Bitcoin Forum

Anyone into NXT here (in newbie forum ;) ?

I really want to get into NXT, spread the word. What do you think about the purely proof-of-stake concept?

Proof of Stake would be not bad if it would work reliable but they are still some problems with it.
Like need of checkpoints, which are centralized. Decentralized checkpoints are technically not solved.
But if it is anyway centralized then it doesn't matter if it is double centralized.
As far as I know NXT is closed source(at least partly), premined all 1 billion coins, centralized and still doesn't work.

What do you mean it still doesn't work? It's already running, isn't it?

Not as intended.
But you can try it and convince yourself.

Thanks for the feedback.
It appears that the initial investors invested 21 BTC into the project. (correct me if I am wrong)
The market cap for this coin, is right now = 3.3 Million. (12/8/2013)

It seems it is trading at a very high premium to the price the initial investors paid.
Eventhough I am like the new features, I am not sure if it is worth this huge premium.

What is Nxt?

Nxt is considered a second-generation crypto currency.  With all the altcoins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designed this way for a number of reasons:

It is not an "alt coin" like coins such as litecoin, peercoin, and others who have their code based on Bitcoin's source code.  It is brand new from scratch with its own code.
It provides built in support for planned extra features such as a decentralized peer-peer exchange, colored coins, messaging/chat, decentralized DNS, and options for instant transactions.
It is a 100% proof of stake (PoS) versus the proof of work (PoW) mechanism the vast majority of other coins are based on.  This effectively removes a large security risk inherent in most other coins, as the issue of a 51% attack or other vulnerabilities inherent to PoW coins is gone.  The biggest plus here is how "green" this protocol is in terms of power consumption, since PoS doesn’t require massive amounts of hashing power
It was announced weeks in advance, unlike mere hours like most coins.  The 71 stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of bitcoin (donated by them, 21 BTC total) into the genesis block.  This is a requirement for this PoS system to work and this distribution is now in progress.

Why are all Nxt coins pre-mined?

The term "pre-mined" is really a misnomer.  Nxt coins are not mined at all.  The original stakeholders in Nxt contributed Bitcoin in order to seed the creation of the 1 billion coins represented in the genesis block, and these coins were distributed among the original stakeholders.  Even the creator of Nxt (BCNxt ) made an investment.  The coins were not generated from nothing!

The creation of the genesis block was fully public: https://bitcointalk.org/index.php?topic=303898.msg3652710#msg3652710

If there are no new Nxt to be mined, how do you validate the blockchain and secure the network?
Nxt is a pure Proof-of-Stake (PoS) currency. Users validate the blockchain and secure the network by running a light weight client on any computing device (even one that used to run Windows XP). For doing this users are rewarded with Nxt coin that is collected from transaction fees.

http://nxtcoin.wikia.com/wiki/The_Nxt_Wiki

There you have it.  1 billion pre mined coins that already belong solely to the founders (50 times more than the amount of bitcoins that will exist 50 years from now).  It is not open-source (they promise they will release the code..... really!).  This coin is worse than Quark.  No pre-mined coin has ever or will ever be legitimately excepted by the masses.  There are so many hopeful late-comers that missed the boat on bitcoin and will convince themselves to be enthusiastic about this garbage. 

just as an fyi. The source code isn't released because its still being worked on and to prevent copycats leading into the January release of the source code. The coin wasn't premined because people put coins into the genesis block to generate the supply of Nxt including the creator of Nxt. Not all of the original founders have picked up their coin either I believe, which means when January hits the amount that has not been given out will start to be given out if I remember correctly in the blocks people get in interest. The event was fully public on this board and anyone who trusted BCNext enough with some BTC(was capped at 1 BTC per person) could have partaken in the release since he posted the original announcement to the sale months in advance of when the Nxt was actually spread from the genesis block in mid-November.

Pre-mined, pre-minted, pre-created, whatever term you want to use.  No one cares.  There are a select few individuals who own all the coins who thought they could become super rich.  You can make the argument that they deserve to own all the coins because they invested bitcoins to the developers to create NXT.  No one cares.  The result is the same, a few people own all of the coins and are expecting to get rich and it is not going to happen.  The public will reject it.

