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1  Alternate cryptocurrencies / Altcoin Discussion / Re: Big scam in NXT hundreds of BTC stolen with a one post on: June 17, 2014, 07:05:19 AM
the project has been overtaken by scam artists.  There are good people in NXT.  The forums at this point are virtually unusable.

note that John never mentioned Virtual Corporations.  There is a reason for that.

-bm

This was one scam, and the mods are working out the details right now but it is looking like John's email account was hacked.

Not sure why this is pushing you to trash talk NXT though. Every successful project will unfortunately attract unsavory types, we just have to be more diligent in the future. You wouldn't consider BCT "unusable" with all the IPO scams around, would you? No, people (hopefully) adapt and learn.

I also don't see the connection between John and Virtual Corporations.

Pandaisftw
2  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin not decentralized anymore? on: June 16, 2014, 05:32:23 AM
Bottom line:  how many people have been the victim of a double spend?  I am not sure a case of a successful double spend exists post march 2013 fork.  BTC is still better than fiat.

Actually, I saw 5 double spends yesterday, each roughly 6 blocks apart. Right now, there is one double spend within the last 500k transactions: https://blockchain.info/double-spends

No one cares if double spends happen to small transactions... but shit will hit the fan when a large transaction is double spent.
3  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: June 14, 2014, 05:08:55 AM
So, given zachamo's experience, is this a security issue that the devs need to address
or is this an individual wallet holder issue with regards to strength of password ??

Triff ..  

It was an individual issue, he said his password had over 10000 matches on google.

If you do make a long password (with multiple words), make sure the sentence makes nearly zero sense, and the words have as little connective with each other as possible. If you borrow a long phrase from any known material (books, poetry, articles online,etc.), you NXT will be stolen as your passphrase will be almost as easy to guess as "password".
4  Alternate cryptocurrencies / Altcoin Discussion / Re: MASTERCOIN VS NXT on: June 05, 2014, 08:08:36 AM
Im not sure either of these will make it. They both have huge deficiencies in the fair distribution department. The situation reminds me of Bytecoin with it's innovative technology appearing on the screen but 83% already mined and concentrated in the hands of only a select few. Monero simply had to clone it with a fair launch and became CryptoNight chain #1 overnight.

A successful 2.0 coin should embrace that lesson and implement a fairer distribution model to keep gathering followers and remain fair among its competitors.

There's no such thing as a truly fair distribution model.

When startup companies launch, when they have a stock IPO... do they attempt to distribute stock to people equally or do they distribute it based on who has the most interest in it and is therefore willing to pay the most time and money for it?

Trust me, your concern was the same as mine for a month or so. But it dawned on me that this isn't some AsiaCoin or ShibeCoin that was created with the word "scam" in the subconscious of its devs. NXT was meant to be a lasting movement. And if you haven't noticed, the price action of late confirms I'm not alone in my beliefs.

Auroracoin showed how it can be done, although they ultimately failed for a couple of reasons, the concept is good. Maybe in a decade from now a similar thing will be done with a Bitcoin successor, who knows.

I'm not convinced that even if you gave every human in the world (or a country) "free" coins, the coin would succeed. Here is my post when Auroracoin was nearing $1bil marketcap:

https://bitcointalk.org/index.php?topic=497736.0

And we all know where Auroracoin is now. Regardless of any other problems Auroracoin had, the basic supply-and-demand economic principles apply. Additionally, people don't "hold" what they don't perceive as valuable, hence the huge dump. This means that with any "perfectly fair" distribution, the moment the currency is traded, the distribution is suddenly skewed to those who are: a) smarter and b) have the money to buy it up.

A coin cannot succeed on distribution alone (or community, if you want to call it that) - this has been proven again and again. There may be short-term hypes like dogecoin, but people eventually get bored if there is absolutely zero development.

I would like to hear your side of why you think *initial* distribution is all-important. What if initial distribution was not great, but now the distribution is better than Bitcoin (in the case of NXT)? Why does initial distribution matter anyways - other than jealousy? Is there any evidence that a a large initial distribution = long term success? (I cannot find any) Bitcoin and litecoin both have terrible distributions (worse than NXT), yet they are #1 and #2, respectively.

Pandaisftw
5  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][SIM] Simcoin - A Simple Coin on: May 28, 2014, 08:13:12 AM
Yeah, let's add a checkbox, so they had a chance to forget encrypting an important message.



Then let it be enabled by default in the client?

