Quote from: asdf on January 22, 2014, 09:31:12 AM

Quote from: bithic on January 18, 2014, 04:49:22 AM

Quote from: asdf on January 16, 2014, 09:06:45 PM

Nxt looks cool and all, but I just don't get how it's going to work with the fixed transaction fee. If the value of Nxt rises to, say $1, That means the minimum fee for a transaction is $1! This implies a market cap of only 1 billion. How can Nxt be competitive vs other coins with such a high fee?

Otherwise, the PoS system looks really interesting. Can't we have PoS without fixed fess, or are fixed fees somehow fundamental to the PoS implementation (P2PCoin has the same issue)?

The transaction fee isn't set in stone. Here's a thread (including a poll) discussing various options for dealing with it in future:
https://nextcoin.org/index.php/topic,2075.0.html

Ultimately, the community will decide how transaction fees are handled. Right now it's set at 1 Nxt for simplicity, and this is ok for the moment because of Nxt's current low value.

The only solution in that thread that made any sense was the one about leaving the fee at 1 and using NXT as a "backbone" currency. I'm not sure how feasible this is.

No one comes to a sensible conclusion about how the fee will actually be adjusted.

Well looks like NXT will be trying to get the balance right to make it a transactional currency unlike Peercoin which aims to be a 'back-bone' currency.

Quote

Nxt is still in it's infancy. There aren't a lot of users yet, and features are still being implemented. So the number of transactions per day is still low, but growing. As transactions, and the price of Nxt grows, transaction fees will be adjusted downwards to keep transaction costs reasonable while still sufficiently rewarding forgers.[/u]

http://wiki.nxtcrypto.org/wiki/FAQ#Why_are_transaction_fees_so_high.3F

Looks like they will also be implementing a voting system and dev fund which is critical too.

So NXT 'potentially' solves

Centralisation of mining_____ - Using POS
Centralisation of developers_ - Using voting and independent fund to attract new developers and avoid key people getting compromised
Centralisation of merchants_ - Because of slow confirm times, Bitcoin will always require Bitpay weak-points even when it's less volatile, but NXT confirms super fast.

Personally I'm not selling any BTC for NXT but I can't see any point holding alt-coins that are just clones of BTC in one way or another, they will never compete with BTC, at least NXT has a shot.