NXT Ought to be Taken Seriously

[neo2040]

is it open source now?

[mikaljan]

It's not my article by the way, just found it. But I think NXT will be great in the future, and not only as a coin, but as a system.

+ 1

[josephliton]

It's not my article by the way, just found it. But I think NXT will be great in the future, and not only as a coin, but as a system.

Not only a system but also a movement.

[dlog]

Since investing into NXT I always knew the distribution could hinder it from being successful. I actually noted down that on the 28th of December, the top 27 holders owned 10+ million NXT but now, 2 weeks later, 23 holders possess 10+ mil. This number turns to 20 if the limit was 10.008 mil (http://87.230.14.1/nxt/nxt.cgi?action=34). This, in my eyes anyway, shows that the 'big fish' are beginning to distribute their stashes pretty well, without crashing the price (which could easily happen in such a low liquid market - the risk of this will be reduced when NXT is traded on more exchanges). I also think that the price boom was heavily due to a massive excess of demand and little supply at the time (buyers buying with extra money from Holidays, sellers taking time off from trading) and when the sellers returned, of course they're gonna sell some of their coinage at these new highs and prevent it from going up way too much. I think that the current prices make it more attractive for investors as they are able to invest into NXT without paying silly prices.

Anyways, you have to bare in mind how new this crypto is, I mean it was only 'officially' launched a week ago. At how things are currently going, I have no regrets in my investment and am eagerly waiting to see how things unfold.

[achimsmile]

It's not my article by the way, just found it. But I think NXT will be great in the future, and not only as a coin, but as a system.

Not only a system but also a movement.

not only as a movement, but as a revolution!  

[albertdros]

are devs associated with this?

http://netcoin.pw/ezwallet/index.php

if so, how can i take them seriously? Like i'm gonna email my password? what are they thinking? I'm kinda angry right now because I had some coins there.

[utopianfuture]

are devs associated with this?

http://netcoin.pw/ezwallet/index.php

if so, how can i take them seriously? Like i'm gonna email my password? what are they thinking? I'm kinda angry right now because I had some coins there.

NO. You should only trust sources that can be trusted. Take time to learn that before dropping any money in.

[msin]

Since investing into NXT I always knew the distribution could hinder it from being successful. I actually noted down that on the 28th of December, the top 27 holders owned 10+ million NXT but now, 2 weeks later, 23 holders possess 10+ mil. This number turns to 20 if the limit was 10.008 mil (http://87.230.14.1/nxt/nxt.cgi?action=34). This, in my eyes anyway, shows that the 'big fish' are beginning to distribute their stashes pretty well, without crashing the price (which could easily happen in such a low liquid market - the risk of this will be reduced when NXT is traded on more exchanges). I also think that the price boom was heavily due to a massive excess of demand and little supply at the time (buyers buying with extra money from Holidays, sellers taking time off from trading) and when the sellers returned, of course they're gonna sell some of their coinage at these new highs and prevent it from going up way too much. I think that the current prices make it more attractive for investors as they are able to invest into NXT without paying silly prices.

Anyways, you have to bare in mind how new this crypto is, I mean it was only 'officially' launched a week ago. At how things are currently going, I have no regrets in my investment and am eagerly waiting to see how things unfold.

Good points.  As someone who purchased a lot of Nxt from stakeholders in late Nov, I've seen massive distribution since then.  It's not going to happen all at once, and it really shouldn't, there will be more demand once more features are released and more stakeholders will sell.  Most people don't realize that the majority of stakeholders received less than 10mil Nxt during the initial distribution.  Anyway, I still think Nxt is very cheap and I continue to buy at these prices.

[bithic]

is it open source now?

