NXT coin - A total scam?

[User705]

So you read the code and instead of commenting on that decided to give us all an Econ lesson.  Don't you know everyone on this forum is an expert economist.     Tell us something about the code?  That's what actually matters.  Price swings will work themselves out.  Just look at bitcoin five years later and it's smooth trading everywhere.

[Lala]

Considering majority or all (from what I've heard) of the NXT were sold off to investors (who have an invested interest solely to profit) makes me weary of this coin. This just proves that it's being sold off by investors to individuals. This replicates a ponzi scheme to me. I've never regarded Bitcoin as a ponzi although popular belief by the uneducated that it is, but NXT really seems like a ponzi scheme to me. I don't believe it poses any 'necessary' benefits actually, it's just been marketed as this new coin that was created with Java. It doesn't address any problems that Bitcoin can not, so it's worrying how NXT is so high. It fell from $0.10 to $0.06 just now actually - obviously one of the few investors pulled out as he was satisfied with his profit. Sure, the coin could rise as many people in this crypto scene are into crypto for solely profit, although I can see NXT tumbling down some time soon.

[Vega]

obviously one of the few investors pulled out as he was satisfied with his profit.

The facts don't really support your conclusion. If you look at the blockchain, there were an influx of Nxt into the exchange before the price drop, but from dozens of accounts. A few bigger amounts (two 2M, a few 1M and less), and many various smaller transactions. It "obviously" came from different people. Unfortunately Dgex deposits are processed manually, and there were an almost 12 hours gap. These deposits hit the exchange the same time, most people were waiting hours for them to arrive, so in was a frenzy of sell orders (and bought up buy orders) that pushed down the price.

[Come-from-Beyond]

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.

Aye, I'm reading this. Short replies:

It's surprisingly insubstantial -- about 6000 lines of code, most of which is boilerplate for transactions, accounts, and elliptic curve crypto.

Most part of the code handles user interface, 1/3 is just support of API calls. Get rid of them and u'll get 2000 lines of code including elliptic curve crypto. And this includes even Alias System and Asset Exchanged! This is why Java is #1 in financial software development.

...keeping the system closed-source for months and concentrating nearly all the currency in the hands of a few people

Coins r being distributed, wait for a while. Closed-source argument is just a joke I believe, u said "Just used Java Decompiler to have a look through the Nxt source". The binaries r not obfuscated.

I'd get ready to use your giant piles of Nxt to stabilize its price, once it gets listed on a real exchange

How is it possible to stabilize price having coins, not fiat? U can only place a big ask wall, this won't help against price going down. Currenty price growth is limited by 1 NXT fee, if the price becomes too high noone will send transactions.

[Lala]

obviously one of the few investors pulled out as he was satisfied with his profit.

The facts don't really support your conclusion. If you look at the blockchain, there were an influx of Nxt into the exchange before the price drop, but from dozens of accounts. A few bigger amounts (two 2M, a few 1M and less), and many various smaller transactions. It "obviously" came from different people. Unfortunately Dgex deposits are processed manually, and there were an almost 12 hours gap. These deposits hit the exchange the same time, most people were waiting hours for them to arrive, so in was a frenzy of sell orders that pushed down the price.

Yes, but do you think investors keep one account? Also, there were multiple investors, some which would've been a team of course. A few multiple million sell orders.

[Vega]

obviously one of the few investors pulled out as he was satisfied with his profit.

The facts don't really support your conclusion. If you look at the blockchain, there were an influx of Nxt into the exchange before the price drop, but from dozens of accounts. A few bigger amounts (two 2M, a few 1M and less), and many various smaller transactions. It "obviously" came from different people. Unfortunately Dgex deposits are processed manually, and there were an almost 12 hours gap. These deposits hit the exchange the same time, most people were waiting hours for them to arrive, so in was a frenzy of sell orders that pushed down the price.

Yes, but do you think investors keep one account? Also, there were multiple investors, some which would've been a team of course. A few multiple million sell orders.

Seriously, look at the blockchain data. The currency is very new, it's simply to follow back the transactions.
It was from different people.

[NWO]

Considering there is ONE BILLION coins dispersed among a small number of unknowns who for whatever reason cannot give their true identity (unlike Ripple or eMunie). VERY high chance of being scammed. The market is being manipulated to create a frenzy - which is sadly working.

So many people about to get burned...

[Vega]

Considering there is ONE BILLION coins dispersed among a small number of unknowns who for whatever reason cannot give their true identity (unlike Ripple or eMunie). VERY high chance of being scammed. The market is being manipulated to create a frenzy - which is sadly working.
So many people about to get burned...

