Poll result: NXT is a proper cryptocurrency

[iCEBREAKER]

This thread deserves a bump.

Because NXT is a scam.

Why is it a scam?

an initial distribution to less than 73 people

[DecentralizeEconomics]

I'm really curious if there is another coin that managed to make an initial distribution to less than 73 people

[Hayneplane38]

This thread deserves a bump.

Because NXT is a scam.

Why is it a scam?

an initial distribution to less than 73 people

The root of Gnosticism in every religion...we are all One...Love to All Hate to None...out '73' sects in Islam...only 1 sect follows the root path of Spiritualism Oneness

[Come-from-Beyond]

I'm really curious if there is another coin that managed to make an initial distribution to less than 73 people, I mean that if I was forced to distribute a coin to only 73 people, I would have really trouble trying to do so.

How did nxt accomplish this "feat"?

If we also take into account the "silly"1 btc "limit" we can be sure that the insiders sent btc from multiple wallets and this makes their numbers much much less than most people think and the supposedly 73 number!

Someone would expect a better way to distribute the coins... they didn't care?(for obvious reasons! control the price, pumb dump and profit!) or they didn't saw it coming?(I highly doubt it!) Was it so hard to forsee that this kind of "distribution" would seriously harm any legit coin?

Distribution is a never-ending process. Imagine that all 73 initial holders were friends of the coin creator. We can move zero point to the moment when they got their coins and started distributing them to the others. What does it change? Nothing. It's the same as if the creator makes distribution from 73 genesis accounts instead of 1. The only difference is "perception" problem of those whose IQ is not high enough to get all this. The topic of Nxt distribution is a good litmus test, it allows to distinguish between normal people and people with low intelligence if we has already removed trolls from the set.

[l8orre]

This thread deserves a bump.

Because NXT is a scam.

Why is it a scam?

an initial distribution to less than 73 people

static thinking. the intial distrubution was 23 months ago.

however, this distibution is an ongoing process, a fact that somehow eludes your attention.

very stupid argument.

but it will be fun to wait and watch how the market will decide.

[BitUsher]

This thread deserves a bump.

Because NXT is a scam.

Why is it a scam?

an initial distribution to less than 73 people

static thinking. the intial distrubution was 23 months ago.

however, this distibution is an ongoing process, a fact that somehow eludes your attention.

very stupid argument.

but it will be fun to wait and watch how the market will decide.

You are correct that the current distribution is far more important than initial distribution. Nxt most certainly grew in Distribution during its first year. Is there any evidence that this trend has continued and not reversed itself? I see some troubling signs of a dramatic dropoff in volume in 2015 and unlike BTC which has regulated exchanges/processors where we can monitor distribution growth with KYC verified accounts (I.E.   https://www.coinbase.com/about) there is not much to go on to reflect genuine distribution and adoption growth. Or is there?

I wouldn't call NXT a Scam, but I also wouldn't discount the concerns of distribution and adoption either.

[chryspano]

Distribution is a never-ending process. Imagine that all 73 initial holders were friends of the coin creator. We can move zero point to the moment when they got their coins and started distributing them to the others. What does it change? Nothing. It's the same as if the creator makes distribution from 73 genesis accounts instead of 1. The only difference is "perception" problem of those whose IQ is not high enough to get all this. The topic of Nxt distribution is a good litmus test, it allows to distinguish between normal people and people with low intelligence if we has already removed trolls from the set.

It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")

So, the only problem I see is the posible intentions of the creator and friends, they created an illution of "free market" while they were just controlling the "supply" and consequently the price, they wanted to sell their "premined coins" at 20/50/70+ Million dollars marketcap and that's what they did. In my oppinion the real distribution of NXT started on the exchanges at manipulated prices.

What happened belongs in the past and the only questions I would ask myself are: if creator and friends did what is rumored they did, will they try to do something similar in the future? are those people still around? how can we be sure?

Having said that, I have also to say that there are probably a lot of people that work really hard in order to make NXT a success and have nothing to do with the above.

[Come-from-Beyond]

It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")

Yes, from moral point of view here indeed is some difference. But economy doesn't care about intentions of its participants. And traders don't care about history of an asset they trade.

[JReag]

Wish the price would drop more though.

[BitUsher]

It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")

Yes, from moral point of view here indeed is some difference. But economy doesn't care about intentions of its participants. And traders don't care about history of an asset they trade.

