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is the phrase stored somewhere where I can see it and maybe work out an element of the unencrypted phrase?
No it's not stored in most NXT clients. The official browser based NXT client is a brain wallet client, it doesn't have a wallet file.
However, if you want a client with a wallet, just like Bitcoin, you can use the Offspring client, see the first post in the NXT thread to find the link. The Offspring client is designed to be just like bitcoin's client, to have a wallet file, that you can back up.
Thanks - at least I now understand how Nxtcoin wallets work!
is the phrase stored somewhere where I can see it and maybe work out an element of the unencrypted phrase?
As I have a good idea of the phrase, but dont know the exact words, so was hoping to get a hint!
As I have a good idea of the phrase, but dont know the exact words, so was hoping to get a hint!
I am very aware of what a secure idea it is to use pass phrases, but when you can't quite get yours right, and have 5000 Nxtcoins locked in your phone - what do you do?
is there any way to find the private key and convert it back to the secret phrase - so I can write it down?
Its the Android wallet, but not sure what version, but guess its auto updated to the latest one!
Don't need any told you so responses - just some practical advice! ;-)
is there any way to find the private key and convert it back to the secret phrase - so I can write it down?
Its the Android wallet, but not sure what version, but guess its auto updated to the latest one!
Don't need any told you so responses - just some practical advice! ;-)
This is my belief of how a p2p-exchange can be built, after 2 years of experience with bitcoin, mtgox and all speculators and scammers...
Requirements
It must be 100% open source
Early adaptors must not be rewarded
The dev team should not be greedy, our reward will be fame, not money or coins
Assets and Exchange as two separate projects
Asset Coin
We need to create a new alt-coin for the sake of a public ledger of assets, "AssetCoin"
This coin will use Proof-of-Stake instead of Proof-of-Work to save energy.
The inflation must be high to prevent hoarding, Each contract (coin) should never cost more than 1 cent.
Instead an empty contract can be signed by an issuer with an IOU of an asset, for example BTC-E issues 1 BTC per contract.
The domain assetcoin.org is not free, so we should call it something else.
P2P-exchange
The exchange must be created totally separate from the "AssetCoin", this exchange will run on torrent-data and distributed computing.
Anyone can participate to run an exchange node for a certain exchange, each exchange is totally separate from other exchanges.
All nodes will equally share the transaction fees.
Exchange fees are paid with a certain AssetCoin, for example an IOU of USD issued by Western Union.
As a client you could for example by a USD-IOU on the street and begin to trade on the p2p-exchange and buy GOLD-IOU.
Your assetcoins will always have an intrinsic value, the value is guaranteed by the issuer.
Requirements
It must be 100% open source
Early adaptors must not be rewarded
The dev team should not be greedy, our reward will be fame, not money or coins
Assets and Exchange as two separate projects
Asset Coin
We need to create a new alt-coin for the sake of a public ledger of assets, "AssetCoin"
This coin will use Proof-of-Stake instead of Proof-of-Work to save energy.
The inflation must be high to prevent hoarding, Each contract (coin) should never cost more than 1 cent.
Instead an empty contract can be signed by an issuer with an IOU of an asset, for example BTC-E issues 1 BTC per contract.
The domain assetcoin.org is not free, so we should call it something else.
P2P-exchange
The exchange must be created totally separate from the "AssetCoin", this exchange will run on torrent-data and distributed computing.
Anyone can participate to run an exchange node for a certain exchange, each exchange is totally separate from other exchanges.
All nodes will equally share the transaction fees.
Exchange fees are paid with a certain AssetCoin, for example an IOU of USD issued by Western Union.
As a client you could for example by a USD-IOU on the street and begin to trade on the p2p-exchange and buy GOLD-IOU.
Your assetcoins will always have an intrinsic value, the value is guaranteed by the issuer.
Why not cut out the crypto currency and use mastercard? ;-)
Early adopters need a reason to use it, and if getting rich is that reason, then you must accept that. The alternative is that nobody is going to start using your idea, and it will never take off!
The idea that an assetcoin will always have an intrinsic value is too expensive for words - that is what countries with central banks are able to offer - nobody else is big enough!
Can I be the first to say it will never work? ;-)
I think the OP has a point, but maybe not yet.
Bitcoin has barely scratched the surface, and I still meet people who'd like a bitcoin or two, but have no idea how to buy one. However, in all reality, I don't think they ever will buy a bitcoin to keep.
The whole point of a bitcoin is that it allows you to move value digitally. However, once the transaction has been done, people want their local fiat. So, in a matter of an hour or so, they buy the right amount of bitcoin, do the deal, and the other person sells the bitcoin.