People who invested on this forum in crypto don't want to give their true identity? Do you want to share yours?

[markm]

I'd get ready to use your giant piles of Nxt to stabilize its price, once it gets listed on a real exchange

How is it possible to stabilize price having coins, not fiat? U can only place a big ask wall, this won't help against price going down. Currenty price growth is limited by 1 NXT fee, if the price becomes too high noone will send transactions.

Huh? To stablise it against fiat, you sell some for fiat so you have fiat. To stablise it against bitcoin you sell some for bitcoin so that you have bitcoin.

The need to stabilise implies an exchange exists, so no matter what currency the exchange is pairing against NXT it also conveniently provides you a means of obtaining ome of whatever it is pairing you with.

The fact that it is the large holders that need to do this is because only large holders have large enough amounts to be able to buy lasrge amounts of whatever the other currency in the pair is.

-MarkM-

[superresistant]

obviously one of the few investors pulled out as he was satisfied with his profit.

The facts don't really support your conclusion. If you look at the blockchain, there were an influx of Nxt into the exchange before the price drop, but from dozens of accounts. A few bigger amounts (two 2M, a few 1M and less), and many various smaller transactions. It "obviously" came from different people. Unfortunately Dgex deposits are processed manually, and there were an almost 12 hours gap. These deposits hit the exchange the same time, most people were waiting hours for them to arrive, so in was a frenzy of sell orders that pushed down the price.

Yes, but do you think investors keep one account? Also, there were multiple investors, some which would've been a team of course. A few multiple million sell orders.

Seriously, look at the blockchain data. The currency is very new, it's simply to follow back the transactions.
It was from different people.

He is obviously trolling. A quick look at the blockchain prove your analysis. Because of the manual deposit, all deposit cumulated from 12 hours came at the same time. All depositors are individuals that bought few days ago on the exchange.

[superresistant]

Considering there is ONE BILLION coins dispersed among a small number of unknowns who for whatever reason cannot give their true identity (unlike Ripple or eMunie). VERY high chance of being scammed. The market is being manipulated to create a frenzy - which is sadly working.
So many people about to get burned...

What the hell are you saying ? I never gave my identity for eMunie.
You don't need to give your identity to buy and use any cryptocurrency.

EDIT: You where talking about the devs but it was not clear in your original post. Anyway we still don't know Satoshi Yakamoto.

[NWO]

Considering there is ONE BILLION coins dispersed among a small number of unknowns who for whatever reason cannot give their true identity (unlike Ripple or eMunie). VERY high chance of being scammed. The market is being manipulated to create a frenzy - which is sadly working.
So many people about to get burned...

People who invested on this forum in crypto don't want to give their true identity? Do you want to share yours?

Sorry if you are challenged. I was more indicating to the shady nameless developers behind NXT. I know the names of every developer on Ripple as well as eMunie. Why would I or anyone else invest in a shady coin that has millions dispersed among 'investors'. You are just asking to be dumped on.

[Vega]

Considering there is ONE BILLION coins dispersed among a small number of unknowns who for whatever reason cannot give their true identity (unlike Ripple or eMunie). VERY high chance of being scammed. The market is being manipulated to create a frenzy - which is sadly working.
So many people about to get burned...

People who invested on this forum in crypto don't want to give their true identity? Do you want to share yours?

Sorry if you are challenged. I was more indicating to the shady nameless developers behind NXT. I know the names of every developer on Ripple as well as eMunie. Why would I or anyone else invest in a shady coin that has millions dispersed among 'investors'. You are just asking to be dumped on.

Sorry, I don't argue with idiots. bye

[Come-from-Beyond]

Huh? To stablise it against fiat, you sell some for fiat so you have fiat. To stablise it against bitcoin you sell some for bitcoin so that you have bitcoin.

So u sell coins to stabilize something in the future while u destabilize it now? Sounds like a regulated economy, not a free market. So... No, thx.

[Come-from-Beyond]

I was more indicating to the shady nameless developers behind NXT. I know the names of every developer on Ripple as well as eMunie...

...and Bitcoin, I suppose?

[swartzfeger]

Why would I or anyone else invest in a shady coin that has millions dispersed among 'investors'. You are just asking to be dumped on.

I'd like to point out the top account purchased it's $55 million thru dgex.com.

[virtualaddict]

I'd like to point out the top account purchased it's $55 million thru dgex.com.

Interesting. Thank you for pointing that out   dgex = 6635869272840226493

[luckygenough56]

Best coin ever. Continue whining instead of getting in the train. Keep mining your doge and cats.

[r3wt]

real programs aren't written in java

[Come-from-Beyond]

real programs aren't written in java

True. They r written in Brainfuck.