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Author Topic: ■Thinking different for Ethereum & NXT - Its the platform, not the coin itself!■  (Read 760 times)
box0214
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July 31, 2015, 09:01:55 PM
 #1

As quoted by one of the first few devs that worked with BCNXT (creator of nxt). I'd like to give my opinion on it.

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come-from-beyond 6:21 PM Now, when Coin Shuffle poll is sealed, I can say that MS was a way to create a lot of small communities with their own currency and counteract effect of dumping made by ancient whales. CoinShuffling made exclusively for MS coins was supposed to artificially create demand for MS-coins. The other planned steps according to the "plan" were to remove ability to buy assets/goods with NXT. In the end NXT would become just a ticket that transactions pay to ride blocks.
I think now we can say that legacy of BCNext is over and we are in charge of shaping the future of Nxt. It's very interesting where the journey without a map will lead to...

For those that dont know, nxt has already implemented a sidechains type of concept that Bitcoin is looking to implement. It's called Monetary System or MSCOINS. In the coming months coin shuffling will be coming to NXT, which will anonymous your coins and mscoins.

Having been in this space for some time, we can all agree everyone is just peddling their favorite coin and hope to get rich from the fact that people will adopt it.

We can also agree that everyone wished they got into whatever coin they got into earlier to reap the profits. But no one would have foresaw how a coin could have been where it is today. I'm just talking about any coin in general. Not just nxt.

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What if, we all started thinking in a different way. Lets say these "coins" aren't meant to be used as a "currency", but as only as a fee to enable us to use the blockchain platform only. Now on these platforms, could either be nxt, ethereum, bitshares, counterparty, mastercoin, ripple, etc.... These have initial stakeholders, and we can all agree someone is holding a bunch of these coins. What if there was a way to eliminate them by making their stake almost useless? It would be a bit more fair wouldn't it? Now everyone else can kind of get in on the action after the fact.

I think this is the purpose of colored coins or better yet coins that just sit on top of an existing blockchain. Once a sub-coin inside another coin becomes more successful, it would render the host-currency as just a transnational fee or in Ethereum "fuel". It's not meant to be used for payment, as the real value is the services that sit on top of these blockchains.

But there is still one major flaw in all of this. Even if I came up with my own sub-coin, I still need "fuel" or the host currency to utilize the platform. This is still yet to be solved.... And once this is solved, everyone in the know can abandon most of the host-currencies they are holding and flock to the sub-coin. I think this is the ACE card, most of us are forgetting about... Once someone solves this issue, we won't be hearing trolls talk about "unfair distribution" anymore as everyone had the time to get in.


------------------------- This idea came to mind after reading the following, here: https://nxtforum.org/general-discussion/reflexion-about-the-future-of-nxt/msg190194/#msg190194

Quote
What is the plan of Nxt?

Until now, we follow the plan of BCnext, it was the development way. But right now, we begin to change the way and I have the feeling that we don't know where we are going.

In my opinion, the BCnext's plan was a good plan. It was a different plan than Bitcoin or other cryptocurrencies. The plan wasn't to build the "NXT token" currency but to build an economy and a platform.

I'm ok to kill the father BCnext, but I want to know what we do after that.

NXT token as currency is a dead-end

Actually the big projects in economy is not to "promote my private currency to sell some coins to new guys", this program is the program of Bitcoin supremacists. But it's stupid :
- No big community
- No government/country
- No big company
will choose BTC or NXT tokens or XOS or DOGE as "official currency".

They prefer to create their own currency. Why ? Because it's better for them, because they can rule their own currency, because if they succeed, they get the benefit.
Every body knows this evidence, because they'll do the same if they can choose for their business/country/big community.
But some cryptoenthousiasts are blind and believe that they can be "a global currency". Their wealth dreams makes them blind.

We need to promote and develop MS coin feature

Actually, the ecosystem of Nxt needs new persons, our community needs to grow. But it's easier to convince people to use a platform as to adopt a currency.

Right now people says that they don't see that Nxt is more about NXT as currency as a open platform. If you are in the client, you buy Assets and goods with NXT currency, you count in NXT currency.
You can make nothing with MS coins !!! Not because MS coins is a bad idea, only because that technically you can do nothing in the client with them. You can speculate with it... and that's all... and only with NXT.

