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Author Topic: NXT coin - A total scam?  (Read 48623 times)
miztaziggy
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December 09, 2013, 10:20:41 AM
 #1

There are lots of threads over on the NXT boards whining about lack of distribution by the stakeholders.

It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?

Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.

One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.

Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.

This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.

So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?



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December 09, 2013, 11:24:20 AM
 #2

So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?

In a civil society "innocent until proven guilty". And btw nothing were stopping u from sending a few satoshis to Nxt transfer address to get ur NXTs. And "closed source" can't be applied to non-obfuscated java class-files. And luck has nothing to do in Risk vs Reward ratio. And 300x increase was a free market decision...

Smiley
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December 09, 2013, 11:44:55 AM
 #3


Hey, don't get Come-from-Beyond upset there now!?!  He has a lot of work to do!!!   Wink Grin Wink

Not really, today I'm off. Waiting for the specification to implement the transparent mining.
miztaziggy
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December 09, 2013, 12:19:05 PM
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So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?

In a civil society "innocent until proven guilty".

Smiley

Sorry not good enough.

Creating a new coin and hoping to sell it off for 6000 BTC is ridiculous especially when there is zero proof that this coin offers anything more than the really basic efforts so far.
Bitventurer
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December 09, 2013, 03:45:30 PM
 #5

I think that NXT will have a bright future, as soon as the code will be released in public ... the author seems to have a genius brain, this isn’t just another shitty copycoin of XBT, make your researches and try to understand, and its the same like with XBT,"either you get it , either you don't" ... I see that it can happen that NXT will be the 4 in price value (1.Bitcoin;2.Litecoin;3.Namecoin;4.Nxt-last 2 will be battling with each other) , that can happen in 1-2 years, if :
1.the source code will be released;
2.the decentralized exchange in it will start working; and of course :
3.if the Genesis Block adopters will start distributing their "kazilions" of NXT's

XBT
kwest
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December 09, 2013, 03:56:12 PM
 #6

I have a feeling Nxt and eMunie will be competing for a top 10 marketcap spot at the very least.
Both of them bring something new and unique to the table. And both of them are more like altcoins to each other rather than Bitcoin.. because they're not really like Bitcoin at all.

For full disclosure.. I will be holding both. They are different enough from each other that it will be very interesting to see how the market responds to them once they are both released.
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December 09, 2013, 04:02:46 PM
 #7

There are lots of threads over on the NXT boards whining about lack of distribution by the stakeholders.

It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?

Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.

One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.

Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.

This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.

So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?





Its free market, if you think its a scam just ignore it and leave us alone.
I didn't catch the pre-sale train either, but as soon as I read some posts I realize this might be the best altcoin ever made.

NXT: 13997163105778396158
miztaziggy
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December 09, 2013, 06:52:53 PM
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Its free market, if you think its a scam just ignore it and leave us alone.
I didn't catch the pre-sale train either, but as soon as I read some posts I realize this might be the best altcoin ever made.

'leave us alone'

Why?

Who do you think I am harming in asking questions?

You have read some posts about this but where's the evidence to back up anything that is said? There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

I am not saying it is definitely a scam, I hope it's not, I am saying people need to ask more questions instead of blindly trying to buy a coin for 300x its initial cost in the hope that it will pan out and really be worth something. Don't let yourself get conned into losing a load of BTC buying a worthless coin.

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December 09, 2013, 06:55:18 PM
 #9

There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

Would the source code help u to come to a conclusion if it's imitation or not?
kaito
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December 09, 2013, 06:59:28 PM
 #10

I hope it's not, I am saying people need to ask more questions instead of blindly trying to buy a coin for 300x its initial cost in the hope that it will pan out and really be worth something. Don't let yourself get conned into losing a load of BTC buying a worthless coin.
Why not? Consider it an investment. Either you get monetary profit or a valuable experience.
miztaziggy
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December 10, 2013, 12:03:44 AM
 #11

There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

Would the source code help u to come to a conclusion if it's imitation or not?

Yes, of course, the full and uncut source code proving these advanced features and an actual difference from BTC would prove me wrong. And I would be happy to be proved wrong.

Judging by the talk over at nxt forum, it does seem that the source code isn't going to be released though, not fully. That almost solidifies the doubt for me now.

As I said over on Nxt forum, if I wanted to try and scam people out of BTC, it would be easy to create a really basic coin and really basic interface (full of bugs) with the promise of so much more hidden in the source code, all to come in the not to distant future.

But, before it comes, let's sell off this coin at a rate equal to 6000 BTC for the whole lot.

The little bit of source code there is will be released in dribs and drabs to try to keep interest alive whilst the inital stock is sold.

Once interest fades or anger arises from the lack of transparency, it's too late, there will have been hundreds of BTC invested, the creator has had his money, everyone else loses theirs as the coin collapses.
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December 10, 2013, 12:34:29 AM
 #12

There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

Would the source code help u to come to a conclusion if it's imitation or not?