All I'm saying is that encryption doesn't have to be built-in to the protocol itself.
6  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][SIM] Simcoin - A Simple Coin on: May 27, 2014, 09:02:38 PM
...and in fact, they are purposefully (by default) made to be non-encrypted so people can choose use to use their own encryption. As an example, the internet is not encrypted by default as well - encryption is built on-top of it.

Default encryption doesn't prevent you from adding your own layer of encryption on top of it, if you need it.

People can use encryption for their emails. Any one they prefer. How many actually do it?

The beauty of a built-in default encryption is that, as a user, I don't have to worry about anything. I don't even need to generate keys and do all the other setup tasks, like for PGP.

And another blessing is compatibility. When you have one, strong encryption for everybody - it's good. When you have to use different encryption schemes for each of your recipients - not so much...



This is easy enough to include in clients. In fact, I'll eat my hat if there isn't a client that let's users check a little box (or equivalent) to encrypt their message.
7  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][SIM] Simcoin - A Simple Coin on: May 27, 2014, 09:27:52 AM
Absolutely delicious.
Interesting though, that the NXT price did not cave with these news.

It's not news? Not sure why everyone thinks this is a big deal. I don't think it's mentioned anywhere that NXT messages are encrypted, and in fact, they are purposefully (by default) made to be non-encrypted so people can choose use to use their own encryption. As an example, the internet is not encrypted by default as well - encryption is built on-top of it.

Pandaisftw
8  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 23, 2014, 02:05:06 AM
Can NXT do more?

What features are coming soon?  I know the exchange is up and running now...

What should we expect in the coming months??

You should take a peek at nxtforum.org, a lot of stuff going on there Wink

Pandaisftw
9  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 16, 2014, 07:28:45 AM

Concrete example: the distribution issue will keep popping up anyway. Because it's there. Some people will never be comfortable with it. That's their right and prerogative.
Some people do feel comfortable with it, like me. It's an issue that cannot be solved by force without destroying what we have.

I was not comfortable with it, yet now NXT is a major part of my portfolio.  I am not going to just be quiet, to me NXT has a black eye still from the way the initial coins were handed out to "the special people."  Those people got rich for nothing.  It was unfair and immoral.

If it was IPO'ed openly and fairly, allowing anyone to buy in over a period of say, 30 days under the same terms for everyone, NXT would be MUCH further along right now as far as adoption and goodwill.  NXT really shot itself in the foot with the initial distribution.

The major problem NXT has is marketing.

NXT does a terrible job imho of explaining its benefits and innovations, and desperately needs some "right-brained" talent to evangelize about what this crypto is capable of, and why it matters.

I had to overcome the bad feelings left over from the initial distribution, and wade through a website that desperately needs updating, engineering capability feature lists and explanations that need to be simplified, to finally arrive at the conclusion that NXT is capable of something special, and there is engineering talent here that can accomplish it.  I put aside my personal feelings and made the rational choice to make NXT a part of my portfolio.

That is saying a lot, my portfolio is basically:

Bitcoin
Darkcoin
Litecoin
Maidsafe (Safecoin)
NXT
Peercoin

and I will buy some Ether when Ethereum does their IPO.

NXT desperately needs an ELI5 version for people who do not understand how potentially revolutionary this coin might be.  NXT desperately needs marketing to go with its great engineering.

JMHO.  Please don't call me a troll, I am substantially bullish on NXT, provided they continue to deliver on promises and get someone hired to do marketing and promotion/education for what NXT can do and will do.  I have overlooked major ethical issues about the launch that still bother me personally to become a big supporter of this coin.

Sometimes "tough love" is good.  This post is from someone who has been "outside looking in" at NXT and may provide a different perspective.

Surrounding yourselves with "yes men" and not listening to constructive criticisms - well that sort of hubris leads to failure or at the least will keep us from reaching full potential.

I like the steps taken to make the client more user friendly, I understand that what NXT is doing is very complex, but the more the functions can be made simple to use, the more this project could become world changing - and I mean it, there is a remote possibility that NXT could become world changing.  Wider adoption and simplicity of use along with marketing/education targeting non-NXT users to convert them need to improve.

Thanks for the thought out answer and not just baseless accusations Smiley

However, I do want to address this part:

https://bitcointalk.org/index.php?topic=303898.msg3620732#msg3620732

The thread was started September 27th and IPO closed on November 17th, which is more or less 50 days. It would have ran longer, but I think we can agree that BCNext's timing was impeccable. Can you imagine being 1-2 months behind right now? The crypto-space is moving extremely fast.

