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The NXT-concept keeps be busy and I think it is really interesting and has a future. I found this article which explains a lot. Why NXT Ought to be Taken Seriously (https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1)

Happy reading!

Very nice. Thanks for the link.

Great read! Thanks

Great job.

Too many words..

These are the ones that count:

Thanks for the link!

Now for the NXT is important for developers to bring everything to the end.

I agree, it took me some time too. Ecspecialy because I am not English.  :-\

Good stuff.

17598701460244014577

if someone would considere donating some coins, I would be happy. Don´t know if there are still giveaways. seems I am too late :-(

thanks

I finally got my Nxt account up and running yesterday, i would appreciate some Nxt------->8040759573032019886

It is a good article. Many valid points.
As for how to fix the hoarding of the initial funds, maybe a few of the big holders can start 1 mil nxt lotteries.

Also for those interested. This is a great service to get the big picture of what is happening with nxt. : http://87.230.14.1/nxt/nxt.cgi?action=30
If you haven't donated to that guy you should.

Disclosure: I own 9k nxt :-)~

nxt address: 13974296462436200304

hey thanks for posting about my article. i probably should have done it myself ;D

thanks for the kind words everyone.

Thank you for the article !

1669354564793738865

great article!!
thanks!

http://www.coinarea.net/faucet.php

and automatic faucet system here:

http://nxtra.org/faucet/

;)

utf_tg, you do everyone a disservice by dismissing most of the content of the article. While yours is a valid (and temporary, I hope) concern, people should read the article for themselves to gain an appreciation of the game-changing innovations behind by Nxt. In the spirit of balanced perspectives, I leave you with Anon136's final remarks from the article:


Sounds like you may have missed a few things in your first reading. I suggest you go back and read it again with a little more thought to what it says. Nxt is still in its infancy, it hasn't had the time or the means to gain widespread distribution. Decentralization will improve as more buyers enter the market and the large stakeholders sell to them. As Anon136 pointed out, it's in their best interests to do so. How you weigh risk is your own concern, but I suggest it is equally risky to dismiss Nxt out-of-hand at this stage. It might be wise to hold off from going all-in for now, but a small investment as a hedge against your bitcoin position might be a very smart move.

Full disclosure: I'm not a founding stakeholder, but I've put my money where my mouth is and I have a vested interest in seeing Nxt succeed.

It's not my article by the way, just found it. But I think NXT will be great in the future, and not only as a coin, but as a system.

I agree with you!!!

wow , rly..

is it open source now?

+ 1

Not only a system but also a movement.

Since investing into NXT I always knew the distribution could hinder it from being successful. I actually noted down that on the 28th of December, the top 27 holders owned 10+ million NXT but now, 2 weeks later, 23 holders possess 10+ mil. This number turns to 20 if the limit was 10.008 mil (http://87.230.14.1/nxt/nxt.cgi?action=34). This, in my eyes anyway, shows that the 'big fish' are beginning to distribute their stashes pretty well, without crashing the price (which could easily happen in such a low liquid market - the risk of this will be reduced when NXT is traded on more exchanges). I also think that the price boom was heavily due to a massive excess of demand and little supply at the time (buyers buying with extra money from Holidays, sellers taking time off from trading) and when the sellers returned, of course they're gonna sell some of their coinage at these new highs and prevent it from going up way too much. I think that the current prices make it more attractive for investors as they are able to invest into NXT without paying silly prices.

Anyways, you have to bare in mind how new this crypto is, I mean it was only 'officially' launched a week ago. At how things are currently going, I have no regrets in my investment and am eagerly waiting to see how things unfold.

not only as a movement, but as a revolution!  ;D

are devs associated with this?

http://netcoin.pw/ezwallet/index.php

if so, how can i take them seriously? Like i'm gonna email my password? what are they thinking? I'm kinda angry right now because I had some coins there.

NO. You should only trust sources that can be trusted. Take time to learn that before dropping any money in.

Good points.  As someone who purchased a lot of Nxt from stakeholders in late Nov, I've seen massive distribution since then.  It's not going to happen all at once, and it really shouldn't, there will be more demand once more features are released and more stakeholders will sell.  Most people don't realize that the majority of stakeholders received less than 10mil Nxt during the initial distribution.  Anyway, I still think Nxt is very cheap and I continue to buy at these prices.