It doesn't just involve ethics and morality but investment risk. The fact that "Satoshi" controls 500k to 1.2 million coins is definitely something to consider from an investment risk perspective and should cause a bit of alarm. Bitcoins distribution ratio is not as good as many fiat currencies at the moment and this should make many investors skeptical and concerned. These concerns should be much greater with many alts including NXT.

[Come-from-Beyond]

It doesn't just involve ethics and morality but investment risk. The fact that "Satoshi" controls 500k to 1.2 million coins is definitely something to consider from an investment risk perspective and should cause a bit of alarm. Bitcoins distribution ratio is not as good as many fiat currencies at the moment and this should make many investors skeptical and concerned. These concerns should be much greater with many alts including NXT.

Right, but I was talking about traders, not investors. Maybe it's better to call them gamblers? They are more important for coin popularity than investors because provide liquidity.

[RealBitcoin]

Ok let's not speculate, lets rely on data.

The last major NXT dump happened back in august 2014, when the price was over 11000 satoshi.

https://www.mynxt.info/charts/transaction_volume_per_day.php

So it's safe to say that we probably eliminated all weak hands and opportunists from NXT, and the current core investors are serious about holding it.



So stop FUD trolls, you are just making yourself look like morons. NXT is a stable currency now.

[BitUsher]

It doesn't just involve ethics and morality but investment risk. The fact that "Satoshi" controls 500k to 1.2 million coins is definitely something to consider from an investment risk perspective and should cause a bit of alarm. Bitcoins distribution ratio is not as good as many fiat currencies at the moment and this should make many investors skeptical and concerned. These concerns should be much greater with many alts including NXT.

Right, but I was talking about traders, not investors. Maybe it's better to call them gamblers? They are more important for coin popularity than investors because provide liquidity.

Agreed, day traders are akin to gamblers in my book. NxT should be fine regardless of initial distribution as long as the top 7-20 largest bagholders are independently wealthy and can be patient enough to allow adoption to slowly grow. The same concerns apply to bitcoin but with bitcoin we know many of the largest bagholders are indeed independently wealthy and can afford to save and invest in the long term success of the currency, the same cannot be said with many alts including NxT. Time will tell I suppose.

The larger concern is lack of merchant adoption and volume , but I understand that the gamble is betting on NXT being more of a financial platform than a currency.

So it's safe to say that we probably eliminated all weak hands and opportunists from NXT, and the current core investors are serious about holding it

That is an irrational assumption with no supporting facts. If 7-20 whales control most of NxTs supply they could have plenty more coins to offload continuously upon the exchanges. Time will tell whether the downward spiral of lack of volume and loss in market share and price will ever reverse. I am not going to speculate as to NxT's future as most these early investors are anonymous and I have no idea as to their current financial standing or stability.  One thing that is known since there doesn't exist inflation like other assets , you can see that Nxt investors are offloading their Nxt for other coins or Nxt assets(many of which are highly questionable in nature).

[EvilDave]

Distribution is a never-ending process. Imagine that all 73 initial holders were friends of the coin creator. We can move zero point to the moment when they got their coins and started distributing them to the others. What does it change? Nothing. It's the same as if the creator makes distribution from 73 genesis accounts instead of 1. The only difference is "perception" problem of those whose IQ is not high enough to get all this. The topic of Nxt distribution is a good litmus test, it allows to distinguish between normal people and people with low intelligence if we has already removed trolls from the set.

It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")

So, the only problem I see is the posible intentions of the creator and friends, they created an illution of "free market" while they were just controlling the "supply" and consequently the price, they wanted to sell their "premined coins" at 20/50/70+ Million dollars marketcap and that's what they did. In my oppinion the real distribution of NXT started on the exchanges at manipulated prices.

What happened belongs in the past and the only questions I would ask myself are: if creator and friends did what is rumored they did, will they try to do something similar in the future? are those people still around? how can we be sure?

Having said that, I have also to say that there are probably a lot of people that work really hard in order to make NXT a success and have nothing to do with the above.

I've looked at the NXT distribution very hard over the last 2 years.....had to, I needed to know if the allegations against Nxt were true before I stepped in.
IMHO: the initial distribution was (possibly) flawed, but it was completely fair. I've had contact with almost all of the large NXT stakeholders (the 8 who all donated 1 BTC each, giving them 50 million NXT), and there is no sign of a conspiracy, anything in common or even much contact between them....we've even had 2 of these guys step out of Nxt in a 'blaze of glory' and neither of these defectors (if I can call them that ) had any conspiracy to report.
I've also spoken with dozens of smaller stakeholders...same story.

