■■ SERIOUSLY... WTF is wrong with NXT.. it's in the ESMA notes.

[box0214]

European Securities and Markets Authority

http://www.finextra.com/finextra-downloads/newsdocs/esma_call_for_evidence.pdf

Just do a search for NXT in that document... it's littered with notes about using NXT as a platform.

I don't know what to believe anymore. is it a scam or is it not? if it is a scam...

its a pretty darn good elaborate one that's for sure.

[cloudboy]

It's such a well done scam that governments are taking it seriously. Wow BCNext really fooled everyone!

</sarcasm>

[bitcoin_bagholder]

I only read part of it but looks like NXT was used as an example of a different algorithm than Bitcoin. Another PoS 'coin' could've easily been used for the example.

[habraken]

I only read part of it but looks like NXT was used as an example of a different algorithm than Bitcoin. Another PoS 'coin' could've easily been used for the example.

No, since ESMMA is the European watchdog on 'securities' etc, I think they mainly focussed on NXT because of its massive crypto Asset Exchange features.
Just do a ctrl-F for 'NXT' throughout the document.

[easycryptonet]

European Securities and Markets Authority

http://www.finextra.com/finextra-downloads/newsdocs/esma_call_for_evidence.pdf

Just do a search for NXT in that document... it's littered with notes about using NXT as a platform.

I don't know what to believe anymore. is it a scam or is it not? if it is a scam...

its a pretty darn good elaborate one that's for sure.

i don't get how people can call a scam a project with such amount of code and development behind.. and new ideas coming out constantly..

guys, do you realize what you are talking about?

[Daedelus]

Nxt has blockchain pruning on testnet as we speak. How many others are actually making progress towards this?  


Play a game:

i) Find a "Nxt is a s c a m" thread
ii) Find an accusation that has some 'facts' you think you can check
iii) Try and verify this for yourself (i.e. Do your own research)
iv) Report back anything that isn't baseless assertions, repeated ad nauseum

Then do a quick scan around for features that Nxt has TODAY on mainnet that have been released consistently over the last 18 months (Asset Exchange, decentralized ebay (Nxtfreemarket), create your own crypto/retail voucher/trustless crowdfunding (Monetary System)) that others are only talking about or have poor quality alpha/betas released.


And then, come to your own conclusion on whether you think Nxt is a scam  


Good news about ESMA, shows we aren't the only ones who see Nxt as the leading crypto asset exchange platform (Nxt dominates the top 20 assets, I think 75% are Nxt assets at last count)

[EvilDave]

Possible reasons that ESMA focussed so hard on Nxt are that most of the other 2nd gen crypto-platforms are either based on the BTC blockchain, Nxt clones, not actually launched yet, or centralised corporate projects.
As the ESMA are interested in securities, it's only logical for them to choose to look at the most established Asset Exchange/crypto securities platform.
Nxt AE has been running for almost one year now, and the Nxt community has put a lot of hard work into it and the rest of the Nxt eco-system.
This hard work is starting to pay off.......

 

[Hollowman338]

European Securities and Markets Authority

http://www.finextra.com/finextra-downloads/newsdocs/esma_call_for_evidence.pdf

Just do a search for NXT in that document... it's littered with notes about using NXT as a platform.

I don't know what to believe anymore. is it a scam or is it not? if it is a scam...

its a pretty darn good elaborate one that's for sure.

i don't get how people can call a scam a project with such amount of code and development behind.. and new ideas coming out constantly..

guys, do you realize what you are talking about?

In short, not a fucking clue.

[instacalm]

i don't get how people can call a scam a project with such amount of code and development behind.. and new ideas coming out constantly..

Well, people can be quite stupid.

[box0214]

lets just assume it was a scam...  how might it play out?

[Este Nuno]

lets just assume it was a scam...  how might it play out?

It's not really possible for a fairly mature decentralised technology like NXT is to be a scam.

It could have been a scam in 2013 when BCNext was around. But he actually followed through.

I'll admit the first time I heard of NXT and read up on it I dismissed it as 'too good to be true'. Oops.

[TaunSew]

lets just assume it was a scam...  how might it play out?

It's not really possible for a fairly mature decentralised technology like NXT is to be a scam.

It could have been a scam in 2013 when BCNext was around. But he actually followed through.

Bernie Madoff ran his scams since the 1960s and was only thrown into prison as late as 2008, so much for the thesis that time disproves something being a scam.