They're taking an incremental approach to releasing source code so as to prevent opportunists from copying their hard work and releasing full-featured clones of Nxt with no effort. In today's competitive market this seems like a fair and smart precaution. Bitcoin didn't need to do this because when it was released there was no market for it, and hence no one was trying to make a quick buck off of someone else's ideas. My understanding is that all or most of the new features will be open-sourced over the next 6 months, and by then Nxt will likely have a large enough market share for the network effect to give it a serious advantage over anyone trying to coy it, just like Bitcoin currently has over its clones.

The first Nxt source code release was on Jan 3rd, and it consisted of a slightly older version of the core components of Nxt with some purposefully injected security flaws to encourage the community to review the code and prevent adversaries from blindly copying it. Bounties were posted for the first people to discover these injected flaws. As far as I know, some great code review has been done, but no one has yet discovered the three purposeful flaws. Here's the active review thread if you're technically minded:

https://bitcointalk.org/index.php?topic=397183.0

this is a scamcoin , that will go the way of dodgecoin.

did you actually read my article?

El Dude is a scammer.  See how easy that is!

Their best interest being short term or long term..?


"Decentralization will improve as more buyers enter the market and the large stakeholders sell to them."
That's a pretty good euphemism for what has come to be known as "Pump-and-dump" 

Both, either. If you want to make short term profits than how does hording help with that. you would have to sell your coins to make short term profits. If you are thinking about the long term than you also need to figure out how to disseminate your coins inorder for your remaining coins to be valuable in the future.

That is correct if you were just any one out there busy trying to mine their way to some profit.

But that is not what is happening here... This is like 2008 happening all over again, however any losers now do not have a chance of seeing their money again because this money has no official meaning
 

I'm not sure I follow your logic completely, but I think you're predicting that people will lose faith in Nxt and stop buying, the price will plummet, and people who bought in won't be able to regain their losses. That's a risk you take with any crypto, including Bitcoin. I'm very bullish on Nxt though, for these reasons:

1. Simply by existing and bringing this ground-breaking PoS/Transparent Forging paradigm to the market, Nxt has changed the course of crypto-currency development forever. In order to be competitive going forward, all crypo-currencies, including Bitcoin in the long term, will have to compete with these ideas, because they are simply much more efficient and cost-effective at doing what Bitcoin currently does. Most people haven't caught on to this yet. When they do, they'll want to buy in. In this case Nxt enjoys a first-to-market advantage among innovators, much as Bitcoin did.

2. The Nxt lead developers, in releasing a version of their code and providing a working implementation of their key ideas, have proven that they can deliver on their vision. Other talented minds are getting involved because they see its value, and they lend their strengths to the project. This has a snowball effect: good ideas + good people attracts more good people. This is easy to see if you follow the development threads. Development is progressing rapidly, and updates are frequent. It will be very hard for someone who is just trying to copy ideas from Nxt to keep up with this momentum.

3. Smart investors who do their research will understand points 1 and 2, and will buy into any dumps that happen along the way. I actually hope dumps occur (although preferably in a measured way), because it'll enable more people to buy in at low prices, and increase dispersion, which will only strengthen Nxt in the long term. If the large stakeholders are smart and paying attention, they WILL sell, both to take profits in the short term and ensure the long-term growth of their investment. If they're dumb they'll dump sooner or later out of fear that someone else will dump first and ruin their chance to take profits, which will serve the same effect, although perhaps more turbulently.

4. In order for Bitcoin to compete with the innovations in Nxt, fundamental changes will be needed that are not likely to be backwards compatible. Negotiating those changes will require long-term planning and coordination, especially since so much money will be at stake. The last backwards-incompatible change was announced two years in advance I think. It's probably possible for Bitcoin to adapt, but it won't be easy or quick. What do you think will be happening with Nxt in the meantime? You may question whether Bitcoin needs to adapt given its market dominance, but ask yourself what will happen in 2040 when miners are no longer rewarded with newly minted bitcoins, and transaction fees bear the full cost of supporting the energy-hungry PoW mining network. How will it be able compete with the ultra low cost of maintaining the energy-efficient PoS forging scheme of Nxt? Bitcoin is currently being hailed as a potential credit card killer because it eliminates the 2-3% transaction fees of the credit card networks, but once the supply of new bitcoins runs out, fees will rise. Ultimately, PoW as it currently exists with low transaction fees is not sustainable. Low transaction fees are absolutely sustainable with Nxt's PoS scheme. In the end it all comes down to efficiency/operating costs. It's simple economics.

