Poll result: NXT is a proper cryptocurrency

[nexern]

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!

hmm...to much honor. servants doesn't have a need or using logic, otherwise they wouldn't be servants or not?

[iCEBREAKER]

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!

The only reason you resent devtome's expertise and choose to denigrate it as "authority" is because they put NXT on the Bad Idea shit-list.

If they had put NXT on the Acceptable white-list, you would be singing their praises.

Besides, devtome didn't just say 'believe us because we're devtome.'

They laid out the facts to support their conclusions.

Here, I'll quote them again.

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

[Come-from-Beyond]

The only reason you resent devtome's expertise and choose to denigrate it as "authority" is because they put NXT on the Bad Idea shit-list.

If they had put NXT on the Acceptable white-list, you would be singing their praises.

No, I would not. This is your 2nd logical fallacy in the row, show us your mastery and post the 3rd one. I double dare you.  

[nexern]

great, and here comes the confirmation.

...If they had put NXT on the Acceptable white-list, you would be singing their praises...

arg... you where 10 sec. faster 

[RealBitcoin]

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.

NXT is totally decentralized, and free to use for anybody. I`m not sure the other services if they charge you or, require some verification first.

NXT is the true descendant of Bitcoin.


The steady price decline is exactly caused by these FUD posts of yours and other FUD-ers, so I`m not sure if there is some conspiracy agains NXT or you guys are professional shills. I also poined out that NXT has horrible marketing, but that will soon change , I saw a big NXT marketing project coming soon, so wait to see where the price will go.

Plus it's not like you cannot rebounce from a steady decline, look at ETH example, so NXT will be fine:




NXT can easily rebounce from it's decline, just as BTC or ETH did.

[BitUsher]

Plus it's not like you cannot rebounce from a steady decline, look at ETH example, so NXT will be fine:
NXT can easily rebounce from it's decline, just as BTC or ETH did.

Of course Nxt can rebound. One difference between NXT and ETH/BTC however is that NXT has 0 inflation while BTC/ETH have 8-9% inflation. The fact that Nxt's market cap , tx volume, and price compared to BTC has been deteriorating without the costs of PoW and inflation should be troubling. The data right now indicates that early investors are dumping their coins for other assets or coins. Whether or not this trend will ever reverse is dependent upon adoption exceeding the coins being dumped on the exchanges by early bagholders. Since NxT doesn't seem to be focusing on merchant adoption much and appear to be marketing it as a financial platform , than the only hope they have is some "bank" adopting their blockchain and bringing it mainstream, which IMHO is a risky bet as banks tend to be focused on creating and controlling their own products.

[Brangdon]

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"?

With a public offering. Those 73 founders had to buy their initial NXT with bitcoin. The hope was that 73 people was large enough to avoid problems of being too few (eg, collusion, all apples in too few baskets), and small enough to avoid the problems of being too many (eg, bystander apathy). One problem with distributing to many more people is that they tend to sit back and let someone else make the coin valuable. If you give it to them for free, then they naturally consider it worthless. What's needed is people who will be active, in funding development, marketing etc.

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!

Steps were taken to prevent that. (This wasn't publicised at the time, for obvious reasons.)

That said, I don't think anyone has ever done a taint analysis on the Bitcoin. It's not too late; the information is in the blockchain. It would be interesting to see whether the BTC used to buy initial NXT did come from related wallets.

[RealBitcoin]

Plus it's not like you cannot rebounce from a steady decline, look at ETH example, so NXT will be fine:
NXT can easily rebounce from it's decline, just as BTC or ETH did.

Of course Nxt can rebound. One difference between NXT and ETH/BTC however is that NXT has 0 inflation while BTC/ETH have 8-9% inflation. The fact that Nxt's market cap , tx volume, and price compared to BTC has been deteriorating without the costs of PoW and inflation should be troubling. The data right now indicates that early investors are dumping their coins for other assets or coins. Whether or not this trend will ever reverse is dependent upon adoption exceeding the coins being dumped on the exchanges by early bagholders. Since NxT doesn't seem to be focusing on merchant adoption much and appear to be marketing it as a financial platform , than the only hope they have is some "bank" adopting their blockchain and bringing it mainstream, which IMHO is a risky bet as banks tend to be focused on creating and controlling their own products.