The open source code is essential to any alt-coin.  One of the basic tenents of bitcoin is that it does not rely on trust.  I understand your reasons for not releasing the code and expecting everyone to believe on faith that it is trustworthy.  But once again, no one cares how much money you put into developing it.  It is not an open-source alt-coin.  Period.  And it is highly unlikely to ever be open source.  There is no telling what is in that code.

Hey no need for bashing lol. I have hardly any Nxt. Just letting people know the misconceptions of this coin because its "different".

Just to answer some things...

There are a select few individuals who own all the coins who thought they could become super rich.
-Those "select few individuals" own about 50-60% of the supply not 100% of the supply. BUT they aren't helping the coin in any way because Nxt works is that it relies on transaction fee's to get Nxt out of it. Meaning the more people trade the more Nxt there will end up being in blocks. If people don't trade then the way I understand it is that the blocks will generate nothing. Of the original founders there have been a handful of them that have been giving their Nxt to the masses that are interested since they know that its best to do so. Also the way I at least see it, its like buying any "alt-coin" on the cheap in hopes that it will rise in price just like any other investment. I view it as the way stocks are done, where there is a cap on amount of stock(unless there is a "1-for-2" type of stock split), and people value that particular stock based on future expectations of that business.

It is not an open-source alt-coin.
-In January the coin will as you put it be an "open-source alt-coin" although "alt coin" is arguable as a result of this coin using different coding compared to bitcoin, etc and is completely new. But I guess can be considered an "alt" based on the fact that anything can be considered an "alt" to something else  ;D. Like Coke vs Pepsi, Sprite vs 7up, etc.

People can judge Nxt in due time, because I think it will become more stable in the coming months in how one understands it. Don't like it then don't invest in it.

open source or not, who cares?

NXT are apparently a good investment and that is the reason for which altcoins are made. It does not matter whether an altcoin has a benefit or is fair to the community. The important thing is that many people hope that the value of this coin will increase. And many people believe this.Therefore the value will significantly increase in the near future.

That's all that matters.

The source code is going to be released in January, IF the "founding fathers" vote to release it.  Yeah, I'll believe it when I see it.

One billion coins.  One billion.  No, it is not a good investment.  No major exchange will except a crypto currency with 1 billion pre-mined coins.  No one with any sense or understanding of how big a billion is will throw money at this garbage.  The price that they are currently being sold for is laughable as the kids who are buying it don't quite comprehend how many of them there are and can't tell the difference between .000001 and .0000000001 anyways.  They just throw a few $ at it and hope for the best.  There will never be a market for it.  That is a fact.  Sorry to shatter your cherished delusions.

Why all the negativity?

But anyways, that "1 billion coins" isn't really "1 billion coins" in how we understand alt-coins now because there is no .0000001 Nxt like other alt coins have. If you noticed, supply goes like 11000.00 down to 1.00 Nxt or the like. There are .00(which hasn't been activated) but it doesn't go to .0000000 (7) digits below 0 such as how btc or any other altcoin works(at least from what I have understood). While BTC may have a supply of 21,000,000.0000000 BTC (15 digits) at total supply limit. Nxt on the other hand will have 1,000,000,000.00 Nxt (12 digits) or about 10,000,000.0000000 (15 digits) which doesn't look nearly as bad imo, if you relate it to how it would look if Nxt used 15 digits.

If I am wrong about that part above...just correct me please  :)

here is my video describing NXT, if you are interested and want to know more about NXT:

http://www.youtube.com/watch?v=zALTChPsXhQ

or

http://wideo.co/view/1302961386354824506-nxt

It's important to point out how open BCNext has been since the creation of NXT, unlike other premined coins or insta-mined coins that try to hide the fact that they were premined, BCNext has been upfront since the initial funding stage that all the coins will be premined and distributed to the investors, and you could say this was subterfuge but there have been no complaints of anyones investment being rejected, or not receiving their share of NXT.

