WARNING about Nextcoin NXT the new altcoin is this legit?

[Come-from-Beyond]

EVERYONE had to pay the creator to get coins, "hence there was no pre-mining" <-plain lie

How would YOU distribute initial coins in 100% proof-of-stake currency?

[X68N]

Yeah, it is just like Larry and Sergey invites you to join Google party in 2002. Don't mistake Nxt with a coin. It is much bigger.

It is really the same like ripples, which is als "really big" and all the money goes to the company.
Or could you explain a difference?
They riskreward isn't good anymore, or do you have other information?

EVERYONE had to pay the creator to get coins, "hence there was no pre-mining" <-plain lie

How would YOU distribute initial coins in 100% proof-of-stake currency?

The thing with normal coins is they are backed up with producing costs so no person can get too fast (relative) a lot of them.
So if this step was deleted, then there is no initial difficulty to get coins.
This could become a justification to just sell them at a very high price to a small group of "investors".

I am no developper, to get a soloution for that i would need some time.
A fast soloution could a kind of semi random distribution based on active addresses.
At the start every new adress gets a random amount and by using the client, in the first 5 years coins are send randomly (like a lottery).
There could be made a kind of fairness so the max difference of reandomness is 100-1000x and reward scaling over time.
Later there could be a holding interest combined with a transmission fee income.
This model has the same problem of each fair lunched alt coin. The developper as no advantage in time or coin amount.

[Come-from-Beyond]

I am no developper, to get a soloution for that i would need some time.
A fast soloution could a kind of semi random distribution based on active addresses.
At the start every new adress gets a random amount and by using the client, in the first 5 years coins are send randomly (like a lottery).
There could be made a kind of fairness so the max difference of reandomness is 100-1000x and reward scaling over time.
Later there could be a holding interest combined with a transmission fee income.
This model has the same problem of each fair lunched alt coin. The developper as no advantage in time or coin amount.

Well, this won't work coz of http://en.wikipedia.org/wiki/Sybil_attack.

[Thorgrim]

In my opinon NXT is the biggest scam coin yet.

I don't even know where to start, to be honest there are so many red flags. I could write a novel.

The value quoted at coinmarketcap.com is based off of the the only exchange you can purchase NXT which is dgex.com. Other coins in the top 10 at coin market cap are listed at muliple exchanges.

This is the Terms and conditions to sign up at dgex.com. I highlighted a couple things.

Terms and Conditions

DGEX.com is a provider of exchange services for Bitcoin and other cryptocurrencies.

 

While processing manually, deposit and withdrawal orders are generally filled the same day's business hours, or next business day, as soon as your cleared funds are credited to our cryptocurrency account.

Automated payment processing, while available, performs instant crediting of transfers as soon as they are sufficiently confirmed by the p2p network in question.

Refund Policy: While DGEX.com is aiming for bona fide operationability, there are no refunds. All deposits are considered final purchases of digital tokens within the DGEX.com database only.

Transaction costs: as stated on the DGEX.com Fees page.

By using the services offered on this website you (the client / member) agree not to hold any party or persons liable for any errors resulting in a loss of funds arising directly from the information provided by you either using DGEX.com order forms, direct email, phone or fax. Also you agree not to hold any party or persons liable for any third party actions that may result in loss of funds.

Once a deposit is made, the funds transferred become the property of DGEX.com and the client can hold no claim for the funds displayed on their DGEX.com account should any unforeseen circumstances occur.

When placing orders, please ensure your Bitcoin address and other cryptocurrency account numbers are accurate. Please ensure that all other details required (your contact email address) are also accurate. Order fulfillment resulting from details provided by you is final. Orders cannot be reversed whether or not instructions given were accurate. No claim can be made against DGEX.com for fulfilling a order where the provided information was incorrect.

Privacy Policy: Any details provided to us as a result of requesting any of our services are strictly confidential. Your details will not be shared, sold, rented or divulged to any third party under any circumstances unless specifically being forced to do so by appropriate legal authorities and / or in the event that your transactions are proven to be fraudulent.

These terms and conditions may be changed at any time without prior notice.

I don't think I need to comment much on this. Basically anyone with half a brain can see that your funds are not safe here, the owner has pretty much admitted it in the terms.

If you own NXT and dgex.com decides to pull an MCXnow how much are your NXT worth when they aren't traded at any other exchange?

Also how much of the volume at dgex.com is real?

We know that much of the volume at MCXnow was manufactured by the operator/scammer Reasolid who traded with himself using puppet accounts.

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

[Come-from-Beyond]

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

I have to admit this is a valid point. Everyday I see the same on http://bitcoin.clarkmoody.com/

[GCInc.]

I don't think I need to comment much on this. Basically anyone with half a brain can see that your funds are not safe here, the owner has pretty much admitted it in the terms.

These are our standard terms we have used in electronic currency business for the past 15 years. They are for legal implications -  Crypto is a legal gray area where the operator needs to cover themself for unforeseen circumstances. The same happens in every business, be it regulated or not. Being honest and laying our what would happen in a worst case scenario is not grounds for scam, quite the opposite.

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

That's true, and it happens in all markets. As for the operator trading, well that just isn't worth all the risks involved. I have a handful of NXT that I have purchased from the free market and that's it. Of course you don't need to believe me or trust me. Sleep your nights well, while those who maybe don't, they laugh all the way to the bank! 