NXT will be the gateway to their assets.

Plus you forget about the other features like :alias, market ,built in dice and other perks.

NXT doesnt necessarly have to be a standalone currency, but it can be a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

So NXT will really have intrinsic value, that many gold shills found lacking of Bitcoin.

[CoinHoarder]

The correct vote is an obvious no. The only people who voted yes are upset they missed the IPO boat. I am upset I missed the boat too, but I at least I can humbly admit it. Nxt was crowd funded at a time where multiple scam coins/IPOs were being released daily. It is not their fault only a few community members found merit in their vision, and trusted in the implementation of that vision.

Nxt has been one of the most innovative developments in Cryptocoins in recent years. Not only in terms of innovation, but in terms of implementation too. A lot of white papers and idea have been published, and occasionally they are make it to a public release. It is rare that an idea is actually implemented and released to the public efficiently.

Cryptocoin 1.0 was Bitcoin, Peercoin, Devcoin, Namecoin, Litecoin, Freicoin, Etc. (insert all coins here that copied Bitcoin/Litecoin code and changed a few parameters and the name)

Nxt was on the front-wave of initial Cryptocoin 2.0 releases. I consider the Cryptocoin 2.0 wave to be pretty much over by now. Cryptocoin 2.0 was projects that enhance Bitcoin in a major way rather than just changing the name and parameters. Other 2.0 projects include Mastercoin, Nxt, Bitshares, Maidsafe, Ethereum, Dash, CryptoNote Coins, VPNCoin, Ripple, Cryptonite, NuShares, Vericoin, Myriadcoin, Hunter Coin, etc.... Cryptocoin 2.0 encompasses all Cryptocoins that were the first to innovate and/or improve Bitcoin (or another cryptocurrency) in their own unique and innovative way.

IMO- now we will see many Cryptocoin 3.0 projects popping up with improvements to core 2.0 technologies and/or Cryptocoins which efficiently combine multiple Cryptocoin 2.0 technologies. We are already seeing improvements on 2.0 technologies with things like Confidential Transactions, networks that can process a high number of transfers per minute, etc. Also already existing/in development Cryptocoin 2.0 projects with innovations such as value-pegged Cryptocoins, decentralized markets, email, chat, web hosting, file sharing, securities issuance, privacy, games, smart contracts, blockchain trimming, etc.... I speculate Cryptocoin 3.0 projects will have all of these features merged into one Cryptocoin.

Some Cryptocoin 1.0 projects will transform into Cryptocoin 2.0 projects, and some Cryptocoin 2.0 projects will transform into Cryptocoin 3.0 projects. I see Nxt as being in a good position to be one of those that merges into a 3.0 project, as they are already well on their way with all of the features it has. There have been very few development teams that have walked the walk around here, and Nxt is one of those few.

[BitUsher]

NXT will be the gateway to their assets.

Plus you forget about the other features like :alias, market ,built in dice and other perks.

NXT doesnt necessarly have to be a standalone currency, but it can be a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

So NXT will really have intrinsic value, that many gold shills found lacking of Bitcoin.

I understand this pitch and the angle that NxT is attempting to promote as I have already discussed. There are other projects attempting to do the same but I won't waste your time as I am not here to pick sides but discuss some salient facts and concerns.

NxT has no inflation and thus a drop in volume and marketcap in relation to BTC can only mean one thing...adoption is being outpaced by early investors selling coins for assets and/or other coins.  

This wouldn't be so bad if some of these NxT assets represented interesting projects but most of these assets (including many BTC cryptoequities) represents scams and fraud.

