[ANN] Nxt to NEX Buy In - Exchange 1 Nxt for 50 NEX (MODERATED)

[unsure]

50 NXT for 2500 NEX pledged.

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[FrictionlessCoin]

(1) No database.
(2) Poor wallet security.
(3) Insecure proof of stake scheme.
(4) Difficult address formatting.
(5) Closed source
(6) Anonymous founder and anonymous developers
(7) 21 BTC buy 100% of 1 billion coins,  how fair is that?
( Uneven distribution,  4 guys have like 70% of all the coins.

Please let us know what NEX will do compared to NXT.

(1 ) What database will you implement? What programming language btw.?
-> LevelDB.  Java
(2 ) How is the proposed security mechanism? Some pseudo-code would be nice.
-> Bitcoin like Wallet
(3 ) How is the currently implemented PoS insecure? How do you intend to improve it? Give some technical details please.
-> Hybrid with Proof of Burn
(4 ) How is the address space of NEX designed?
-> NEX id is just the public key of the user pass phrase.   There is no checksum.  There is no user recognizable identifier that it is a NEX id.  Public key therefore can be hacked because pass pass phrase follows human patterns.
(5 ) Where did you upload the alpha version of NEX? It's open from the beginning I assume, right?
-> When available, we will people know.
(6 ) You are Carlos Perez, correct? Who are your developers?
-> Carlos Perez is the lead developer.
(7 ) You plan to rise 1 Mio NXT as buyin,  how is that fair compared to the 21 BTCs?
-> We limit the amount of NXT you can buy.  We keep it open until all 1 million is consumed.   We do not close it early.
(8 ) How will you defend issuing NEX to the same guys (sockpuppet problem)? What will be your stake in NEX? What stakes will your partners and developers get?
-> We have are engaging several partners and this has yet to be determines.  The final distribution will be let know before a single NXT cent is spent.  Oh... sorry... did not realize that NXT doesn't have decimal places.

Best of luck with your Nxt.

[rb2]

1000 Nxt if this materialises

[LiQio]

(1) No database.
(2) Poor wallet security.
(3) Insecure proof of stake scheme.
(4) Difficult address formatting.
(5) Closed source
(6) Anonymous founder and anonymous developers
(7) 21 BTC buy 100% of 1 billion coins,  how fair is that?
( Uneven distribution,  4 guys have like 70% of all the coins.

Please let us know what NEX will do compared to NXT.

(1 ) What database will you implement? What programming language btw.?
-> LevelDB.  Java
(2 ) How is the proposed security mechanism? Some pseudo-code would be nice.
-> Bitcoin like Wallet
(3 ) How is the currently implemented PoS insecure? How do you intend to improve it? Give some technical details please.
-> Hybrid with Proof of Burn
(4 ) How is the address space of NEX designed?
-> NEX id is just the public key of the user pass phrase.   There is no checksum.  There is no user recognizable identifier that it is a NEX id.  Public key therefore can be hacked because pass pass phrase follows human patterns.
(5 ) Where did you upload the alpha version of NEX? It's open from the beginning I assume, right?
-> When available, we will people know.
(6 ) You are Carlos Perez, correct? Who are your developers?
-> Carlos Perez is the lead developer.
(7 ) You plan to rise 1 Mio NXT as buyin,  how is that fair compared to the 21 BTCs?
-> We limit the amount of NXT you can buy.  We keep it open until all 1 million is consumed.   We do not close it early.
(8 ) How will you defend issuing NEX to the same guys (sockpuppet problem)? What will be your stake in NEX? What stakes will your partners and developers get?
-> We have are engaging several partners and this has yet to be determines.  The final distribution will be let know before a single NXT cent is spent.  Oh... sorry... did not realize that NXT doesn't have decimal places.

Best of luck with your Nxt.

(1 ) What database will you implement? What programming language btw.?
-> LevelDB.  Java

thanks

(3 ) How is the currently implemented PoS insecure? How do you intend to improve it? Give some technical details please.

