[ANN] NEX :: Nxt Reimagined - Industrial Strength - Imagine Fairness!

[FrictionlessCoin]

How it will work is:

Frictionless will continue to brag about how NEX is better than NXT, even though he can only copy it. He claims he is adding new features, but in reality the NXT team is doing all the things he claims he is doing. As soon as the NXT team makes a release, frictionless will claim he did it.

As to what people will get, only time will tell. The distribution method keeps changing and it seems that frictionless has 100% control over all aspects of NEX distribution. Will it really be fair? What can anybody do if it isn't? If frictionless is actually writing code and adding features, it would be a different story, but his idea of writing code is decompiling NXT code. also, since NXT source is supposed to be so bad according to him, why on earth is he using any NXT source code at all. Shouldn't he simply write an entirely new version from scratch?

Why did he steal all of NXT marketing materials, just changed "NXT" to "NEX", sometimes he didn't even both to do this. Why would someone spend so much time if he isn't planning on making a profit somehow. Where do you think that profit will come from?

Some cloned version of NXT that is exactly the same tech as NXT without anything new except a genesis block. Just don't send any BTC or NXT to him, and certainly don't burn any. All you will get back is worthless NEX. Without a community, trading market, etc. NEX will have no real world value.

NXT already has half a dozen exchanges, fiat gateways, over ten thousand stakeholders, and on and on. New releases come out weekly, sometimes more often.

His claim that 50 NEX for one NXT is generous is absurd. That is 0.02 ratio, basically he is saying that NEX already has the peak LTC/BTC ratio LTC ever got, when NEX is so far totally vapor and a 100% clone of NXT. When LTC got the 0.02 ratio ($50 LTC), it was already on major exchanges, accepted in many websites, etc. It also actually had a speed improvement over BTC.

At best NEX is a joke, at worst it will be a scam that leaves anybody that puts anything into it without anything.

If you want one billion coins without any market, you can do that yourself without NEX. Just issue it using NXT asset exchange.

James

Nailed it.

If it was a joke,  then why spend the time to write a long essay on it?

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[ahmedt]

interested   

[SydorFunk]

I want to exchange 1000 NXT for Nex.  

[Damelon]

If it was a joke,  then why spend the time to write a long essay on it?

Basically because it's beginning to look like a scam more and more.
I was really willing to think you had some good intentions.
Yet you are now going to take money for stake, which clearly is against your stated "fairness" principle. You hide the fact that you are actually receiving $100,000 at current price and are calling it "charity". When given the alternative of burning said NXT you ignore the question, now up to a total of four times.
You have used people's intellectual property and only reluctantly removed it after numerous requests.
You have stolen an idea for leveled coins from someone who posted the plan only yesterday and made it look like you were doing him a favour.

In short, in the space of not two days, your ACTIONS put the lie to your good intentions.

I sincerely warn people to be so very careful about this.

I am a NXT holder. I put that out here to at least be open where I am coming from.

Check these facts in this thread and in the others for yourself:

https://bitcointalk.org/index.php?topic=424724.msg4652305#msg4652305
https://bitcointalk.org/index.php?topic=422309.80

Bah.

[notsoshifty]

Frictionless - you've already stated that you are starting from scratch:

NEX will be working on an entirely new code base because NXT itself is not worth building a foundation on.

And yet your first post still claims to have multiple features completed:

- Decentralized Alias System / DNS - Complete
     Register names and assign them to URIs.  URIs can be anything from web addresses to NEX account numbers.  These aliases will be tradeable in the near future.
- Basic DDoS Protection - Complete
- Decentralized Asset Exchange / Colored Coins - Done, but not yet implemented.
     This allows gateways to issue assets on the NEX network.  These assets can include cryptocurrencies (BTC, LTC, etc), fiat currencies (USD, EUR, RMB, etc), stocks and other assets.
- Transparent Mining - Complete.
     Transactions are encrypted.  Only PoS block generator can decrypt transactions.
- Arbitrary Messaging - Complete. Implementation on block 40,000.
- Instant Transactions - Requires peer review
- Decentralized Marketplace / Auction - In progress
     Buy or sell goods/services in a distributed manner.  All listings are broadcast to all nodes on the network in P2P fashion.
- Distributed Storage - In progress
- Multi-signatures - In progress
- Blockchain Shrinking - In progress
- Two-phase Payments - In progress
     Software supported escrow transactions
- Voting System - In progress
- Reputation System - Will be implemented after Voting System
     Account trust rating system.  Check if sellers on the distributed exchange have a good history, if stock issuers pay dividends and if gateways honor their asset redemptions.
- Decentralized Mixing Service - Concept not ready - Cryptographers please contact core dev team members
- Distributed Computing - Concept not ready
- Smart Contracts - Concept not ready
- Hardware Wallets - Conceptual Stage - Java smart card developers please contact core dev team members
- Advanced DDoS Protection: Project Kharon - Conceptual Stage - Neural net programmers please contact core dev team members