They're taking an incremental approach to releasing source code so as to prevent opportunists from copying their hard work and releasing full-featured clones of Nxt with no effort. In today's competitive market this seems like a fair and smart precaution. Bitcoin didn't need to do this because when it was released there was no market for it, and hence no one was trying to make a quick buck off of someone else's ideas. My understanding is that all or most of the new features will be open-sourced over the next 6 months, and by then Nxt will likely have a large enough market share for the network effect to give it a serious advantage over anyone trying to coy it, just like Bitcoin currently has over its clones.

The first Nxt source code release was on Jan 3rd, and it consisted of a slightly older version of the core components of Nxt with some purposefully injected security flaws to encourage the community to review the code and prevent adversaries from blindly copying it. Bounties were posted for the first people to discover these injected flaws. As far as I know, some great code review has been done, but no one has yet discovered the three purposeful flaws. Here's the active review thread if you're technically minded:

https://bitcointalk.org/index.php?topic=397183.0

[El Dude]

this is a scamcoin , that will go the way of dodgecoin.

[Anon136]

this is a scamcoin , that will go the way of dodgecoin.

did you actually read my article?

[msin]

this is a scamcoin , that will go the way of dodgecoin.

El Dude is a scammer.  See how easy that is!

[utf_tg]

Too many words..

These are the ones that count:

Aside from the obvious caveat that there could be as of yet uncovered critical mistakes in the software, there are stakeholders out there who presently own more than 50 million out of the total 1billion coins issued. This means there are multiple individuals who individually own more than 5% of the total stake each. To put it bluntly, this is unacceptable. This is not the level of decentralization we have come to expect from a decentralized crypto. For NXT to be successful this must change

utf_tg, you do everyone a disservice by dismissing most of the content of the article. While yours is a valid (and temporary, I hope) concern, people should read the article for themselves to gain an appreciation of the game-changing innovations behind by Nxt. In the spirit of balanced perspectives, I leave you with Anon136's final remarks from the article:

I am not prepared to give investment advice; however, I am prepared to tell you that if you ignore the ideas behind NXT, then you do so at risk. Even if this particular implementation of these great ideas fails, the ideas themselves are here to stay, and they are going to fundamentally alter the crypto-currency landscape forever.

Sounds like you may have missed a few things in your first reading. I suggest you go back and read it again with a little more thought to what it says. Nxt is still in its infancy, it hasn't had the time or the means to gain widespread distribution. Decentralization will improve as more buyers enter the market and the large stakeholders sell to them. As Anon136 pointed out, it's in their best interests to do so. How you weigh risk is your own concern, but I suggest it is equally risky to dismiss Nxt out-of-hand at this stage. It might be wise to hold off from going all-in for now, but a small investment as a hedge against your bitcoin position might be a very smart move.

Full disclosure: I'm not a founding stakeholder, but I've put my money where my mouth is and I have a vested interest in seeing Nxt succeed.

Their best interest being short term or long term..?


"Decentralization will improve as more buyers enter the market and the large stakeholders sell to them."
That's a pretty good euphemism for what has come to be known as "Pump-and-dump" 

[Anon136]

Too many words..

These are the ones that count:

Aside from the obvious caveat that there could be as of yet uncovered critical mistakes in the software, there are stakeholders out there who presently own more than 50 million out of the total 1billion coins issued. This means there are multiple individuals who individually own more than 5% of the total stake each. To put it bluntly, this is unacceptable. This is not the level of decentralization we have come to expect from a decentralized crypto. For NXT to be successful this must change

utf_tg, you do everyone a disservice by dismissing most of the content of the article. While yours is a valid (and temporary, I hope) concern, people should read the article for themselves to gain an appreciation of the game-changing innovations behind by Nxt. In the spirit of balanced perspectives, I leave you with Anon136's final remarks from the article:

I am not prepared to give investment advice; however, I am prepared to tell you that if you ignore the ideas behind NXT, then you do so at risk. Even if this particular implementation of these great ideas fails, the ideas themselves are here to stay, and they are going to fundamentally alter the crypto-currency landscape forever.

