NXT :: descendant of Bitcoin - Updated Information

[gbeirn]

1,000,000,000 (1 billion) initial coins
73 initial adopters
so roughly 13.7 Million each (assume equal distribution)
at 21 BTC Total
0.000000021 BTC per coin

current market rate is about 0.00013 (6000x)

To those are who are buying these coins... most of the coins are being hoarded, so you can only buy them on the market for 6000x or 600,000% of what all of the 1 billion coins were paid for at genesis. The early adopters are being greedy, selling them at such a high rate for an unproven technology that hasn't been open sourced. Also, the exchange enforces a minimum order price. They're all already out in circulation, they collectively paid $3000-$4000 for them in September/October. And only a fraction is being sold on the market, at 600,000% premium.

Stop buying these coins so high.

People want what they want, clearly no one would buy if they didn't think they had value/potential/whatever to them. Maybe they think that's a bargain. You seem upset that you initially missed out. Post an address and I'll gladly send you some!

[xibeijan]

Maybe selling is going on too slow, for my taste the price is rising too fast, but that's how it goes.
I'd like to see some statistics about distribution of NXT. If 90% is in the hands of the (73) first-stakeholders and only the trading of the remaining 10% is generating the price of NXT, that would be bad in my eyes. We need more distribution! That would help a lot, regarding the public view of NXT.

Don't worry. Soon we'll get more DDoS attacks, black PR and other similar things. Some of the major stakeholders will lose confidence and sell most of their coins.

I've been thinking about it... wondering why the major stake holders sell so slowly.

Then I realised, that unlike BTC, major holders of NXT are not inclined to sell much.  Why?  Because the NXT they hold is their "mining/forging hardware".  They will just continue mining and selling what they mine.  Perhaps they will sell a few million or hundred thousand here and there, but they will hold onto most of it.

Call this "Xibei's Principle".

So, major stake holders are not (and will not sell much) because

a) the NXT decentralised exchange is too groundbreaking
b) their NXT is their "mining hardware"

Additionally, unlike BTC, where you must keep buying more and more mining hardware to compete with increasing difficulty and other miners.  With NXT, your holding of NXT always pretty much mines you the same amount, no matter how many more people start mining.  There's no need to reinvest into more "mining hardware".  They would only sell at a very attractive price, and the price they have in mind will have the decentralised exchange in mind, probably like $10 per NXT.

Oh, and unlike BTC and other energy hungry proof-of-work systems where you mining hardware depreciates and must be replaced (as it get's older and slower and burns out), NXT's virtual "mining hardware" (aka your NXT holdings), appreciate in value.

So, that's why major stake holders don't sell fast and the market will not shake and the price will keep climbing.  They will just sell whatever they mine, a bit at a time.

NXT is genius.

[wesleyh]

Price is dropping on dgex.

[Come-from-Beyond]

Stop buying these coins so high

...and let me do it instead of u

[visaco]

dgex didn't charge you fee to move your coins from your count to your local wallet ...nice

by the way
how much cost this car today?



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nxt : 2325804792485290058

[laowai80]

So, major stake holders are not (and will not sell much) because

They will sell, so save some ammo for January and later, there'll be good opportunities to buy lower than now. I hope I will be proved wrong. But I just don't see how all this gets going where it's supposed to go without a lot of pain.

Prepare for the worst, hope for the best, as they say.

[newsilike]

1,000,000,000 (1 billion) initial coins
73 initial adopters
so roughly 13.7 Million each (assume equal distribution)
at 21 BTC Total
0.000000021 BTC per coin

current market rate is about 0.00013 (6000x)

To those are who are buying these coins... most of the coins are being hoarded, so you can only buy them on the market for 6000x or 600,000% of what all of the 1 billion coins were paid for at genesis. The early adopters are being greedy, selling them at such a high rate for an unproven technology that hasn't been open sourced. Also, the exchange enforces a minimum order price. They're all already out in circulation, they collectively paid $3000-$4000 for them in September/October. And only a fraction is being sold on the market, at 600,000% premium.

Stop buying these coins so high.

The possibilities NXT offers are incredible.
That's what you pay for.
And a higher market cap then litecoin is much likely.

[xibeijan]

Also, everyone knows

First rule of crypto - don't sell too soon.

[Come-from-Beyond]

So, major stake holders are not (and will not sell much) because

a) the NXT decentralised exchange is too groundbreaking

....

Hm, I should stop telling about new features...

[xibeijan]

It also depends on how much Nxt you have and your appetite for risk. If I am holding 20million + Nxt right now, I will probably sell some eventhough I have a very high expectation for Nxt. But since I have much less than that I am going to sit tight at least until 1Nxt = 0.001 Btc.
So as times goes one, we will gradually have a more equal distribution of Nxt.

Why BTC-centric?  I have some BTC, but they just sit on an SD card.  Doing nothing.  Been bored since I moved them off (for tax reasons).  Nxt has been quite interesting thus far.  Aliases, Messaging, Colored Coins - Oh my!

Expand functionality or die.

Gordon Brown, is that you?

[wesleyh]

It's happening, some major stake holder is simply selling every coin and the price of nxt on dgex is dropping fast.

[timmyd]

Also, everyone knows

First rule of crypto - don't sell too soon.

+1 always happens to me. Sell then price goes up :-/

[ZeroTheGreat]

Stop buying these coins so high.

People, buy high, sell low. No thinking required!  

[bitcoinrocks]

It's happening, some major stake holder is simply selling every coin and the price of nxt on dgex is dropping fast.

Three cheers for that major stakeholder!

I'd like to see some statistics about distribution of NXT. If 90% is in the hands of the (73) first-stakeholders and only the trading of the remaining 10% is generating the price of NXT, that would be bad in my eyes.

I'd also love to see this.  Can this info be extracted from the blockchain?

[laowai80]

It's happening, some major stake holder is simply selling every coin and the price of nxt on dgex is dropping fast.

I guess $0.10 per coin was their first sell target.

[opticalcarrier]

Here is the new thread: https://bitcointalk.org/index.php?topic=386304.0

I don't personally require any donations at this time. I can fund it out of my own expense and previous donations at this time.

OK you guys keep on for now as planned.  for now i wont be in on the testnet, i believe i can design a private net for us all to test on.  it will require everyone to change IPs later though.

would be a good idea for you guys to get it running now, just be ready for the storm.... give me a week or 2 and I should be able to whip something up.  Im a forums admin so i can create private groups etc for us to converse privately in.

just give me a bit of time

[Come-from-Beyond]

It's happening, some major stake holder is simply selling every coin and the price of nxt on dgex is dropping fast.

That's good. We can lower min fee (to 0.01 NXT) a few weeks later then.

[newsilike]

It's happening, some major stake holder is simply selling every coin and the price of nxt on dgex is dropping fast.

We don't need panic machines like you around here, go to the quark guys or something.

[wesleyh]

Price is now below 0.0001.

[laowai80]

Price is now below 0.0001.

good, just another 1000% to go lower