There is no hidden puppetmaster or grand conspiracy behind Nxt, sorry.
Use Occams Razor on this:
Which is more likely: that Nxt is an elaborate scam that is so incredibly well-thought out and executed that there is absolutely no evidence available, even after 2 years,
or that Nxt is precisely what it says on the box; a genuine, and very effective, 2nd generation crypto-currency ?

BTW: if anyone wants to check out the NXT distribution, here's a relatively current top 500:
https://drive.google.com/file/d/0B4OEA-peIYHXeGpmOE0wNlQyYWM/view?usp=sharing

[iCEBREAKER]

Ok let's not speculate, lets rely on data.

So it's safe to say that we probably eliminated all weak hands and opportunists from NXT, and the current core investors are serious about holding it.

So stop FUD trolls, you are just making yourself look like morons. NXT is a stable currency now.

Yes, let's look at the data.



The only sense in which NXT is a "stable currency" is if you consider the stability of its uninterrupted steady decline over the last 15 months.

Ethereum and rootstock.io make NXT as obsolete as buggy whips.

[nexern]

some brain gym for you. which one is more stable in terms of average/deviation, what do you think?



hint, one is your monero, the other one is?

[Come-from-Beyond]

Yes, let's look at the data...

Compare NXT price to another currency and you will see that for some set of currencies price of 1 NXT grows. Here drops, here grows, what do we get in average? Haha, right, stability.

[iCEBREAKER]

some brain gym for you. which one is more stable in terms of average/deviation, what do you think?

hint, one is your monero, the other one is?

I think devtome's definitive investigation of altcoin instamines put NXT in the "Extreme Caution: Coins That Are Bad Ideas For Investment or Usage" shit-list.

That same report puts Monero in the "Acceptably Mined" white-list section.

http://devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins#nxt

NXT had an “IPO” for their coins, for being 100% PoS, they had to distribute their coins somehow. If you send them BTC, they would give you a certain percentage of the coins, that percentage determined by how many people donated by the end of the IPO. The coin creator, BCNext, left a loosely labeled start to the coin at January 3, 2014 and loose instructions that the IPO would continue up until that point. This didn't happen. The IPO was closed around November 18th 79), a full month early. Only 73 people were in the official IPO list, meaning NXT's 1,000,000,000 coin instageneration was distributed amongst these people.

What happened next was absolutely fabulous for those 73 investors. NXT went to the market in a huge way. In under a month, NXT reached a market cap of $80,000,000 or 8 cents a coin (December 26th. Plus it went higher a few days later). When you look at what .01 BTC got you in the IPO, some 500,000 NXT, you begin to grasp what an enormous price jump NXT went through.

NXT reached $80 million market cap on December 26th. Bitcoin was worth around $700 on the same day. At .01 BTC, which is $7 at that time, you could have gotten 500,000 NXT 80). 500,000 x .08 = $40,000. …all from a $7 investment… if someone finds a better profit margin in around the same time frame (1-2 months), notify us. We're pretty sure this is the quickest and best performing investment of all time, especially when you extrapolate the actual value of some of the BTC invested in early November and October (~$120 per BTC. And this wasn't even the top of NXT's growth. It's one thing to profit 2x-10x of your original investment. If you double your money, you should get a pat on your back. If you get 10x your money, you should buy a round for everyone at the bar. What if you do 5,000x better than your investment? You should check your math because something is very wrong.

What does this mean to the investor now? Well, those 73 original IPOs investors are kings of the world, that is for sure. Except now they hold all of the NXT, and if no one uses NXT, the value will go down. So the original holders began giving away NXT by the thousands in an attempt to better circulate the coin.

Just ask yourself if you were an original NXT holder and you make over 5,000x your initial investment. Would your plan be to sell it all, hold it all, or somewhere in between? Considering there is no other example of an IPO in history that has performed this well, only an idiot would continue to hold if they could. The original investors are looking to sell.

Who is going to buy? We are not.

#R3KT

[nexern]

you haven't answered my question and the old one ( remember titty twister? ) neither.
however, good to know you need third parties who tells you what to think and todo.
this is enviable in some kind. although, perhaps not so much.

[Come-from-Beyond]

I think devtome's definitive investigation of altcoin instamines put NXT in the "Extreme Caution: Coins That Are Bad Ideas For Investment or Usage" shit-list.

Classical argumentum ad verecundiam, my favorite logical fallacy!