The actual value of the bitcoin is irrelevant to that deal. It could be worth $500 a coin, $2000 or $200000 - it doesn't matter. They only actually buy enough to cover the cost of their deal.
If bitcoin isn't bought and sold as an investment, and its prime purpose isn't as a store of value, it isn't going to go up much more in value than it needs to.
Personally, I think Nxtcoin has a far better future than bitcoin, but what bitcoin is doing is teaching regulators how to deal with crypto currency, and that is why a coin could be worth $2000 or so within the next few months but within 10 years will only be of value as a collectors piece! ;-)
Bitcoin has barely scratched the surface, and I still meet people who'd like a bitcoin or two, but have no idea how to buy one. However, in all reality, I don't think they ever will buy a bitcoin to keep.
The whole point of a bitcoin is that it allows you to move value digitally. However, once the transaction has been done, people want their local fiat. So, in a matter of an hour or so, they buy the right amount of bitcoin, do the deal, and the other person sells the bitcoin.
The actual value of the bitcoin is irrelevant to that deal. It could be worth $500 a coin, $2000 or $200000 - it doesn't matter. They only actually buy enough to cover the cost of their deal.
If bitcoin isn't bought and sold as an investment, and its prime purpose isn't as a store of value, it isn't going to go up much more in value than it needs to.
Personally, I think Nxtcoin has a far better future than bitcoin, but what bitcoin is doing is teaching regulators how to deal with crypto currency, and that is why a coin could be worth $2000 or so within the next few months but within 10 years will only be of value as a collectors piece! ;-)
If someone is going to scam you, they are going to do it - and if it takes sending a copy of a passport to an escrow to get more ready to scam customers - the cost of a fake passport needs to be priced into the scam!
When did the bitcoin community pick up all these naive idiots who think that rules can't be broken?
the Romans used to say "Caveat emptor" - Let the buyer beware - nothing much has changed in 2000 years!
When did the bitcoin community pick up all these naive idiots who think that rules can't be broken?
the Romans used to say "Caveat emptor" - Let the buyer beware - nothing much has changed in 2000 years!
Re: We wont be seeing 1000dollars again unless some biiiig good news come unraveling
The current prices do feel like august 2013 - when prices were dropping slowly and only the Chinese were able to make it shoot up again!
I have a feeling that it might be time to stop thinking about bitcoin funded pensions and think more about building something with bitcoin and the alts.
The ironic thing being that in 3 years, the value of bitcoin may well be $10k, but its going to take some practical advantages being available to muggles before that happens - that is where us building it comes in.
That is the big news we need! ;-)
I have a feeling that it might be time to stop thinking about bitcoin funded pensions and think more about building something with bitcoin and the alts.
The ironic thing being that in 3 years, the value of bitcoin may well be $10k, but its going to take some practical advantages being available to muggles before that happens - that is where us building it comes in.
That is the big news we need! ;-)
Re: A Predictive Model for the Growth of Bitcoin Illustrated in Pricing Data Pattern
8 month loop is interesting but it doesn't take elements such as volume of trading or factors such as where the data is from.
one of the big problems for bitcoin figures is that it used to be about mtgox,but now the bitcoin price is really free market so the peaks won't match!
Posted From bitcointalk.org Android App
one of the big problems for bitcoin figures is that it used to be about mtgox,but now the bitcoin price is really free market so the peaks won't match!
Posted From bitcointalk.org Android App
Re: Bitcoin's Conundrum: If you're so smart, Why aint you rich?
you don't need to be smart to be rich, and the smarter you are, the less interested you are in being rich.
being rich as an indicator of status is not something that appeals to the smarter of us ;-)
especially in these days of john galt ;-)
Posted From bitcointalk.org Android App
being rich as an indicator of status is not something that appeals to the smarter of us ;-)
especially in these days of john galt ;-)
Posted From bitcointalk.org Android App
Re: Re: Petition To Remove Mark Karpeles From The Bitcoin Foundation Board
originally i would have gone for a petition to remove people, but this is bitcoin. free markets don't work like that.
it's time for a new lobby group for crypto currency.
the market is big enough for a few, and bitcointalk should be it's forum, although lobbyists should be hired rather than big names from the community.
the money to pay for the lobbyists could be raised by a membership fee.
this is the only way forward that is going to give the community the professional status that it needs to grow.
feedback?
Posted From bitcointalk.org Android App
it's time for a new lobby group for crypto currency.
the market is big enough for a few, and bitcointalk should be it's forum, although lobbyists should be hired rather than big names from the community.
the money to pay for the lobbyists could be raised by a membership fee.
this is the only way forward that is going to give the community the professional status that it needs to grow.
feedback?
