NXT coin - A total scam?

[Come-from-Beyond]

1. It's unfair since all coins were pre-mined.

This is required for security of 100% PoS currency.

2. Many awesome features of NXT makes it looks like a super set of altcoins. But only POS were implemented.

Alias System already launched. Asset Exchange is ready and just waiting when client part will be developed.

3. The system were full of bugs. The client I installed never ran properly more than 24 hours.

Every sophisticated software full of bugs. Look at the final balance of https://blockchain.info/address/1J1F3U7gHrCjsEsRimDJ3oYBiV24wA8FuV

4. The account id issue. We had talked about it for a long time but no any reasonable answer.

It was already given. U lie or troll.

[mr_random]

3. The system were full of bugs. The client I installed never ran properly more than 24 hours.

I had to delete the .nxt or re-download all client and block chain files to fetch the latest block info every time I restart computer.

And the block chain update progress always got stuck.

Not to saying the super user with huge amount of coins or negative number of coins.

Bitcoin had bugs once you know. It's years old now.

Please note, NXT is built on a totally new codebase with different concepts. Do not compare it to Bitcoin clones which have only a few tweaks or deviations from the Bitcoin codebase.

[FrictionlessCoin]

3. The system were full of bugs. The client I installed never ran properly more than 24 hours.

I had to delete the .nxt or re-download all client and block chain files to fetch the latest block info every time I restart computer.

And the block chain update progress always got stuck.

Not to saying the super user with huge amount of coins or negative number of coins.

Bitcoin had bugs once you know. It's years old now.

Please note, NXT is built on a totally new codebase with different concepts. Do not compare it to Bitcoin clones which have only a few tweaks or deviations from the Bitcoin codebase.

Yes, but all these other coins are built on top of a codebase that is well known to be secure.

To build on a code base that is entirely new has greater risks.   Just because it is new does not mean it is better.  It still has a lot of growing pains to go through and only time will tell if it can make it through this.

[FrictionlessCoin]

Fourth, it's financial software.  Financial software in itself doesn't scream 'scam' but it does mean you absolutely cannot run it without completely trusting it because if you do otherwise then sooner or later a scam will take your entire life savings and/or livelihood.

Exactly!   It is crazy that people are placing hard earned money on software that appears to be written in a week or two on the side!

C'mon, look at the code base!   It's a prototype that I would find written by any student as part of a course exercise.

What I like to see is something like eMunie that takes months to work on to release.

This is VERY DANGEROUS STUFF we are speaking of here.

[PeercoinEnthusiast]

*yawn*

I love the alt section (ghetto) of Bitcointalk. It's a hoard of people always looking for reasons why something won't work because they weren't involved early on. Good stuff.

[nexern]

1. repeating old states in endless loop, doesn't make them more true.
distribution is going on fast. from 72 initial accounts nxt reaches
now 4.000 accounts within 30 days! major stake accounts melting
step by step, easy to see if you really want.
2. many of the worldwide biggest database cluster driven by java.
besides this, as mentioned above, java is the number one language
within the financial industry and there are reason why so. nearly all
global companies using java also, not only for data-analytic but also for
the complete business logic. moreover a good coder create superior code
regardless which tools he used. stating the tools defines the output
quality simply revealing someone who has zero real world knowledge
and what he is talking about and for sure not a professional developer.
3. comparing nxt to other btc-clones makes also no sense, not that
the whole codebase is written from scratch, it's concept is simple
different, a one to one comparison reveals again insufficient knowledge
at all. nxt rolled out more usefull and important functions in a few
days then any other coin in month or even years. while i can understand
and also respect the current attacks, to protect monetary interests,
a new currency should withstand this, i can't, as soon they become to a
level just to protect another insufficient system. blocking independent
and most important, free decisions is just -> censorship, nothing else.
i would also thanks the attacker(s) for this usefull confirmation. now
i am sure nxt has something unique, others would like to have, therefore
i will double my time supporting nxt from now on. 

[instacalm]

major stake accounts melting
step by step, easy to see if you really want.

let me see please

[nexern]

major stake accounts melting
step by step, easy to see if you really want.

let me see please

here we go:
http://87.230.14.1/nxt/nxt.cgi?action=34

pos 51. was +8m. last week.

and here:
http://87.230.14.1/nxt/nxt.cgi?action=31

smaller accounts rising into top miner lists.

and here:
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=6635869272840226493

dgex has a healthy distribution ratio.

and just in case you like to talk only about the first top account position.
looks like the unclaimed nxt account to me and i wrote melting, not already melted.
all in all as said, distribution is going on, no doubt about it.

edit:
and btw, if you compare this distribution ratio, precised by factorizing the distribution timescale
you will find out, that nxt has already outperformed many, if not any other coin in terms measured above.
prove it, compare it with other coins within this timescale if you really want to know, hopefully you trust your own numbers then.
and if you really do, just have a look, while you on it and check the real current distribution of some popular coins too. 

