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Author Topic: Disturbing Similarities between Solidcoin/Microcash and NXT  (Read 5277 times)
Thorgrim
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December 23, 2013, 12:17:26 AM
Last edit: December 26, 2013, 07:36:02 PM by Thorgrim
 #1

I posted this on another thread but it may not get the attention it deserves because many people might not read that far.

1.

The "MCX" in MCXnow stands for MicroCash eXchange. An exchange that realsolid started so he would have a place to sell Solidcoin, a coin which he created and was not traded on any other exchange. He promised at some point to convert SC to MC but still hasn't gotten around to it. Basically it was a mechanism for him to convert his worthless SC, and MNC into BTC.

Gdex.com was started by a NXT "stakeholder" so he would have a place to trade his worthless NXT for BTC. Even though gdex.com only trades one coin and has only been open for a couple weeks it is being used as the sole source for stating NXT market cap which is complete bogus and I have said as much in the coinmarketcap forum. All the other top coins are on multiple well established exchanges.

2.

Realsolid then engaged in insider trading and price manipulation on his coins. He created fake volume and price spikes with puppet accounts and the fees he was charged to do this went back to himself so it didn't even cost him anything to artificially increase the value of his coins.

He later went on to even bigger scams with his feeshares but that is not part of this discussion.

I cannot prove 100% at this point that insider trading and price manipulation is going on at gdex.com but it is very likely. Anytime you have a small group of people who own 100% of the coins some of them are going to want to engage in price fixing even if they aren't all in on the scam.

I said it earlier and it is true, there is nothing stopping NXT holders from making the price of NXT anything they want. They have all the coins and only need to rig one exchange. NXT fanboys then tried to play this off saying that all markets are manipulated and this is true to some extent but it is a lot harder for a group of manipulators owning 10% of the coins to fix a price on 5-6 exchanges then it is for a group owning 90+% to fix the price on a single exchange.

This is a legitimate concern.

3.

Realsolid had a scheme to convert SC to MC where only the SC held as balances at MCXnow at the time of the conversion were going to have a "stake" in microcash. Microcash was not going to be created by conventional mining. "Stakeholders" would start off owning 100%.

Quote
Posted 21 March 2013 - 08:29 AM
After a lot of thought I have decided that SolidCoins will be going into MicroCash at a 1:1 conversion rate. Since the MicroCash economy will have ways to balance itself out I think there is no real harm in moving all active SolidCoins over. The key word there being ACTIVE. Previously I wanted to make this 10:1 to increase the average unit price but with all the new systems in place this isn't needed.

This is going to remove all dead SolidCoins and people who haven't kept up with the project. Currently there is roughly 2.9 million coins in SolidCoin, my estimation is over 1.5 million of them are dead, so MicroCash will likely start with just over a million ACTIVE units but it could be less depending upon people who miss the window. This basically means your percentage share if you own SolidCoins right now is going to increase without doing anything.

NXT is 100% pre-mined. They call it 100% distributed to "stakeholders" but it is effectively the exact same thing.

4.

When you mine NXT for the fee's the more coins you already own the greater the chance you have of mining success. So it is unlike other coins where an outside miner can come in owning zero of a certain coin and start to build a decent stash just buy mining without having to spend BTC. NXT's biggest holders always have a mining advantage over the little guy and if you want greater mining success you have to buy a whole bunch of NXT enriching the stakeholders that started off with 100%.

This caught my attention because I had done some research on MicroCash and sure enough it was going to function very similarly. The biggest holders would receive the greatest rewards which is great when you are a "stakeholder" and already have most of the coins.

Realsolid (microcash forum):
Quote
Posted 25 March 2013 - 12:36 AM
This post will document all the things MicroCash does and is to give everyone an idea of what MC currently does, what it wants to do and allow people to offer suggestions going from the current thing.

Hopefully after reading and understanding these details you will see that MicroCash uses the best technologies and ideas from every source and that should place it technically at the #1 spot in regards to digital currency.

MicroCash "gee wizz" details

Quote
1) Transactions are instant and permanent. They cannot be undone.
2) Transactions are highly optimized in size and the way they are processed, allowing consumer grade PC hardware to beat dedicated Visa supercomputers in performance.
3) Currency creation is determined by internal investment which involves individual risk, no more wasting energy mining. If you want more income in MicroCash then you need to acquire it through investment or buying other peoples MicroCash. The work of GPUs and ASICs has been replaced by the inherent "Work" associated with having money.
4) The currency created goes to all MicroCash users instead of to the few. Like a decentralized federal reserve.
Quote
Our "mining" is more like having MC and getting MC, more simple, elegant and decentralized. It's also a reward mechanism for early adopters (the earlier they get in the the more total money they will make) which is a key thing missing from SolidCoin which helped it fail.

5.

Dgex.com is registered in panama through a Panamanian Corporation.

MXCnow and all of Realsolids other websites are registered in Panama to a Panamanian corporation.