Now, there is the chance that some show-stopping flaw will be discovered in Nxt, or the large stakeholders or developers will behave in such a way as to erode confidence in Nxt, or the PR will be botched, thus giving an opportunity for a Nxt clone or another 2nd generation crypto to overtake Nxt. I'm not saying it isn't high risk to invest now, barely one week after its official release, but if nothing else you should at least keep a very close eye on it.

very nice article. nxt is such a great step towards true cryptocurrency.

There is no need to take nxtcoin seriously. Its biggest crypto scam of epic scale.  Its based on model of FED.
First of all , it's not fungible. But bitcoin is fungible up to millionth. The basic criteria of a currency is not saisfied with nxt.
A billions were released by an insider team via exchange even before the code was open sourced.
Scam scam scam! Dont understand how people fall for this.
Its biggest scam in the history of crypto currencies.

Clearly you either didn't read or understand my article. It makes the case for why it should be taken seriously even if it is a total scam.

I don't think you understand what fungible means. Go look up the definition, or read the wikipedia article on it. Nxt is as fungible as Bitcoin. If, by "fungible", you mean "divisible", your criticism is also unfounded. The number of decimal places currently supported in the code is two, and it can easily be adjusted in future. The lead developers have already stated that they will increase the number of decimal places as value increases, but it is not an immediate priority.
http://wiki.nxtcrypto.org/wiki/FAQ#How_divisible_is_Nxt.3F


There was no "insider team". The release was publicly announced on this forum and everyone had plenty of opportunity to buy in before the genesis (and I wish I did!). The total supply of 1 billion Nxts were created at the genesis block, but that is because Proof-of-Stake coins MUST operate this way. Anon136's paper, which you clearly didn't read or understand, explains some of the huge benefits of this. The first code release was on Jan 3rd, and before that everyone had the opportunity to buy and sell Nxt on dgex.com. Now, after the code release, everyone still has that same opportunity. The reasons for a delayed/staggered code release have been much discussed, and I believe it is a necessary requirement for a truly unique offering in today's competitive market.  

If approximately 1.5% of accounts own greater than 60% of all bitcoins, by your logic, how is bitcoin not a scam? If you can explain to  me how that distribution is fairer than Nxt, I will believe that you not an absolute idiot.

hey can you give a me a source for that? if its true than i think nxt has already surpassed bitcoin in homogeneity of distribution ;D

Would perhaps be more feasible if these stakeholders weren't so geared towards milking profits vs. caring about even distribution and ensuring the coin's long term success.

Makes me lulz when I see these huge stakeholders put up NXT FS threads, yet refusing to sell/trade any lower than 10% above current market value, ofentimes more.  All this when they're already sitting on 1000%+ pure profit.

According to the stats on http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=275000
1.18% of all non-trivial bitcoin accounts hold 68.89% of all bitcoins.

What I mean by all non-trivial bitcoin accounts is all those with more than 0.001 bitcoins. All accounts with more than 100 bitcoins make up only 1.18% of this total, yet they hold 68.89% of the wealth. So the overwhelming majority of bitcoins is controlled by the top 1.18%, and that's after 5 years of distribution.

Well yeah sure five years is plenty of time for the rich to grab the lion's share of anything that comes along.

You could give out one whatever to each person on earth and it likely wouldn't take five years to achieve a worse skewed distribution than that, at least if what you give everyone is genuinely useful and valuable.

What are the distributions of gold, platinum, diamonds, emeralds, rubies, acres of land, dollars, yen, etc etc etc?

-MarkM-

I don't like the concept of the rich getting richer, which is why I also dislike PoS.

First of all I have a background in marketing and sales. NOT IT duh!

