Poll result: NXT is a proper cryptocurrency

[RealBitcoin]

If this was the case we would see an uptick in volume with more users. The fact we see a large drop in volume indicates that the coin isn't becoming more decentralized but old investors are selling for assets and original investors selling to later investors that still have faith in the currency.

Not necesarly more users, but only more traders. Who knows what kind of pump and dump groups operate on different exchanges.

BTS tried this strategy and failed miserably. There isn't any magic bullet with hiring a PR firm or fixing the wallet. What NXT needs is a use case ... it needs merchants to accept it as a currency and users to know it even exists. This doesn't come easily and something that NXT has barely even begun to work on and now are very far behind the race.

I dont know what do you mean by failed miserably? Were the marketers scammers? So then why not find a legit guy.

You cant really fail with marketing, you just need to find the right team and promote it on social media, and adverts , like even this forum is auctioning adverts, they can buy 1 slot for example.

Its not really the team, but if they got a marketing budget, then even the devs themselves could do it.

Is this what Nxt has become? A platform for selling "asset" tokens? Are any of these asset tokens representing real companies with real assets and employees?

How should I know, i never bought any of them, i just hold a few NXT for long term. But you should ask this on the NXT forum, you can see probably info about this.

There should be a few legit ones atleast, I know the Supernet has a legit team working on it hard.

[EvilDave]

LOL @ iCEBREAKERS elephants.....and moving on, here's a quick breakdown of some of the Nxt-based projects that are currently listed on CMC:

http://coinmarketcap.com/assets/

# 4 is SuperNET. You all know what it is, hopefully, so there's not much to say, except that SuperNET is a huge project that is delivering code, paying employee salaries, and generally acting like a real business project.
http://www.supernet.org/index.php

# 6 is InstantDEX. Again, they are delivering code, and just released the beta version of their decentralised exchange platform.
http://www.instantdex.org/

#9 is MMNXT: a trading fund running on the Nxt Asset Exchange. Pays out regular dividends, run by Coinomat, which is a 'real' registered business;
https://coinomat.com/
Also responsible for the Coinomat assets and CoinoUSD, a pegged dollar/NXT token.

#11 is NautilusCoin....ooops. Shouldn't be there, as it's actually a Nxt Monetary System based currency.

#12 is LIQUID. A NXT arbitrage fund, keeps on paying out dividends.
http://www.liquidtech.info/

Getting bored now, so I'll skip the 3 jl777 keiretsu assets at 13, 14 and 15: jl777hodl, sharkfund0 and TradeBots
and go straight to:

#16 Jinn. Ternary processors. Should be coming up with working hardware very soon.

and there's more.......just take a look through the CMC list.

It's certainly true that most of the non-trading assets have yet to give solid results, but they are all new startups.
Creating a startup that actually succeeds takes a lot of time and work, in crypto or in the real world.

[l8orre]

#11 is NautilusCoin....ooops. Shouldn't be there, as it's actually a Nxt Monetary System based currency.
 

Ay Caramba!

you mean that Nautiluscoin:

http://nxter.org/nxt-to-power-a-full-economic-ecosystem-with-drachmae-nautiluscoin-nxt-foundation-brian-kelly/ ?!?!

Yes, you shouldn't mention that, that only has the 'Nxt inside' technology label, that has nothing to do with Nxt!

[msin]

Admire this shithead.

https://www.youtube.com/watch?v=r_Ua8iOR0g8

[EvilDave]

#11 is NautilusCoin....ooops. Shouldn't be there, as it's actually a Nxt Monetary System based currency.
 

Ay Caramba!

you mean that Nautiluscoin:

http://nxter.org/nxt-to-power-a-full-economic-ecosystem-with-drachmae-nautiluscoin-nxt-foundation-brian-kelly/ ?!?!

Yes, you shouldn't mention that, that only has the 'Nxt inside' technology label, that has nothing to do with Nxt!

No, not that one, this one:
http://www.forbes.com/sites/rogeraitken/2015/09/18/brian-kelly-capital-investing-in-first-fully-deployable-digi-currency-ecosystem/

[Gillette]

NXT is not scam. It`s a good coin.

[iCEBREAKER]

NXT is not scam. It`s a good coin.

NXT is not a good coin.

It's a scam, and provides a scam-platform to launch other scams (SuperNet, NautilusCoin, jl777hodl, etc.).

