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Author Topic: Lets talk about some facts? NXT inside  (Read 1439 times)
headpolo
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December 22, 2013, 05:30:18 PM
 #1

Ok folks,

I see so many people are interested in this coin and i felt like i need to give some answers about whats going on

- POS alone is not an innovation, it's nothing new.  It's %100 implementation is claimed to be though by the stakeholders (Who are They?) and it's early adopters. Yes it solves the problem of wasted energy used for mining POW coins but is this enough for the masses to embrace and use it as a currency or a commodity?
Is this enough for the Nxt coin to be positioned in value and prestige somewhere near Bitcoin by the public?

- %100 POS Genesis Block distribution is NO DIFFERENT than PREMINING, it's exactly the same thing. What is worse here is this coin is the first %100 PREMINED COIN ever.

- Sky-Rocketing price is due to ARTIFICIAL SCARCITY

           http://en.wikipedia.org/wiki/Artificial_scarcity

Sky Rocketing Market Capitalization is due to very small percentage of 1 Billion coins traded while remaining %99.9999 is kept in their cold storage.

In other words, total market cap of 25 million USD is bullshit.

Since these "genius" project/stake holders are sitting on their gazilllions of NXT coins (1 billion initial, Zero Day Nxt coins) there is so little supply driving the prices higher and higher.

-Nobody knows if the volume of dgex transactions are artificially inflated by rolling the same coins again and again. The market is so so shallow that its almost child's play to inflate TOTAL MARKET CAP. Not HEALTHY! Buyers beware!

- I believe greed of the stakeholders will eventually collapse the whole Nxt market.
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mr_random
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December 22, 2013, 05:35:24 PM
 #2

Nice FUD topic from a new member with no credibility

:thumbs up:
headpolo
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December 22, 2013, 05:42:23 PM
 #3

No fud, just facts.
Unless you have a counter argument, do you?Huh
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December 22, 2013, 05:45:51 PM
 #4

Nice FUD topic from a new member with no credibility

:thumbs up:

Stop pumping this on every opportunity, give others a chance to say what they thinkg...what he says is essentially true. I hold some nxt but really although the tech side is amazing beyond most other coins, the initial distribution can never be fixed now. If you are looking from outside crypto at this one you have to say it is only going to succeed by being the biggest ponzi of all time in crypto.

The initial concentrated distribution can not be fixed by forging or mining because those with the concentrated parcels of coins will mine /forge all of the blocks.  There is no arguement against this.


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December 22, 2013, 05:46:02 PM
 #5

Spot on.

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December 22, 2013, 05:53:01 PM
 #6

So it's worth buying 1BTC of Nxt right now?
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December 22, 2013, 06:08:49 PM
 #7

Agree with OP, things aren't right with this coin.



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Rainbot
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whorehay
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December 22, 2013, 06:33:48 PM
 #8

The initial distribution keeps me weary of this coin. PoW seems to be the fairest way to distribute, without having to trust the dev to fairly distribute the currency. PoS is nice, but there needs to be a good way to initially distribute the currency. I think Peercoin got it right with their combo of PoW and PoS.
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December 22, 2013, 06:40:14 PM
 #9

Ok folks,

I see so many people are interested in this coin and i felt like i need to give some answers about whats going on

- POS alone is not an innovation, it's nothing new.  It's %100 implementation is claimed to be though by the stakeholders (Who are They?) and it's early adopters. Yes it solves the problem of wasted energy used for mining POW coins but is this enough for the masses to embrace and use it as a currency or a commodity?
Is this enough for the Nxt coin to be positioned in value and prestige somewhere near Bitcoin by the public?

- %100 POS Genesis Block distribution is NO DIFFERENT than PREMINING, it's exactly the same thing. What is worse here is this coin is the first %100 PREMINED COIN ever.

- Sky-Rocketing price is due to ARTIFICIAL SCARCITY

           http://en.wikipedia.org/wiki/Artificial_scarcity

Sky Rocketing Market Capitalization is due to very small percentage of 1 Billion coins traded while remaining %99.9999 is kept in their cold storage.

In other words, total market cap of 25 million USD is bullshit.

Since these "genius" project/stake holders are sitting on their gazilllions of NXT coins (1 billion initial, Zero Day Nxt coins) there is so little supply driving the prices higher and higher.

-Nobody knows if the volume of dgex transactions are artificially inflated by rolling the same coins again and again. The market is so so shallow that its almost child's play to inflate TOTAL MARKET CAP. Not HEALTHY! Buyers beware!

- I believe greed of the stakeholders will eventually collapse the whole Nxt market.

good and valid points

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December 22, 2013, 06:41:34 PM
 #10

everyone here complaining about the bad distribution was not able to believe in BCNext and his
visions, you didn't take part in the Beta etc.

Many early adopters have sold 70 - 90% of their stakes at a price which is now ridiculous,
and you weren't able to believe then and trust.

Fact: you are complaining about 4 missed chances to get in early
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December 22, 2013, 06:52:42 PM
 #11

Number 4 on coinmarketcap?  Let's see this thing listed on Cryptsy.  Looks like an old fashioned share lockup to me.  I'm not touching it.

http://coinmarketcap.com/

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December 23, 2013, 05:16:41 PM
 #12

This illustrates better than any other altcoin, why market cap is a bullshit metric as applied to cryptocurrencies. I'm curious as to how much total fiat currency has been dumped into this coin. In principal it could have been done with $1, although I haven't checked trade volumes.

To change the subject, based upon what I've observed, I suspect that BCNext might have been a former coworker of mine back when I worked for The Man. His initials are <deleted> but I'm not going to say anything more, and I won't respond to any messages on the subject.
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December 23, 2013, 05:47:44 PM
 #13

i admire posts like this and agree, nice post OP.
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December 23, 2013, 07:30:22 PM
 #14

Completely agree with the OP.

Should've been a really good innovative coin, but they totally messed things up with such a poor and bad initial distribution.
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December 23, 2013, 07:45:38 PM
 #15

NXT is just another Phoenixcoin = scam.

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
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December 24, 2013, 08:27:53 PM
 #16

Thanks OP. Scamcoin.
FrictionlessCoin
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December 24, 2013, 08:46:58 PM
 #17

I don't believe there's even much underneath the implementation.

I did not bother to decompile it, however, we are talking only of about: 28 total classes

Everything else is just standard web libraries.

28 total java classes!!

This can't be serious.

I mean, I don't see any specialized libraries for P2P networking or the like.

This is bordering on ridiculous.


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December 24, 2013, 08:47:28 PM
 #18

I think the idea is good but the practice is less successful. The distribution is unbalanced, the reward scheme encouraging hoarding instead of spending (OK, I know there is no place to spend at this moment) so the market is illiquid.
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