You do realised that most coins alts nxt peer etc anything you name it, are being put together by a bunch of IT guru.
In the real world IT guru's work is worthless without someone to market their product to sell. E.g. Earthcoin has a decent marketing team same goes got NXT, but they only provide information and marketing how great their coins are without some decent merchants wanting to adopt them as payment methods. Same idea as buying and owning a private jet in a no fly zone, whereas if NXT > BTC using the same example just mentioned BTC = a car but you can drive in around and get things done in a no fly zone. People just need to understand the value of a currency beyond speculation is where it can be spent. I personally think NXT is a great coin but the distribution of coin weren't professionally done, If NXT would have a relaunch and just about anyone that knows about it now can invest in the IPO I believe it will be so much popular. And if NXT marketing team stop posting how great NXT are and get some decent merchants to accept NXT would be so much more ideal. Why would people use BTC to buy NXT...and figure out to buy something with their cryptocurrency they have to transfer back their NXT to BTC to spent. Get the point people.... don't just look at the product itself...

This is not completely true. I was not allowed to buy in when the pre-sale was suddenly closed without prior notice while I was seeking clarification of the deadline. People were generally under the impression it was open until January 3rd. I believe the actual reason for the sudden close of the pre-sale without advance warning was to prevent further dilution of existing investment, but no one wants to admit to this. NXT from the presale started being sold a week or so later at a 4762% mark-up.



From https://bitcointalk.org/index.php?topic=303898.480 :

So what, neither was I, but I don't go around complaining about it.  Stay with Ethereum, you can put in 10BTC and it will drown out by several thousand BTC from idiot investors looking to get rich quick.  You are an idiot to think the decision has anything to do with dilution.

I am refuting all claims that everyone who wanted to and knew about it were able to invest in NXT. This is simply not true.

Hey mark what did you think of the essay? Did you find any mistakes?

The genesis block was not created yet. Further discussion is pointless at this point, and you are correct that my emotions regarding NXT have been toxic. I was moving on to other things, but continued to see NXT come up in forums on other projects I'm following with initial claims that the distribution was fair and that everyone had the opportunity to invest in it. The boil which festered for the last 2 months has popped and drained.

Congratulations, you have officially become a troll.

From https://bitcointalk.org/index.php?topic=303898.480 , note dates:



Note that the genesis block had not been created before investment was closed, and this still does not change the fact that no advance notice was given prior to closing the sale.

+1, the original date in post was always 3/1/14.
Also add to this the fact that last released source code is from 3/1/14, and does not include any advanced feature promised.

Compare this to any other alt. coin project out there, or to bitcoin itself.

Personally,

the concept of Proof of Stake (POS) by NXT coin is interesting and different compare to Proof of Work (POW) used by Bitcoin.

I think during infancy stage, like Bitcoin, it would be beneficial and FAIR to everyone, especially miners to use POW concept.

Once reached a certain threshold, maybe 50%, 80% or 100%, then the concept of POS will be more relevant to sustained the network and miners.


Currently, in NXT coin the early stakeholders are hording all the coins and benefiting them only. There is very little volume and the TRUE value is not reflected as there is no liquidity in the system.

This is not a True and Fair concept of decentralized Crypto currency in the first place.

Lol what theory of value are you operating under? there is no such thing as "true vale" because value is not a property of the object its self. Value is a property that is imbued on an object by an actor making a value judgment. Everyone knows about the initial investors, everyone knows what the volume is like, these things are priced in. The price that we have now is not fake, it is what people value nxt at WITH all of the factors you mentioned being taken into consideration

ONCE AGAIN this myth is spread: http://nxtcoin.blogspot.com get educated little one

Hi tstang, I'd say volume is pretty good, given the very early (beta, in fact) stage Nxt is currently in. It will improve as more exchanges list it (Bter just added it today!) and as the clients and features mature.

Regarding true and fair decentralization, I think PoS offers more opportunity for decentralization because hardware costs are not a barrier to entry in supporting the network. And for distribution, things aren't as bad as you might think. Here are some more stats about Nxt distribution vs Bitcoin pulled from http://nxtcoin.blogspot.ca/2014/01/nxt-volume-history.html

Nxt
28.9% is owned by 0.07%
21.5% is owned by  0.14%  : 2x
24.8% is owned by  0.55%  : 7.9x
20.7% is owned by  99.76% : 1425x
vs:
Bitcoin
28.9%: 0.005%
21.5%: 0.087%  : 17.4x
24.8%: 0.98%    : 196x
20.7%: 98.928% : 19786x

Based on this I think things are looking very positive for Nxt.

