NXT coin - A total scam?

[Slingshot]

 See the link below for a very Interesting Article (as well as a wonderful Crypto News site) that shed a lot of light on what Nxt is claiming to be. This was News to myself. I can only imagine it will be to many others too.
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NXT Official Launch NXT Generation of Cryptocurrency Begins Now
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Posted on January 3, 2014 by CryptoMaster

http://cryptosource.org/nxt-official-launch-­-nxt-generation-of-cryptocurrency-begins-now/


"...NXT breaks alt coin history by being 100% new Proof of Stake (PoS) code, 100% green, completely decentralized, and fast..."

 "...NXT offers cutting edge features such as instant transaction confirmations, decentralized DNS/Trading, and Transparent Mining..."

 "...NXT is the NXT generation digital currency that is in a league all its own..."

  "...all-new 100% Proof of Stake (PoS) code base, NXT is not an alt coin based off Bitcoin code. NXT takes a different approach launching with many groundbreaking features..."


   "...NXT is 100% PoS which means no mining takes place in the traditional sense. Instead, NXT is earned by clients collecting transaction fees for securing the network and processing the transactions. This leads to a 100% green(low energy) “mining” that is environmentally friendly..."

http://cryptosource.org/nxt-official-launch-­-nxt-generation-of-cryptocurrency-begins-now/


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 After learning all that I am in favor of Nxt.
------------------------------------------------

 Nxt seems poised to have earned a spot in this "Decentralized Crypto-Currency Revolution", even though it started out in a novel fashion.


 That said since there are so darn many Nxt in existence at about a Billion Nxt! (999,997,986 Nxt).

 I will patiently wait until their price much better reflects their overwhelming amounts considering demand versus supplies. But the concept, foundation and key focus on Nxt makes it a Masterpiece in my own mind. I don't care a wit if others disagree at all. It will get dispersed, and in time be fully decentralized.

 Sooner or later Nxt will get spread around, just like the others.

 Some really sharp things are in Nxt. Things I didn't have a clue about. It's a slam dunk if marketed well. But first it needs to be distributed for a fair value marketplace price. I believe it's just far too highly valued at the present time, but hey, I could be absolutely wrong. Still I haven't rushed into them nor ever owned any of them. But I do like them. All Billion or so of them, lol...

 I don't discriminate against any crypto's. I have labeled about a dozen so far as Masterpieces for one set of reasons or another, or maybe just being ground breaking, or having a wonderful focus. Each for various reasoning. Maybe some of which others would laugh over. That's okay. That's what makes a real Free Marketplace, and not a Controlled, Centralized Fascist Nightmare.


 Nxt - it has my attention. But there are so darn many Nxt. I will accumulate some later, hopefully at a much more fair exchange rate. Speaking of which I voted for Nxt to get put on Cryptsy even though it wasn't on the list and well I don't own any Nxt, never have, just like I already mentioned. But some day I hope to join in being a currency holder of them too.

 Wish I would have tossed a dash into that pot when Nxt started out looking back but hindsite is always 20/20, or that's the saying. Back then the explanations were not so well described, or so it seems. Maybe I missed the finer points. Oops.

 At any rate flame away I don't care.

 Nxt is yet another Masterpiece, even with it's odd creation without Proof of Work (PoW) to get it launched.

 Sadly many scammers will attempt the same approach and end up stealing a lot from many a speculator seeking the same thing as the early adoptors of Nxt. At least that's my best guess. And I for one wont be taking the bait either. Nxt it is. The rest need to at least start out their beginning in PoW mode as far as I am concerned, but whatever. Otherwise I will dismiss them just like I did Nxt, and merely for concerns of being scammed out of what could be a giant sum in the not so distant future, maybe.

 I just called it like I saw it here with Nxt. But for myself it will have to wait, just like for all good things.


P.S. I skipped reading this thread, but I have been researching and scoping out Nxt this last week. After all it's our own opinions that matters most, unless of course everyone else hates the thought.

 So anyway, this was just a PSA in case anyone didn't realize that awesome article on Nxt was there, or for that matter that great Crypto News Site spelled http://cryptosource.org/ - and no, I have nothing to do with them except their articles there get reviewed by myself quite regularly.



Caveat emptor - let the buyer beware!

[opticalcarrier]

hold

 this

 remember a 100 percent distribution at Genesis is the only way to secure a 100 percent proof of stake coin

Hold and wait for the features

[awazus]

Miztaziggy missed out on and he is now dedicated to trolling.

[Come-from-Beyond]

Not matter how you try to spin it, "100% PoS" is already done by the hybrids, as they all have a PoW reward going towards zero. However they try to allocate the initial coins in a decentralized way and try to avoid concentrating holdings. There is nothing innovative about having a centralized allocation of initial coins.

There is a big difference between "100% PoS" and "near-100% PoS".

[Lonsarg]

Not matter how you try to spin it, "100% PoS" is already done by the hybrids, as they all have a PoW reward going towards zero. However they try to allocate the initial coins in a decentralized way and try to avoid concentrating holdings. There is nothing innovative about having a centralized allocation of initial coins.

There is a big difference between "100% PoS" and "near-100% PoS".

Well you can have a hybrid that uses PoW only for initial distribution and than later DOES become 100% PoS. Central distribution is a b1tch.

[Come-from-Beyond]

Well you can have a hybrid that uses PoW only for initial distribution and than later DOES become 100% PoS. Central distribution is a b1tch.

What is the difference between burning electricity and spending bitcoins? Each bitcoin is backed by already burnt energy.

[Lonsarg]

Well you can have a hybrid that uses PoW only for initial distribution and than later DOES become 100% PoS. Central distribution is a b1tch.

