Bitcoin Forum

Soured on Nxt:

I liked Nxt, it's interface, and its Asset Exchange; however, they mentioned "encrypted messages."

I assumed that meant messages were private. I find that they are not encrypted, but totally public. Grievous. Not even email is public. Makes me want to puke on Nxt.

Now, they have that 50M blowout with Bter.

Bter offered $50,000 for 50M coins, which is a deal value of $.001 per coin.

At 5% of the total Nxt that would be a market cap value of $1 million.

If one looked at Nxt earnings, and gave it a generous multiple, it's market cap would be $2-5 million.

The generosity of Nxt coin users dried up fast. I got the cold shoulder from that community many times, once and for all, after posting a suggestion to their 50M problem, and was banned, perhaps for pointing out that their market cap deal value is just $1 million.

Anyways, I'm not a developer. I know marketing. I'd like a new Nxt-like coin with distribution that builds usership.

Beyond Nxt:

It would go something like this:

1000 BTC raised would split 200M coins of 1 billion.

Building usership is done two ways:

Batch Rewards

6 batches of 50M coins would be released to existing users with 50+ coins, through some broadcast function, every time  usership triples, after 2000 initial users. This rewards spreading the word.

2000 community x 3 x 3 x 3 x 3 x 3 x 3 = 1.458 million users.

(The Broadcast function would also make asset giveaways easy.)

Generous Faucet

A generous faucet let's people easily get started and stay with the coin. Let it leak 2000 coins per person.

It's so stupid that Nxt has one faucet with 2 coins coming out. It's a trickle. It's an insult. You can't do anything with that.

50 M faucet start 25,000 new accounts.
100 M faucet start 50,000 new accounts. That's more than what Nxt has now.
500 M faucet starts 250,000-5 million new accounts.

Notice that they would not be released without a new user, so they can't be dumped.

Coin is released organically with user interest. Even if a user dumped their coins, their effect is limited. 2000/1 billion or 2 millionths.

You can see how these two generosity methods would really boost usership, and that makes liquidity and the coin.

The Nxt group can't market. Their website is awful. It's embarrassing to refer people to it. I know it turns people off. They never get started, if they are new to crypto.

Most people do not have a weirdo-self-image; no one likes a website full of clutter and confusion, when they want information. They are easily suspicious of installing new software from weirdos. Getting info is always a struggle with Nxt and their disorganized site. It looks like fake buzz, begging for buzz, getting no buzz.

It should be a 1,2, 3, website. Get client. Get coins. Get info.

You're now in business.

User-ship has to be the #1 goal of any coin, from a marketing point of view.

There should be a generous, and easy, way to get coins and get started, just like email. People should want to refer a friend, "hey, you can get 2000 coins!"

Perhaps instead of a long password, a unique picture could be the password, some 100x100 dot. That's 10,000 pixels. You just drop it in. This might take care of security problems.

So, there you have it. A vision.

200 M coins to 1000 BTC contributors with 20% of the coins.
50   M coins released to users with 50 coins or more per account 6 times, when usership triples, 300 M (rewards early birds)

300 M coins released by faucet to build usership for 150,000 accounts (2000 coins).
100 M coins released by faucet to build usership for 500,000 accounts (200 coins)
100 M coins released by faucet to build usership for 5 million accounts (20 coins)
 
One can easily go viral to 2-5 million users with a generous faucet. Nxt has nothing to go viral.

That's the writing on the wall.

Simultaneously, a real bank can put "1 billion USD on demand by Swiss Bank X" on the AE. Then, you have a real commerce site using regular dollars and (an easy to get) transaction stamp coin to cheaply send money. 

Here is initial value of the coin in concept.

$500,000/ 1 billion coins would be $.0005 (200,000 coins per BTC)

$500,000/ 200 million coins is $.025 (200,000 x .025 = $5000)


If usership is a stand-in for transaction earnings, and thus market of value, at 1 cent per coin, 200,000 is $2000, which is nice versus $500/BTC.

At 5 cents per coin, that's $10,000.  So, that's 20 times angel BTC capital.

You won't be a millionaire, but no one on Nxt is really a millionaire, except in their own minds. With such low liquidity and usership, it's just imaginary.

By building a strong user-base, building from the bottom up, then there is interest and real liquidity. With a strong user-base, you don't need exchanges either. You might know a friend who can set you up with coins, and make private deals between friends. That's a real viral coin. It's among friends not authorities/exchanges.

