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Could NXT be a scam?
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Topic: Could NXT be a scam? (Read 753 times)
mr_random
(OP)
Legendary
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Activity: 1344
Merit: 1001
Could NXT be a scam?
December 13, 2013, 12:18:26 AM
#1
This is just a theory, not fact.
The main attractive feature of NXT is it's decentralised peer to peer features exchange. Which apparently will come in january. The rest of the coin is a 100% premine based on proof of stake.
What if the exchange never appears? And he just pumped that up so he could sell 100 million of his coins for 6 bitcoin per million. Then he just disappears in january and the price plummets?
What do people think, is this far fetched or possible? Seen a lot of scams in this community...
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jgorham
Newbie
Offline
Activity: 14
Merit: 0
Re: Could NXT be a scam?
December 13, 2013, 12:24:20 AM
#2
Yes it is possible at this point. The dev has been pretty active on the forum but under a pseudonym, so not a big reputation backing it. Additionally the source code is closed at this point so no security audits are possible.
I'm not suggesting it is likely that it is a scam, but it is possible.
mr_random
(OP)
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Activity: 1344
Merit: 1001
⇾
Re: Could NXT be a scam?
December 13, 2013, 12:47:00 AM
#3
Quote from: jgorham on December 13, 2013, 12:24:20 AM
Yes it is possible at this point. The dev has been pretty active on the forum but under a pseudonym, so not a big reputation backing it. Additionally the source code is closed at this point so no security audits are possible.
I'm not suggesting it is likely that it is a scam, but it is possible.
I'm surprised more people aren't being cautious or discussing this possibility.
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wakasaki808
Sr. Member
Offline
Activity: 476
Merit: 500
Re: Could NXT be a scam?
December 13, 2013, 12:48:23 AM
#4
I think the best thing to do is just wait for January to be sure. If in January the source code in any shape isn't released then maybe.
kdrop22
Full Member
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Activity: 238
Merit: 100
Re: Could NXT be a scam?
December 13, 2013, 12:49:54 AM
#5
Quote from: instacash on December 13, 2013, 12:47:43 AM
Quote from: mr_random on December 13, 2013, 12:47:00 AM
Quote from: jgorham on December 13, 2013, 12:24:20 AM
Yes it is possible at this point. The dev has been pretty active on the forum but under a pseudonym, so not a big reputation backing it. Additionally the source code is closed at this point so no security audits are possible.
I'm not suggesting it is likely that it is a scam, but it is possible.
I'm surprised more people aren't being cautious or discussing this possibility.
There have been lots of people warning over and over again about this.
I don't think the developer is trying to scam, but the fact that the initial investment of 21 BTC is now valued at 3 million USD gives me a pause. If you are buying right now, you are paying a huge premium, while having almost the same risk.
opticalcarrier
Full Member
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Activity: 238
Merit: 100
Re: Could NXT be a scam?
December 13, 2013, 12:50:33 AM
#6
Quote from: wakasaki808 on December 13, 2013, 12:48:23 AM
I think the best thing to do is just wait for January to be sure. If in January the source code in any shape isn't released then maybe.
client source is available. or you can easily decompile it yourself
Crystaleyes
Full Member
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Activity: 147
Merit: 100
Re: Could NXT be a scam?
December 13, 2013, 03:08:59 AM
#7
Easily?
Personally, I gave up on NXT due to being unable to get the client software to install.
Seems well dodgy to me.
Is it not amazing? That in the sub-micro world of the atom, quantum physics requires the perpetual motion of particles with both spin and orbital motions.
Yet in the macro world, mainstream science is based upon the law that a perpetual motion machine is absolutely impossible!
This is the embarrassing state of today's science...
Come-from-Beyond
Legendary
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Activity: 2142
Merit: 1010
Newbie
Re: Could NXT be a scam?
December 13, 2013, 05:36:39 AM
#8
Quote from: kdrop22 on December 13, 2013, 12:49:54 AM
... but the fact that the initial investment of 21 BTC is now valued at 3 million USD gives me a pause.
Read more about Mastercoin.
PGPpfKkx
Hero Member
Offline
Activity: 586
Merit: 501
Re: Could NXT be a scam?
December 13, 2013, 07:45:26 AM
#9
Quote from: kdrop22 on December 13, 2013, 12:49:54 AM
I don't think the developer is trying to scam, but the fact that the initial investment of 21 BTC is now valued at 3 million USD gives me a pause. If you are buying right now, you are paying a huge premium, while having almost the same risk.
isn't it so with any currency in its genesis
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