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Author Topic: What the Fuck Is Nextcoin and how is this an Improvement in CryptoCurrency?  (Read 1464 times)
rapidfire187
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December 31, 2013, 04:19:13 AM
 #1

Ok. From what I can tell about Nxt coin is that Password is the only thing that protects your coins. A 70 number password. No Backups no fail safes. How is this an improvement?

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2Kool4Skewl
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December 31, 2013, 04:24:27 AM
 #2

Please, read the thread.

Nxt supports 100 character long passphrases.  You can use numbers, upper / lower case letters and special characters.  Nxt uses a brainwallet implementation for security.

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stas
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December 31, 2013, 04:32:56 AM
 #3

Ok. From what I can tell about Nxt coin is that Password is the only thing that protects your coins. A 70 number password. No Backups no fail safes. How is this an improvement?

There is NO improvement Smiley) (to say the least) You are correct:)

hypostatization
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December 31, 2013, 04:35:38 AM
 #4

Read the first page: https://bitcointalk.org/index.php?topic=345619.0

MasterCoin, NXT, eMunie, and Ripple have big potential to make waves.

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December 31, 2013, 04:37:36 AM
 #5

Ok. From what I can tell about Nxt coin is that Password is the only thing that protects your coins. A 70 number password. No Backups no fail safes. How is this an improvement?

+1 For using the F word, it makes you sound cool
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December 31, 2013, 05:01:53 AM
Last edit: December 31, 2013, 05:14:50 AM by wakasaki808
 #6

Im the first one to admit if there's a new currency that Is somewhat better than the rest. I just don't trust a coin that you can't back up. I created the start.bat file added trusted peers. And was placed for payment with the faucet. The only problem is there is no blockchain or block explorer to verify that transaction and It says that they are moving the blockchain to a different server? Coins are forged not mined. Proof of stake Only Currency?? What is this. Someone enlighten me. Please. I would like to understand.

Don't need to backup Nxt since there is no local wallet on your computer. So no need to worry about your Nxt wallet becoming corrupt or something. Just need to create a very good passphrase to keep hackers from hacking your wallet.

The blockchain explorer will be up shortly. It's been down only for the last day because of the server move.

"Proof of Stake -only" as in Nxt doesn't require someone to own a mining rig, just leave Nxt client open. The more Nxt you own the more often you forge (just like the more hashes your rig puts out the more coin you will mine). Blocks come from transaction fee's that are done between every transaction. For now a transaction fee has a minimum of 1 Nxt although in the future it may go to .00 or .0000 depending on the interest of Nxt. A prototype forging pool for Nxt has been formed, to help those with low balances, I would suggest testing it if you would like and are still interested in Nxt once you read up on it, if not then continue on your way  Tongue. https://nextcoin.org/index.php/topic,1783.0.html is the link. You would just have to trust the pool owner enough with your Nxt, I wouldn't suggest putting too much in there just in case though  Smiley.

Lot of Nxt has been going around on the DGEX exchange. DGEX owns 2 accounts on the blockchain with over 80M Nxt in the exchange. People complaining about the dispersing of Nxt between the top founding accounts and the rest should look at the richlist of BTC and LTC as well.

Decide for yourself for what you should do, every alt-coin has there trolls. Read up on the link provided to the Nxt thread that shows everything that needs to be known.
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December 31, 2013, 05:02:38 AM
 #7

Whatever improvements it may claim to offer is over shadowed by several glaring issues.

You can read through the thread and the wiki, and just pick the whole thing apart.

Stay away from coins that offer vague descriptions and offer you a "chance to invest" by buying directly from the developer.

You should also do your best to prevent others from being scammed by the new wave of this style of coin. It's very easy to hire some developers and marketers, pre-mine a coin and then sell shares in something that doesn't actually improve the world of crypto currency.

I fully expect some legislation to be presented in response to these Ponzi-style coins in the next few months.
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December 31, 2013, 05:03:22 AM
 #8

its an improvement to the scammer wallet that is about it.
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December 31, 2013, 05:05:54 AM
 #9

From what I understand, NXT has nothing to do with the ideal promoted by the cryptocurrency. In fact, it seems it is exactly how the real money systems are working. A bank create money. Then, the one having the money can earn interest from it. It is just much more simple. But why in the hell I should buy NXT from its creators? To make them rich? The best scam ever. If they got all the NXT at the start and are just selling them (maybe I didn't understand that part, so please correct me if I am wrong), they are going to earn a lot of money simply from the interest and also from selling the NXT to poor guys that fall into the trap.

Imagine, It is like I create a new coin, premine it all, and I am selling it to you and earning interest from the transactions (since I am the biggest stakeholder, I earn a lot of interest).

Cryptocurrency is about to get remembered as one of the biggest scam in human history....
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December 31, 2013, 05:26:33 AM
 #10

Im the first one to admit if there's a new currency that Is somewhat better than the rest. I just don't trust a coin that you can't back up. I created the start.bat file added trusted peers. And was placed for payment with the faucet. The only problem is there is no blockchain or block explorer to verify that transaction and It says that they are moving the blockchain to a different server? Coins are forged not mined. Proof of stake Only Currency?? What is this. Someone enlighten me. Please. I would like to understand.

NXT is a departure from traditional cryptocurrency in several ways. 

1.  There is no mining for new coins.  New coins are awarded probabilistically according to the amount of coins you already have.  It's like getting interest at unpredictable intervals, adding up to an "average" that's fairly consistent.

2.  There is no way for a person who does not have coins to get coins.  The only ways in are to have gotten them in the preannounce period, get them from a faucet, buy them from someone else, or steal them.

3.  It is not based on Bitcoin sources.  The source code is a completely new implementation, and is rumored to be in Java and PHP.  Also, it is not available to the public yet, although several people have disassembled the publicly available JARs for the client.  It is claimed that the sources will be available on Jan 2 2014.  I am curious to discover whether this is true, and if it is, whether it contains security flaws that someone will immediately exploit. 

4.  It is not a full peer-to-peer network.  There is a central server without which the entire system does not function.

5.  The majority of NXT is held by the 75 or so people who got them during the preannounce period.

6.  Because the code has not been reviewed much, it is not clear whether there is any anonymity at all, or whether transactions are unlinkable.


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December 31, 2013, 05:39:25 AM
 #11

Fire up a NXT client, give it a try yourself before judging and you will see that it is wonderful and indeed on a different level.


also, http://wideo.co/view/1504591387756502643-nxt-generation-of-cryptocurrency
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