Bitcoin Forum

I posted this on another thread but it may not get the attention it deserves because many people might not read that far.

1.

The "MCX" in MCXnow stands for MicroCash eXchange. An exchange that realsolid started so he would have a place to sell Solidcoin, a coin which he created and was not traded on any other exchange. He promised at some point to convert SC to MC but still hasn't gotten around to it. Basically it was a mechanism for him to convert his worthless SC, and MNC into BTC.

Gdex.com was started by a NXT "stakeholder" so he would have a place to trade his worthless NXT for BTC. Even though gdex.com only trades one coin and has only been open for a couple weeks it is being used as the sole source for stating NXT market cap which is complete bogus and I have said as much in the coinmarketcap forum. All the other top coins are on multiple well established exchanges.

2.

Realsolid then engaged in insider trading and price manipulation on his coins. He created fake volume and price spikes with puppet accounts and the fees he was charged to do this went back to himself so it didn't even cost him anything to artificially increase the value of his coins.

He later went on to even bigger scams with his feeshares but that is not part of this discussion.

I cannot prove 100% at this point that insider trading and price manipulation is going on at gdex.com but it is very likely. Anytime you have a small group of people who own 100% of the coins some of them are going to want to engage in price fixing even if they aren't all in on the scam.

I said it earlier and it is true, there is nothing stopping NXT holders from making the price of NXT anything they want. They have all the coins and only need to rig one exchange. NXT fanboys then tried to play this off saying that all markets are manipulated and this is true to some extent but it is a lot harder for a group of manipulators owning 10% of the coins to fix a price on 5-6 exchanges then it is for a group owning 90+% to fix the price on a single exchange.

This is a legitimate concern.

3.

Realsolid had a scheme to convert SC to MC where only the SC held as balances at MCXnow at the time of the conversion were going to have a "stake" in microcash. Microcash was not going to be created by conventional mining. "Stakeholders" would start off owning 100%.


NXT is 100% pre-mined. They call it 100% distributed to "stakeholders" but it is effectively the exact same thing.

4.

When you mine NXT for the fee's the more coins you already own the greater the chance you have of mining success. So it is unlike other coins where an outside miner can come in owning zero of a certain coin and start to build a decent stash just buy mining without having to spend BTC. NXT's biggest holders always have a mining advantage over the little guy and if you want greater mining success you have to buy a whole bunch of NXT enriching the stakeholders that started off with 100%.

This caught my attention because I had done some research on MicroCash and sure enough it was going to function very similarly. The biggest holders would receive the greatest rewards which is great when you are a "stakeholder" and already have most of the coins.

Realsolid (microcash forum):

5.

Dgex.com is registered in panama through a Panamanian Corporation.

MXCnow and all of Realsolids other websites are registered in Panama to a Panamanian corporation.

Registering in Panama to a Panamanian corp is proven to be a sure fire way to hide your real identity. So if you rip people off, intentionally or through incompetence, you never have to face the repercussions of the harm you have inflicted.

------------------------

So as you can see there are a disturbing number or similarities between the schemes of Realsolid/Coinhunter and what NXT is doing. I don't know if all this is just coincidence, if RS is involved, or if the devs followed his work and decided to rip him off but these are all red flags.

If it looks like a scam and smells like a scam I don't know what other conclusion I can come to.



http://forums.microcash.org/index.php/topic/737-final-word-on-solidcoin-conversion-must-read/

http://forums.microcash.org/index.php/topic/739-microcash-current-working-details/

Given all this, what do you feel is the future of nextcoin?

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

OK so I made one mistake. So everything else I said isn't relevant?

It doesn't make any difference. Dgex.com only trades one coin right now so the effect is exactly the same.

You going to counter my points or nit pick on trivial issues?

It's not a trivial issue. Half of your message is based on your asumption that dgex has been specifically created for Nxt, which is not true.

But there is more nonsense in your post:

"When you mine NXT for the fee's the more coins you already own the greater the chance you have of mining success."

How is this different from Bitcoin or Litecoin? With Bitcoin if you have twice the hashrate you have twice as large chance to get a block. With Nxt if you have twice the stake you have twice as large chance to get a block.

"So it is unlike other coins where an outside miner can come in owning zero of a certain coin and start to build a decent stash just buy mining without having to spend BTC."

Bullshit. No one can mine without spending at least $800 for a decent computer. So you have to invest, just like with Nxt. You cannot mine anything with zero investment.

"NXT's biggest holders always have a mining advantage over the little guy"

Just the same as a big asic holder with 100 GH/s has a mining advantage over a guy with a single block erupter.

"and if you want greater mining success you have to buy a whole bunch of NXT enriching the stakeholders that started off with 100%."

As if you want to have greater success with Bitcoin or Litecoin you have to buy more expensive hardware. Nothing is for free. There is no such thing as a free meal.

I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.

In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.

Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.

might be it was not made for NXT only at first, currently that is the only currency it exchanges, so he has a point...