Yes, of course, the full and uncut source code proving these advanced features and an actual difference from BTC would prove me wrong. And I would be happy to be proved wrong.

Judging by the talk over at nxt forum, it does seem that the source code isn't going to be released though, not fully. That almost solidifies the doubt for me now.

As I said over on Nxt forum, if I wanted to try and scam people out of BTC, it would be easy to create a really basic coin and really basic interface (full of bugs) with the promise of so much more hidden in the source code, all to come in the not to distant future.

But, before it comes, let's sell off this coin at a rate equal to 6000 BTC for the whole lot.

The little bit of source code there is will be released in dribs and drabs to try to keep interest alive whilst the inital stock is sold.

Once interest fades or anger arises from the lack of transparency, it's too late, there will have been hundreds of BTC invested, the creator has had his money, everyone else loses theirs as the coin collapses.

well, miztaziggy. looks like you have some experiences in this.
your detailed presentation here how it *could* be, tells more about *you* than you think.
hopefully you don't get the sources to early into your hands.
nmtrader100
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December 10, 2013, 12:57:43 AM
 #13

I really feel sorry for some of these people coming into this game late and falling for this garbage.  Not very many people understand how big a billion is.  That's 50 times more than the amount of bitcoins that will exist 50 years from now.  All pre-mined, "pre-created", whatever term you want to use- and held by a select few individuals.  Remember that when you go to buy these things.  They are worthless.  I thought Quark was outrageous but the nerve of these guys really takes the cake.  This is not an open source crypto-currency and it never will be. 
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December 10, 2013, 01:07:28 AM
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I really feel sorry for some of these people coming into this game late and falling for this garbage.  Not very many people understand how big a billion is.  That's 50 times more than the amount of bitcoins that will exist 50 years from now.  All pre-mined, "pre-created", whatever term you want to use- and held by a select few individuals.  Remember that when you go to buy these things.  They are worthless.  I thought Quark was outrageous but the nerve of these guys really takes the cake.  This is not an open source crypto-currency and it never will be. 

+1
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December 10, 2013, 01:12:16 AM
 #15



Its free market, if you think its a scam just ignore it and leave us alone.
I didn't catch the pre-sale train either, but as soon as I read some posts I realize this might be the best altcoin ever made.

'leave us alone'

Why?

Who do you think I am harming in asking questions?

You have read some posts about this but where's the evidence to back up anything that is said? There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

I am not saying it is definitely a scam, I hope it's not, I am saying people need to ask more questions instead of blindly trying to buy a coin for 300x its initial cost in the hope that it will pan out and really be worth something. Don't let yourself get conned into losing a load of BTC buying a worthless coin.



That is just it. These noobs just can't stand the thought of seeing their ponzi scam dreamland crap coin bubble pop.

"leave us alone" ROLF Grin

I wish the IFC crowd went that easy on me. lolz

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December 10, 2013, 01:13:01 AM
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I really feel sorry for some of these people coming into this game late and falling for this garbage.  Not very many people understand how big a billion is.  That's 50 times more than the amount of bitcoins that will exist 50 years from now.  All pre-mined, "pre-created", whatever term you want to use- and held by a select few individuals.  Remember that when you go to buy these things.  They are worthless.  I thought Quark was outrageous but the nerve of these guys really takes the cake.  This is not an open source crypto-currency and it never will be. 

let's see...
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December 10, 2013, 01:43:22 AM
 #17

Not very many people understand how big a billion is.  That's 50 times more than the amount of bitcoins that will exist 50 years from now.
Is it better, if there was just one thousand of NXT from genesis?

NXT: NXT-VDTM-HDPP-XTAX-CEQF3
BTC: 1A6t7HRPDhd31ze4iahuQoEVdeAqx8Jhyv
Come-from-Beyond
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December 10, 2013, 07:19:03 AM
 #18

There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.

Would the source code help u to come to a conclusion if it's imitation or not?

Yes, of course, the full and uncut source code proving these advanced features and an actual difference from BTC would prove me wrong. And I would be happy to be proved wrong.

Ok, u have to wait till the 3rd of Jan. Or u can disassemble *.class files right away.
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December 10, 2013, 08:14:37 AM
 #19

There are lots of threads over on the NXT boards whining about lack of distribution by the stakeholders.

It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?

Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.

One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.

Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.

This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.

So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?





Its free market, if you think its a scam just ignore it and leave us alone.
I didn't catch the pre-sale train either, but as soon as I read some posts I realize this might be the best altcoin ever made.

+1000
 Yes it is a Free Market and everyone can choose what is better for him. Nobody tells you to buy these coins. If you don't like the coin don't buy it. It is plenty of choice today...

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December 10, 2013, 08:32:13 AM
 #20

miztaziggy,

How many posts have you created bashing Nxt?  lol   Stop with the FUD.  Get a life.

Don't delude yourself into thinking that other people care what you think.

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