Besides the BCnext pseudonym actually did cut and flee.  This stinks of the same cultist revisionism like that "BCnext's Plan" that was authored by CfB.  Only plan BCnext had was to dump his coin for six figures and flee into the sunset, which he did before December 2013.  If they're going after guys who committed scams back in 2011 - they can slap the book for fraud against people like BCnext and, the Butterfly Labs being an example, Theymos will easily give up those details with a subpoena.  Actually with one subpoenea he can release the details of anybody and anyone who was associated with NXT going all the way back to October 2013, including people who have since moved onto other projects.  They can also look into the people who issued assets without taking any regard for securities law.  Do I also need to remind that the NXT marketplace is full of illicit goods?  So I imagine NXT, if it continues to get bigger and bigger, will get attention from more than just securities officials.




Besides why are NXTers excited about ESMA?  There was a link somewhere which said ESMA was looking at like a dozen other platforms and I imagine many of them have userbases bigger than NXT and are more KYC and securities compliant and that is the platform I would choose if I wanted to host an asset.  ESMA isn't looking to adopt anybody's platform and anybody reading that list can choose from that long list of platforms.  

 When several prominent NXTers fled and disappeared last week and shut down their public social media accounts, I wonder if it had to do with the Butterfly Subpoena or perhaps advance knowledge that ESMA was investigating NXT.  Sure ESMA might be investigating its' use as a platform but they're likely investigating other "details" too.   Doubt they would tolerate the whole IPO that was done to unknown individuals, where nobody was really verified, and it was probably issuing coin to themselves like the Steve Madden fraud that was depicted on Wolf of Wallstreet.

https://www.youtube.com/watch?v=apmKYgLtjgQ

Or the numerous alleged inside jobs as Jeff Garzik, a reputable Bitcoin developer, can attest to.

[Este Nuno]

lets just assume it was a scam...  how might it play out?

It's not really possible for a fairly mature decentralised technology like NXT is to be a scam.

It could have been a scam in 2013 when BCNext was around. But he actually followed through.

Bernie Madoff ran his scams since the 1960s and was only thrown into prison as late as 2008, so much for the thesis that time disproves something being a scam.

I didn't say that time alone can disprove something as a scam. It's the nature of the technology that its decentralised and thus not really possible to be a scam at this point since it actually exists and functions. Could an individual attempt a scam in someway related to NXT as a technology? Maybe, it wouldn't be easy but having some rogue coder insert something malicious is theoretically possible(as could happen in any project). But of course that's incredibly unlikely in an open source project with multiple developers reviewing code. I guess in that sense any project including Bitcoin or even Linux could have someone attempt to scam people in that way. But even if that happened it still wouldn't mean that the decentralised NXT technology itself is a scam. It's simply not possible for it to be a scam when it already exists and is functioning in a decentralised manner.

[Hollowman338]

lets just assume it was a scam...  how might it play out?

It's not really possible for a fairly mature decentralised technology like NXT is to be a scam.

It could have been a scam in 2013 when BCNext was around. But he actually followed through.

Bernie Madoff ran his scams since the 1960s and was only thrown into prison as late as 2008, so much for the thesis that time disproves something being a scam.

I didn't say that time alone can disprove something as a scam. It's the nature of the technology that its decentralised and thus not really possible to be a scam at this point since it actually exists and functions. Could an individual attempt a scam in someway related to NXT as a technology? Maybe, it wouldn't be easy but having some rogue coder insert something malicious is theoretically possible(as could happen in any project). But of course that's incredibly unlikely in an open source project with multiple developers reviewing code. I guess in that sense any project including Bitcoin or even Linux could have someone attempt to scam people in that way. But even if that happened it still wouldn't mean that the decentralised NXT technology itself is a scam. It's simply not possible for it to be a scam when it already exists and is functioning in a decentralised manner.

TS views NXT as a serious threat to NEM so he rolls around BCT spreading bullshit.  I wouldn't pay him much mind.

[EvilDave]

lets just assume it was a scam...  how might it play out?

It's not really possible for a fairly mature decentralised technology like NXT is to be a scam.

It could have been a scam in 2013 when BCNext was around. But he actually followed through.

Bernie Madoff ran his scams since the 1960s and was only thrown into prison as late as 2008, so much for the thesis that time disproves something being a scam.

Besides the BCnext pseudonym actually did cut and flee.  This stinks of the same cultist revisionism like that "BCnext's Plan" that was authored by CfB.  Only plan BCnext had was to dump his coin for six figures and flee into the sunset, which he did before December 2013.  If they're going after guys who committed scams back in 2011 - they can slap the book for fraud against people like BCnext and, the Butterfly Labs being an example, Theymos will easily give up those details with a subpoena.  Actually with one subpoenea he can release the details of anybody and anyone who was associated with NXT going all the way back to October 2013, including people who have since moved onto other projects.  They can also look into the people who issued assets without taking any regard for securities law.  Do I also need to remind that the NXT marketplace is full of illicit goods?  So I imagine NXT, if it continues to get bigger and bigger, will get attention from more than just securities officials.