Some Cryptocoin 1.0 projects will transform into Cryptocoin 2.0 projects, and some Cryptocoin 2.0 projects will transform into Cryptocoin 3.0 projects. I see Nxt as being in a good position to be one of those that merges into a 3.0 project, as they are already well on their way with all of the features it has. There have been very few development teams that have walked the walk around here, and Nxt is one of those few.

People should be wary when listening to someone pitch distinctions in cryptocurrencies with marketing nonsense like  Cryptocoin 2.0 and  Cryptocoin 3.0. This is much akin to people using ambiguous marketing terms like "cloud computing"

[RealBitcoin]

I understand this pitch and the angle that NxT is attempting to promote as I have already discussed. There are other projects attempting to do the same but I won't waste your time as I am not here to pick sides but discuss some salient facts and concerns.

NxT has no inflation and thus a drop in volume and marketcap in relation to BTC can only mean one thing...adoption is being outpaced by early investors selling coins for assets and/or other coins.  

This wouldn't be so bad if some of these NxT assets represented interesting projects but most of these assets (including many BTC cryptoequities) represents scams and fraud.

Disagree here. Early investors had already a chance to dump in 2014, if they dont dump now, thats because they are for long term.

Volume drop = those that were mining are selling the NXT since they are making less profits, while those that hold big bags (the early guys) will make more then. The early guys have no incentive to sell if they held for so long, they can make 1000$ from mining if they hold a bag big enough.

If you are worried about scams, then you should know that the cost of scam is rising, thus making it less cost -efficient. You need to make the cost of scam so expensive, then nobody will do it.

Or just hire some review sites to review the instruments if you are so worried about scams. Everybody should to due diligence, if they dont then its their fault.

The sheep has to have sharp eyes too or get eaten by wolf.

[iCEBREAKER]

NXT will be the gateway to their assets.

NXT doesnt necessarly have to be a standalone currency, but it can be a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

So NXT will really have intrinsic value, that many gold shills found lacking of Bitcoin.

Unless they are crazy and gullible like Anonymint, why would anyone build an asset that needs NXT to act as a gateway?

NXT is obsolete tech from the stone age of crypto.  The platforms of choice this year are ETH, rootstock.io, Bitshares, and others.

The only thing still being built on NXT is SuperNet. 

And all SuperNet can be is a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

Sound familiar?   

Once the SuperNet scam ends, NXT is just abandonware.

[RealBitcoin]

Unless they are crazy and gullible like Anonymint, why would anyone build an asset that needs NXT to act as a gateway?

NXT is obsolete tech from the stone age of crypto.  The platforms of choice this year are ETH, rootstock.io, Bitshares, and others.

The only thing still being built on NXT is SuperNet. 

And all SuperNet can be is a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

Sound familiar?   

Once the SuperNet scam ends, NXT is just abandonware.

So you are implying the INTERNET is a scam?

It's just a silly cable and wireless network that connects billions of computers and devices. What a piece of crap, surely nobody will want this.

But then when you build websites on it, apps, decentralized networks, NXT, SUPERNET...etc?


Do you realize that this process is called EVOLUTION , you are also built from tiny cells that are worthless alone, but together they make up your body!

[achimsmile]

NXT is obsolete tech from the stone age of crypto.

In what sense?

Bitshares

Good. Here, have a Brownie point.

[achimsmile]

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.

platforms of choice this year are [...] Bitshares, and others.

You are contradicting your own logic here 

[Come-from-Beyond]

Unless they are crazy and gullible like Anonymint, why would anyone build an asset that needs NXT to act as a gateway?

NXT is obsolete tech from the stone age of crypto.  The platforms of choice this year are ETH, rootstock.io, Bitshares, and others.

The only thing still being built on NXT is SuperNet. 

And all SuperNet can be is a gateway to more interesting projects, that will be built upon it, and thats why its interesting.

Sound familiar?   

Once the SuperNet scam ends, NXT is just abandonware.

Is there anything that backs your words?

[RealBitcoin]

You are contradicting your own logic here 

He is a troll

All crypto's have a boom & bust cycle, but he thinks NXT has to be so special that it wont have.