[box0214]

No, not that one, this one:
http://www.forbes.com/sites/rogeraitken/2015/09/18/brian-kelly-capital-investing-in-first-fully-deployable-digi-currency-ecosystem/

Must be a pretty darn good elaborate scam to be featured on Forbes.com.

[Come-from-Beyond]

NXT is not a good coin.

It's a scam, and provides a scam-platform to launch other scams (SuperNet, NautilusCoin, jl777hodl, etc.).

You forgot to add that Bitcoin is even worse scam that lead to almost 1 billion USD loss and Monero is even greater scam because it's used to launder money earned by kid porno creators.

[Gillette]

NXT is not scam. It`s a good coin.

NXT is not a good coin.

It's a scam, and provides a scam-platform to launch other scams (SuperNet, NautilusCoin, jl777hodl, etc.).

Can you prove your accusations?

[iCEBREAKER]

No, not that one, this one:
http://www.forbes.com/sites/rogeraitken/2015/09/18/brian-kelly-capital-investing-in-first-fully-deployable-digi-currency-ecosystem/

Must be a pretty darn good elaborate scam to be featured on Forbes.com.

Remember all the times Forbes featured Enron, MF Global, Lehman Bros, and Bernie Madoff?  Oh wait, you're obviously too young to get those references.

Thanks for bringing such a rich vein of comedy gold to my attention.

the Nautiluscoin project is to formally join forces with the Drachmae project to develop what is described as a “full economic ecosystem” for the Greek island of Agistri, located an hour from Athens by ferry, and is scheduled to launch on 26th September. The system is to be tested on the island during Athena Model TV Show – a contest to find Greece’s next top model.

LOL.  Fail.   

[iCEBREAKER]

Monero is even greater scam because it's used to launder money earned by kid porno creators.

Can you prove your accusations?

I think you are confusing Monero with Darkcoin/Dash.

Pedophiles Launch Dash (“Darkcoin”) Mining Crowdfunding Platform
https://bitcointalk.org/index.php?topic=1126032.0

DASH is crowdfunding child abuse
https://bitcointalk.org/index.php?topic=1126835.0

[Gillette]

Monero is even greater scam because it's used to launder money earned by kid porno creators.

Can you prove your accusations?

I think you are confusing Monero with Darkcoin/Dash.

Pedophiles Launch Dash (“Darkcoin”) Mining Crowdfunding Platform
https://bitcointalk.org/index.php?topic=1126032.0

DASH is crowdfunding child abuse
https://bitcointalk.org/index.php?topic=1126835.0

My question was if you could prove that NXT is scam

[iCEBREAKER]

My question was if you could prove that NXT is scam

http://www.glassboxinvestments.com/report-1-nxt/

What are the potential downsides of NXT?

One of the most concerning aspects of NXT is the way in which the original 1 billion NXT coins were distributed. Rather than gradually being minted into existence via proof-of-work (POW) mining (as with Bitcoin) or being backed by a large crowdfunding effort (as with Swarm and Ethereum), these tokens were simply coded into being.

Without wide participation and actual wealth backing this creation – with the exception of a limited “IPO” of 21 BTC that resulted in the NXT tokens being placed in just 73 accounts – these initial tokens appeared to have have been distributed to a relatively small number of holders. This high concentration of wealth would make it easier to manipulate both the price of NXT, and its underlying assets.

Another potential downside is the lack of known developers. In contrast to the development teams of projects such Bitcoin, Bitshares, and Ethereum, NXT’s developers are anonymous. This removes personal accountability and raises the possibility that developers may act in their own best interests, rather than those of the community and overall NXT ecosystem. Similarly, since NXT’s code is not completely open-source, it is possible that some sort of malicious or unfair backdoor code could be implemented by the unknown developers.

The ability to easily create and trade cryptoassets – by itself, a powerful evolution from “1.0” technologies – also presents inherent threats for investors. “Pump and dumps” are certainly not unique to NXT. They occur, however, with alarming frequency. Anonymous actors can easily create and promote their own assets, then sell off the shares for a profit, leaving investors with worthless shares.

#REKT

[iCEBREAKER]

My question was if you could prove that NXT is scam

http://www.glassboxinvestments.com/report-1-nxt/

James’s influence over NXT cannot be overstated; his involvement and influence over the platform is tremendous. As the issuer of 17 assets and the self-proclaimed lead developer on no less than eight projects, his name has become synonymous with the platform itself.