As for the "right-brained" stuff, we definitely need that. Perhaps introduce yourself in the NXT forum (if you haven't already) and make some suggestions there. I think there is a thread concerning nxtcommunity.org, so if you have any input on that, definitely comment there as well.

Pandaisftw
10  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 15, 2014, 12:33:49 PM
Do I have to edit all the alias that point to my old account number or is the old format still valid?
Peace

Both formats are valid, the new one is just easier to read and has error correction to prevent from sending NXT into the nether.

Pandaisftw
11  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 08:14:35 AM
Bank of canada define the decentralized e-money,including bitcoin, Litecoin, Peercoin, Ripple and Nxt.
http://www.bankofcanada.ca/wp-content/uploads/2014/04/Decentralize-E-Money.pdf

Awesome!! Cheesy

Recognized by the Bank of Canada along with Bitcoin Litecoin Peercoin and Ripple

Very nice Wink
12  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 07:40:55 AM
As usual, it is much wider. For instance, I have a very severe problem with the fact that stealing is not only rampant but also accepted to the point of giving bragging rights and even the inevitables "he/she deserved it" or "that would teach him/her a lesson, so it is a favor" in cryptoland. You see I am convinced that digital currencies could be an enormous leap forward, through their real asset, the blockchains, for humanity. That progress is hindered only because Cryptoland is, in reality, Crooksville...

You'll be glad to know that in the NXT community, we very actively discourage scammers. The people in this community are some of the most honest and intelligent people I have ever met online - partly because NXT attracts a different crowd, those who are interested in it's technological potential rather than short-term profits (ie. miners).

Quote
But, like I said, let's leave it at legality. And no, the way the IPO was conducted (not that IPOs in the real world are not fraudulent too, mind you) was simply not legal.

Well, we can agree here. But let me ask you this, how is legality correlated with scams? Something being a scam is the intent to trick someone into buying something without actually providing that something, not whether it is legal to do it or not.

And as far as I know, there are some ways to side-step the legality issues when it comes to "virtual tokens", so until there is a clear legal framework with how all this should work, this really is the wild west, but that doesn't automatically make everything a scam.

Pandaisftw

An aside: Legality also depends on the jurisdiction.
13  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 06:58:25 AM
Because it's a POS coin doesn't mean you can't think about securities against abuses, POS can be improved. At a point, maybe 1 millions coins stake, big stakeholders should not have more forging power, that's all. It would encourage wider distribution and average stakeholder to actually hope to forge something one day. At a point, counting on coin value itself, as for any crypto coin, should be enough combined to a decent forging rate, but not infinite rate ! Come on, 50 millons is insane !!! Not to mention it can be the same person with 3 accounts of 50 millions !

You can justify your system as long as you want because you're basically "sold to the cause" but nxt is highly corrupted in the actual state.

How is their forging rate infinite? In fact, it can be mathematically proven that every NXT provides the same ROI (or very close).

If you invest $1 and make 1% on it, are you seriously going to complain that you only made 1 cent off of a $1 investment?

How is NXT "highly corrupted"? Is there any proof that it is harmful for one person to hold 50mil (5%) NXT? Covering both possible answers: 1) Satoshi holds 15% of Bitcoins currently and 2) some bitcoin mining pools are way above 5% hashrate... Bitcoin has survived for 5 years now, so that doesn't seem to be a concern. So what other harmful effect is there?

Pandaisftw
14  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 06:48:46 AM
Not only unfounded, non-existent. Because I haven accused you of such thing. At all. It may come as a shock to you but I don't accuse unless I have evidence. To my satisfaction. The people I accuse, specifically if you must know, are peddling an exchange -another one- and some sort of game-in-a-browser. You can easily identify both. And, again, none are you.

I call it as I see it. And will here and at any of those places/coins you mention if, and only if, they are running scams. As an anonymous handle I care about reputation and I won't use sock puppets -as so many of you do- nor change the account or the name. And if I make any mistakes and am proven wrong, I'll have no qualms not only admitting to it but apologizing for it.

Thank you for providing, again, the unnecessary link. Everyone here knows what scamming is. I most certainly do, semantics included or left aside. But since semantics seems to be of importance to you, let me be even more clear as to what I consider scammy and why I consider Next to be it: Anything that can be done here, without accountability, and that could never be done in the real world, for being illegal. Is that clear enough? If you need clarification, please don't hesitate to ask.