Registering in Panama to a Panamanian corp is proven to be a sure fire way to hide your real identity. So if you rip people off, intentionally or through incompetence, you never have to face the repercussions of the harm you have inflicted.

------------------------

So as you can see there are a disturbing number or similarities between the schemes of Realsolid/Coinhunter and what NXT is doing. I don't know if all this is just coincidence, if RS is involved, or if the devs followed his work and decided to rip him off but these are all red flags.

If it looks like a scam and smells like a scam I don't know what other conclusion I can come to.



http://forums.microcash.org/index.php/topic/737-final-word-on-solidcoin-conversion-must-read/

http://forums.microcash.org/index.php/topic/739-microcash-current-working-details/

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December 23, 2013, 12:23:41 AM
 #2


Given all this, what do you feel is the future of nextcoin?

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December 23, 2013, 12:24:16 AM
 #3

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

Radix - just imagine
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December 23, 2013, 12:36:30 AM
 #4

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

OK so I made one mistake. So everything else I said isn't relevant?

It doesn't make any difference. Dgex.com only trades one coin right now so the effect is exactly the same.

You going to counter my points or nit pick on trivial issues?

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December 23, 2013, 01:10:26 AM
 #5

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

OK so I made one mistake. So everything else I said isn't relevant?

It doesn't make any difference. Dgex.com only trades one coin right now so the effect is exactly the same.

You going to counter my points or nit pick on trivial issues?

It's not a trivial issue. Half of your message is based on your asumption that dgex has been specifically created for Nxt, which is not true.

But there is more nonsense in your post:

"When you mine NXT for the fee's the more coins you already own the greater the chance you have of mining success."

How is this different from Bitcoin or Litecoin? With Bitcoin if you have twice the hashrate you have twice as large chance to get a block. With Nxt if you have twice the stake you have twice as large chance to get a block.

"So it is unlike other coins where an outside miner can come in owning zero of a certain coin and start to build a decent stash just buy mining without having to spend BTC."

Bullshit. No one can mine without spending at least $800 for a decent computer. So you have to invest, just like with Nxt. You cannot mine anything with zero investment.

"NXT's biggest holders always have a mining advantage over the little guy"

Just the same as a big asic holder with 100 GH/s has a mining advantage over a guy with a single block erupter.

"and if you want greater mining success you have to buy a whole bunch of NXT enriching the stakeholders that started off with 100%."

As if you want to have greater success with Bitcoin or Litecoin you have to buy more expensive hardware. Nothing is for free. There is no such thing as a free meal.

Radix - just imagine
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December 23, 2013, 04:02:39 AM
 #6

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

OK so I made one mistake. So everything else I said isn't relevant?

It doesn't make any difference. Dgex.com only trades one coin right now so the effect is exactly the same.

You going to counter my points or nit pick on trivial issues?

It's not a trivial issue. Half of your message is based on your asumption that dgex has been specifically created for Nxt, which is not true.

But there is more nonsense in your post:

"When you mine NXT for the fee's the more coins you already own the greater the chance you have of mining success."

How is this different from Bitcoin or Litecoin? With Bitcoin if you have twice the hashrate you have twice as large chance to get a block. With Nxt if you have twice the stake you have twice as large chance to get a block.

"So it is unlike other coins where an outside miner can come in owning zero of a certain coin and start to build a decent stash just buy mining without having to spend BTC."

Bullshit. No one can mine without spending at least $800 for a decent computer. So you have to invest, just like with Nxt. You cannot mine anything with zero investment.

"NXT's biggest holders always have a mining advantage over the little guy"

Just the same as a big asic holder with 100 GH/s has a mining advantage over a guy with a single block erupter.

"and if you want greater mining success you have to buy a whole bunch of NXT enriching the stakeholders that started off with 100%."

As if you want to have greater success with Bitcoin or Litecoin you have to buy more expensive hardware. Nothing is for free. There is no such thing as a free meal.


I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.

In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.

Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.

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December 23, 2013, 04:19:11 AM
 #7

dgex.com was not created for Nxt. It sold another coin before. So the entire premise has been pulled out of your ass.

might be it was not made for NXT only at first, currently that is the only currency it exchanges, so he has a point...

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December 23, 2013, 04:23:45 AM
 #8

I could not point on why I personally would not touch NXT... but that "100% distribution" between holders (and holders are how many 5?10? 20? people) is not sitting right with me.
So I just have not and would not go near this coin.
But it's everyone's own decision.

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December 23, 2013, 04:31:03 AM
 #9

 Shocked

I think op has a few points.

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December 23, 2013, 04:32:19 AM
 #10

I don't know about other stuffs, but claiming "back by BTC" when only traded in one so-called exchange(i thought exchange should at least trade 5 -10 type of coins & transparent operation), sound scam to me.

Regards.

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December 23, 2013, 04:38:26 AM
 #11

I traded all my NXT after reading this.
https://nextcoin.org/index.php/topic,883.0.html
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December 23, 2013, 05:25:48 AM
 #12

5. Dgex.com is registered in panama through a Panamanian Corporation.

MXCnow and all of Realsolids other websites are registered in Panama to a Panamanian corporation.