Yet it isn’t development work that’s earned James his reputation; it’s his ability to create and promote cryptoassets that quickly appreciate in value. Leveraging NXT’s Asset Exchange, James has created a veritable menagerie of tradable tokens which are hungrily gobbled up by buyers. Having made many NXT fans money in 2014, the anonymous ringmaster has legions of devoted followers.

The combined market cap of all these assets? Nearly $23 million.

James’s typical approach appears to be as follows:

1.    Create a cryptoasset on the NXT platform
2.    Tie that asset to a NXT service that has yet to be developed
3.    Announce the asset and/or service on a thread at NXTforum
4.    Release the new asset to: himself, key members of the project (if applicable), and holders of NXTventure, SuperNET, or possibly another asset. This asset distribution is not an IPO, but a “dividend.” In fact, there is no initial offering to the public.
5.   Profit (at least on paper) from the rising price of the asset as interested investors – specifically, those who did not receive “dividends” as part of the initial distribution – buy the asset and move the price upward. On the sell-side of this trade are the people who got in at the early stages, without having to pay anything: James, and those who got paid out in “dividends.”
6.    Place the project in someone else’s hands, then move on to create his next asset.

By itself this approach is not necessarily cause for concern. However, upon deeper analysis, many red flags emerge.

Of all the assets that James has released that represent ownership or profit-sharing rights in a service, only one of them – multigateway – is backed by a working service. In other words, there is a great deal of investor money supporting projects that are not bringing in revenue, or even functioning.

The anonymity is cause for concern as well. While the prolific asset-issuer claims his real name is James Lee, there is no way of knowing if this is true; the person controlling the “jl777” account has chosen completely obscure his true identity. While individuals with known identities can certainly act maliciously as well, complete anonymity makes it easy to simply disappear after dumping shares of a worthless crypto-business.

Double #R3KT

[iCEBREAKER]

My question was if you could prove that NXT is scam

http://www.glassboxinvestments.com/report-1-nxt/

The Complex World of jl777

Out of the 35 NXT assets listed on coinmarketcap.com/assets, 14 of those assets were started by James 1. Of these assets, seven of them are in the top ten NXT assets listed in terms of market cap.

NXTventure: NXTventure is currently valued at almost $1,375,000.. This asset is a venture capitalist fund of sorts run by James. Investors who originally bought the NXTventure assets were providing the funding that he could then use to back projects. When a project is started under NXTventure it is customary that a fixed percentage of the equity created is dispersed to holders of NXTventure. James refers to the distribution of equity for projects started under NXTventure as “dividends,” even though it is only newly created assets being distributed – not actual profits 2. In fact, none of the projects started under NXTventure have had any profits at this point.

The description listed for NXTventure on the NXT Asset Exchange states that “NXTventure makes private investments in promising enterprises and adds value to each investment by proactively integrating it into NXTservices to add a valuable new service for the NXTcommunity. NXTventure will pay monthly dividends in the assets it acquires, net of trading activities during the launch period. This means NXTventure asset will generate a stream of new assets as it launches them.” 3

Upon closer inspection, however, it appears that some of those words aRE misleading at best – and could be considered outright lies depending on how you view it. On multiple occasions NXTventure has failed to pay out dividends during the month.

Multigateway has been in service for several months. 34 Overall it appears that the service works and people use it. MGW’s relatively low market cap is curious, given the fact that it’s just one of the two services created by James that is currently operational.

Like many other projects James has started, in his initial announcement there was no indication that James eventually planned to hand the project off to others and take an advisory role. Recently, however, it appeared that James was “tired” of dealing with MGW; he stated that he was going to stop hosting its servers, regardless of whether or not the people who were going to take over running the servers were ready. 35

Why the lack of focus? James appears to be more worried about his newest project – SuperNET – to bother finishing the previous projects he’s started. Investors, however, bought the asset expecting James to always be involved with the asset and treat it as a top priority. While this particular issue was eventually resolved with the production servers going back into service, it raises the question of how much James cares about his older projects as compared to his new ones.

Triple #R3KT

[iCEBREAKER]

My question was if you could prove that NXT is scam

http://www.glassboxinvestments.com/report-1-nxt/

there are a number of areas where a lack of transparency and asset-issuing best practices has raised red flags.
With respect to James and his assets, the following facts give us pause:

1.) “James” is anonymous; he has zero accountability, and could liquidate his holdings and vanish without a trace.  Even attempts by an exchange – Poloniex – who wanted to list one of his assets failed to produce verification of identification. As the exchange stated, “…one of our ICO (Initial Coin Offering) requirements is identity verification; this requirement exists to protect investors and to lend credibility to the ICO. Despite several attempts to convince James the importance of revealing his identity, we were ultimately unable to reach an agreement that satisfied both parties.” 49

2.) The majority of his projects are not live, functioning services bringing in actual profits.