You should edit your first post to inform everyone that the features which you claim are complete are actually not completed at all.

[Damelon]

Frictionless - you've already stated that you are starting from scratch:

NEX will be working on an entirely new code base because NXT itself is not worth building a foundation on.

And yet your first post still claims to have multiple features completed:

You should edit your first post to inform everyone that the features which you claim are complete are actually not completed at all.

So basically he now has nothing but the concept anymore...

[BitcoinForumator]

He keeps getting requests and "I sent you NXT" from newbies who are hopping and praying this will work.

[msin]

So what do you guys think about NEM then?  Any different?

[Damelon]

So what do you guys think about NEM then?  Any different?

NEM won't be able to go ahead without full source, will it?
I trust utopianfuture, though.

[msin]

So what do you guys think about NEM then?  Any different?

NEM won't be able to go ahead without full source, will it?
I trust utopianfuture, though.

Nope, nothing will happen until April, I suggested he build on top of the Nxt blockchain, would be way more successful. We are going to have many clones of Nxt, and the successful ones will be on top of Nxt blockchain and able to utilize features.

[intrazer]

interested

[Damelon]

So what do you guys think about NEM then?  Any different?

NEM won't be able to go ahead without full source, will it?
I trust utopianfuture, though.

Nope, nothing will happen until April, I suggested he build on top of the Nxt blockchain, would be way more successful. We are going to have many clones of Nxt, and the successful ones will be on top of Nxt blockchain and able to utilize features.

Just looked at the NEM thread, and it has taken off more than I thought!
As I say, I trust utopian, and will follow that thread.

[FrictionlessCoin]

Frictionless - you've already stated that you are starting from scratch:

NEX will be working on an entirely new code base because NXT itself is not worth building a foundation on.

Yes, there is very little in the NXT code base that is worth salvaging.  

We could have very easily cloned the coin,  but after thorough analysis,  we believe it not to be worth the trouble.  It truly is one of the worse implementations of a crypto-currency I have seen.

We are therefore building from a much better and robust foundation.

I think people would rather see something that is robust and secure than a flimsy product.

[virtualaddict]

Interested... a little disappointed so far in the progress of nxt's decentralized exchange claim

[FrictionlessCoin]

Interested... a little disappointed so far in the progress of nxt's decentralized exchange claim

They have a ton of claims.  They even claim to be secure.  Doubtful.

[Jaguar0625]

5% to NXT investors is actually fair , cos they are the ones who supported the NXT protocol so far and consequently NEX.
there would be no NEX without the current NXT investors.
5% is actually a very small portion of the pie in proportion to their contribution.

would be interesting to know what the specifics % numbers are for the total pie.
what % to people who say "interested" (btw interested!)
what % to dev
what % for bounties
this is what's missing in this thread.

I think a fair distribution would look something like this
70% equally distributed among the "interested"
10% developers (which are currently already receiving btcs)
10% for bounties
5% to the NXT investors
5% to be defined


also another thing which makes no sense.....how you gonna distribute manually to potentially thousands if not millions of interested ppl?
the obvious best way would be a well organized faucet to spread the NEX with captcha, ip recording and retweet activation (the retweet obviously also goof for spreading teh word).

also you may wanna refer to NEX as a fairness coin project......open a forum and maybe poll for name/logo/distribution model etc. and discuss ideas. there is no fairness without democracy.

FC, can you answer this question about the distribution?

[nomailing]

I can't entirely agree that this would be a fair system.
From a laymans points of view one day one group of 1000 people may burn 1 btc each and the next only day a group of 100. If 1000 NEX were released both days, one day they all get 1 NEX the next they get 10 NEX. This hardly seems fair to the first group to reward the second group 10x the amount based on random chance.