Sounds like you may have missed a few things in your first reading. I suggest you go back and read it again with a little more thought to what it says. Nxt is still in its infancy, it hasn't had the time or the means to gain widespread distribution. Decentralization will improve as more buyers enter the market and the large stakeholders sell to them. As Anon136 pointed out, it's in their best interests to do so. How you weigh risk is your own concern, but I suggest it is equally risky to dismiss Nxt out-of-hand at this stage. It might be wise to hold off from going all-in for now, but a small investment as a hedge against your bitcoin position might be a very smart move.

Full disclosure: I'm not a founding stakeholder, but I've put my money where my mouth is and I have a vested interest in seeing Nxt succeed.

Their best interest being short term or long term..?


"Decentralization will improve as more buyers enter the market and the large stakeholders sell to them."
That's a pretty good euphemism for what has come to be known as "Pump-and-dump" 

Both, either. If you want to make short term profits than how does hording help with that. you would have to sell your coins to make short term profits. If you are thinking about the long term than you also need to figure out how to disseminate your coins inorder for your remaining coins to be valuable in the future.

[utf_tg]

.....

Both, either. If you want to make short term profits than how does hording help with that. you would have to sell your coins to make short term profits. If you are thinking about the long term than you also need to figure out how to disseminate your coins in order for your remaining coins to be valuable in the future.

That is correct if you were just any one out there busy trying to mine their way to some profit.

But that is not what is happening here... This is like 2008 happening all over again, however any losers now do not have a chance of seeing their money again because this money has no official meaning
 

[bithic]

.....

Both, either. If you want to make short term profits than how does hording help with that. you would have to sell your coins to make short term profits. If you are thinking about the long term than you also need to figure out how to disseminate your coins in order for your remaining coins to be valuable in the future.

That is correct if you were just any one out there busy trying to mine their way to some profit.

But that is not what is happening here... This is like 2008 happening all over again, however any losers now do not have a chance of seeing their money again because this money has no official meaning
 

I'm not sure I follow your logic completely, but I think you're predicting that people will lose faith in Nxt and stop buying, the price will plummet, and people who bought in won't be able to regain their losses. That's a risk you take with any crypto, including Bitcoin. I'm very bullish on Nxt though, for these reasons:

1. Simply by existing and bringing this ground-breaking PoS/Transparent Forging paradigm to the market, Nxt has changed the course of crypto-currency development forever. In order to be competitive going forward, all crypo-currencies, including Bitcoin in the long term, will have to compete with these ideas, because they are simply much more efficient and cost-effective at doing what Bitcoin currently does. Most people haven't caught on to this yet. When they do, they'll want to buy in. In this case Nxt enjoys a first-to-market advantage among innovators, much as Bitcoin did.

2. The Nxt lead developers, in releasing a version of their code and providing a working implementation of their key ideas, have proven that they can deliver on their vision. Other talented minds are getting involved because they see its value, and they lend their strengths to the project. This has a snowball effect: good ideas + good people attracts more good people. This is easy to see if you follow the development threads. Development is progressing rapidly, and updates are frequent. It will be very hard for someone who is just trying to copy ideas from Nxt to keep up with this momentum.

3. Smart investors who do their research will understand points 1 and 2, and will buy into any dumps that happen along the way. I actually hope dumps occur (although preferably in a measured way), because it'll enable more people to buy in at low prices, and increase dispersion, which will only strengthen Nxt in the long term. If the large stakeholders are smart and paying attention, they WILL sell, both to take profits in the short term and ensure the long-term growth of their investment. If they're dumb they'll dump sooner or later out of fear that someone else will dump first and ruin their chance to take profits, which will serve the same effect, although perhaps more turbulently.

