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Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2756221 times)
inkadnb
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December 05, 2013, 04:02:26 PM
 #2201

It's simple, by hoarding coins you hurt yourself because the Nxt economy is static and worthless.

So stakeholders, by buying coins you made a commitment to use them, we all have a duty to make an impact. Stakeholders have the potential to make the biggest impact.

Pretty much the only stakeholder I've known and seen very actively spreading his distribution is bybitcoin. Not to mention, I'm 100% sure bybitcoin has already made a profit on his coins. So what's the risk? If you have 40 million, sell 20 million. That 20 million you sell is HELPING you. Hoarding it does nothing for you but kill this coin.

That's all I have to say.
How much do you believe investing in this coin? Prove it by buying - else move to another coin.
If you had read enough you would see that a lot of early adopters sale/redistribute their wealth with bounties/giveaways.
Satoshi did not distribute his 1M coins if I recollect correctly..more than 1/5 of total btc at the time!

I did buy some, and I didn't know about NXT back in September.
I'm contributing as much as I can by:
  • Buying what I can.
  • Staying active in this thread. Promoting in other threads, having it as the only thing in my sig.
  • Keeping one of the largest bootstrap nodes (http://nxt.c4c.io) active and up to date.
  • Developing an alternate client.

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plasticAiredale
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December 05, 2013, 04:05:15 PM
 #2202

Don't worry about distribution, it has only just started. The top holders will sell some of it eventually if the exchange rate keeps falling for some time, in the end the exchange rate will find a support level, even if it's 100x lower than the current rate. By that time the coins will be nicely distributed. The more important thing now is to build some infrastructure - fully automatic exchange would be nice, direct conversion to and from fiat would be nice.

But till that time our job, trying to promote NXT, will be worthless as people will get disappointed. It is the most important to get the support of the community!

I agree. We need giveaways of tens of thousandths of coins, very few people want to buy coins of an unknown weeks old project, no matter how good the idea. I bought, but $300 isn't enough to generate a block in 30 days, that is quite disappointing. I like the idea, and plan on sticking around, but as an early adopter is seems strange that the very top account holders seem to be missing in action. I don't want to sound like I have the right to tell someone what to do with their money, but I would hope they realize that distributing their coins now would be a great idea.
BuyPreorder asics.

I don't understand this response..it's a bit abrasive; which I suppose is just your personality... but I'm not attacking NXT or the people that invested early on. They risked their own money, and deserve to profit from it. But if they wish to greatly profit from it, maybe they should think about what a lot of the early adopters here are saying. It's a hard sell to get people to invest in this at the moment. Satoshi didn't need giveaways because everyone already had the mining hardware. NXT's mining hardware is the coins themselves, and it would be a good idea to get the hardware out to more people, that's all I'm saying.
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December 05, 2013, 04:06:26 PM
 #2203

It's simple, by hoarding coins you hurt yourself because the Nxt economy is static and worthless.

So stakeholders, by buying coins you made a commitment to use them, we all have a duty to make an impact. Stakeholders have the potential to make the biggest impact.

Pretty much the only stakeholder I've known and seen very actively spreading his distribution is bybitcoin. Not to mention, I'm 100% sure bybitcoin has already made a profit on his coins. So what's the risk? If you have 40 million, sell 20 million. That 20 million you sell is HELPING you. Hoarding it does nothing for you but kill this coin.

That's all I have to say.
How much do you believe investing in this coin? Prove it by buying - else move to another coin.
If you had read enough you would see that a lot of early adopters sale/redistribute their wealth with bounties/giveaways.
Satoshi did not distribute his 1M coins if I recollect correctly..more than 1/5 of total btc at the time!