Posted From bitcointalk.org Android App
Re: Contrary to Mt. Gox’s Statement, Bitcoin is not at fault -
Quote
Transaction malleability has been known about since 2011
Known by whom?
Where is the list of all known Bitcoin issues that I can access and view freely? written in plain non-technical language so that anyone about to invest money into Bitcoin can familiarize themselves with the potential risks?
You say that like it should be somebody's responsibility to provide you with it?
You say that like it shouldn't be somebody's responsibility to provide me with it?
the community nominates:.................................................... dramatic pause
whtchocla7e to find all the information, translate it into laymans terms, and then distribute it to HIS investors. but just one piece of advice, by the time you found such information, the solution is normally found and the so called risk becomes theoretical.
This highlights the biggest problem for Bitcoin of FUD and how easy it is for people like whtchocla7e to get involved in something without doing due diligence.
With MTGox blaming anyone and everyone other than themselves, and far too many people being unaware of the other exchanges, this action is going to do a lot of damage to Bitcoin in the short term.
Maybe it might be an idea to see MTGox being removed from the foundation until they can prove that they are worthy of such a coveted position within the community?
It would also be a good way to demonstrate how the foundation is able to differentiate between personal and professional bitcoin interests ;-)
If the price went to $100, why would you buy?
While prices are set by traders, it does need a reason and if the price drops that far, then Bitcoin must be on deaths door!
The reality for me is once my coins drop to a value equal to what I spent on them in fiat, I will worry - although the reality is, I have already taken that money out and spent it on stuff!
If bitcoin dropped to $0, I wouldn't have actually lost money - but I doubt that will happen in 2014! ;-)
While prices are set by traders, it does need a reason and if the price drops that far, then Bitcoin must be on deaths door!
The reality for me is once my coins drop to a value equal to what I spent on them in fiat, I will worry - although the reality is, I have already taken that money out and spent it on stuff!
If bitcoin dropped to $0, I wouldn't have actually lost money - but I doubt that will happen in 2014! ;-)
Gox has been dead to anyone with a brain since April 2013.
So true
Bitcoin would be far better off without MTGox
This next week is going to be very interesting, as the Chinese go back to work and the money starts moving again.
MTGox needs to die, which it possibly will do by the end of the week, and a lot of bitcoins will start moving into the other exchanges. A clever US company could use this time to ramp up their exchange services! ;-)
The most interesting element of the current issues is how the value of the alt coins have barely moved.
Litecoin has hardly moved and neither has Nxtcoin, which makes me think that we are definitely entering a more mature market in 2014.
Bitcoin is not a market for anyone with money they can't afford to lose! ;-)
MTGox needs to die, which it possibly will do by the end of the week, and a lot of bitcoins will start moving into the other exchanges. A clever US company could use this time to ramp up their exchange services! ;-)
The most interesting element of the current issues is how the value of the alt coins have barely moved.
Litecoin has hardly moved and neither has Nxtcoin, which makes me think that we are definitely entering a more mature market in 2014.
Bitcoin is not a market for anyone with money they can't afford to lose! ;-)
This is making a story with a few strands of facts.
Statistics tells us that every industry has suicides, and the more people in the industry, the more suicides.
These people were also not the ones taking the big risks. Their jobs didn't make or break the banks, even if a few were high up.
Might as well blame it all on global warming!
Statistics tells us that every industry has suicides, and the more people in the industry, the more suicides.
These people were also not the ones taking the big risks. Their jobs didn't make or break the banks, even if a few were high up.
Might as well blame it all on global warming!
I like alt coins and have owned a fair few over the last year.
Most of my current value is in Litecoin, but only because it actually has a real cash value away from bitcoin. I also like Peercoin and recently got very interested in Nxtcoin.
However, the trick is to realise that alt coins are the future. Bitcoin is currently doing the work of introducing crypto currency to the masses, but it isn't going to be the coin used by the mainstream. That is going to be an alt coin.
History teaches us that change comes through little differences. Technology is no different, and the past 20 years has seen so many examples of this. The internet started for the public with glorified text files. By today we can video chat with individuals while we watch live TV and shopping with international traders all on the same screen!
What bitcoin fanboys need to remember is that none of the above example can not be done with the glorified text file internet of 1992.
Bitcoin gives us structure
Nxtcoin gives us proof of stake and true decentralised trading
Just remember it took years of awful search engines before Google turned up and gave us everything we wanted. Nobody remembers the first search engines like webcrawler and Altavista - yet without them, Google would not exist.
