Have you forged a block yet? If so, how many coins do you have?

[void]

I waited 2 weeks and forged 1 block with fees equal to 0... bad luck.

[Mikesbmw]

Noticed this morning that I had forged a block yesterday evening.

It contained 1NXT. That wallet contains 56,000 NXT.

It runs on a VM which is always on anyway, so I actually made some money back for the electricity it consumes 

[minerniner]

not yet i only have 128NXT and still waiting for 1440 confirmations

12696492883315912

[ZeroTheGreat]

not yet i only have 128NXT and still waiting for 1440 confirmations

12696492883315912

Don't expect block on your own with 128 coins of ~1kkk all in near future (~1kkk coins'll forge ~1440 blocks per day). But when updates'll arrive u could lease your foring power to some pool and'll get part of blocks'es fees from blocks that pool'll generate.

[^[GS]^]

You needs +30 k NXT to forge every few days. And that's not easy alone.
But you can join an investment bank as NXTio

Regards

[lucky88888]

For those that is forging, here is my nxt forging competition: https://forums.nxtcrypto.org/viewtopic.php?f=2&t=744&p=3548

This competition gives you more incentives to want to forge even if you don't have much nxt.
You win if you have forged a block with the lowest balance compared to other contestants.
If you are the only one that submits an entry, then by default you WIN! And so far no entries yet.

Competition Entry Expires in about 1 or 2 Weeks.
Entries valid only if i'm satisfied with the evidence of your forging.

[mgburks77]

Since you can't forge without a major investment and you really cannot buy anything with such low value currency I don't see widespread adoption happening. The currency is useless to the greater part of the population. It has little utility.

If widespread adoption doesn't happen then you've wasted your large investment and the only people who will actually profit are who actually created and first sold the NXT to users.

I bought a few thousand NXT thinking there would be some sort of return from forging but if I have to wait 82 years just to get a chance to "flip a coin" to maybe win one nxt and there is no real world utility for the currency that could create widespread adoption and an increase in value I can see that my money is wasted. 

This is not the same as someone with a small investment making an accordingly small return. That I can understand as an investor.

Forging is more like gambling, but gambling in such a way that the house always wins unless a massive bet is placed by a very early adopter. I hate to say it but this is the same structure as a Ponzi scheme.

Too bad, because the forging concept is far better than the wasteful mining concept. I'm starting to think cryptos won't have an opportunity to become useful and that market distribution itself is a flawed economic model at it's very basis.

It doesn't matter if the currency is digital or fiat.gov if that is the case because eventually system failure will occur and the attendant economic collapse is inevitable. 

[ZeroTheGreat]

Since you can't forge without a major investment and you really cannot buy anything with such low value currency I don't see widespread adoption happening.

Lolwhat? Bitcoin's slowly adopting by masses not cos of mining, but cos of features vs fiat. User-side requests: (pseudo)anonymity, low fees, no limitations and no third parties to transfer your wealth required. Mining itself very important only for miners community and personally I don't expect them to turn off their rigs in near future and join superior technology (and, honestly, Nxt not stress-tested enough for such thing for now).

Anyone, how thinks about profitable forging'd wait higher activity or pick another business to live with.

The currency is useless to the greater part of the population. It has little utility.

How so? For users of payment system difference between Bitcoin and Nxt pretty small.

I bought a few thousand NXT thinking there would be some sort of return from forging

And u did the wrong move. Better calculate before actions, or read about others'es expirences with same expectations ("profitable forging, can I?").

Forging is more like gambling, but gambling in such a way that the house always wins unless a massive bet is placed by a very early adopter.

Point at house, there's no such thing. Every forger'll win almost exact proportional part to his coins of all fees in long term. And biggest part of all fees'll go to biggest accs on network.

I hate to say it but this is the same structure as a Ponzi scheme.

Anyone promised that u'll get some stable high and non-dispersional profit? Nope. Anyone showed that profit for newcomers'll be formed out of others pockets without their will? Nope. Where's Ponzi scheme? Fee for tx represent will to reward forger for doing their job to secure system. Minfee set up pretty reasonable, cos a lot of Nxters can't get what forging about. Shame...

[mgburks77]

Every forger'll win almost exact proportional part to his coins of all fees in long term. And biggest part of all fees'll go to biggest accs on network.

No, that's not accurate. People with low coins will never forge. If someone has 1000 cons and forges 10 and the other person has 100 coins forges 1 then you could say the forging process was proportional between accounts with different balances.

But with next the person with low number of coins has to wait a hundred years just to get a chance to forge a block. Not to forge, just get the chance to flip a coin and see if they win a coin worth a couple of cents at best. (without widespread adoption these units of account will remain practically valueless)

Therefore this is equivalent to never forging. If small user never forge a coin they cannot possibly get a proportional return unless the large user is also never forging.

So that is not true at all.

And u did the wrong move. Better calculate before actions, or read about others'es expirences with same expectations ("profitable forging, can I?").

Meh, a couple of hundred bucks to check something out a little more closely is nothing to me. I can probably get pretty close to what I paid for them anyway.

I am interested in the social ramifications of digital currency mainly, I don't really see mined coins getting much bigger because of the energy waste. I was thinking perhaps NXT had solved that but now I see there are even bigger issues than wasting electricity that are going to hold cryptos back.

[ZeroTheGreat]

No, that's not accurate. People with low coins will never forge.

Disagree. With 1 NXT u'll forge a block every 275.75 years in average (with current statistics). It far away from never. Same in PoW-coin, if u've a tiny % of network hashrate, your estimated time'll be huge. A couple of months ago my estimated block generation time in Bitcoin with notebook's Nvidia was a thousands of years, but not infinite at all.

If someone has 1000 cons and forges 10 and the other person has 100 coins forges 1 then you could say the forging process was proportional between accounts with different balances.

Mining of forging both lottery-like activities. To decrease dispersion u'd create/join pool (or lease forging power in Nxt in future).

But with next the person with low number of coins has to wait a hundred years just to get a chance to forge a block.

Nope. Estimated time - 1/x value to your chances. U can forge every block, but your chances to do it even 1 time'll give u a 275.75 years periods between successes in long run with 1 NXT. Lottery with probability to win for any forger starts every next second.

Therefore this is equivalent to never forging. If small user never forge a coin they cannot possibly get a proportional return unless the large user is also never forging.

Wrong, cos there's no "never".

Meh, a couple of hundred bucks to check something out a little more closely is nothing to me. I can probably get pretty close to what I paid for them anyway.

So why are u whining? U gambled (bought first with some expectations, checked your expectations later) and lost. Be a man. For others I'd remind: for now ROI% of forging lies near 0% and can grow only with business activity on network.

I was thinking perhaps NXT had solved that but now I see there are even bigger issues than wasting electricity that are going to hold cryptos back.

There're a row of issues, where fiat better for some people than any imaginable crypto. Profitability of running node, of mining or forging not a biggest of all.

[mgburks77]

Well, the estimated time in my client has dropped to a lot less. It was just around 24 days to forge a block. That's a lot better than the 80 years it was originally estimating.

lol

I'll keep the client on an see what it does for now. 

[ZeroTheGreat]

Estimated time drops each second and retargets with every next block you'll see (along with chances - 1/x). U can calculate your own average estimated time, knowing current average Base Target and your amount of NXTs.

[mgburks77]

Thanks!

I'm getting much better numbers after doing some of the recommended tweaking from the tutorial.

[igmaca]

Pooled Forging
leasing forging power of a account to another account to create pools


http://wiki.nxtcrypto.org/wiki/Planned_Features

[Mikesbmw]

Yes! I forged another block with 1 nxt