[paratox]

Don't forget that distribution can be faked. Are you able to verify that each address belongs to only 1 individual?

Wouldn't it be smart move for large stakeholders to make it look like the distribution is happening in a healthy manner?
Of course, this issue applies to nearly all coins, but it is a more serious matter in the case of a fully minted digital currency like NxT.

Be cautious.

[medveworld]

so sad if its total scam 

[nexern]

so sad -> if <- its total scam  

correct wording here...

[nexern]

major stake accounts melting
step by step, easy to see if you really want.

let me see please

here we go:
http://87.230.14.1/nxt/nxt.cgi?action=34

pos 51. was +8m. last week.

and here:
http://87.230.14.1/nxt/nxt.cgi?action=31

smaller accounts rising into top miner lists.

and here:
http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=6635869272840226493

dgex has a healthy distribution ratio.

and just in case you like to talk only about the first top account position.
looks like the unclaimed nxt account to me and i wrote melting, not already melted.
all in all as said, distribution is going on, no doubt about it.

edit:
and btw, if you compare this distribution ratio, precised by factorizing the distribution timescale
you will find out, that nxt has already outperformed many, if not any other coin in terms measured above.
prove it, compare it with other coins within this timescale if you really want to know, hopefully you trust your own numbers then.
and if you really do, just have a look, while you on it and check the real current distribution of some popular coins too. 

lol

sure, what else could you say 

[nexern]

sure, what else could you say 

a very healthy distribution 

oups, have seen your other statement, everything clear now.
it seems i have asked for more than you are able to deliver.
no problem, take it easy.   

[Omnilink]

100% premined Few stackholder >>> total scam

[nesco1805]

OK will someone please explain to me what happens when one or two major stakeholders decide "OK, time to get rich; I want to cash-out"

Isn't there a huge chance for devaluation, just waiting to happen?
And the only thing preventing it is self-discipline, or some kind of internal Rules Of Conduct?

[Come-from-Beyond]

100% premined Few stackholder >>> total scam

Thank u for ur competent opinion, from a newbie account it's especially valuable.

[nexern]

http://bitcoinexaminer.org/small-group-of-47-people-owns-almost-30-percent-of-all-bitcoins/

[Hazard]

1. It's unfair since all coins were pre-mined.

This is required for security of 100% PoS currency.

Big words coming from one of the largest stakeholders.

[Come-from-Beyond]

1. It's unfair since all coins were pre-mined.

This is required for security of 100% PoS currency.

Big words coming from one of the largest stakeholders.

Man, I was missing u, really. U r the only troll I didn't put into ignore list. Dunno why, maybe u r so awesome.

[tinybike]

Just used Java Decompiler to have a look through the Nxt source.  It's surprisingly insubstantial -- about 6000 lines of code, most of which is boilerplate for transactions, accounts, and elliptic curve crypto.  (For reference, IIRC the original Bitcoin source was ~30,000 lines of code.)  I'm guessing this is because Nxt's shiny new features simply aren't in the downloadable client yet.  Thought it might add a useful data point to the discussion.

I should say: I don't own any Nxt, and presently I have no opinion about whether it is or isn't a scam.  I originally was hopeful that Nxt would be a Ripple-like system that wouldn't repeat Ripple's mistakes -- namely, keeping the system closed-source for months and concentrating nearly all the currency in the hands of a few people.  As Romyen correctly (and forcefully) points out, the fact that the Nxt market is already cornered will scare off most buyers that aren't either (a) fools or (b) wild financial speculators.  If most of the people buying into Nxt are from group (b), it's going to have larger-than-normal price fluctuations due to the usual pump-and-dump shenanigans.

Note that I'm not saying that the developers of Nxt are pump-and-dump scammers.  I'm saying that the way Nxt did its initial distribution is very likely to lead to insane price swings, regardless of their intentions.  And, "larger than normal" is really saying something, given the insane fluctuations newly-listed altcoins usually experience...  Nxt devs, on the off chance that you're reading this: if you want to counteract this (and you should, if you're on the level), I'd get ready to use your giant piles of Nxt to stabilize its price, once it gets listed on a real exchange.  Just my 2 cents.