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Author Topic: On NXT Coin - Price boom from .00001 to .00003 seems like a scam, input here  (Read 2166 times)
rebel24
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December 21, 2013, 10:28:37 AM
 #1

I was thinking about buying it a few days ago because it seemed promising-- but alas, it's all promises so far. And on top of that, how is the 1 BILLION Nxt coins distributed? Through insider hands who have never seen money before? I'm not too knowledgable on this, but is it 74 random original-investors? If they are not unit, one person can sell off and crash the market

WHICH brings me to my next point-- the price is up 150% in past 24 hours, HOWEVER, the volume is 13m coins. There are 1 BILLION coins total, so that is 1.3%! Additionally, only 250 Bitcoins were traded to bring the price up this high! (and assuming this was all buying volume, which is most defintely wasn't, but for the sake of arguement -- and bitcoins at current market price of about $700, makes it so that about $175k increased the market cap 10 MILLION DOLLARS. Something seems OFF here!  Where are the holders of the other 900 MILLION NXT coins!?

Who has these Nxt coins?

At least quark coin was organized buyers and there's massive strength there- I have no idea what is going on with nxt. This is why I was hesitant to buy it on Tuesday even though the price was .00001 whereas it is .00003 today.



Anyway, I primarily want to know how $175k could move the market cap over $10 million dollars and also, WHO owns all the coins for the price to move up so incredibly with such low (~1%) volume -- have all the coins been released or are they being released in January? (this is VERY important to anyone trading this coin lest their whole investments be wiped out)
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December 21, 2013, 10:35:22 AM
 #2

 The actual exchange engine just let people do crazy things and manipulate the market (you can sell it nxt 0.00000001 btc or buy at 0.01 , ignoring the actual market state and all those operations will be tracked and shown).

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bidji29
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December 21, 2013, 10:35:27 AM
 #3

one reason why the price can go up easily is because Dgex is the only exchange and there is a 24 hour limit by default (you can manually up it to more) on each buy/sell order.

So sometimes when there is low activity, there is not a lot of sell order and the price can be push really easily.


It have nothing to do with Nxt or the team behind it, it's just because of how Dgex work.

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December 21, 2013, 10:38:01 AM
 #4

Nxt is a great idea; I was a (little) disapointed stakeholder; and I decided to give all my nxt's as the plan for nxt distribution is bad.

Stakeholders are sitting on too much coins, and sold them for so much ROI that it's against my personnal policy  Smiley

I think that you can buy nxt's now and make a good ROI in no time, but i won't go in that scheme.
huyha123
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December 21, 2013, 11:02:00 AM
 #5

on its own exchange so its price can do whatever it like. no surprise there. how it allowed to list on CMC I have no idea.
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December 21, 2013, 01:09:22 PM
 #6

I was thinking about buying it a few days ago because it seemed promising-- but alas, it's all promises so far.

I'll be honest, I don't work well with generalizations. Decentralized DNS Alias system worked fine on the testnet and will be available after block 22000.  I have an issue with 'ALL' promises since this feature has been delivered as promised.




And on top of that, how is the 1 BILLION Nxt coins distributed?




It was open to the public, everyone had a fair shake. I didn't want to take the initial risk, therefore, I paid a higher price.




If they are not unit, one person can sell off and crash the market



Free market, they can do as they please. With that being said, crashing the market is -EV.



Where are the holders of the other 900 MILLION NXT coins!?




You can't force the actions of others. When NXT holders decide to trade, that's their business. As a community, the best we can do is encourage them to distribute.




At least quark coin




Quark. Smiley  I'd recommend doing some research on differences of PoW and PoS. I'm sure others could provide some useful links.





have all the coins been released or are they being released in January?


Released. It's a pure PoS system.



I was thinking about buying it a few days ago because it seemed promising



We hope to see you over in the community board. Cheers.




JustaBitofTime - Co-Founder of CoinTropolis - Currently assisting Nxt
pinarello
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December 21, 2013, 01:28:31 PM
 #7

I was thinking about buying it a few days ago because it seemed promising-- but alas, it's all promises so far.

I'll be honest, I don't work well with generalizations. Decentralized DNS Alias system worked fine on the testnet and will be available after block 22000.  I have an issue with 'ALL' promises since this feature has been delivered as promised.




And on top of that, how is the 1 BILLION Nxt coins distributed?




It was open to the public, everyone had a fair shake. I didn't want to take the initial risk, therefore, I paid a higher price.




If they are not unit, one person can sell off and crash the market



Free market, they can do as they please. With that being said, crashing the market is -EV.



Where are the holders of the other 900 MILLION NXT coins!?




You can't force the actions of others. When NXT holders decide to trade, that's their business. As a community, the best we can do is encourage them to distribute.




At least quark coin




Quark. Smiley  I'd recommend doing some research on differences of PoW and PoS. I'm sure others could provide some useful links.





have all the coins been released or are they being released in January?


Released. It's a pure PoS system.



I was thinking about buying it a few days ago because it seemed promising



We hope to see you over in the community board. Cheers.






 Shocked this post ansewrs all, now I dont have nothing to reply one  Cheesy


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December 21, 2013, 02:01:42 PM
 #8

Price boom from .00001 to .00003 seems like a scam

U shouldn't buy NXTs in this case. If u stay away the price will be lower and more affordable for the others.
rebel24
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December 21, 2013, 07:50:48 PM
 #9

This is very much inconclusive, so let me get some clarification-

So who owns the other 900 MILLION NXT coins that are not on the market and have never been traded? (only 20M NXT coins have ever been traded on dgex and I highly doubt person-to-person would exceed another 80 million coins!)

Are the people who own the vast majority of nxt the same people who invested the original ~20 Bitcoins?

And if this is the case, from my understanding it's about 70 or so initial investors who invested these ~20 bitcoins, for virtually the whole share of NXT coins, is this correct?
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December 21, 2013, 08:23:30 PM
 #10

(only 20M NXT coins have ever been traded on dgex and I highly doubt person-to-person would exceed another 80 million coins!)

How did you arrived to these numbers?

The dgex account have 16,104,565 NXT right now, the all time transfers look like this:
Amounts In    :   162,316,928
Amounts Out    :   146,212,876

I think that's pretty good distribution in two weeks.
Let's see what happens in another two.

It's incredibly early to arrive to any conclusion about something that's brand new. New code, new ideas, new implementation of existing ideas, new type of coin distribution.

It may fail. People may lose money. So what? Other people will gain some. It's a zero sum game.

On the other hand if the promised features get implemented, and the system works as hoped (including stakeholders selling/giving away their coins in time) it could have a long time impact.

I think most people on the forum got used to quick results in case of crypto, and screaming scam at everything.
In case of a new idea like Nxt, eMune and a few others, I think patience is key.

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December 21, 2013, 08:33:46 PM
 #11

I am thinking of buying some coins but waiting for a proper Client.

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December 21, 2013, 08:41:05 PM
 #12


So who owns the other 900 MILLION NXT coins that are not on the market and have never been traded?

Are the people who own the vast majority of nxt the same people who invested the original ~20 Bitcoins?

And if this is the case, from my understanding it's about 70 or so initial investors who invested these ~20 bitcoins, for virtually the whole share of NXT coins, is this correct?

What will you do when you know the answers? Wink
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