How is it insecure?

-> Hybrid with Proof of Burn

Details?

(4 ) How is the address space of NEX designed?
-> NEX id is just the public key of the user pass phrase.   There is no checksum.  There is no user recognizable identifier that it is a NEX id.  Public key therefore can be hacked because pass pass phrase follows human patterns.

Ok

(5 ) Where did you upload the alpha version of NEX? It's open from the beginning I assume, right?
-> When available, we will people know.

ok, eta (weeks? months? years?)

(6 ) You are Carlos Perez, correct? Who are your developers?
-> Carlos Perez is the lead developer.

thanks, founder=lead developer=carlos perez
CV?
other devs? still a bit foggy elsewise...

(7 ) You plan to rise 1 Mio NXT as buyin,  how is that fair compared to the 21 BTCs?
-> We limit the amount of NXT you can buy.  We keep it open until all 1 million is consumed.   We do not close it early.

what if you don't reach the million? closing date?

(8 ) How will you defend issuing NEX to the same guys (sockpuppet problem)? What will be your stake in NEX? What stakes will your partners and developers get?
-> We have are engaging several partners and this has yet to be determines.  The final distribution will be let know before a single NXT cent is spent.  Oh... sorry... did not realize that NXT doesn't have decimal places.

open: How will you defend issuing NEX to the same guys (sockpuppet problem)?

Best of luck with your Nxt.

Oh, flattering, but NXT is not mine at all, but I think NXT is great nevertheless!

[Damelon]

This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.

[notsoshifty]

I'm revising my original 500Nxt pledge to just 50Nxt =2500 Nex
reason is Nex is not gonna be a Nxt clone as you originally announced (and many pledged their nxt based on that asumption).
I appreciate that you are now trying to do something different/better as you say but it won't be easy and if you pull it off will take too much time.
also closing the original thread cos you couldn't moderate it made me more cautious
gl

Extee - you might want to change your mind again! NEX will be a Nxt clone with only one or two changes:

No just straight clone.

Maybe just the address to the way bitcoin does it..... maybe just that.

Or if easy,  replace also the persistence implementation.

Replace persistence after first release.

[FrictionlessCoin]

I'm revising my original 500Nxt pledge to just 50Nxt =2500 Nex
reason is Nex is not gonna be a Nxt clone as you originally announced (and many pledged their nxt based on that asumption).
I appreciate that you are now trying to do something different/better as you say but it won't be easy and if you pull it off will take too much time.
also closing the original thread cos you couldn't moderate it made me more cautious
gl

Extee - you might want to change your mind again! NEX will be a Nxt clone with only one or two changes:

No just straight clone.

Maybe just the address to the way bitcoin does it..... maybe just that.

Or if easy,  replace also the persistence implementation.

Replace persistence after first release.

I will announce a new coin NIX... Just a few changes.... designed for quick release.  So instead of the 5% distribution here,  it will be 100%.   This is a straight NXT clone.   

[Bourbon44]

A couple of questions, these might be silly, but I'll try anyway:

Will the option to invest remain open until you have received 1M NXT or will the window close at some time whether or not the 1M NXT pledges have been received?
Edit: I guess this was answered above. 

If you do receive 1M NXT pledges, and not all who pledge actually invest, what will be done with the remaining NEX allocated for NXT users?  Will there be an option to come in and buy up the remaining shares? Will the 10,000 NXT cap be lifted for those who would like to buy more? Edit: It seems like this option could remain open for quite some time if not everyone invests.

How often will the pledge list be updated so that we know that our pledge has been recorded?

Looking forward to trying this out.  Cheers.

[FrictionlessCoin]

A couple of questions, these might be silly, but I'll try anyway:

Will the option to invest remain open until you have received 1M NXT or will the window close at some time whether or not the 1M NXT pledges have been received?
Edit: I guess this was answered above. 

