I've posted it over at https://bitcointalk.org/index.php?topic=407388.40 .

But in during pre-sale, maybe mine with rig at home if the CPU implementation prevents cloudmining and botnets. Have no use for botnets, I detect and remove customer computers from them as part of my business.

Overall, I prefer PoS over PoW. The method used in NXT for PoS sounds good, from the way it is presented in https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1 . This document gives a good description of how it works.

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.

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.

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.

I was not allowed to buy NXT during the pre-sale, so the claim that "every person could buy it" is false.

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 :

Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up.

As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location.

Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity.

Will there still be a pre-sale? I was looking forward to investing at the planned price.

Thanks

This seems like a major change in the planned pre-sale. Is the reason for "a limited amount of currency" to limit dilution of exisitng investment?

Thanks for clarification. CFB is a lot better at channeling BCnext's communications but I think I'm a lot more accurate in channeling his motives.

+100 , exclude cloud mining as well, maybe a way to insure geographic separation of miners.

 

No, I'm a very different person, though CFB and I actually would agree on a lot of things like PoS vs PoW mining - too bad the NXT presale issue has come between us.

I'm not sure how to verify I'm a different person than CFB on the forum, but I'm open to suggestions if there is interest.

I have made that very clear at the outset. I went to invest when the sale was open, asked when the deadline was to invest since it appeared to be 1/3/14, was told by come-from-beyond he would ask BCnext, the founder, then was told there was a change in plans, the sale had closed but they let someone else's investment in. The principals still refuse to acknowledge the true reason for closing investment without advance notice. While this has nothing to with its technical capabilities it has everything to do with the integrity and character of the people managing the project, which is critical information in any investment.

You are correct, whether or not I or anyone else in particular holds an asset has nothing to do with its valuation - that is determined by the market. There was a pre-sale price, determined by simple arithmetic. It just was not known until after the initial distribution, and it calculates to 0.000000021 BTC/NXT.  Your use of caps for emphasis gives your post an argumentative, emotional tone.

I'll make a deal: If NXT is never mentioned in any thread outside of threads specifically devoted to NXT, then I'll never comment on it again.

Caught that afterwards. As said in other thread, ignored NXT and kept quiet, but it keeps popping up in projects I'm following, finally got fed up with claims that anyone could invest in it who was interested at the time, which was not true. eMunie and Ethereum kept my mind off of it, was moving on, but then eMunie pre-sale was also cancelled for what I suspect are similar reasons to early closing of NXT. What bothers me most is that principals won't admit to real reason for closing and cancelling sales.


I won't. Ethereum is the best train yet. I expect there will be plenty of trains yet to come, but just a few will be on the level of Ethereum.

Yes, original pre-sale price was 21 BTC/1 billion NXT = 0.000000021 BTC/NXT. Initial sale price after pre-sale closed was 0.000001 NXT/BTC. This yields a markup of 47.619 X pre-sale price.


Got NXT client installed - quite a task, but it does work on XP 64. Wasn't sure when instructions mentioned 32 bit Java. I'm waiting for the account to cook, guess it takes a while. Nice looking interface, though I'd rather have a stand-alone client.

That's what I've been doing. I was ignoring NXT but it keeps popping up in discussions of other projects I'm following, and I'd finally had enough of it, and the claims that everyone who wanted to invest in it was allowed to. That is a lie.

So, do you deny that the pre-sale of NXT was ended without advance notice to prevent further dilution of existing investment?

I would consider it a high risk investment with a potentially very high return - much lower risk than NXT was (I was going to invest 1 BTC in NXT), less risk than Mastercoin was, similar risk to Bitshares. Don't put your life savings into it, or any more than you are willing to lose.