I could not point on why I personally would not touch NXT... but that "100% distribution" between holders (and holders are how many 5?10? 20? people) is not sitting right with me.
So I just have not and would not go near this coin.
But it's everyone's own decision.

 :o

I think op has a few points.

I don't know about other stuffs, but claiming "back by BTC" when only traded in one so-called exchange(i thought exchange should at least trade 5 -10 type of coins & transparent operation), sound scam to me.

Regards.

I traded all my NXT after reading this.
https://nextcoin.org/index.php/topic,883.0.html

5. Dgex.com is registered in panama through a Panamanian Corporation.

MXCnow and all of Realsolids other websites are registered in Panama to a Panamanian corporation.

Registering in Panama to a Panamanian corp is proven to be a sure fire way to hide your real identity. So if you rip people off, intentionally or through incompetence, you never have to face the repercussions of the harm you have inflicted.

Dig deeper.

Nxt might have some interesting concepts but it is a total scam top to bottom.

100% premine which was sold to "stakeholders," who will now control the market. This alone should be enough to kill the coin.

1 Billion coins so even the smallest gain in price means a massive market cap. Massive market cap means it makes more news and the "stakeholders" make even more.

Scam of the year right here.

It also has some ridiculously awful flaws.

so have NXT on Coinmarketcap mean the website help promote it. and if this is another MXCnow, then well....

It sounds like you don't have a problem with Nxt, you have a conceptual problem with all POS coins.
You're gonna have a bad time, more are coming in the future.

Thorgrim,

Seriously... How many Nxt bashing FUD threads have you posted lately? lol

Please, stop creating these useless threads that just spread FUD.

Someone should do an analysis, I beginning to suspect that "scam" is the most used (not common) word on the forum, or getting there.

Scam implies intent. Do you really believe that Nxt was only created in the hopes for just to get people money on the sort term?
It's seems too much work for me. It's infinitely more simple to make another clone coin.

Nxt has problems. Nxt may fail. But callin the whole concept (that is much more than a simple coin, it's a whole system of features - granted, only promised at this point) a scam?

The only thing i can say in this regard is that people have to buy coin(s) from developers even at the first block.

That's not sounds good. coins could be distributed free between people (fair or unfair is not important if it would be free).

Staying clear of this abomination ...

I almost bought it until i digged deeper. 100% premined by the developers and in order to mine you need to buy hashing power(nxt) from the developers lol and panama hosting is off too.

OP has some points right IMO. Stakeholders control coins market value. It should go that stakeholders get loads of coin, and then distribute it through giveaways, selling, bounties and such. ATM it seems holders are just selling. I asked for my first NXT for days in their forums, so i could start to forge, after some days of waiting for 1 NXT i had to buy some to get things rolling, cause no one would give even one NXT.

That said, i DO have faith in this currency. If they get the currency spread more widely, i think it will have a bright future.

wheter its a scam, 100% premine, controlled by one exchange or anything else. why give a f*** about it? if you can make money out of it by trading it then do it  ::)

btw:
- you always have to start with one exchange :D once its always the first time. maybe other exchanges will follow or not.
- you were able to get in as early adopter by investing some BTC. looks like some missed it.

i am not pro or con for NXT.. just trading it and trying to make some more BTC with it. it completely irrelevant if its a scam or not. you are always able to get in or out of it.

Hide currencies is another way of market manipulation... The best would be to give as much information as possible and then people take their decisions...

I think the best solution would be to add the Nextcoin with a tag saying: 100% generated or 100% premined!

Or people could just read the Wiki (nxtcrypto.wikia.com (http://nxtcrypto.wikia.com)), before making up their minds. (Or god forbid wait and watch a few weeks before doing that.)

After initially being interested, it quickly became clear not to trust NXT.


 Good riddance!

Yes the word was used deliberately.

A new coin with 100% premine means you buy directly from the creator or whoever the creator sells the original shares to.

The stakeholders determine the market price. The market size is massive, this makes it appear like it's worth more than it actually is.

This screams "scam".

I fail to see how this could not be a scam.

+1 completely agree.

1 billion coins go to ~74 "stakeholders" who then sell them to the rest of the planet?  This is nothing more than 'Hesscoins' described in this article:
**Link to interesting and somewhat sad ZDNet article** (http://www.zdnet.com/bitcoin-is-going-to-teach-you-a-lesson-a-costly-one-7000022352/) 

(Keep in mind the author is some old geezer that completely does not understand bitcoin, but would obviously understand NXT  ;) )

I am completely ok with the PoS concept, but you cannot simply 'eject 1 billion coins' from the genesis block and hand them to 74 people.  lol...

A better distribution model is obviously in order  ;D  (more long-term, and 'fairly distributed' would actually be nice lol...)

Just my 0.002 BTC worth.  This junk needs to be yanked off coin market cap.