Your memory is short:

Actually, your answer is totally ridiculous and argumentative.

1.- Minimal as it is, BTC is a global phenomenon on which several -and growing- real life business are based. It has staying power proven through years of all kinds of attacks and manipulations and a clear path as to what it is, it represents and who the face of it is (The Bitcoin Foundation, with names and addresses, physical ones, as well and TAX IDs attached to it... none of which applies to NXT). Additionally, hundreds of independent organisms and enterprises do control who is mining and how much are they mining. So your point comparing NXT to BTC is utterly ridiculous, ok?

2.- You (who are you, by the way?) may have spoken to "some of these holders" or "Yoda" for all I care. It is argumentative and doesn't add any transparency to the conversation. Either put up or, kindly, shut up.

1. So, according to you, 4 years ago, you would have called Bitcoin a scam? If not, then come back in 4 years and we'll talk. (Btw, we have businesses starting up in NXT right now as we speak)

Quote
Additionally, hundreds of independent organisms and enterprises do control who is mining and how much are they mining. So your point comparing NXT to BTC is utterly ridiculous, ok?

Prove it. (In case you missed it, this example was to show how ridiculous your arguments were, you were asking me to prove something as equally ridiculous.)

2. It doesn't matter who I am, but I am one of those who are starting a business based on the NXT platform.

Who are you?

Pandaisftw

No, according to me 5 years ago Bitcoin was a new concept for a potentially revolutionary for of payment. And I would probably would not have thought much of it except for another anarchistic pipe dream. Now if I would have given it some deeper mind, I would have probably been a converted very quickly. But there was no money to be made in bitcoin. For years. So that, in and of itself, separates it completely from NXT whose main if not only purpose was, as clearly evidenced, to make a very few amount of people a lot of quick money. By design. Proven by facts and by it's "distribution". PROVEN.

2.- No, it really doesn't matter who you are. It is clear that it is another scammer whether your scheme is already posted or not.

Me? I just trade on these scams trying to avoid getting too burned and hoping to find Bitcoin version 2 -the evolution of Bitcoin, that will correct some or all of its obvious flaws. No matter much who I am, because I am not scamming people nor pretend to be an honest anonymous individual while taking other people's money.

Think of me as someone that will expose alt scams as he sees them. And run with it.

Funnily enough, your part of your definition of "scam" doesn't particularly make sense with blockchains. Every transaction is accountable and guaranteed by the protocol. So with that out of the way, it's now a question of legality, is this correct?

Pandaisftw
15  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 06:24:08 AM
Let me be absolutely clear in this: I did not imply, in any way, that the NEXT community is full of scammers. I don't know how you could have that impression. The ones I have called so are two, specifically, that have been quite active in questioning me today and that it so happens, have schemes going on at AE that I consider quite scammy. I have found others there, that are too, in my opinion.

But neither the actions/words of those two individuals, not the scams present or future at AE can in any way be representative of the community at large.

I understand that you "fail to see what an attack would achieve" and I have addressed that position earlier. I will do it again: You admit that it would be "incredibly disruptive for a time". That is precisely the point. Deep pockets would be very easy to benefit big time from such disruption, especially if caused by them for that precise purpose.

Thank you for you polite post. I appreciate and respect your position albeit I cannot share it. And if this proves to me to be the state of ALL significant altos, I will understand even clearer why there's absolutely no progress made 5 years plus after bitcoin. And will not invest in it, of course. I do expect though to find "honestcoin" where the distribution is both fair, intelligent and by all means, compensatory for both the creators and the visionaries that invested in it... but not to the point of absolute control and, even worse, non-premeditated manipulation.

You might want to check out counterparty, mastercoin and coloredcoin, as they all have some sort of asset exchange as well - have fun calling everyone there involved with their AE scammers.

Let's be clear here: You toss around the term "scam" on basically everything (and anyone who corrects your misconceptions) - without evidence. As someone pointed out, you don't seem to know the definition of what a scam really is, so I'll link it again:
http://dictionary.reference.com/browse/scam?s=t

Where is your proof that whatever and whoever you are accusing are running scams? As far as I know, there are legitimate assets on the exchange being run by people who truly want to make their idea succeed. By the way, I don't have anything listed on the AE, so your accusations about me are completely unfounded.