The next alt coin will give us the next step towards everyday use, and the cycle continues.
If you are not diversified into alts, your bitcoin pension pot is going to be worthless! ;-)
Most of my current value is in Litecoin, but only because it actually has a real cash value away from bitcoin. I also like Peercoin and recently got very interested in Nxtcoin.
However, the trick is to realise that alt coins are the future. Bitcoin is currently doing the work of introducing crypto currency to the masses, but it isn't going to be the coin used by the mainstream. That is going to be an alt coin.
History teaches us that change comes through little differences. Technology is no different, and the past 20 years has seen so many examples of this. The internet started for the public with glorified text files. By today we can video chat with individuals while we watch live TV and shopping with international traders all on the same screen!
What bitcoin fanboys need to remember is that none of the above example can not be done with the glorified text file internet of 1992.
Bitcoin gives us structure
Nxtcoin gives us proof of stake and true decentralised trading
Just remember it took years of awful search engines before Google turned up and gave us everything we wanted. Nobody remembers the first search engines like webcrawler and Altavista - yet without them, Google would not exist.
The next alt coin will give us the next step towards everyday use, and the cycle continues.
If you are not diversified into alts, your bitcoin pension pot is going to be worthless! ;-)
It sounds like you believe that BTC price will crash along with BTC when a replacement coin starts to take over. Are you still holding BTC? What is your plan of action with regard to selling your BTC holdings when you suspect that BTC will go down?
As I see it (and I should charge for this on a subscription service!) BTC might have another mad run where it shoots up to $2000 or maybe more, but it won't go much higher. We are already getting to the point where everyone that counts has heard of bitcoin. The laws are being worked out, and a few people are buying and selling using it. But I don't see the price crashing, I just don't see it growing to the silly figures we were predicting a few months ago.
Bitcoins are not going to die for at least 5 years, but their relevance is doing to dwindle after the various laws have been ratified. The technical issues regarding their use is not yet relevant to the mainstream, and for that reason, the advantages of Nxtcoin and the other alts are mostly academic. However once we all start buying and selling outside the banking system, then we will see the alts really taking off.
I don't hold any bitcoins in cold storage, but do convert my alts into bitcoin before I convert into fiat. However, I can now convert Litecoin into cash as well, so I don't actually need to use bitcoin anymore.
In the long term (5 years +) the crypto currency industry is going to look very different. I would assume that Bitcoin might become the slang term for crypto currency, but I don't think the coins we are currently holding are going to be the coins we use.
Re: Next coin is highly misunderstood and undervalued on this forum.
There are a load of communists on this site - wanting everyone to have an equal share regardless of effort.
That experiment failed after 70 years, the only way to make society richer is through individuals taking a risk with opportunities that might or might not work.
I didn't get any free NXT either, but rather than moan about it, I bought some. Maybe the ones moaning should do the same?
That experiment failed after 70 years, the only way to make society richer is through individuals taking a risk with opportunities that might or might not work.
I didn't get any free NXT either, but rather than moan about it, I bought some. Maybe the ones moaning should do the same?
Re: Next coin is highly misunderstood and undervalued on this forum.
where u do you get scam from? NXT is not a scam coin it has never been a scam coin.
Maybe it is not a scam, that might be true. But it's definitely a bullshit coin.
Cryptocurrencies have always tried to solve the initial-distribution-problem in different ways, mining being a rather elegant one - it goes over a long period of time and in an as-fair-as-possible way, so everybody has a chance to participate.
Open your eyes and you'll see this isn't actually true anymore.
If I want to start mining Bitcoin, I need to invest at least $1000 for a mining rig, and if I'm lucky, I might just mine enough coins to get my money back in 6 months. The only way you'll get any profit is to then sell your bitcoin miner to another newbie! If I decide to keep my mining rig, it will slowly become less and less efficient - while still burning the same amount of electric - which is always getting more expensive.
Within 5 years, there will only be a very small handful of very rich people mining Bitcoin, and with it becomes the huge danger of miners taking the role of central bankers of bitcoin - exactly what bitcoin was set up to avoid!
The Nxtcoin alternative is that I take that $1000 and buy the coins. Besides the price inflation, I will also get a percentage as I hold them. I also gain the more people use the coins at the number of transaction fees increase. The fact that some people have a million coins, and other have 1000 is just life.
There is also no chance that if someone decides to buy most of the netcoins, that they get more influence - that can't happen by design!
So, unlike bitcoin, everyone gets a fair share of the transaction fees - surely, that is worth investing in the coin alone?