I believe the system is sound, but I will not finance a coin that may fail because of its holders. How much do you believe in the coin? Do you believe that people will buy into it based on its own merit and not because they see a good chance of profit?
ImmortAlex
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December 05, 2013, 04:08:57 PM
 #2204

Satoshi did not distribute his 1M coins if I recollect correctly..more than 1/5 of total btc at the time!
Unspended coins (about a half AFAIK) is the big problem of Bitcoin too. They are just dangerous and can lead to unpredictive instability.
klee
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December 05, 2013, 04:11:14 PM
 #2205

I will write what I believe in a while, now I am very busy!
Sorry...
bizz
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December 05, 2013, 04:11:49 PM
 #2206

After only few days of exchange existence:

Total Volume:    17391711.01 NXT (176.2652 BTC) http://dgex.com/trading.cgi

+ alot more traded on forums.

What is the problem?

inkadnb
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December 05, 2013, 04:12:53 PM
 #2207

Satoshi did not distribute his 1M coins if I recollect correctly..more than 1/5 of total btc at the time!

Satoshi didn't know that BTC would become an actual currency, in fact, he thought at best they would be used as "trust points" or some other arbitrary thing. When he handed the project over, the value of his coins wasn't very high either.

Furthermore, your point is even more invalid since Bitcoin is PoW, anyone could mine coins regardless of what they had.

WE CANT MINE COINS WITHOUT COINS IN NXT, it's THAT SIMPLE.

inkadnb
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December 05, 2013, 04:15:48 PM
 #2208

After only few days of exchange existence:

Total Volume:    17391711.01 NXT (176.2652 BTC) http://dgex.com/trading.cgi

+ alot more traded on forums.

What is the problem?

That's 1% of the coins. That is, only about 1% of the coins have been redistributed on the exchange.

nexern
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December 05, 2013, 04:17:29 PM
 #2209

It's simple, by hoarding coins you hurt yourself because the Nxt economy is static and worthless.

So stakeholders, by buying coins you made a commitment to use them, we all have a duty to make an impact. Stakeholders have the potential to make the biggest impact.

Pretty much the only stakeholder I've known and seen very actively spreading his distribution is bybitcoin. Not to mention, I'm 100% sure bybitcoin has already made a profit on his coins. So what's the risk? If you have 40 million, sell 20 million. That 20 million you sell is HELPING you. Hoarding it does nothing for you but kill this coin.

That's all I have to say.
How much do you believe investing in this coin? Prove it by buying - else move to another coin.
If you had read enough you would see that a lot of early adopters sale/redistribute their wealth with bounties/giveaways.
Satoshi did not distribute his 1M coins if I recollect correctly..more than 1/5 of total btc at the time!

I believe the system is sound, but I will not finance a coin that may fail because of its holders. How much do you believe in the coin? Do you believe that people will buy into it based on its own merit and not because they see a good chance of profit?

remember, this coin exits for only 10 days.
i am confident all major stakeholders will spread
coins as soon the system running smooth. many
users here doing a great job to make this happen,
nxt has potential, this is for sure.
Noitev
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December 05, 2013, 04:21:25 PM
 #2210

Just noticed this:

http://coinmarketcap.com/

We're #11

Cheesy
bizz
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December 05, 2013, 04:21:30 PM
 #2211

After only few days of exchange existence:

Total Volume:    17391711.01 NXT (176.2652 BTC) http://dgex.com/trading.cgi

+ alot more traded on forums.

What is the problem?

That's 1% of the coins. That is, only about 1% of the coins have been redistributed on the exchange.

On one exchange that was almost unknown before it listed NXT. In only few days. Give it time.

BTW. When bitcoin came out almost all (few) people that were mining said it is pointless and just wasting time and CPU resources.
Kodoka
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December 05, 2013, 04:21:43 PM
 #2212

After only few days of exchange existence:

Total Volume:    17391711.01 NXT (176.2652 BTC) http://dgex.com/trading.cgi

+ alot more traded on forums.

What is the problem?


Coins are moving, yes, but there are less than 600 accounts containing coins, and well over 50% of all the coins are held by a small fraction of those accounts. That isn't exactly an atmosphere conducive to making this coin successful. If even one of the top accounts started handing out 100 coins to everyone that posted asking for coins to get started, the popularity of the coin would soar, but instead only two of the top ten accounts have sent any coins out, and those have only sent out coins a few times.

laowai80
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December 05, 2013, 04:22:19 PM
 #2213

That's 1% of the coins. That is, only about 1% of the coins have been redistributed on the exchange.

