I'm not sure how you can compare NXT to usury capitalism.
100% proof of
steak stake means that all of the newly created money goes to those individuals who already have it.
how is that any different from the federal reserve, a group of banks who have most of the money supply, printing more money?
and how is creating 1 billion coins on day one any different from ripple?
this is what I cant quite grasp about NXT.
PoW means people do some kind of work to get money.
PoS means those people who HAVE the money can do nothing and get more of the money.
in the old days this was called Serfdom, serfdom was then replaced by Corporate Capitalism which did a better job of convincing people they weren't slaves by paying them with paper money that decreased in value over time instead of letting them live on your land for free providing they worked for you every day of their lives.
if the old system is broken and bitoin is the answer... then is not nxt simply the old system in a new form?
I'm not saying that NXT will fail though... I mean look at DOGE it is a complete joke and its still growing (for now) lol...
I'm just interested in the logic being 100% PoS being a good idea...
Exactly!
Bitcoin redistribution was most fair, because noone knew it will be a success and there was a long time when people could buy it in a very affordable rate. Now it is maybe overvaluated but it's real value increases everyday with it's popularity, number of users and integration with real markets.
World of cyptocoins (POW) isn't perfectly just thou because of ASIC mining and corporate specialization of minning but still everyone can in some part participate and being rewarded for it.
NXT for now has no uniqe functionalities yet. It has only advantage of being first in it's kind and being deflative cryptocurrency.
First distribution in so small group of unknown people is suspicious. 70+ people owning all coins in not even equal proportion is a joke.
There is no guarantee that NXT won't be controlled by few monopolistic stockholders with power to disrupt NXT rate any time they want. They can crush NXT rate like China can crush dollar anytime they want
And second problem is limited distribution in time. People can buy it only. More big holders keep it, less NXTs will be flowing and higher rate you will see because of smaller supply while demand wil grow. That means big stock holders can intentionally keep NXTs to make rate higher and be richer later blocking better redistribution, because of less supply in pumped rate.
Monopolists can keep majority of NXTs and they get richer while other small holders won't get any interest like that small elite creating even bigger problem of monopol. They can also easier speculate on NXT exchange because of no limit of amount of NXT in 1 offer. So manipulation of rate on exchange can give them also advantage and additional profit while other NXTers will have problem in dealling with this rate walls or loose their money at artificially created panic on exchange.
That's exactly the powers today central banking has and NXT built crypto aristocracy with perfect getting rich scheme where only biggest holders get interest when the rest get nearly nothing.
This is something what making NXT more speculative than any other cryptocurrency and something what has nothing to do with democratic, equal or just system of distribution. If you are in community you are a speculator or dreamer at least right now, before any really usefull and unique features will be trully implemented. Being second generation just because of a plan for future and POS system for now doesn't sound right.
Of course it's all the time a roulette with all cryptocoins. If you bet that you are buying cryptocoin undervaluated than it's your choice and maybe you are right but there is always big risk you aren't right. In these circumstances it is better to choose something what is more safe and transparent and something possibly equal to all users without risk of future manipulation of your coin value by some unknown monopolists.