If you do receive 1M NXT pledges, and not all who pledge actually invest, what will be done with the remaining NEX allocated for NXT users?  Will there be an option to come in and buy up the remaining shares? Will the 10,000 NXT cap be lifted for those who would like to buy more? Edit: It seems like this option could remain open for quite some time if not everyone invests.

How often will the pledge list be updated so that we know that our pledge has been recorded?

Looking forward to trying this out.  Cheers.

Because we can do it very quickly,  we will release an industrial version of Nxt.

All the coins will be distributed to 3 main parties,  Visacoin victims,  NXT exchangers and free loaders.

We are giving this to the community to eventually promote and maintain.   In short, we will create the crypto currency, but it is up to the community to adopt it and cultivate it.

[jl777]

A couple of questions, these might be silly, but I'll try anyway:

Will the option to invest remain open until you have received 1M NXT or will the window close at some time whether or not the 1M NXT pledges have been received?
Edit: I guess this was answered above. 

If you do receive 1M NXT pledges, and not all who pledge actually invest, what will be done with the remaining NEX allocated for NXT users?  Will there be an option to come in and buy up the remaining shares? Will the 10,000 NXT cap be lifted for those who would like to buy more? Edit: It seems like this option could remain open for quite some time if not everyone invests.

How often will the pledge list be updated so that we know that our pledge has been recorded?

Looking forward to trying this out.  Cheers.

Because we can do it very quickly,  we will release an industrial version of Nxt.

All the coins will be distributed to 3 main parties,  Visacoin victims,  NXT exchangers and free loaders.

We are giving this to the community to eventually promote and maintain.   In short, we will create the crypto currency, but it is up to the community to adopt it and cultivate it.

Just to make sure i understand you clearly, you will be copying the current nxt source code, making some industrial changes and then release the source code to the world. It will then be up to the nex community to adopt and cultivate it. Does that mean you wont provide any servers or support? What about industrial bug fixes, new versions? What will happen to all the investors funds if you just keep it all.

What will you do with the $100000 worth of nxt you will get? Should you spend some of that on making sure the nex network actually works?
Shouldn't you distibute the one million nxt to all the nex holders equally?
Is that too much to expect? Would it impact profits too much
Please do not mislead me

James

[FrictionlessCoin]

Just to make sure i understand you clearly, you will be copying the current nxt source code, making some industrial changes and then release the source code to the world. It will then be up to the nex community to adopt and cultivate it. Does that mean you wont provide any servers or support? What about industrial bug fixes, new versions? What will happen to all the investors funds if you just keep it all.

What will you do with the $100000 worth of nxt you will get? Should you spend some of that on making sure the nex network actually works?
Shouldn't you distribute the one million nxt to all the nex holders equally?
Is that too much to expect? Would it impact profits too much
Please do not mislead me

James

The coin will be created and sold to the community.  

All proceeds for the sale,  just like the Nxt sale will go to the developer.   So for BCNxt who created Nxt, he received 21 BTC.   We hope to raise 1,000,000 NXT or equivalent to pay for development expenses.

I hope the community will step up by running the necessary nodes to secure the network.  We will provide instruction on how to to so.

More details will follow when we have the coin ready for launch.

Shares will be divided between Visacoin victims,  NXT buyers and 'Interested' parties.

All NXT buyers who reserved have the privilege to purchase the amount they reserved.  1 NXT would likely fetch around 500 of these coins.  Yes, 500 coins, not 50 as previously allocated.  So if 10,000 NXT was reserved, 5 million of these coins are expected.

Let me know if that was clear.

