Vannicke
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Activity: 95
Merit: 10
That guy, you know, with the face
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February 09, 2014, 06:45:20 AM |
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The advantages in NXT that I see:
1: Potential for extremely high transaction volumes
2: Forging secures the network at a fee rate that gives no real or practical advantage to hording by forgers (as far as monetary increase in NXT). By this I mean spending nxt will likely cost as many fees as I make in return, thus fees secure the network but end up back in my pocket as I secure it too.
3: No inflation, or devaluation, artificial or otherwise, at all, due to the 100% PoS nature.
4: Distribution BETTER in one month than bitcoin in four years. (Please look at facts before you try to argue against this)
5: It's green. (Personally, this translates as portable, versatile, sustainable, and scaleable to me. Environmentally, I don't care too deeply one way or another.)
The possible cons that people are arguing, and the reasons why I find them invalid or not enough to match up to the pros:
1: Closed-source: officially the source is not released, but decompiling classfiles in java is as easy as pointing and clicking a couple times. The devs even made it decompile legibly. But yes officially it is closed source so far.
2: Small time forgers get shafted by probabilities: mathematically the variance of 1,000 1,000NXT account versus a 1,000,000 NXT account is comparable to a 1TH miner vs 1000 1GH miner, so yes as time goes to infinity, the 1,000NXT account will do better, but the difference in each 1,000NXT account is still largely luck, and the end state probabilities are still only off by less than 1%, which is comparable to BTC variance over a year in practice. (I am asserting this number based off my own calculations and observations of others calculations. Correct me if I am wrong.)
3: The developers can't code java: If you are basing this off the modified 0.4.7e code from the flaw finding thread, yes it is a bit crazy to wade through, but that file was made a bit obscure from the getgo for a good reason, more recent code has been refactored and takes in a great deal of effort found in the flaw finding thread. But alas, that code was quite the long read.
4: How do we know NXT will be the biggest POS-coin out there? Sure, we don't know this, but BTC is still the most widely used and valued, and it came first. LTC is the highest after that, and it was the first to innovate a different way to mine that was (more) arms race proof, and PPC has a pretty sturdy value as the first partly PoS coin.
5: the devs could be stealing all your money, installing malware, etc, so, it's a scam: Again, there are a number of competent developers in the community perusing the decompiled code, and there is nothing that even remotely looks fishy pointed out yet, after thousands of man hours of code perusal, the likelyhood of this is shrinking infintesimally by the day.
Sure I'm not covering all bases here, but these five seem to come up a lot, and it annoys me that people aren't doing any research to support the claims.
I'm willing to bet that NXT will remain top in value and usage among 100% PoS coins because it was first to largely redo the structure of PoS in a 100% PoS coin. Is it a gamble? Yes. But what cryptocoin isn't? Will NXT be the perfect coin to end all coins? No. Something new and innovative may follow it, but I foresee it gaining much more traction in the coming months, and cementing it's position as the next cryptocoin milestone. I don't believe any clone of NXT could do much better than NXT has, but if you think so, point it out, and maybe the devs will even include it themselves. It is still evolving daily, and has a lot of potential.
tl;dr: Innovative things typically succeed over their clones, and NXT innovated. There are pros and cons, most cons posted around here don't seem well thought through.
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