Could Nxt have been initially launched with a better distribution? Probably, but it's far from terrible and getting better as more buyers enter the market. The community is very active, development is happening quickly, and support is growing. I think these will have more of an impact on Nxt's future than how ideal the initial launch was. These are also why it will be hard for a clone to compete with Nxt.

I think this is why you should like PoS. With Nxt's PoS forging, the ROI is the same percentage whether you invest $100 or $100000. This is as fair as it gets. Both investments will grow at the same rate. PoW mining such as that used in Bitcoin is not this fair. Why? Because the nature of hardware/electricity costs and economy-of-scale gives an advantage to the rich. For instance, they can buy 100 or 1000 miners (or manufacture their own!) for a much better deal than the little guy who can only afford one.

economies of scale is a real problem for pow cryptos. a person who invests 10 billion gets WAY more than 10 times as much hashing power out of that investment as someone who invests 1 billion.

Q:  How would you solve problem with scam accusations according to "unfair" distribution Nxt to 73 big stakeholders?
BCNext: “This problem can not be solved.  Even if we had a million stakeholders the rest seven billion people would call this unfair.  A world with the money can not be perfect.”

Get educated a bit? Myth?

Which part ? The part where 1 Billion divided by 73 people or 1 Billion divided 1 million stakeholders?

Scenario 1 :  1 Billion / 73 people = each has 13.69 million or 13,698,630 each

Scenarion 2 : 1 Billion / 1 million people = 1,000 each

Which part is unfair? You judge yourself. This is NOT a MYTH. It's the FACT!

A simple question to your liquidity and market force on demand and supply.

Why it's NOT LISTED on TOP 3 Crypto exchanges ?

Please support the facts where you get the data for Bitcoin holders.

"Bitcoin
28.9%: 0.005%
21.5%: 0.087%  : 17.4x
24.8%: 0.98%    : 196x
20.7%: 98.928% : 19786x"

All of the other coins are bitcoin copy cats. That means that for the exchange all they have to do plug them in to their existing framework. Nxt is a completely new crypto written completely from the ground up with brand new code. This means that, in order for the exchanges to include Nxt, they would have to write their own new code in order to be able to support it.

Honestly, if the wallet was not painful to use, and did not require hosting a page locally, so that I can /slowly/ use it on my web browser, I'd bother with it.

As NXT has a wallet that isn't as easy to use as any of the QT wallets, well...
It's as simple as that really, other coins are so much more accessible to me.

you're a genius. Go on, I am saving all your citations :D

rofl man I wish.

Bazinga
http://static3.businessinsider.com/image/52a74254eab8eacb2266bfa7-828-454/bitcoin%20pie%20ownershp.png
ROB WILE, 927 People Own Half Of All Bitcoins, in: Business Insider, December 10, 2013, [online] <http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12>

Another thing to think about. While you may have some instances of multiple individuals sharing a single address, it is probably much more common to have single individuals using multiple addresses. So that chart is probably skewed favorably.

now in spanish :)

https://bitcointalk.org/index.php?topic=412243.msg4609360#msg4609360

WOW! did you do the translation?

You are right, but you should see it from a different perspective:
Since user-friendly Nxt client is yet to come (which will be available soon actually), investors like you are hesitant to join Nxt, so the price is still low. You should take the client issue as a big chance.

No.

And now also in Chinese!

https://bitcointalk.org/index.php?topic=345619.msg4505311#msg4505311

well done.
most Chinese investors just saw Nxt as another Altcoin, now they have the chance to take Nxt seriously.
We need to spread this article to more Chinese websites.

I trust in NXT future. NXT have really quick transaction and very energy efficient. PoS is future. I have buyed 20k coins.
Good luck NXT

You certainly have a nice number of coins there I hope NXT does become successful and doesn't end up like all the other alt coins.

nice. good time to buy too with some big stake holder taking massive dumps all day.