Some of you might have read my thread on the SuperNet ICO here:
https://bitcointalk.org/index.php?topic=780481

One of the things which I did in the op was to clearly state that opinions are my interpretation of the facts and one was open to express their opinion too.,

Even that being the case, I was swamped with SuperNet supporters shouting "FUD" top of their voices. Some of the people who agree with me were harassed. Reading through the thread one thing is clear to me:

We are more and more intolerant to someone having a contrarian view of the crypto we hold. Our dev is the best and he is god. It happens with Monero, SuperNet, Boolberry, BitsharesX, you name it. Why are we so afraid to accept the fact that someone can hold another view and the right to express it (though threads like xyz is a scam are completely nonsense)?

I think this is becoming more and more like those hate groups we see on the TV and news. IF you say anything against their beliefs , you deserve to die (or trolled or trust fucked in BCT terms).

One has to understand, currently crypto is like 2001 Internet boom, many don't understand whats going on and are ready to throw tons of money into it. Just like 2001, there are going to be millionaires and some people are going to make profit but the general junta is going to suffer.

Let us first talk about the elephant in the room. Who am I? And why the newbie account?

Answer – There are many egos at work in BCT. These egos make fact based discussion difficult. The current topic in hand has two divided sides – XMR people (rpitelia et al) and the SuperNet supporting NXT people. I belong to neither of the camp and don’t want my post history to derail this conversation. I don’t want people to jump up and down and claim FUD.

Disclaimer – These are just facts followed by conjecture (you are free to have your own too). Not an investment advice. Read through; if you don’t understand ask and someone might be able to help you with the research.
In the end, do whatever you want with your bitcoin, it is yours and you should decide.

How it started:

I am a small time investor in the crypto world. One day while scanning the market for buys, I hit upon BBR. The coin was climbing up on a very-very thin market. In the trollbox, one person mentioned jl777 a supposedly known name in the NXT coin space. Then someone mentioned about SuperNet ANN thread on BCT and I hurried over.

Like many people, most of the things did not make sense to me. Zerosum game and what not, lots and lots of words were being thrown around. I started reading up on the thread when I came to this post:
https://bitcointalk.org/index.php?topic=762346.msg8696612#msg8696612

This guy, another newbie account, asked a very pertinent question. Now he was either unwilling or lazy, as jl777 said, to do some research. Finally either he gave up or was bought by jl777 as he ended up praising a guy whom he called a Ponzi scammer earlier.

Now, surprisingly, the same guy who quit came up with this gem later:
https://bitcointalk.org/index.php?topic=762346.msg8781375#msg8781375

jl777 brushed aside his apprehensions by saying, and I quote, “I am not counting all the small things and just assuming the value for all the assets contained are encapsulated by the market price”.

“I like to underpromise and overdelivery. I find people are much happier with that approach than the reverse.”

A guy, who actually has been shouting over the hill about his 4 x gains in a fund (sharkfund0), wants to under promise. That was strange. So I set out to dig out things which trythisnow wouldn’t/couldn’t and the results are surprising:

https://www.dropbox.com/s/rj9jc467wsazfe3/jl777.xls?dl=0

Explanation on the sheet,

It lists out each asset + sharkfund0 + jl777hodl and then breaks the holding into pieces, listing out all the assets. As jl777 has been a rather active asset issuer and collaborator, I just did not have enough time to go through all.

I am not part of the NXT community or have good navigation skills on the NXT AE. So there are bound to be mistakes and explanations. I request you guys to correct/add things and quote it in the thread. I will add them later.

So what is the final achievement of this research? Strangely or rather not so, jl777 holds quite a lot of his own assets, direct ownership or otherwise.

Biggest example is of sharkfund0, his feather in the cap. A closer look at the issue tells us that a total of 1379.4994 were issued. Remaining assets are still held by the issuing account. Out of which,

Jl777b - NXT-SQ9J-JCAN-8XVY-5XN7K – holds 521.9 - 37.83%
NXTVenture - NXT-XRK4-5HYK-5965-9FH4Z – holds 348 – 25%

A total 60% of the asset was held by jl777 directly or via proxy. You have to wonder which “investor” got the benefit of the 400% jump in prices.

Similarly, another called jl777hodl,

NXtcoinsco or tradebots - NXT-YNZ6-HE8K-TPF6-AV45K – holds 1850000 – 18.5%
NXTVenture - NXT-XRK4-5HYK-5965-9FH4Z – holds 1455131 – 14.5%
NXTsharks or sharkfund0 - NXT-ZWW7-PSXW-89TR-AA67Z – holds 1214205 – 12.14%
InstantDex - NXT-74VC-NKPE-RYCA-5LMPT – 800000 – 8% (a fact which jl777 glossed over when pointed out by trythisnow)

So a total 53% of the asset was held by jl777 directly or via proxy.

If one digs through there are several other cases too,

HRNXTpool – 44% held by InstantDex and jl777hodl
NXTGrid – 96% of the currently issued asset by jl777hodl – The idea is to sell 2.5 million at market. Only 517k sold out of which 500k held by one account
MIC – 40% of the issuance held by jl777hodl
NXTcoinsco (Tradebots) –   30% held by jl777b + 24.125 held by Supernet (ie held around 54% of the asset earlier)

Now imagine an exchange where you can trade with a flat fee, there are no percentage based charges. And then think you own 30-40% of a coin. How difficult do you think it will be to pump that coin by circular trading? Not much?

That is the problem with NXT AE, the 1 NXT charge on any transaction, means it is easy for someone to pump an asset or build a market easily. Especially when we tend to look for most traded market.

Putting all together, this is my conjecture of things. Depending on the grouping described above, you might or might not believe in it. If you are a jl777 supporter, stop now.

Profit sharing proposed by SuperNet ICO says some of the assets will be transferred over to the system, “free of charge”, while raking in 50% of the fees. Problem is jl777, by proxy asset or direct access, already holds majority of the assets, so this doesn’t really make sense. This rather seems a ploy to garner enough interest in the assets, which for now is majority held by jl777, to actually for him to slowly dump them out.

The secondary proposal put in days ago had the asset “donation” percentage increased. This asked for:
a. Fixed remuneration in case coin makes to top 5/10 in coinmarketcap - Again considering jl777 already holds the majority of assets directly or by proxy, this for me sounds like a plan to get a fixed return for assets which can’t be dumped or sold in an open market. 24% of any of those assets being dumped will surely cause a panic. A better way will be to pump the price (NXT and asset both) and then present it as a compelling case. 1500 BTC “worth” of asset being “donated” for 500 BTC return.

b. The asset given out free of charge – This follows the formula I think is happening above. Generate enough interest in the majority holding of jl777 to actually help him clear out his inventory.

For jl777 supporters, if you are reading till now, you were warned.

I am sure jl777 has a long, confusing explanation about cross section, horizontal, vertical assets and marketswaps (on the assets he owns, thats not even funny). I don't believe him and won't give 10k BTC to him. Do or would you?