[2Kool4Skewl]

I don't think I need to comment much on this. Basically anyone with half a brain can see that your funds are not safe here, the owner has pretty much admitted it in the terms.

If you own NXT and dgex.com decides to pull an MCXnow how much are your NXT worth when they aren't traded at any other exchange?

Also how much of the volume at dgex.com is real?

We know that much of the volume at MCXnow was manufactured by the operator/scammer Reasolid who traded with himself using puppet accounts.

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

A lot of this is just FUD.  The Nxt community is trying to get Nxt listed on Cryptsy, BTC38 and other exchanges.  A lot of people have been trying to purchase Nxt because it is innovative.  That is what is driving up the price.

[Thorgrim]

I don't think I need to comment much on this. Basically anyone with half a brain can see that your funds are not safe here, the owner has pretty much admitted it in the terms.

If you own NXT and dgex.com decides to pull an MCXnow how much are your NXT worth when they aren't traded at any other exchange?

Also how much of the volume at dgex.com is real?

We know that much of the volume at MCXnow was manufactured by the operator/scammer Reasolid who traded with himself using puppet accounts.

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

A lot of this is just FUD.  The Nxt community is trying to get Nxt listed on Cryptsy, BTC38 and other exchanges.  A lot of people have been trying to purchase Nxt because it is innovative.  That is what is driving up the price.

This isn't why the price is going up. The price is going up because there is very little supply. All the coins are already mined so no new supply is coming on the market everyday. If someone wants coins they have to buy them from a stakeholder who may just decide to hold for higher prices. The stakeholders don't have to worry about miners coming in and undercutting them they can just hold. So there may be 1 billion coins but the actual supply available for purchase is only a fraction of that.

[Thorgrim]

You guys are quick with the damage control.

It is 1am on a saturday night and you guys are responding immediately.

[Come-from-Beyond]

You guys are quick with the damage control.

It is 1am on a saturday night and you guys are responding immediately.

No. It's 11:16am now.

Btw, in 30 mins we have Nxt party dedicated to Alias System opening, that's why a lot of people online.

[Thorgrim]

Where are you guys Australia?

[Come-from-Beyond]

Where are you guys Australia?

Aye, very close. I'm in the center of Europe.

[2Kool4Skewl]

I don't think I need to comment much on this. Basically anyone with half a brain can see that your funds are not safe here, the owner has pretty much admitted it in the terms.

If you own NXT and dgex.com decides to pull an MCXnow how much are your NXT worth when they aren't traded at any other exchange?

Also how much of the volume at dgex.com is real?

We know that much of the volume at MCXnow was manufactured by the operator/scammer Reasolid who traded with himself using puppet accounts.

There is nothing stopping the "stake holders" from trading NXT back and forth to each other to manufacture any price they want, they could easily do this, they have all the coins and there is only one exchange.

A lot of this is just FUD.  The Nxt community is trying to get Nxt listed on Cryptsy, BTC38 and other exchanges.  A lot of people have been trying to purchase Nxt because it is innovative.  That is what is driving up the price.

This isn't why the price is going up. The price is going up because there is very little supply. All the coins are already mined so no new supply is coming on the market everyday. If someone wants coins they have to buy them from a stakeholder who may just decide to hold for higher prices. The stakeholders don't have to worry about miners coming in and undercutting them they can just hold. So there may be 1 billion coins but the actual supply available for purchase is only a fraction of that.

It wouldn't matter how distributed the currency is you would still have supply and demand.  A certain percentage of all market participants will sell at a certain price because they believe the item is worth a certain amount.

Nxt's alias registration goes live in ~22 minutes.  That is why all the Nxters are on here.

[Thorgrim]

Look I am not trying to bash just to bash but NXT seems to have a lot of similarities between solidcoin/microcash/MCxnow

Proprietary exchanges, devs/stakeholders owning the majority of coins, large coin holders being rewarded more then small coin holders. It is right out of the Realsolid play book.

All of these things are red flags that I ignored with Realsolid and MCXnow. I don't want to see anyone get scammed like I did.

[nocoin]

EVERYONE had to pay the creator to get coins, "hence there was no pre-mining" <-plain lie

How would YOU distribute initial coins in 100% proof-of-stake currency?

For free in the biggest giveaway thread, followed by provable destroying of the rest of "premine".

[Come-from-Beyond]

For free in the biggest giveaway thread, followed by provable destroying of the rest of "premine".

How would u counteract guys who own 100s BTT accounts specially for such giveaways?

[nocoin]

How would u counteract guys who own 100s BTT accounts specially for such giveaways?

If you want to filter out those guys, you could just specify Activity threshold.
It will be much more approved by community than distributing all coins to initial "investors" for payment.

[Come-from-Beyond]

How would u counteract guys who own 100s BTT accounts specially for such giveaways?

If you want to filter out those guys, you could just specify Activity threshold.
It will be much more approved by community than distributing all coins to initial "investors" for payment.

U know nothing about black market of BTT accounts.

[nocoin]

U know nothing about black market of BTT accounts.

Tell me.
Also, community knows nothing too. This is not about fairness, it's about view of the majority.

[Come-from-Beyond]

U know nothing about black market of BTT accounts.

Tell me.
Also, community knows nothing too. This is not about fairness, it's about view of the majority.

There is a market of BTT accounts. Ppl create them, post under them to bump activity count to 100+ values and then sell them.