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Author Topic: Nextcoin initial coin distribution problem  (Read 2052 times)
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February 02, 2014, 12:24:57 AM

As has been stated many times, NXT has a big problem with it's initial distribution.  From the very beginning, it has been a for profit venture.  There are a number of arguments that confuse the issue.  However, at the end of the day, the only way to get NXT was to purchase them with bitcoins or be given them by the original owner.  I (and many other people) have a problem with this.

The only argument I have seen to defend agains this is that there is no other way to distribute a PoS currency.  No mining means no effective distribution system.  This is just ridiculous.  There are many other ways to make an initial distribution.

Off the top of my head, one way would be to fork the current Bitcoin blockchain.  State that, as of a set block in the chain, all bitcoin accounts will be given an equal number of coins in the NXT genesis block.  If you don't want to give Satoshi and MtGox so much value in your new currency, omit the top 1% of bitcoin accounts.

A related issue is the lack of open source development.  Being an open source project does not mean dumping out of date source code on a public server once.  It means developing on a public repository, making your current development branch public, showing your progress to anyone that is interested, taking pull requests, etc.  I can see everything that is going on in the continued development of bitcoin, it is open.  Nextcoin development is closed and opaque.

There is only one reason to do the things they are doing, to maintain control.  There is a lot to like with the innovative ideas in NXT.  However, the initial distribution coupled by the lack of continued open source development does not give me warm fuzzies.
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