Well it does, and in my view, NXT is just about to break through again,and push to the moon

[BitUsher]

Volume drop = those that were mining are selling the NXT since they are making less profits, while those that hold big bags (the early guys) will make more then.

Mining? I will give you the benefit of the doubt and assume you are aware that NxT is PoS and uses the term forging and you are attempting to make a distinction between  the 20-73 initial investors and "btc miners" that invested in later and are now dumping their coins.

This is an odd bit of reasoning as it assumes that secondary investors were able to purchase up enough coins from initial ones to be able to continuously dump them for extended period of time(over a year) to insure that the coin capitulated regardless of new adoption. Even if you were to make this unusual assumption who cares which group of investors are dumping as the bottom line is that there is continuous long term dumping occurring here and not short term manipulation.

So either NxT has practically no new adoption and early investors are slowly dumping or NxT has steady adoption and the early investors are dumping heavily. There is no escaping this fact.

The early guys have no incentive to sell if they held for so long, they can make 1000$ from mining if they hold a bag big enough.

Being that almost no merchant accepts NXT and those that do indirectly quickly dump them for BTC and Fiat the coins eventually are getting sold for other currencies ... even the forging interest.

NXT is obsolete tech from the stone age of crypto.  The platforms of choice this year are ETH, rootstock.io, Bitshares, and others.

Is there anything that backs your words?

I agree with CfB ... do you have any evidence to support this statement? I personally don't see NxT as obsolete tech (But neither do I make the assumption that it represents cutting edge "Crypto 2.0" either as those are just marketing buzzwords)

[RealBitcoin]

Being that almost no merchant accepts NXT and those that do indirectly quickly dump them for BTC and Fiat the coins eventually are getting sold for other currencies ... even the forging interest.

Yet. So how many merchants accept Bitshares, ETH or Ripple?

So either NxT has practically no new adoption and early investors are slowly dumping or NxT has steady adoption and the early investors are dumping heavily. There is no escaping this fact.

To be factual I use coingecko

https://www.coingecko.com/en/coins/nxt

It is still holding, I agree that there has been a slow in adoption lately, but that will change with the new Tenessee project, so just be patient and see, NXT will come back big!

[BitUsher]

Being that almost no merchant accepts NXT and those that do indirectly quickly dump them for BTC and Fiat the coins eventually are getting sold for other currencies ... even the forging interest.

Yet. So how many merchants accept Bitshares, ETH or Ripple?

I'm not pumping or promoting those coins. Instead of worrying about other competing alts , why not focus on addressing the root problem?

IMHO ... NxT setting itself up as a financial platform where people can be scammed with crypto-equities and assets is a foolish plan which only benefits short term grifters. Associating with these questionable assets will leave a longterm stain upon NxT and is a marketing nightmare.

The key to NxT's success would be slow, organic growth and merchant and user acceptance by playing to its strengths with insuring that it grows steadily. NxT has a huge advantage over bitcoin with no inflation and extremely minimal security costs with PoS which may not be as secure but possibly might be "good enough". All it takes is the 20 top bagholders to stop dumping their coins and it would be trivial to have slow and sustained growth which would be more attractive than bitcoins volatile bubbles. Even with slow adoption this would be trivial to do because there is no inflation and PoW costs. Apparently some early investors don't agree or cannot afford to not dump their coins so NxT will continue to capitulate. This is where the risk of poor distribution comes into effect and what we are seeing now. Even if most of the early 20-73 investors held onto their coins all it takes is 1-3 of the top whales to ruin NxT by slowly dumping their stash leaving a lasting scar upon any new adopter.

Think about it this way... many late bitcoin adopters (last 2 years) are disappointing and discouraged that their investment has lost so much. NxT is capitulating against bitcoin during this time , meaning it has been in a free-fall against stable forms of fiat. At least with Bitcoin there is the halving to look forward to which will likely create a disinflationary bubble... with NxT there is no shortage of coins to dump from the initial investors... I would be pissed if I purchased any Nxt in the last couple years.