What is the difference between burning electricity and spending bitcoins? Each bitcoin is backed by already burnt energy.

Well yes it sucks, look at that unfair bitcoin distribution. But still better than centralized distribution. And if this energy burning is only for the first lets say 3 months, than not much energy is wasted, it just distributes initial money acording to people risking  their energy bill. And what does centralizred distribution do? It distributes it among the first that gave practically nothing for it.

I have no problem with developer getting as much as maybe 5-10% of all money existing, but random early people, cmon...

[Come-from-Beyond]

Yeah that was obviously my point. Do I need to say it again? This does not count as innovation, you're just removing stuff and making it worse.

I would admit that u r right but posts like http://www.reddit.com/r/peercoin/comments/1tz3na/the_top_100_richest_addresses_own_6158_of_all/ make me to doubt...

[User705]

Not matter how you try to spin it, "100% PoS" is already done by the hybrids, as they all have a PoW reward going towards zero. However they try to allocate the initial coins in a decentralized way and try to avoid concentrating holdings. There is nothing innovative about having a centralized allocation of initial coins.

There is a big difference between "100% PoS" and "near-100% PoS".

Well you can have a hybrid that uses PoW only for initial distribution and than later DOES become 100% PoS. Central distribution is a b1tch.

But the coin is theoretically vulnerable to 51% attack since blockchain is still maintained by PoW.  Empirical real world evidence on if bitcoins PoW will succeed without block rewards isn't known yet.

[NWO]

I think the anonymous founder who doesn't even speak and has his paragraphs paraphrased for him to conceal his identity is suspicious.

I think everyone is being taken on a ride. The classic long con.

[User705]

I think the anonymous founder who doesn't even speak and has his paragraphs paraphrased for him to conceal his identity is suspicious.

I think everyone is being taken on a ride. The classic long con.

Are you referring to Satoshi?

[NWO]

I think the anonymous founder who doesn't even speak and has his paragraphs paraphrased for him to conceal his identity is suspicious.

I think everyone is being taken on a ride. The classic long con.

Are you referring to Satoshi?

Just because Bitcoin has an anonymous founder, it doesn't exempt Nxt from the transparent norm.

[allwelder]

Anybody can doubt and question Nxt,but first you should read the more than 900 pages' thread https://bitcointalk.org/index.php?topic=345619.0
then you will have more reason to doubt.
Otherwise,you looks like  ignorant

[vintagetrex]

I am trying to make up my mind about Nxt.  Can anyone explain what is scarce in the Nxt transactional system other than the source code?

You can copy and paste Bitcoin's source code and run your own Bitcoin2, but you will not have the same mining network.  However, if you copy and pasted Nxt's source code, it seems you would have the exact same thing right?  Did I miss something?

[Come-from-Beyond]

I am trying to make up my mind about Nxt.  Can anyone explain what is scarce in the Nxt transactional system other than the source code?

You can copy and paste Bitcoin's source code and run your own Bitcoin2, but you will not have the same mining network.  However, if you copy and pasted Nxt's source code, it seems you would have the exact same thing right?  Did I miss something?

U did. Not all aspects of Nxt r revealed yet.

[s2]

I'm liking the POS approach but need the full source code as I'm cautious about its credibility in being decentralized... heck I was nervous running a java application to see if it even worked.


I'd like to know why only the old source code is available and not the latest? 

https://bitbucket.org/JeanLucPicard/nxt-public/src

Surely having more people review and offer contributions will aide in adoption and refinements or have I missed something?  (For instance surely this 5000+ line mega file would benefit from some modularization for readability)

Also is buying nxt with btc the only way to get reasonable amounts of them? 

I'm not trolling here, if nxt can deliver this will be incredible, I'm just highlighting first impressions as I expect others may share this point of view and would love to get a better understanding of how it works before putting any time towards it.

[Cryddit]

"works" is not the word I'd have chosen. 

That said, I gather you had roughly the same meaning as the words I would have chosen... 

[opticalcarrier]

you guys are probably all correct...

alias system is up and running, arbitrary message is up and running, and Im currently testing decentralized asset issuance and exchange right now.

yeah, total scam dude.

[lordcirth]

I see great promise in NXT, I've set up the .jar and gotten 2 NXT from the faucet, but I am not spending _any_ money on it until I see a real source release.  There is no longer any reason to withhold source.  The argument that clones sprung up instantly?  By now, NXT is reasonably well-known, a pure clone is not going to overcome NXT's first-mover status.  "many of Nxt's advanced features are still being developed and are very new. "  <-- What's that got to do with anything?  Have a staging branch and a release branch, if you like.  I think the author means well, but he needs to realize that the real, full source is needed for anyone to trust NXT. 

[FrictionlessCoin]

I see great promise in NXT, I've set up the .jar and gotten 2 NXT from the faucet, but I am not spending _any_ money on it until I see a real source release.  There is no longer any reason to withhold source.  The argument that clones sprung up instantly?  By now, NXT is reasonably well-known, a pure clone is not going to overcome NXT's first-mover status.  "many of Nxt's advanced features are still being developed and are very new. "  <-- What's that got to do with anything?  Have a staging branch and a release branch, if you like.  I think the author means well, but he needs to realize that the real, full source is needed for anyone to trust NXT. 

We've managed to decompile the code and reworked it so it is in a compilable working state:

https://github.com/FrictionlessCoin/NEX

We also have a version that is completely refactored so its not one gigantic file with inner classes, but one broken up into multiple top level classes.

For anyone interested,  let us know.   It is actually a good example of how not to right Java code.