I'm tired of people making these dumb assumptions that proof of stake forging makes the rich richer, leading to some sort of financial crisis when they have all the nxt. this is only true if they hoard them forever and never trade them... also, the only reason someone has >10k in transaction fees is because of the alias landslide... im sure the fees each day is pretty insignificant right now.
says the guy that had 28 million NXT in the account...
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=7579216551136708118This rich (He took a big risk) vs. poor (you didn't take any risk) obsession is really getting tiring, here was my response to this a few days ago:
I think instead of focusing on the rich getting richer, we should focus on the poor not getting poorer.
In Bitcoin (and all it's clones), holders are basically paying a fee (10% of their holdings a year currently) just to hold their bitcoins. This fee is paid to miners, and the inflation it causes devalues everyone's stake. So the only people not getting poorer are ASIC manufacturers+friends mining huge amounts of bitcoin to dump, and passing that cost onto bitcoin holders. Thus, this is a very real situation of the rich getting richer, and the poor getting poorer.
In NXT, everyone who is a stakeholder is guaranteed to not lose a single percent of their stake, ever. Sure, the rich may forge the majority of blocks, but that in no way affects the small stakeholder's holdings. This lets the small stakeholder build his stake up over time (let's say he works hard and gets paid in NXT), his stake will continue to grow and grow as long as he makes the effort. He may eventually even become a big stakeholder himself. In Bitcoin, the small stakeholder loses 10% of his stake every year, and has to fight an overwhelming uphill battle to get to the top.
So if you truly believe Bitcoin is better distributed (which, it is not:
http://nxtcoin.blogspot.com/2014/01/nxt-distribution-infographics.html), if you truly believe that all miners are equal (which it is not, ASIC manufacturers own the scene now), and if you truly think that your Bitcoins aren't losing value over time (which they are, due to inflation caused by mining), then stick to Bitcoin.
Otherwise, why are you concerned with who holds what? Envy? In NXT, at least the small guys don't get screwed over by huge inflation pushing them lower and lower because they can't afford entire ASIC farms (which also assumes you get your ASIC on time, and not after they become worthless). If you work hard, present novel ideas, and get rewarded in NXT, your stake will only grow over time.
I was very late in finding NXT (after it was .00005), but after I saw how the NXT community was so different from anything else I have seen, I sold all my altcoins and bought NXT. Then I became active here and starting selling all my BTC for NXT, buying the dips. I got more and more involved and by liquidating other assets I gradually built up to a halfway respectable amount of NXT. I will never get to 50 million NXT, but with hard work and putting most all my money into NXT (taking a risk) I am up to ~1 million NXT. I guess I am a late early adopter
If NXT fails, then I will have lost a lot. If NXT succeeds, then I can retire comfortably, hopefully on just the forged income. ALL NXT accounts are averaging about 0.5% per year on their NXT. This is as fair as anything can get in the real world. I am all in, with occasional forays into DOGE when the NXT/DOGE ratio goes to a short term peak.
Now what makes me confident enough in NXT to put all my money into it? It is this community! By adding value in the way that I can, I can influence the future value of NXT. What other investment allows you to get personally involved and help maximize the value of your investment?
If you bought shares in google, do they let you work for them? No. Can you meaningfully change the value of any other top crypto? Doubtful.
I have had direct dealings with almost all the founders and they are all very generous and intelligent people. They were given an unexpected windfall and responsibility and are doing the best they can. Put yourself in their shoes, you know you have all this NXT and you have to distribute it, but you want to be sure it is spent on the right things.
I think most of the super large whale accts are from early adopter investors who are not the founders. Their mindset come from a purely buy low sell high mentality and I think they are not universally of the NXT founder mindset. I appeal to the 50 million+ NXT holders to invest a small percentage into the NXTfund. 100% of the NXTfund will be spent to increase the value of NXT and it will do you more good than just sitting in your acct. Think of it as a cost of doing business. Of course, wait until you are comfortable with what the NXTfund is doing. PM me if you have any specific things you want achieved with your donation. Directed donations are fine.
rickyjames is the treasurer of the NXTfund. I will not pay any of the NXTfund to myself, nor will I even be able to touch the money.
Now that I have been entrusted with 1.525 million NXT all of a sudden I have the responsibility of deciding the best way to allocate it. It is not easy. I am still not even sure which area it is best spent on. It is super important that the funds are spent as effectively as possible.
I want to show the NXT community that the NXTfund will do its best to maximize the value of NXT and to reflect the collective will of the community. As long as there is consensus, then my job is easy. However, if there is no consensus, then I will be forced to decide the exact allocation and if I make everybody equally unhappy then that probably means I am doing a good job.
As you know, I am a believer in marketing, but I am also somewhat technical. I try to see all sides and approach things as a generalist. At the high level I think allocating the NXTfund one third to tech, one third to marketing and one third for tbd is what makes sense. If anybody feels strongly about a different allocation, please post. The tbd is to deal with stuff I can't predict.
On the marketing side, we have all seen the power of making contacts at trade shows. Getting visibility with crypto industry decision makers. Recruiting new NXT community members. These are things that are pretty important. I am hoping that NXTfund will get directed donations for the marketing efforts so we can fully fund attendance at all the relevant trade shows.
On the tech side, there are many new competitors and NXT already has in progress features that match or exceed almost all of them. klee has rightly identified zerocoin functionality as a strategic feature and put 1 million NXT of his to make it happen. I agree with him and as you know I am actively working on that project. What other significant tech features are needed to make NXT have everything it needs? At this point the only significant missing piece I see is a whole set of DAC's to combat etherium.
I am projecting a few months into the future and assuming Asset Exchange clients are released, Account Control is done, etc. If NXT had half a dozen meaningful and significant DAC's running and working, we will be ahead of etherium in real world functionality and installed base, possibly before they officially launch!
If anybody has any other big tech piece that NXT needs in the next 6 months, please post ASAP. What I need help with now is figuring out what the most important DAC's to have are. I am looking for specific proposals for DAC's that will add the most value to NXT. I am still a bit unsure as to what exactly DAC's can do, but from what I can tell, it can do pretty much anything you can imagine. Even non techies can help with daydreaming about the ideal set of DAC's for NXT. Post ideas please!
I hope that Pin can keep track of all the suggested DAC's and if there are more than 5 of them, we can vote to which ones the community wants. I am thinking of 100,000 NXT bounty for each of the top 5 DAC's that are implemented. The sixth DAC is the NXTcash DAC that will be funded from klee's bounty.
Please, the 1.5 million NXT is this community's NXT to spend to maximize the value of NXT. As trustee, I am obligated to listen to this community's desires and reflect the spending accordingly. If you are against 500,000 NXT for the top 5 DAC's please speak up.
Sorry for the long post, I am the anti-CfB when it comes to post length
James