[FrictionlessCoin]

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683  lonesoul
5000 zurra
5000 td services
10000 lda1000
  7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
 3000 serogen
 4000 atleticofa
  7500 Kuttingco
10000 Kuttingcorners
10000 User705
 1000 tk808
 1000 virtualaddict
10000 Revelations86
 2500 psybits
10000 aa417444103  
   1000 sydorFunk
   2500 silanmil
9500 solracx
9500 Come-from-Beyond
10000 hunglejungle
5000 godt
10000 olano
 1000 mingophoria
 2000 yshuifejng
 7500 mattmct
 2000 Onkel S.
2000 Microove
1000 Maverick69
5000  kavin2468

10000 atriz
 2000 tk808
10000 cc5alive
 2500 Bourbon44
 2500 extee
 1000 rb2
 2000 waytogo

507,500 total <-- 50% of Limit
Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

Appears to be around 100,000 NXT commitments per day. This will likely close in 7 days. So don't forget to make your reservation.

[WayToGo]

I missed the NXT boat and I want to give this a go.
I am pledging 2000NXT .
I dont have any NXT now, but can buy some when you start collecting the pledged amounts.

Good luck with the project.

[B.T.Coin]

I will give this a shot for 500 NXT.

[Damelon]

Just to clear this up:

You are raising 1000000 Nxt, which is at this moment worth 90 BTC which is around $ 72500.95

Will you be giving reports what the money is spent on, like any company does?

I remind you:

So it is clear,  CodeAudit is a for-profit corporation incorporated in the state of Delaware.

FrictionlessCoin will be the brand for products that will create all kinds of crypto-currency software for sale.

One of these products may be a Nxt clone that we may offer for sale to the public.

Carlos Perez is a shareholder in CodeAudit Corp.   "FrictionlessCoin" in this forum relates to the actions of the corporation.  "solracx"  in this forum relates to the actions of the person.  

So it is even clearer to you, ZenithCoin is owned and by Carlos Perez.   FrictionlessCoin created ZenithCoin.

FrictionlessCoin also is the lead developer for iXcoin and makes its software contributions for free for iXcoin.

FrictionlessCoin has other projects in the pipeline regarding crypto-currencies.

In short,  if FrictionlessCoin decides that selling a Nxt clone has financial potential,  then it is clearly within the laws of the United States of America and the State of Delaware to provide such software.

If you plan to work this as a company, your investors have a legal right to seeing the accounts, especially if such amounts of money are involved.

I'm looking forward to your annual report to the State of Delaware and to the investors.

[FrictionlessCoin]

Just to clear this up:

You are raising 1000000 Nxt, which is at this moment worth 90 BTC which is around $ 72500.95

Will you be giving reports what the money is spent on, like any company does?

Sorry.  This is a private company.  How it spends its earnings are private.  That is just the way it is.

To re-iterate,  the money is spent for development costs of the coin.  

Furthermore,  the 1,000,000 Nxt may not fetch 90 BTC.  

We are in fact taking considerable risk by tying the price to Nxt.

In fact, we rather not take Nxt as purchase price,  but we don't know where else Nxt holders can spend their coins.

[gleydson]

ok.. I'm in where do i send the Nxt i have?

sorry if i missed instruction on how to reserve..

[notsoshifty]

In fact, we rather not take Nxt as purchase price,  but we don't know where else Nxt holders can spend their coins.

Well, you could always open up your NEX/NIX IPO to other currencies (such as BTC), and let people pay using that instead of NXT? If NXT holders really want to get rid of their coins, they can do so at bter, dgex, etc. These exchanges work for me (although I do understand that your NXT deposit might not have cleared yet, due to it being just 1 NXT).

[FrictionlessCoin]

In fact, we rather not take Nxt as purchase price,  but we don't know where else Nxt holders can spend their coins.

Well, you could always open up your NEX/NIX IPO to other currencies (such as BTC), and let people pay using that instead of NXT? If NXT holders really want to get rid of their coins, they can do so at bter, dgex, etc. These exchanges work for me (although I do understand that your NXT deposit might not have cleared yet, due to it being just 1 NXT).

We can open up this option to the investors when payment is tendered.

[Kuttingcorners]

put me up to 10000 from 7500

thanks