generation crypto”, “descendant of Bitcoin”, plus a whole list of vaporware features that doesn’t even exist, and give tiny amounts to everyone for free, and get everyone interested to prop up the price. The whole thing smells like Ripple 2.0, minus the working exchange.
I want to repeat what JBT said:
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn't do the same with NXT.
I also want to say: No one knew the history of creator of Bitcoin, Satoshi Nakamoto, before the start of Bitcoin, and even right now no one know the history of the creator of Bitcoin.
The creator of Nxt said he want to follow Satoshi Nakamoto’s footstep.
That’s all.
ok I spent a few minutes researching more about NXT, it seems to me another quarkcoin/ripple type scam, where the creator(and his buddies) holds vast majority of coins, and only releasing tiny amount of coins, to prop up the price and create an illusion of massive market cap. There’s nothing new in NXT in its current form, though if the developer come through with his promise of continued development (at least a working decentralized exchange), then it may have some merits, but as of right now, it’s just a scam. The announcement post reads like a scam too:
https://bitcointalk.org/index.php?topic=345619.0[/quote]
I’ll be the first to point out I don’t think anything surrounding a free market is a scam if knowing participants are involved. There were no ‘buddies’, everyone had an opportunity to submit Bitcoin for a portion of the NXT coins. Some people (not me) took the gamble not knowing if this project would ever see the light of day. I bought coins later at a higher price, fair enough. Everyone had an opportunity to participate.
While I appreciate the ‘scam this, scam that’ mentality on Bitcointalk, I rather save it for actual scams like crappy traders or massive PoW pre-mines. As for nothing new, aliases were already released a few nights ago which will tie into the decentralized dns.
People constantly attack Peercoin with misinformation, I would hope as a community we wouldn’t do the same with NXT.[/quote]
The key word is “everyone had a chance” to participate, so if I weren’t around when NXT started, then I have no chance to participate. I can’t even mine NXT, since all coins has already been distributed to the 70 or so “early adopters/distributors”.[/quote]
It’s all good, there will be 20 coins released next month… you have an opportunity to jump on one of those. I have no issue with free market principles. I own some NXT coins, just like I have coins in about 10 other cryptos. Nobody is forced to invest, I’m okay with where they are heading. If nobody decides to trade the coins, it dies and something takes it’s place. Again, I’m all about the free market… it’ll sort itself out.
Personally, I don’t care if 20 of the 21 BTC was from the developers direct family. I had an opportunity to invest early, I passed. I only care about what I can directly control, but that’s me, I’m not saying my way is the only way.
Peercoin had an amazing launch, with a responsive developer and a fantastic community. The two are completely different in approach and direction and should be treated as such in my opinion.