NXT/IGNIS scam

[nicolaennio]

Hi all,

The IGNIS distribution model looks like a scam against investors and the NXT subreddit looks like to be full of pumper and dumpers, and haters in general. The whole situation is very sad.

Long story short, NXT developers knew in advance both IGNIS and ARDOR distributions models, which are based on NXT holdings in a period of developers choice, and could have exploited heavily this knowledge by buying NXT before the public could even know about any IGNIS distribution detail (developer's discussions are not public), and then profiting on the pump which came after the announcement. The NXT price chart indeed reflects the most typical pump-and-dump scheme, where after the ARDOR and IGNIS announcements have been made, a 10X increase happens, for then fading out quickly, with dumpers dumping on investors. Moreover, there are not third parties checking NXT developers statements, and it is not clear if the release of IGNIS (or ARDOR for the matter) was necessary. They are justified for "introducing new features", but for the majority of cryptos new features are introduced with soft forks, rather than duplicating coins (chart: https://poloniex.com/exchange#btc_nxt).

I am trying to make my concerns heard on the NXT subreddit (https://www.reddit.com/r/NXT/comments/6hazwj/serious_concern_about_devs_credibility/ and https://www.reddit.com/r/NXT/comments/6gzedp/scamshots/) but I keep getting accused of spreading FUD and they keep reassuring me that developers did not do anything bad. I do not have evidence of any wrongdoing, but the crypto space is full of scammers and being skeptical is very healthy. Moreover, the subreddit is full of "buy buy buy" people.

The whole situation should be clarified for creating a safer crypto environment.

I need help.

[noodle_dam]

Well appreciated that you news about nxt because was about to invest into them.
Now I will be more wary with what coin I invest into now.
Can't be to careful with all these new ones coming out of the woodwork like termites.

[nicolaennio]

Well appreciated that you news about nxt because was about to invest into them.
Now I will be more wary with what coin I invest into now.
Can't be to careful with all these new ones coming out of the woodwork like termites.

I'm happy if I can be useful. I would stay away from NXT as it is seriously pumping right now and does not seem to have a good risk to
 reward ratio. Investing in cryptos in general is not easy and sometimes it makes you feel wanting centralized regulation... may I ask you to upvote my reddit posts if possible? I keep being scolded there as if I were an evil man.

[thoreau]

I don't think it's a scam.
They have an ICO coming up soon to purchase Ignis.
https://www.jelurida.com/ico
And they started a company to manage the currencies (NXT, Ignis, Ardor).
https://www.jelurida.com/team

All these cryptocurrencies are risky. But maybe Ethereum has the best ratio for potential profit versus risk.

[ManUp]

OP, I agree.  NXT's price chart has all the makings of a P&D coin.  The crypto market is, inherently, volatile, but no legitimate coin goes up and down 50-60% every few days to weeks (and then repeats the cycle again and again).

[Pajulapoiss]

I don't really know whether its a scam or not, As I own 1000 nxt I hope its not.


With the new ARDR blockchain coming out, with all the features of NXT and more. I dont really see any future for NXT. Therefore I'm getting out of NXT and into IGNIS, which will be used as as exchange of value on ardr network.- if I understand the situation correctly. The whole thing is actually a bit hard to follow at times.

Is this a good idea or not, only time will tell.

But I can see how dev's could have used the prior knowledge in their own advantage. Have they or not, its kind of hard to say, it would make sense tho.

[TinyCryptoInvestor]

In my humble opinion either all those projects are scams or at least there is a fraud in the model:

I'm talking about Nxt/IGNIS/ARDOR/JINN (Not sure if JINN is asociated to the other Three)

Correct me if I'm wrong:

NXT migrating to IGNIS, ARDOR becaming a superset of those 2.
Neither of them functional, just promising videos.

I bought Nxt and i sold 50% higher. I'll stay out of all 4 unless clear clarification of the reason of those new coins, coin shuffles and a functional software i can test.

[aristospetr]

The problem is really serious. Do you think that the audit of ICO projects will help to reduce the number of scams in the market?

[GeorgeLW70]

The problem is really serious. Do you think that the audit of ICO projects will help to reduce the number of scams in the market?

I think that it can really help to solve problem with ICO scams. And if you want i can tell you why.