If you look at page 3 of the original thread here: https://bitcointalk.org/index.php?topic=303898.40 someone claims BCNext is scamming and asks people not to send him bitcoins, yet people sent him bitcoins and now NXT is on the verge of release next month. Don't forget that the investors put their money in at around $120 a bitcoin and until recently the price was starting to reach $1200, so they certainly risked a fair amount of money on this venture.

Everyone should make up their own mind about NXT or Quark or any other coin and research it, don't let me or anyone else convince you, read up and make up your own mind.

The quantity of coins says nothing about the possible increase in the value. The question whether one can make money with an altcoin just depends on the relative increase in the value. As soon as a new currency has something new in itself, the people will buy tham and the value will skyrocket. It should be remembered: NXT is nuber 12 on coinmarketcap.

If you are responding to me...I understand that.

Many are confused with how 1,000,000,000.00 Nxt or 1 billion looks...where they are used to how 1,000,000,000.0000000 (any Cryptocurrency that followed the btc way) would look. BCNext didn't even use "cents" in the beginning and added the .00 so it would be easier in the future to implement.

as quoted here:

"After testing Nxt decentralized exchange I noticed that having no decimal places after the point is very inconvenient, because if an asset costs 10 NXT and you wish to sell it with profit the closest possible price is 11 NXT.  I will add "cents"."

https://bitcointalk.org/index.php?topic=303898.msg3506162#msg3506162

sorry, I was responding to nmtrader100. It was a mistake :)

pm me ur adress I give you 150Nxt for talking about it.

Cheers

14084972773797117146

Thanks :)

Closed source and centralized. I'll pass.

For now. You're gonna regret it on January when the prices skyrocket.

would love to invest but lack of options to purchase securely.

dgex is secure...when you have a lot of time

https://bitcointalk.org/index.php?topic=303898.msg3280347#msg3280347

This is what you posted in October, but BCNext did not run away with the bitcoins like you thought. Do you think you could be wrong now?

I'm holding a small amount and can already make substantial gains on it if I sell now but tbh, this coin needs a lot of work and needs to go on better exchanges as-well if it's ever to see the light of day.

I'm in for the long run.

I'm also in for a long run. The devs team are working hard and efficiently,imo.

It doesn't matter how hard the developers work.  A crypto-currency that is released with a billion pre-mined coins will never get off the ground.  That is a massive amount of coins.  This alone will ensure failure, but to add icing to the cake it comes with additional problems and is not even open source which is the most fundamental trait of bitcoin. 

Sigh* You have no clue what you are talking about. It's not even worth to argue with people like you who think they are experts after a few days.
Nxt is not like any of the existing Crypto's, not a copy cat, that's why it is closed source. And there is no-premine, it's not a premine, people paid to get those, and you know what, EVERYONE could participate in the funding. All the coins are already distributed. For a few miliBTC you could get some coins. You didn't, too bad. We are moving on with colored coins and a decentralized exchange.

Same here

What if there are just one thousand coin? What would be changed in your eyes?

yes i like nxt because it no need block download

Looked interesting, but I never managed to get the software to install so walked away...

 Life's too short....

 

 And to the member who posted that all that really matters is (perceived) value... It's coz of self-centred people like you that the world in such an imbalanced mess.
 keep dreaming, that material reward and accumulation is the measure of success....  ::)

Are you from the States?

How is it centralized?  Is it due to a handful of people receiving all the coins initially and then distributing them?

I'm willing to give it a try.

 Just to clarify, before the thread takes a wrong turn) that I don't hate anyone.

 Unfortunately, blind greed without consideration of the consequences, has been a hallmark of United States in recent years, although Israel, modern Britain and France fit seamlessly alongside.



 Who was it, that said, "Look before you leap?"

U r talking about other PoS coin. Don't lie to newbies plz.

Hehe, u missed this thread - https://bitcointalk.org/index.php?topic=364239.0

Coz they bought Litecoin :)

Or missed the train.

Nah, it has nothing to do with it. It's just some people are full of slimy poop, that's the real reason :)