If you sum up all the bitcoins traded on all the exchanges, they only make 1-2% of the total supply, so what?


Just give it time, guys. Redistribution will happen, it's only been a few days. Free market will make sure the right price is discovered and coins are distributed according to how people value them.
Come-from-Beyond
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December 05, 2013, 04:23:53 PM
 #2214

Pretty much the only stakeholder I've known and seen very actively spreading his distribution is bybitcoin. Not to mention, I'm 100% sure bybitcoin has already made a profit on his coins. So what's the risk? If you have 40 million, sell 20 million. That 20 million you sell is HELPING you. Hoarding it does nothing for you but kill this coin.

Well, I could sell 1M in small chunks. 10K to each BTT account with 50+ activity. PM me, if ur activity is less than 50 I'll ignore ur message. I prefer BTC-e USD codes, but to avoid possible fake accusations that someone sent me USD and didn't get NXT, I'll accept only BTC.

I'm not going to dump the price, so right now I would sell 10K for 0.15 BTC.
abctc
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December 05, 2013, 04:24:30 PM
 #2215

Don't worry about distribution, it has only just started. The top holders will sell some of it eventually if the exchange rate keeps falling for some time, in the end the exchange rate will find a support level, even if it's 100x lower than the current rate. By that time the coins will be nicely distributed. The more important thing now is to build some infrastructure - fully automatic exchange would be nice, direct conversion to and from fiat would be nice.
- this.

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, the Next platform.  Magis quam Moneta (More than a Coin)
Come-from-Beyond
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December 05, 2013, 04:31:33 PM
 #2216

It would be better if 1Billion coins did not minted completely. Maybe around 100,000 of them minted in genesis block (for giving away and spread the coins) and the others mine with POS. In this regard because total number is small, people with small coins can mine too and involve themself in this project.

Ur idea is worse. Would u sell ur Bitcoin ASIC 2 years ago?
NxtChoice
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December 05, 2013, 04:32:50 PM
 #2217

How about those *.nxt files? It seems that it always some backup files, what are they for? How will those files increase in the size, do you have any prediction depending on the number of tx?

Bak-files r created for a case when original files r corrupted. It's important that if u replace any file with its backed copy, then all other files must be replaced as well.

1440 blocks per day, 32 KiB limit for a block, it's 16 GiB per year. This seems to be the upper bound, coz the blockchain is supposed to be shrunk each year.

Thanks for your explanation on the backup file.

Why will the blockchain shrunk each year?
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December 05, 2013, 04:39:40 PM
 #2218

Why will the blockchain shrunk each year?

That was an idea of BCNext. Actually, we (stakeholders) can do it each month or never.
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December 05, 2013, 04:41:57 PM
 #2219

anyone else think it's counter productive to horde your coins?
These top accounts should distributive their wealth some how...


http://87.230.14.1/nxt/nxt.cgi?action=30

Compare the top accounts with top miners, you will find most of the top accounts are not holding coins sleeping, but they are mining for profit to get more coins.

They should giveaway some coins to the new comers, for example, if each of them take 10,000,000 Nxt for giveaway to 10000 users with each one 1000 coins. Wow, we will have more than 200,000 users in Nxt community. This is befinit to themselves from the long-term point of view.



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December 05, 2013, 04:46:14 PM
 #2220

I hope the investors are right and that more coins will be distributed soon. I also hope, as one predicted, that the price will crash -100x so more people can buy (I know I'll buy more). But until then, right or wrong, they will have to defend themselves and NXT itself against the image problem of have so many coins in so few accounts. People are dumb and won't understand the difference between a premine and this, updated FAQ or not.

I can understand both sides here, and I'm willing to wait a while to see how things go. Maybe a slow adoption rate is better anyway (if a 113 page thread in 10 days is slow  Tongue ) . I invested my money because the idea is good. Hopefully more people are like me and see the potential, and aren't just interested in another alt coin pump and dump, and therefore stick around and contribute.

I hope the investors make the right decisions, NXT's future is in their hands currently.
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