Pandaisftw
16  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 02:28:21 AM
Barabbas,

the NXT IPO was indeed announced.  You can't pronounce it a 'scam' because you didn't get any.

Yes as people come to rely more and more on the system, those shares and the worth of a *large piece* starts to carry an absolutely enormous price tag.  Someone could for instance come in and buy up all the NXT that are floating around.  Maybe what- 20%?  if they tried to do this, the price would increase 10 fold at least.  Now try and buy up the privately held shares at that point.  I hope you have 200 million dollars floating around to do that(at least).

Everyone always talks about this problem of someone obtaining a large stake and attacking the network.  There are far better ways to cause havoc and destruction for 10 million dollars(at this point it would cost much much more to attack NXT).  The fact is there are no reasonable motivations for doing something like that.  Also, Bitcoin is subject to the same exact risk parameters(I could have bought 10 million dollars worth of computer gear at some point and attacked the BTC block chain).

-bm






+1

There's no getting through to him - apparently he holds NXT to a much higher standard than Bitcoin ("Oh well, when Bitcoin was a few months old and unproven I totally would have bought into in if I thought about it. As for NXT, it's only a few months old, must be a scam").
17  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 01:43:50 AM
Actually, your answer is totally ridiculous and argumentative.

1.- Minimal as it is, BTC is a global phenomenon on which several -and growing- real life business are based. It has staying power proven through years of all kinds of attacks and manipulations and a clear path as to what it is, it represents and who the face of it is (The Bitcoin Foundation, with names and addresses, physical ones, as well and TAX IDs attached to it... none of which applies to NXT). Additionally, hundreds of independent organisms and enterprises do control who is mining and how much are they mining. So your point comparing NXT to BTC is utterly ridiculous, ok?

2.- You (who are you, by the way?) may have spoken to "some of these holders" or "Yoda" for all I care. It is argumentative and doesn't add any transparency to the conversation. Either put up or, kindly, shut up.

1. So, according to you, 4 years ago, you would have called Bitcoin a scam? If not, then come back in 4 years and we'll talk. (Btw, we have businesses starting up in NXT right now as we speak)

Quote
Additionally, hundreds of independent organisms and enterprises do control who is mining and how much are they mining. So your point comparing NXT to BTC is utterly ridiculous, ok?

Prove it. (In case you missed it, this example was to show how ridiculous your arguments were, you were asking me to prove something as equally ridiculous.)

2. It doesn't matter who I am, but I am one of those who are starting a business based on the NXT platform.

Who are you?

Pandaisftw
18  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 12:37:06 AM
What makes this a total scam is not just the outrageous distribution problems but the obvious -and inevitable- manipulation of the market. I mean these guys could be saints and still not being able to NOT manipulate the markets with the amounts they hold by, first, being unfairly rewarded via forging and second and way more importantly, by the inevitable effect of their selling. These are new minted millonaires. They NEED to sell in order to buy homes, cars and all the perks of being new millonaires. Simply by selling small (orderly, is the word) portions of their collective holdings, will keep the price unrealistically lower -thus hurting later investors, traders, and the coin itself-. therefore MANIPULATING it. And that is if you assume they are simply new rich, not greedy, actually saintly people without any further, let alone perverse, intentions, in which case the manipulation could have grotesque effects.

Insufficient distribution, which is the problem here, in fact doesn't allow the market to actually reflect, as it should, offer and demand, because the massive (albeit "orderly") selling does not allow the demand for the coin to bring the price to realistic levels. In other words, where tens if not hundreds of people want to buy, only one or a few NEED to sell. I am, in fact, extremely surprised this coin has reached the valuation it has considering this circumstance alone. The restrain of the top holders in selling is baffling, actually. And, in my view, impossible to keep.

It does blow my mind, in fact, if the founder doesn't own any coins. I don't believe you in that one either. Nor when you state that the devs "don't control any significant portion of the coins". But since there's no way to prove it either way, I guess we will have to just leave it at that.

Yet you ignore that 0.1% of wallets own 50% of all Bitcoins in circulation? They could all "decide together" to dump all $3bil, too. But they wont. Big holders of NXT will not either. It's not baffling, you're suffering from cognitive dissonance.

And no, the top holders are not the devs.

Btw, it's known that Sataoshi holders over 1 Million Bitcoins, which is ~15% of Bitcoins in circulation, does this concern you as well?