4. In order for Bitcoin to compete with the innovations in Nxt, fundamental changes will be needed that are not likely to be backwards compatible. Negotiating those changes will require long-term planning and coordination, especially since so much money will be at stake. The last backwards-incompatible change was announced two years in advance I think. It's probably possible for Bitcoin to adapt, but it won't be easy or quick. What do you think will be happening with Nxt in the meantime? You may question whether Bitcoin needs to adapt given its market dominance, but ask yourself what will happen in 2040 when miners are no longer rewarded with newly minted bitcoins, and transaction fees bear the full cost of supporting the energy-hungry PoW mining network. How will it be able compete with the ultra low cost of maintaining the energy-efficient PoS forging scheme of Nxt? Bitcoin is currently being hailed as a potential credit card killer because it eliminates the 2-3% transaction fees of the credit card networks, but once the supply of new bitcoins runs out, fees will rise. Ultimately, PoW as it currently exists with low transaction fees is not sustainable. Low transaction fees are absolutely sustainable with Nxt's PoS scheme. In the end it all comes down to efficiency/operating costs. It's simple economics.

Now, there is the chance that some show-stopping flaw will be discovered in Nxt, or the large stakeholders or developers will behave in such a way as to erode confidence in Nxt, or the PR will be botched, thus giving an opportunity for a Nxt clone or another 2nd generation crypto to overtake Nxt. I'm not saying it isn't high risk to invest now, barely one week after its official release, but if nothing else you should at least keep a very close eye on it.

[lucky88888]

very nice article. nxt is such a great step towards true cryptocurrency.

[geekz]

The NXT-concept keeps be busy and I think it is really interesting and has a future. I found this article which explains a lot. Why NXT Ought to be Taken Seriously

Happy reading!

There is no need to take nxtcoin seriously. Its biggest crypto scam of epic scale.  Its based on model of FED.
First of all , it's not fungible. But bitcoin is fungible up to millionth. The basic criteria of a currency is not saisfied with nxt.
A billions were released by an insider team via exchange even before the code was open sourced.
Scam scam scam! Dont understand how people fall for this.
Its biggest scam in the history of crypto currencies.

[Anon136]

The NXT-concept keeps be busy and I think it is really interesting and has a future. I found this article which explains a lot. Why NXT Ought to be Taken Seriously

Happy reading!

There is no need to take nxtcoin seriously. Its biggest crypto scam of epic scale.  Its based on model of FED.
First of all , it's not fungible. But bitcoin is fungible up to millionth. The basic criteria of a currency is not saisfied with nxt.
A billions were released by an insider team via exchange even before the code was open sourced.
Scam scam scam! Dont understand how people fall for this.
Its biggest scam in the history of crypto currencies.

Clearly you either didn't read or understand my article. It makes the case for why it should be taken seriously even if it is a total scam.

[bithic]

First of all , it's not fungible. But bitcoin is fungible up to millionth. The basic criteria of a currency is not saisfied with nxt.

I don't think you understand what fungible means. Go look up the definition, or read the wikipedia article on it. Nxt is as fungible as Bitcoin. If, by "fungible", you mean "divisible", your criticism is also unfounded. The number of decimal places currently supported in the code is two, and it can easily be adjusted in future. The lead developers have already stated that they will increase the number of decimal places as value increases, but it is not an immediate priority.
http://wiki.nxtcrypto.org/wiki/FAQ#How_divisible_is_Nxt.3F

A billions were released by an insider team via exchange even before the code was open sourced.

There was no "insider team". The release was publicly announced on this forum and everyone had plenty of opportunity to buy in before the genesis (and I wish I did!). The total supply of 1 billion Nxts were created at the genesis block, but that is because Proof-of-Stake coins MUST operate this way. Anon136's paper, which you clearly didn't read or understand, explains some of the huge benefits of this. The first code release was on Jan 3rd, and before that everyone had the opportunity to buy and sell Nxt on dgex.com. Now, after the code release, everyone still has that same opportunity. The reasons for a delayed/staggered code release have been much discussed, and I believe it is a necessary requirement for a truly unique offering in today's competitive market.