I don't think a coin would be worth more than 5 cents, since the point of the coin is to send things cheaply. See the coin as a stamp. It should be easy to acquire coins to get started. It is not easy to get Nxt, if you are new to the bitcoin world. Even those who are long-time bitcoiners with accounts, exchanges are frustrating and take hours and days.

It is a giant pain in the ass to get Nxt. 

2000 coins is a great way to start a faucet and have a real coin giveaway that builds a community outwards.

The Asset Exchange is where the real value is. It's not the stamp, but the envelop and what's in it, that counts. The stamp should be easy to get.


Like I said, I'm not a developer, but wish I was. How much of Nxt can be easily lifted I don't know, nor do I know who is qualified or trustworthy. I'd hire the Nxt developers, for advice, but they seem unwilling to do that. Maybe they will jump ship soon.

Nxt is toast as an investment; it is spent in growing its user base. There is no push, even with new features, it tanked.

It's not viral. There is no 45 degree angle on new accounts. A real P/E on Nxt means a market cap 1/10th it is now. Stalled users/PE stall/cap collapse/death spiral. 

With Nxt supposedly open source, I don't know why a better coin doesn't come out. The potential is there.

If Bitcoin derivatives are "shitcoins," this Nxt derivative could be called a "pisscoin" in honor of the faucet.

Let me know of your interest. If there is interest, I'll give you 1000 Kisscoin for each BTC, and the new coins when released. This would become a project of the Tax Free Society.

I started Kisscoin on Nxt:  Kisscoin.US and the Tax Free City Project. Reach me there.

great Thoughts!  :D

Intriguing thoughts. Just to warn you, though, Nxt is more difficult to clone properly than Bitcoin, Litecoin et. al. There's a fair bit more than tweaking a few parameters. The actual procedures are kind of a dark and secret art right now. You won't find a developer easily.

You should take a look at BitsharesX, CRYPTI and NEM .. All successors to NXT.

I like the look of NEM. Most of it is a promise now, so we have to see if it actually delivers.

Haven't heard of CRYPTI.

CRYPTI is the new and better NXT.  Best to buy it now on Bter while your money is still there. 

CRYPTI, also known as XCR is available on Bter, right above NXT on your balance page.  Links are in the INFO tab

If you are worried about Anominity the only second generation coin that currently has a plan to be anonymous is Qora.

Maybe those who put up initial 20 BTC for Nxt would release the developers and code from exclusive obligations for 20 BTC worth of the new coin. It's another way for them to get something for their investment and have a stake in the new coin.

This chart shows the problem perfectly.

78% of available Nxt is owned by .3% of users, 9 months after the release; as if the coin was not released.

Now if they were smart, they would agree to compensate the little guys who got robbed and Bter, and forget about the robber, who you can thank for exposing Bter as another exchange gone bad.

This would solve the matter with good will and improve market depth in the long run. It's not ideal. A new coin with a real  distribution model, as suggested above, would make a much stronger coin. Transaction fees come with users. You can see their faulty method.

"Pinch a penny and loose a dollar." 

https://nxtblocks.info/#section/blockexplorer_distribution

95% of accounts have less than 1% of the coin. Some giveaway. There is nothing to reward these users for bringing anyone new in, as the Batch release suggestion would.

There's no plan to create market depth or growth with Nxt. The market will leave this distribution for a better coin that combines better technology and better distribution. A one-legged coin can go only so far; eliminate the barrier to entry to get usage.

A coin that wins in the long-run is one that builds an ecosystem with low barrier to entry and ease of use.

XCurrency has completely private, instant p2p encrypted messaging.

to be honest those explores are always far from truth... eg. Mintpal owned 30% of al VRC and you saw that as 1 address while 1000+ was sharing same
adress. In other direction BIG holders just spilit money into few adress and from 10% of all coins you have 20x0.05%  (holder want to show cool distrybution ).

So at end BLOCK explores show SHIT ! - yea realy can be manipulated in both ways so what counts : ) ??
- NUMBER of transactions/volume ? This can be more accurate but also easy to manipulate by bots.
So every data you can collect at end can is manipulated distribution / volume / number of trades.

PS: Volume in NXT always have been weakness of NXT at this point no one can argue.