Besides why are NXTers excited about ESMA?  There was a link somewhere which said ESMA was looking at like a dozen other platforms and I imagine many of them have userbases bigger than NXT and are more KYC and securities compliant and that is the platform I would choose if I wanted to host an asset.  ESMA isn't looking to adopt anybody's platform and anybody reading that list can choose from that long list of platforms.  

 When several prominent NXTers fled and disappeared last week and shut down their public social media accounts, I wonder if it had to do with the Butterfly Subpoena or perhaps advance knowledge that ESMA was investigating NXT.  Sure ESMA might be investigating its' use as a platform but they're likely investigating other "details" too.   Doubt they would tolerate the whole IPO that was done to unknown individuals, where nobody was really verified, and it was probably issuing coin to themselves like the Steve Madden fraud that was depicted on Wolf of Wallstreet.

https://www.youtube.com/watch?v=apmKYgLtjgQ

Or the numerous alleged inside jobs as Jeff Garzik, a reputable Bitcoin developer, can attest to.

Are you on the rum again, TS ?

Try reading the ESMA report for a start, and you'll see why people get excited.
It's good to have official attention for NXT, because (and this is gonna make your brain hurt) NXT is not a scam.
And who in Hell would think that ESMA is interested in adopting a platform ?  

Who are these prominent NXTers ? Name some names. I'm not seeing anyone missing.....
And as for Jeff G....you're probably embarassing the guy now, by dragging ONE of his public statements from a long time ago back into discussion.
All of Jeffs negative points about NXT have since been refuted, just like pretty much all of yours.

[pereira4]

Possible reasons that ESMA focussed so hard on Nxt are that most of the other 2nd gen crypto-platforms are either based on the BTC blockchain, Nxt clones, not actually launched yet, or centralised corporate projects.
As the ESMA are interested in securities, it's only logical for them to choose to look at the most established Asset Exchange/crypto securities platform.
Nxt AE has been running for almost one year now, and the Nxt community has put a lot of hard work into it and the rest of the Nxt eco-system.
This hard work is starting to pay off.......

 

"2nd gen" is such a silly buzzword. Sorry but there's nothing second gen about all those post-BTC coins, you would think that by 2nd gen those new coins improve BTC, but they don't. It's just a different proof of work, with dubious results vs the PoW BTC uses.

[EvilDave]

2nd gen isn't just about Proof of Stake in place of Proof of Work......you can see Counterparty or MasterCoin as 2nd gen, and they definitely don't rely on a difffent algo.

The 2nd generation of crypto is all about adding functionality: features above the simple store and send functions of first gen crypto.

[rtrtcrypto]

NXT is the best platform currently available outside of BTC. Period. It might fail, it might not, but, doubting the functionality and hardiness of the network is problematic at this point - it has been up and functioning as intended for a good while. The longer it survives, the better chances that it will remain around.

[Hollowman338]

NXT is the best platform currently available outside of BTC. Period. It might fail, it might not, but, doubting the functionality and hardiness of the network is problematic at this point - it has been up and functioning as intended for a good while. The longer it survives, the better chances that it will remain around.

Agreed.  They also handle themselves like adults over at NXTforum.  This place is plagued with trolls and pump and dumpers,

[Este Nuno]

Possible reasons that ESMA focussed so hard on Nxt are that most of the other 2nd gen crypto-platforms are either based on the BTC blockchain, Nxt clones, not actually launched yet, or centralised corporate projects.
As the ESMA are interested in securities, it's only logical for them to choose to look at the most established Asset Exchange/crypto securities platform.
Nxt AE has been running for almost one year now, and the Nxt community has put a lot of hard work into it and the rest of the Nxt eco-system.
This hard work is starting to pay off.......

 

"2nd gen" is such a silly buzzword. Sorry but there's nothing second gen about all those post-BTC coins, you would think that by 2nd gen those new coins improve BTC, but they don't. It's just a different proof of work, with dubious results vs the PoW BTC uses.

Are you familiar with the NXT technology platform at all? It's completely new and built from scratch with lots of improvements and features over Bitcoin. It improves Bitcoin in some sense by offering people access to a decentralised asset exchange through SecureAE or MGW. But it's not built on top of Bitcoin like some of the other Bitcoin 2.0 projects like Counterparty.