What would happen in this scenario is people would watch the burn address to know how much NEX they would get out on any given day. This might make it more profitable to just buy the NEX from someone else if the daily burn was oversaturated (that is, the amount of NEX you could receive from the burn would be less than taking that BTC and exchanging it for NEX directly).

In this case, the price of NEX would be tied to the amount of NEX you could get from the burn on any given day, or vice versa, the amount that people would/could burn would be directly tied to the price (would it be profitable to burn X amount of BTC if I'm going to receive Y NEX?)

It seems like instead of being used for people to adopt NEX, this burn/faucet would be monopolized by bots whose soul purpose was to eek out small profits whenever they could get more NEX by burning during a burn period than by buying on the exchanges.

In fact, no one would burn except within the last minutes/seconds of a burn period so as not to dilute the share of NEX dispensed (why burn when you don't know how many others are going to burn and at what amounts? It might be more profitable to buy off an exchange)

What am I arguing about? I don't know. But someone has to.

In all respect, but from what I read it seems you still haven't understood my proposal. You are talking about "last minutes/seconds of a burn period" but what I propose is a sliding window, so there is no end of any burning period!
Furthermore, in your argument you somehow make the assumption that the free market to decide if burning is profitable will not work. If your argument would be valid, then the whole bitcoin mining would make no sense, because free market decides if your energy costs are worth to mine bitcoins. So the decision to mine Bitcoins or not to mine Bitcoins depends obviously on the exchange rates in the following loop:

Code:

BTC(exchanged) <-> USD -> proof-of-work-energy-cost -> BTC(mined)

A miner can calculate his rewards and the free market will decide if it is more profitable to go the route via exchanges or to mine.
My proposed system actually completely rebuilds this free market reward system:

Code:

NEX(exchanged) <-> BTC -> proof-of-burn-btc-cost -> NEX(mined)

[notsoshifty]

We could have very easily cloned the coin,  but after thorough analysis,  we believe it not to be worth the trouble.  It truly is one of the worse implementations of a crypto-currency I have seen.

We are therefore building from a much better and robust foundation.

I think people would rather see something that is robust and secure than a flimsy product.

It's good that you've removed the sections stating features are complete when they're not.

But still, your first post still states:

You can find the ALPHA TEST CLIENT here:

https://sourceforge.net/projects/nexcoin/files/Nxt/

It should work like the regular Nxt client.

You should presumably remove this alpha test client if your release client will be built from scratch? No point talking about a Nxt clone anymore.

Lastly, why do you still have a petition open to demand the release of the Nxt source code, if:

1. You have successfully decompiled the code (despite incorrect claims of heavy obfuscation) and produced a clone that compiles and runs successfully on the NXT network
2. You are starting NEX development from scratch

You should therefore remove this section as it's not applicable to NEX:

Sign the petition to demand Nxt release source code so we can begin our journey:  https://bitcointalk.org/index.php?topic=422590.msg4598983

[msin]

Interested... a little disappointed so far in the progress of nxt's decentralized exchange claim

Just a little, well that's better than a lot.  http://en.wikipedia.org/wiki/Patience

[msin]

5% to NXT investors is actually fair , cos they are the ones who supported the NXT protocol so far and consequently NEX.
there would be no NEX without the current NXT investors.
5% is actually a very small portion of the pie in proportion to their contribution.

would be interesting to know what the specifics % numbers are for the total pie.
what % to people who say "interested" (btw interested!)
what % to dev
what % for bounties
this is what's missing in this thread.

I think a fair distribution would look something like this
70% equally distributed among the "interested"
10% developers (which are currently already receiving btcs)
10% for bounties
5% to the NXT investors
5% to be defined


also another thing which makes no sense.....how you gonna distribute manually to potentially thousands if not millions of interested ppl?
the obvious best way would be a well organized faucet to spread the NEX with captcha, ip recording and retweet activation (the retweet obviously also goof for spreading teh word).

also you may wanna refer to NEX as a fairness coin project......open a forum and maybe poll for name/logo/distribution model etc. and discuss ideas. there is no fairness without democracy.

FC, can you answer this question about the distribution?

Haha, yeah right, more like 70% to FC, 30% to who cares.