3.) James sets up most of his projects, from their inception, to disproportionately benefit his own financial interests . For example, SuperNET is set up specifically to deliver 10% of profits to himself, as well as “performance bonuses” based on the cryptoequity’s market cap.

4.) Similarly, ownership of the James assets is dramatically skewed in his favor. This stems from the fact that when he creates an asset, he gives himself a large chunk of the outstanding shares. The following summary of jl777 assets – courtesy of nxtreporting.com – shows just how skewed this ownership is:

The distribution of jl777 shares in NXT

In other words, the full amount of all jl777 assets is roughly $22.5 million. Subtract the value of the “issuer account,” and there is only $7.3 million left. Thus, James appears to own 2/3rd’s of all his assets’ shares. With ownership so heavily concentrated in the hands of James, there is the possibility that he could leverage his disproportionate influence to quietly manipulate the market to his advantage.

5.) He actively promotes the “past performance increases the odds of future results” fallacy: “my track record of having tripled a small 1500 BTC sharkfund0 in 3 months and that 8 of my 9 assets have on average gained 2.5x and 125 million NXT and the BTCD went from 100K marketcap to $8 million marketcap in month and a half.” 50

6.) He makes forward-looking projections, with certainty, about future results: “Most people here are probably attracted to the ROI profile where the downside is probably -20% in any sort of realistic worst case…the early birds can get a 25% gain over 4 weeks in this minimal case.” 51

7.) He applies different rules about risk and reward to crypto-assets – seemingly obviating the need for due diligence.

8.) He arbitrarily abandoned multigateway without notifying investors, indicating that he doesn’t care about long-term success of his projects. 52

9.) The lack of White Papers and prospectuses. Potential investors lack a clear source of information about assets and their business model; oftentimes it’s all presented on a forum thread. The typical announcement thread for his assets features a dearth of solid information about the service, mixed in with flashy financial terms and difficult-to-understand lingo. Furthermore, the assets don’t have a prospectus, and the funds do not make it clear what their holdings are. Instead of having all this information in one place, investors have to spend hours looking through forum posts and other sources to get the information they need to make a better-informed decision.

10.) His modus operandi  is to issue an asset, then start the project. He subsequently oversees the project and has other members of the NXT community do the coding. As outlined above, he often eventually steps away from – our outright abandons – the project. This lack of commitment and focus presents a sizable red flag.

11.) The use of “dividends” – commonly understood as a form of profit-sharing – for projects that are not yet actually profitable (or in many cases, even functional). While it appears James has never claimed to issue dividends in the profit-sharing sense, potential investors unfamiliar with this distinction could easily be misled. The fact of the matter is that the only “dividends” he issues are new assets being given to those who hold nxtventure or SuperNET.

James has a history of creating assets, giving himself a large chunk of those assets, and then releasing the asset for public trading. After seeing the price increase, he then moves on to other projects before finishing the project he sold assets for. As all of his assets are driven by speculation and not actual, profit-generating services, it’s possible that James is trying to unload as many assets as he can before the scheme hits its inevitable limit.

Conclusion:

From the fact that James hides his identity, to the lack of services that are up and running, to the fact that his assets combined have a higher market cap than NXT itself, to the general lack of transparency and clarity, there is no shortage of reasons for investors to proceed with caution. Caveat Emptor is the watchword here.

tl;dr NXT is a scam

[Come-from-Beyond]

Can you prove your accusations?

I think you are confusing Monero with Darkcoin/Dash.

Pedophiles Launch Dash (“Darkcoin”) Mining Crowdfunding Platform
https://bitcointalk.org/index.php?topic=1126032.0

DASH is crowdfunding child abuse
https://bitcointalk.org/index.php?topic=1126835.0

Ah, I do confuse. I withdraw Monero part but keep Bitcoin one.

[cbeast]

Just like mining farms, NXT will consolidate into large stake pools. The difference between them and Proof of Work is that PoW doesn't permanently consolidate stake. Anyone at anytime can start hashing. NXT technology is only good as a legal tender and not a store of value unless you trust your local government.

[Come-from-Beyond]

Anyone at anytime can start hashing.

Haha, go and mine some bitcoins. After that tell us your experience.