Quote from: bluemeanie1 on May 21, 2014, 09:17:38 PM

to be clear Im not a NXT shill. I'm a cryptocurrency expert. I got involved with NXT fairly recently. The NXT model is far more lucrative than Bitcoin. I've also been involved with the PPC community and I've worked on other algorithms in the past.

PoW has not been 'proven' to do anything. It's just that we've never seen it be exploited to any significant degree. And it's possible to purchase this protection for so long as the insiders can afford to monopolize the hashing power, or the reward for hashing honestly is higher than the reward for hashing dishonestly. That monopoly is very close to being broken. In addition, as block reward gets smaller, the hashers must pay for electricity via transaction fees. In a recent earlier post you displayed an ignorance of this fact. It's very very important.

Bitcoin will continue to 'work' only for so long as the block reward continues to be valuable enough(in real terms) to offset an attack. We are very close to this threshold and color coins just might push it over the edge.

go and have a look at NXT for yourself, then decide.

-bm

I'm sure you are a cryptocurrency expert,
and obviously you're smart as sh*t, i'm
not trying to take any of that any from
you.

However, i'm not dumb myself so I would
appreciate you not insinuiting that I
can't grasp basic math and economics.
Claiming that I'm displaying ignorance
in another thread is pointless.

Obviously the bitcoin economic model
assumes adoption over time, an increasing
unit price, and decreasing revenue from
fees. (this is nothing new).

Let's look at your claim about electricity
costs.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Competitive efficiency is running between
1 and .1 Watt/GhS, and in the future likely
will tend to the latter (or even surpass it)

The average price for electricty is about
10 cents per killowatt hour.

basic arithmetic gives us:

$0.1 / killowatt hour
$0.0001 / watt hour
$0.00001 / .1 watt hour

Assuming network hashrate of 70,000,000 Gh/s,

70,000,000 x .00001 = $700/hr

or... 700 x 24 = $16,800/day.

Even a measly 5 million dollars
per day in transactions gives
you $16,800 with a 0.3% transaction
fee.

But hold on...

We'll still have a block reward of
0.78125000 even by the year 2032,
which is 112 Bitcoins per day.

https://en.bitcoin.it/wiki/Controlled_supply

Even at TODAY's prices, that's
112 x $500 = $56,000.

All that being said, I'm still not
anti NXT (although some of the claims
it makes are unproven)

I have looked into it, and I think
it seems promising. Bitcoin is
not guaranteed to be the king
of the ring forever, and if there
was a rising star, we would see it
coming.

We have seen NXT to be rising and
its the 5th biggest cryptocurrency.

So i'm not saying NXT doesn't have
a lot of potential. It may. I'm also
saying Bitcoin does too