 There's an advantage in NXT-styled distribution when creating an inflated capitalization as it gets your coin noticed and brings in people.  The downside is once you run out of hardcore crypto enthusiasts, you're left with trying to convince mainstreet Joe to invest his life savings' into a coin which has been robbed several times and is dominated by a dozen people who could dump and kill off the coin at any moment.

When you consider there are coins with capitalizations less than $2 million with more volume than NXT, NXT is extremely overvalued and has been a bubble for a long time.

I did a math error up there.

.0025 x 200,000 = $500

Yes, NXT is the same price it was in March... and the NXT Exchange is a Ghost Town.

Not to mention that truly odorous THEME based on silly uber-geeks making stupid faces...
*** IT'S  A  F*CKING   INSULT  TO  ALL  ENGINEERS ***.

Maybe they can replace this insulting stereotype... with black people swinging from trees.

I would mention VIACoin as a real competitor here...
They have world class  talent on their team...
The software just works... and then the Golden Rule = VIA Kept It Simple.

I get that, but why is that any good? A few days back everyone was saying Qora was the next NXT but it turned out useless.

I didn't even get that far.  Marketing 101 is having a name that people can actually pronounce, as nobody wants to feel intimidated.  On the initial thread of Qora there were people complaining about the name on the very first pages.

NXT name is recognizable and conveys an idea.  The only downside was pointed out by Tai Zen that "nxt" doesn't flow in an english conversation as the word next is used frequently in everyday conversation.

They allow for forging coins..so the faucet is just the beginning..you can use the coins you earned there to help you forge more I think and transactions are how they give you more coins.

Uhhhh....if that's the direction you're set on, you'll bump into turf that's already well covered by NEM. Better check it out.

i always thought that NXT is just a social experiment.If you have faith,just do it!

wow,you have a great thought,i think you may learn from BTS,XCR,NEM, and make a coin by yourself,it may beyond Nxt.Good luck to you :)If you decide to make your own coin,pls let me know.

You won't get very far forging with the 2 NXT you got from a faucet. The rate of return is very low - fractions of a percent per year. Forging in Nxt is a way to secure the network, not a way to get rich.

The original "Arbitrary Messages" are just bytes. You can store encrypted bytes if you want, and some clients do, as a service on top of the Nxt core. Encrypted messages have also recently been added directly in the core; this is a different feature which will be enabled soon. I'm sorry if you got confused; I'm not sure what it is you read that confused you.

I'm not sure what proposal you mean. If you suggested other people spend their money to bail out an exchange, I'm not surprised the whales didn't go for it. Also, the Bter-thief deal did not reflect the market value of the coins stolen. Bter bought them back below market value. In effect, they paid a ransom. The thief accepted a low value because he would have found it hard to sell the coins for market value, and because he feared bounties placed on his head.

It's not easy to start a new coin and have it be a success. There's too much competition, and people are suspicious of scams. I'd rather you use your talents helping Nxt, or some more worthy coin if you prefer, with their marketing.

The cost of a transaction doesn't have to be 1 coin. Currently the Nxt fees are too high. Everyone knows this. They will be reduced; almost certainly by the end of the year. If they get reduced to 0.01 NXT per transaction, then with 2 NXT from a faucet you can make 200 transactions. It'll be better.

Agreed. I'm not sure faucets are the answer. Giving coin away for free just makes the currency seem worthless. And whatever a faucet gives for free has to be low value, because nothing stops people milking them endlessly (if necessary, creating thousands of different accounts) other it being more effort than its worth.

Similarly, a lot of coins try to launch by having free give-aways. People don't value what they get for free. Most dump it, if they can. Some hold it and hope that others will put the work in to make it worth something.

Some exchanges are better than others. Bter took minutes. A bigger problem was having to buy BTC to trade for NXT. Trading NXT for fiat directly would be better, but when you try to set that up you run into legal and regulatory issues. It takes effort and time, and few exchanges will bother until a currency has proved itself.

Nothing has happened that is likely to shatter their long-term confidence in Nxt. They are true believers in it for the long haul.

I disagree. It just takes time to develop value. Weathering this recent Bter storm will help in the long run. It hasn't tanked.

There are Nxt clones. You are seriously underestimating how difficult it is to launch a successful coin. Technology isn't enough. It needs a hard-working community. And, with respect, I wonder if you are as good at dealing with people as you think. It sounds like you alienated those you talked to.

its only my personal opinion .......

i see dark cloud in this  :o