Disturbing Similarities between Solidcoin/Microcash and NXT

[kikeda]

I almost bought it until i digged deeper. 100% premined by the developers and in order to mine you need to buy hashing power(nxt) from the developers lol and panama hosting is off too.

[ollijo]

OP has some points right IMO. Stakeholders control coins market value. It should go that stakeholders get loads of coin, and then distribute it through giveaways, selling, bounties and such. ATM it seems holders are just selling. I asked for my first NXT for days in their forums, so i could start to forge, after some days of waiting for 1 NXT i had to buy some to get things rolling, cause no one would give even one NXT.

That said, i DO have faith in this currency. If they get the currency spread more widely, i think it will have a bright future.

[xchrix]

wheter its a scam, 100% premine, controlled by one exchange or anything else. why give a f*** about it? if you can make money out of it by trading it then do it 

btw:
- you always have to start with one exchange once its always the first time. maybe other exchanges will follow or not.
- you were able to get in as early adopter by investing some BTC. looks like some missed it.

i am not pro or con for NXT.. just trading it and trying to make some more BTC with it. it completely irrelevant if its a scam or not. you are always able to get in or out of it.

[coradan]

Hide currencies is another way of market manipulation... The best would be to give as much information as possible and then people take their decisions...

I think the best solution would be to add the Nextcoin with a tag saying: 100% generated or 100% premined!

[Vega]

Hide currencies is another way of market manipulation... The best would be to give as much information as possible and then people take their decisions...

I think the best solution would be to add the Nextcoin with a tag saying: 100% generated or 100% premined!

Or people could just read the Wiki (nxtcrypto.wikia.com), before making up their minds. (Or god forbid wait and watch a few weeks before doing that.)

[Crystaleyes]

After initially being interested, it quickly became clear not to trust NXT.


 Good riddance!

[btc1210]

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?

Yes the word was used deliberately.

A new coin with 100% premine means you buy directly from the creator or whoever the creator sells the original shares to.

The stakeholders determine the market price. The market size is massive, this makes it appear like it's worth more than it actually is.

This screams "scam".

[ethought]

I fail to see how this could not be a scam.

[sharknutzz]

I fail to see how this could not be a scam.

+1 completely agree.

1 billion coins go to ~74 "stakeholders" who then sell them to the rest of the planet?  This is nothing more than 'Hesscoins' described in this article:
**Link to interesting and somewhat sad ZDNet article** 

(Keep in mind the author is some old geezer that completely does not understand bitcoin, but would obviously understand NXT  )

I am completely ok with the PoS concept, but you cannot simply 'eject 1 billion coins' from the genesis block and hand them to 74 people.  lol...

A better distribution model is obviously in order    (more long-term, and 'fairly distributed' would actually be nice lol...)

Just my 0.002 BTC worth.  This junk needs to be yanked off coin market cap.

[Eliavres]

i am not pro or con for NXT.. just trading it and trying to make some more BTC with it. it completely irrelevant if its a scam or not.

Its idiots like you looking for a quick buck that are fucking up TRUE acceptance of cryptocurrencies by the general public. Such a great idea, destroyed by human greed...it's like socialism all over again.

Congratulations, I hope you go bankrupt.

[Thorgrim]

Thorgrim,

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

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

I have started one NXT thread.

I have commented in a few others.

[Thorgrim]

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.

I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.

In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.

My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.

I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.

I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.

[victzhang]

NXT might be good for quick bucks... But in long term I have no idea about this coin 

[User705]

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.

I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.

In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.

My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.

I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.

I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.

Buying xbt mining gear is the same as buying coins.  You simply wait to generate them.  You think people are buying mining gear because they support btc and don't want coins?  There will never be a "fair" way to distribute a limited resource.  It's unfair to those not born yet that they didn't get a chance to buy cheap xbt.  Does that mean they should get some for free from you in the future?

[Thorgrim]

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.

I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.

In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.

My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.

I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.

I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.

Buying xbt mining gear is the same as buying coins.  You simply wait to generate them.  You think people are buying mining gear because they support btc and don't want coins?  There will never be a "fair" way to distribute a limited resource.  It's unfair to those not born yet that they didn't get a chance to buy cheap xbt.  Does that mean they should get some for free from you in the future?

Some of you guys are frickin dense.

Read what I wrote in bold!  ^^^^^^^^  I did it for a reason.

When you spend money on mining equipment the money spent does not go directly to a coins developers or stakeholders.

The money spent does not inflate the market cap of the coins you are mining!

The people that mined BTC early on did not hand over money directly to Satoshi to get a stake in BTC.

Even if Satoshi and friends premined the shit out of bitcoin. Their % stake in the coin goes down every day as new coins are minted.

Nxt is already 100% minted.

[User705]

"Mining new coins doesn't inflate market cap."    Bitcoin market cap is inflating by about 8% per year.  Lightcoin by 30% per year.  And you are calling me dense.  LOL

[sharknutzz]

NXT now has no listing on http://coinmarketcap.com

Merry Christmas!

LOL...

 

[User705]

NXT now has no listing on http://coinmarketcap.com

Merry Christmas!

LOL...

 

As long as junkcoin is still there everything will be ok. It's even up 100%.

[huyha123]

NXT back on now. I guess I would never go near NXT but others sure can freely do.

[toknormal]

I haven't bought into all the NxT 'scamcoin' fud.

[1] - I did quite a bit of looking into it and concluded that its one of the very few new coins out there which is radically different and highly competitive (i.e. worth investing in long term, not pump and dump)

[2] - the ease with which I was able to pick up a pretty huge amount of the coin for a very little BTC investment convinced me that its going to get well distributed and that there isn't a huge amount of 'market manipulation' going on using tiny volume trades

In fact, that coin is far better value than most of the pump and dumps out there which actually don't have any new development effort put into them.

NxT at least does and is still cheap. If the price ever gets 'slammed" by big stakeholders, it's not going much below what it is at the moment if even a couple of the coin's new features become established. Even then, it'll come back up because there are a lot of them about and that means a lot more holders and buyers than 'elite' brands like PPC and XPM.