Its idiots like you looking for a quick buck that are fucking up TRUE acceptance of cryptocurrencies by the general public. Such a great idea, destroyed by human greed...it's like socialism all over again.

Congratulations, I hope you go bankrupt.

I have started one NXT thread.

I have commented in a few others.

I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.

In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.

My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.

I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.

I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.

NXT might be good for quick bucks... But in long term I have no idea about this coin  :-\

Buying xbt mining gear is the same as buying coins.  You simply wait to generate them.  You think people are buying mining gear because they support btc and don't want coins?  There will never be a "fair" way to distribute a limited resource.  It's unfair to those not born yet that they didn't get a chance to buy cheap xbt.  Does that mean they should get some for free from you in the future?

Some of you guys are frickin dense.

Read what I wrote in bold!  ^^^^^^^^  I did it for a reason.

When you spend money on mining equipment the money spent does not go directly to a coins developers or stakeholders.

The money spent does not inflate the market cap of the coins you are mining!

The people that mined BTC early on did not hand over money directly to Satoshi to get a stake in BTC.

Even if Satoshi and friends premined the shit out of bitcoin. Their % stake in the coin goes down every day as new coins are minted.

Nxt is already 100% minted.

"Mining new coins doesn't inflate market cap."  ???  Bitcoin market cap is inflating by about 8% per year.  Lightcoin by 30% per year.  And you are calling me dense.  LOL

NXT now has no listing on http://coinmarketcap.com

Merry Christmas!

LOL...

 :D

As long as junkcoin is still there everything will be ok. It's even up 100%. ;)

NXT back on now. I guess I would never go near NXT but others sure can freely do.

I haven't bought into all the NxT 'scamcoin' fud.

[1] - I did quite a bit of looking into it and concluded that its one of the very few new coins out there which is radically different and highly competitive (i.e. worth investing in long term, not pump and dump)

[2] - the ease with which I was able to pick up a pretty huge amount of the coin for a very little BTC investment convinced me that its going to get well distributed and that there isn't a huge amount of 'market manipulation' going on using tiny volume trades

In fact, that coin is far better value than most of the pump and dumps out there which actually don't have any new development effort put into them.

NxT at least does and is still cheap. If the price ever gets 'slammed" by big stakeholders, it's not going much below what it is at the moment if even a couple of the coin's new features become established. Even then, it'll come back up because there are a lot of them about and that means a lot more holders and buyers than 'elite' brands like PPC and XPM.

I think you are confusing Coin creation with marketcap.

Marketcap = (number of coins)x(price of coins)

There is very little correlation between # of coins and total market cap as you can see when looking at the market caps of different coins.

Your statements "Marketcap = (number of coins)x(price of coins)" and "There is very little correlation between # of coins and total market cap" are already in conflict with each other.  You are correct that when mining you don't pay to developers or early investors or later investors or anyone for that matter but mining does in fact increase the market cap.  Bitcoin and other alt-coins are all inflationary!  Currently the new money coming into it is higher then money getting taken out of it but the coinbase of all coins is currently growing with even large cap coins like litecoin for example at a huge year over year rate of growth.

I don't completely disagree with your logic but many miners sell as soon as they mine so the increase in market cap by the greater number of coins produced each day is offset by the constant downward price pressure created by the extra coins sold into the market each day.

Coins like NXT are 100% created at the beginning with no constant inflow of coins to be sold. The people that started with all the coins hold back 90+% of the coins from the markets so the market is trading only a fraction of the coins and this artificial scarcity creates an artificial price.

I hate plugging the site after telling people to avoid it but, the best example of this artificial scarcity is Ripple on coinmarketcap.com. It 2nd in market cap of $2,588,022,379 with only $118,927 volume which is only 0.0045% traded in 24 hours. LTC marketcap $564,307,094 with $35,485,635 volume is 6.28% traded in 24 hours.

Can you see the problem here? Ripple is in 2nd in market cap even though it has less volume then LTC, MSC, PPC, NMC, WDC, FTC, DOGE.

In fact Ripple has 134x the market cap of WDC with about half the 24hour volume. How is that possible if Ripple is disbursed widely and fairly? Obviously it isn't possible, the creators of Ripple hold almost all the coins. If they were to sell even 10% into the market the price would crater. NXT basically has the same structure and that is one of the major strikes against it.

NXT currently is off coinmarketcap because of lack of market data which seems to be a reoccurring problem. 3x in the last week it has been down. When it was up I remember the stated volume of NXT traded was fairly high but can the data be trusted? Is there anything stopping the owner of dgex.com from faking the volume? It could be done by straight forgery or by having puppet accounts trade back and fourth with each other. The fees going back to the owner.

If you can't understand this line of reasoning I can't help you.

Posts like these should be pinned for all us newbies to read. Thanks for the heads-up thorgrim

Okay, I will (I mean did).

srsplus.com = silkroad.com = Sunlot = Brock Pierce = I bet nobody's who not will get, let alone desire, a reach around.