Pandaisftw


Oh and it is so incredibly funny when someone pretends to know how many NXT the founder or the developers have... really. how do you know, because they have stated so on a forum, anonymously? Let me quote a full post that reflects my thoughts exactly, under the linked, totally misleading, infographics:

"do you work in NSA or do have some prove that these 76 or 71 people were different human beings and not only 1 or 2 developers?

you don't even have IP addresses of that userids so what make you believe that you can rely on relatively anonymous posts on bicointalk where anyone can have so many identities which he is able to use??

So how can you know how many altcoins/NXT BCnext have??"


How can you prove that 90% of the bitcoin hash power isn't owned by the NSA? Oh, you mean that anonymous miners told you they own a rig? Have you actually talked to 90% of miners to manually add up their hash power? I don't think so.

Your arguments are ridiculous.

I have spoken to some of these holders, and yes, they are real people just like you and me.

Pandaisftw
19  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 14, 2014, 12:21:27 AM
What makes this a total scam is not just the outrageous distribution problems but the obvious -and inevitable- manipulation of the market. I mean these guys could be saints and still not being able to NOT manipulate the markets with the amounts they hold by, first, being unfairly rewarded via forging and second and way more importantly, by the inevitable effect of their selling. These are new minted millonaires. They NEED to sell in order to buy homes, cars and all the perks of being new millonaires. Simply by selling small (orderly, is the word) portions of their collective holdings, will keep the price unrealistically lower -thus hurting later investors, traders, and the coin itself-. therefore MANIPULATING it. And that is if you assume they are simply new rich, not greedy, actually saintly people without any further, let alone perverse, intentions, in which case the manipulation could have grotesque effects.

Insufficient distribution, which is the problem here, in fact doesn't allow the market to actually reflect, as it should, offer and demand, because the massive (albeit "orderly") selling does not allow the demand for the coin to bring the price to realistic levels. In other words, where tens if not hundreds of people want to buy, only one or a few NEED to sell. I am, in fact, extremely surprised this coin has reached the valuation it has considering this circumstance alone. The restrain of the top holders in selling is baffling, actually. And, in my view, impossible to keep.

It does blow my mind, in fact, if the founder doesn't own any coins. I don't believe you in that one either. Nor when you state that the devs "don't control any significant portion of the coins". But since there's no way to prove it either way, I guess we will have to just leave it at that.

Yet you ignore that 0.1% of wallets own 50% of all Bitcoins in circulation? They could all "decide together" to dump all $3bil, too. But they wont. Big holders of NXT will not either. It's not baffling, you're suffering from cognitive dissonance.

And no, the top holders are not the devs.

Btw, it's known that Sataoshi holders over 1 Million Bitcoins, which is ~15% of Bitcoins in circulation, does this concern you as well?

Pandaisftw
20  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [NXT] Nxt - Official Thread on: May 13, 2014, 11:41:14 PM


Edit: you went from 'top 20 owning 90%' to 'top 10 owning 1/3'.  Which is it?

It is the second, of course. Top 20 were owning 100% initially. I did not know how much now. Now I do and it is almost 1/3. Still showing an evident distribution problem... which is THE problem. Don't disperse....


This misinformation has gone on long enough:

1) There were over 70 initial stakeholders (you can confirm this in the genesis block). No, each one did not receive 50mil NXT. You need to do some fact checking before embarrassing yourself.

2) NXT distribution is a point only the uninformed or FUDsters bring up. It's already better than bitcoin's:

http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=300000

0.1% of Bitcoin address own 50% of all Bitcoins, roughly $3bil USD. You're comfortable with the top 0.1% holding ~50% of all coins (they could dump that $3bil it at any time, remember?). As for the mining power, remember just a few short months ago one of the pools almost reached 50% of the total Bitcoin hashrate? In fact, if there wasn't a huge outcry, and the pool implemented measures to kick miners off, they certainly would have passed it.

Here's a pretty old chart:

http://nxtcoin.blogspot.com/2014/01/nxt-distribution-infographics.html

And since then, distribution has only gotten better.


Also, to debase some of your arguments, anyone could have invested in the IPO (~2 months long) or bought NXT when it was less than a single cent. If you missed it... well that's no one's fault but your own. Otherwise, everyone would be calling Bitcoin a scam because they missed the boat on that too (I certainly missed Bitcoin when it was <$1 USD, that doesn't make it a scam). So no, the devs don't control any significant portion of the coins (the founder, BCNext had no share at all). Blows your mind, doesn't it?

Pandaisftw
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