And what is the usefullness of currencies ?
- Buying/selling things

NXT tokens will not lose value if its not a currency

Some people are afraid that NXT tokens will lose value if it's lose his "currency" attributes in the platform. But it's not true, a lot of things in real world have value without to be a currency :
- Gold
- tokens in casinos
- land
- houses

And some FIAT currencies don't have any value, despite their legal status as national currency.

NXT tokens have an intrinsic value : it is use for the forge, it is use to pay the fees, it's the referent value of the system (you don't have to pay with NXT token to be the referent value).

Some people are afraid that we will break the Nxt ecosystem if we use MS coins because they have "no value". It's false, we can choose to use pegged MS coins. The system allows to do peg MS coins with NXT tokens.

The assets are a success, let's do it with MS coins

Right now, we never try to promote our HUGE MS coins feature. If we don't give a value to this feature in the system, we can't convince other people from outside to use it. Right now we don't give a chance to MS coins...

The community decision and the future

The community decide to give the "shuffle feature" to NXT token. It's ok, I understand that people want some privacy in their wealth (gold, NXT tokens or currencies).

But I appeal to begin a transition in the Nxt economy : from "NXT token currency" to "MS coin currencies"

The stages are :
- Give all the currencies functions to MS coins : buying/selling Assets and Goods
- During a transition month, we can use NXT tokens and MS coin currencies in Asset exchange and Marketplace
- We can create a big "community MS coins" pegged with a big stock of NXT tokens. It's like a crowdfunding.
- After this transition month, we remove the possibility to buy with NXT tokens in the Asset Exchange and Marketplace.

There is not big risk. After that, the "NXT token believer" can trade on the platform with a pegged MS coins, it's almost the same. And we can promote Nxt as a real Open Platform.

This plan gives a lot of opportunities, with new trade markets. Nxt will be the first cryptoplatform to break with the Bitcoin tradition of "My currency or nothing".


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dsattler
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August 01, 2015, 05:53:04 AM
 #2

Well written. IMHO the time for blockchain platforms has come.

Nxt will prevail!

Bitcointalk member since 2013! Smiley
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August 02, 2015, 04:04:59 AM
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Very good article. Finally some intelligence on this board.

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August 02, 2015, 05:37:19 AM
 #4

What if, we all started thinking in a different way. Lets say these "coins" aren't meant to be used as a "currency", but as only as a fee to enable us to use the blockchain platform only.

This is not a new idea.  NXT has always been a transactional currency (aka You must use NXT for transactions).  It was never the intent of BCNext to make NXT the sole "store of value" on the platform.  The whole point behind MS coins was to give the freedom to the user in determining where and how to store his wealth.  This doesn't mean though that NXT isn't a good store of value imo.  NXT will always be needed to utilize the platform and is scarce thus giving it value.  If you think the NXT platform will be part of the future of crypto, owning NXT imo would be a good idea.

Now on these platforms, could either be nxt, ethereum, bitshares, counterparty, mastercoin, ripple, etc.... These have initial stakeholders, and we can all agree someone is holding a bunch of these coins. What if there was a way to eliminate them by making their stake almost useless? It would be a bit more fair wouldn't it? Now everyone else can kind of get in on the action after the fact.

No, it wouldn't be "more fair".  You sound like a raging international communist.  Good luck with your wealth redistribution program.  LOL

But there is still one major flaw in all of this. Even if I came up with my own sub-coin, I still need "fuel" or the host currency to utilize the platform. This is still yet to be solved.... And once this is solved, everyone in the know can abandon most of the host-currencies they are holding and flock to the sub-coin. I think this is the ACE card, most of us are forgetting about... Once someone solves this issue, we won't be hearing trolls talk about "unfair distribution" anymore as everyone had the time to get in.

Besides the obvious flaw of not being able to prevent blockchain spam, there is also the issue that a low priced PoS token increases the danger of a network attack.  There is nothing to be solved.  Stop being a thieving communist.  If you don't want to use the transactional currency in a current PoS system, then go start your own like the NEMwits.

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box0214
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August 07, 2015, 04:18:24 AM
 #5

i guess the mega distribution is still under way.
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August 07, 2015, 09:42:51 AM
 #6

Yeap, this is exactly what i think, too. A coin without a strong blockchain platform will not survive. The blockchain platform will be the key to success. The coin should be seen as a additional feature and reward system not as a "core" feature of a platform.

box0214
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September 09, 2015, 05:53:35 PM
 #7

yeah going forward it seems that its going to be a platform war instead of a "currency" war.. done are the days of btc clones.
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