Registering in Panama to a Panamanian corp is proven to be a sure fire way to hide your real identity. So if you rip people off, intentionally or through incompetence, you never have to face the repercussions of the harm you have inflicted.

Quote
Domain Name: dgex.com
Registry Domain ID: 99321791_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.srsplus.com
Registrar URL: http://www.srsplus.com
Updated Date: 2013-12-22T00:00:00-0500
Creation Date: 2003-06-18T02:55:44-0400
Registrar Registration Expiration Date: 2014-06-18T00:00:00-0400
Registrar: TLDS, LLC DBA SRSPLUS
Registrar IANA ID: 320
Registrar Abuse Contact Email: abuse@web.com
Registrar Abuse Contact Phone: +1.4042602594
Reseller:
Domain Status: clientTransferProhibited

Registry Registrant ID:
Registrant Name: Graviton Capital Inc. Tech Administrator
Registrant Organization:
Registrant Street: 34-20 Calle 34
Registrant City: Panama City
Registrant State/Province:
Registrant Postal Code: 5
Registrant Country: PA
Registrant Phone: +507.2066664011
Registrant Phone Ext.:
Registrant Fax:
Registrant Fax Ext.:
Registrant Email: goldtails@gmail.com
Registry Admin ID:
Admin Name: Graviton Capital Inc. Tech Administrator
Admin Organization:
Admin Street: 34-20 Calle 34
Admin City: Panama City
Admin State/Province:
Admin Postal Code: 5
Admin Country: PA
Admin Phone: +507.2066664011
Admin Phone Ext.:
Admin Fax:
Admin Fax Ext.:
Admin Email: goldtails@gmail.com
Registry Tech ID:
Tech Name: Graviton Capital Inc. Tech Administrator
Tech Organization:
Tech Street: 34-20 Calle 34
Tech City: Panama City
Tech State/Province:
Tech Postal Code: 5
Tech Country: PA
Tech Phone: +507.2066664011
Tech Phone Ext.:
Tech Fax:
Tech Fax Ext.:
Tech Email: goldtails@gmail.com
Name Server: lisa.ns.cloudflare.com
Name Server: seth.ns.cloudflare.com

NEXTCOIN.org
200.35.145.179
INFOLINK PANAMA CORP
Graviton Capital Inc. Tech Administrator
goldtails@gmail.com

DGEX.com
200.35.149.26
INFOLINK PANAMA CORP
Graviton Capital Inc. Tech Administrator
goldtails@gmail.com

GOLDGAMELAND.com
Graviton Capital Inc. Tech Administrator
goldtails@gmail.com

SPORTSVAL.com
Graviton Capital Inc. Tech Administrator
goldtails@gmail.com

PONZIGAME.com
Graviton Capital Inc. Tech Administrator
goldtails@gmail.com

You sure did take notice that the roots of this exchange are shady, right? Do not freak out when your deposits disappear one day, even though I don't think that necessarily is now.

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December 23, 2013, 05:56:03 AM
 #13

Dig deeper.

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December 23, 2013, 06:30:44 AM
 #14

Nxt might have some interesting concepts but it is a total scam top to bottom.

100% premine which was sold to "stakeholders," who will now control the market. This alone should be enough to kill the coin.

1 Billion coins so even the smallest gain in price means a massive market cap. Massive market cap means it makes more news and the "stakeholders" make even more.

Scam of the year right here.

It also has some ridiculously awful flaws.
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December 23, 2013, 08:40:47 AM
 #15

so have NXT on Coinmarketcap mean the website help promote it. and if this is another MXCnow, then well....
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December 23, 2013, 08:56:41 AM
 #16

I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.

In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.

Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.

It sounds like you don't have a problem with Nxt, you have a conceptual problem with all POS coins.
You're gonna have a bad time, more are coming in the future.

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December 23, 2013, 09:01:17 AM
 #17

Thorgrim,

Seriously... How many Nxt bashing FUD threads have you posted lately? lol

Please, stop creating these useless threads that just spread FUD.

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Vega
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December 23, 2013, 09:06:14 AM
 #18

Nxt might have some interesting concepts but it is a total scam top to bottom.
Scam of the year right here.

Someone should do an analysis, I beginning to suspect that "scam" is the most used (not common) word on the forum, or getting there.

Scam implies intent. Do you really believe that Nxt was only created in the hopes for just to get people money on the sort term?
It's seems too much work for me. It's infinitely more simple to make another clone coin.

Nxt has problems. Nxt may fail. But callin the whole concept (that is much more than a simple coin, it's a whole system of features - granted, only promised at this point) a scam?


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December 23, 2013, 09:14:17 AM
 #19

The only thing i can say in this regard is that people have to buy coin(s) from developers even at the first block.

That's not sounds good. coins could be distributed free between people (fair or unfair is not important if it would be free).

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December 23, 2013, 09:33:28 AM
 #20

Staying clear of this abomination ...

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