Everyday Crypto #017 – NXT a Scamcoin?
Jeff Garzik has made comments about NXT on bitcointalk.org and twitter. I respond to all of the Jeff’s concerns around NXT. Jeff does make valid points about things that could be done better and I think the NXT community will take the criticism and ultimately become better. However, in my opinion Jeff does a disservice by calling NXT a scam.
Some have made the argument that Proof of Stake systems favor the rich and allow the rich to get richer. This argument is flawed and may even make PoS systems look better. I discuss the initial argument and talk about why PoS is actually the better system in this regard.
NXT Digital goods marketplace 2 minute demonstration.
A walkthrough of using the digital goods market place built into the decentralized NXT blockchain. Example of buying goods, listing goods and delivering goods all through the NXT client.
I love the concept and goals of the namecoin project. Unfortunately, the tech behind namecoin isn’t quite ready. I have done some significant planning for this video but ultimately my walkthrough turned into this rant. Once namecoin is ready I will do a walkthrough video.
Once SNI is working and DNSChains + DANE is working I think namecoin will be in a great spot to spread the word about it virtues. For now it’s fun the play with and reserve some names but I don’t think it’s quite ready for growth.
Bitcoin volatility has been brought up by some as a fundamental problem for bitcoin. Volatility is expected when there is a limited supply and global demand for something. Recently, people have claimed Bitcoin is now stable, I think that is just temporary and real stability won’t happen until we at 10-100x the current market cap. Bitpay and Coinbase provide solutions for the merchant side so they are insulated from volatility. Coinbase also provides a way to automatically buy more bitcoin after spending them for consumers. Coinapult, BitsharesX and NXT are all providing ways to hedge against volatility in their own unique ways.
There are many ways in which this is addressed from a practical point of view. However, volatility is fun! so here’s to more volatility!
ALS Ice bucket challenge. Usually my subject matter is fairly dry to the average person. I thought I’d pop this in here to give a little glimpse into the non-whiteboard moments of my life.
The solution to the certificate authority problem is a complex issue. Blockchain solutions provide a promising approach to new TLDs. Existing TLDs may have to endure the existing CA system for many more years. So it’s important that new blockchain solutions be developed for high trust needs as well as existing CA infrastructure be improved to maintain the existing infrastructure as well as possible.
In the last video I get the number of CAs wrong. So I created this update video which corrects that and also adds some additional points.