bitcoinrocks
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Activity: 1372
Merit: 1000
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May 05, 2015, 05:47:19 PM |
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It is remarkable the orderly but massive sell off that is being taking place in NXT during the last few months... at a cost of 60% of the value of the project, of course.
Everything that can go right IS actually going right and yet the dumping is relentless, to the point that the market cannot assimilate it, no matter how good the news can be. Simply too many people selling... which we all know IS the main problem of this project: the distribution. Some or all of those 70-something people who hold 99.99% of the total NXT, are selling. Relentlessly if orderly. New investors, logically, have learn to stay away completely while the decline continues.
No good. Not good at all.
Without a killer app, the price will continue to decline into oblivion no matter how many features are available. FreeMarket is the perfect opportunity but there is only 1 dev on it as far as I know. |
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EvilDave
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May 05, 2015, 07:08:06 PM |
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It is remarkable the orderly but massive sell off that is being taking place in NXT during the last few months... at a cost of 60% of the value of the project, of course.
Everything that can go right IS actually going right and yet the dumping is relentless, to the point that the market cannot assimilate it, no matter how good the news can be. Simply too many people selling... which we all know IS the main problem of this project: the distribution. Some or all of those 70-something people who hold 99.99% of the total NXT, are selling. Relentlessly if orderly. New investors, logically, have learn to stay away completely while the decline continues.
No good. Not good at all.
Er.....not going to deny that some stakeholders have sold off their NXT (which you could see as a good thing, in the interests of better distribution), but NXT has maintained its position relative to other cryptos well in a falling market. Every longterm crypto has lost 60% value (at least) over the last few months, so NXT isn't doing badly at all, when compared to the rest of the market. |
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Daedelus
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May 05, 2015, 09:36:25 PM |
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How did the panel discussion go today? Kushti kick azz?
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Armis
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May 06, 2015, 06:33:58 AM |
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It is remarkable the orderly but massive sell off that is being taking place in NXT during the last few months... at a cost of 60% of the value of the project, of course.
Everything that can go right IS actually going right and yet the dumping is relentless, to the point that the market cannot assimilate it, no matter how good the news can be. Simply too many people selling... which we all know IS the main problem of this project: the distribution. Some or all of those 70-something people who hold 99.99% of the total NXT, are selling. Relentlessly if orderly. New investors, logically, have learn to stay away completely while the decline continues.
No good. Not good at all.
Without a killer app, the price will continue to decline into oblivion no matter how many features are available. FreeMarket is the perfect opportunity but there is only 1 dev on it as far as I know. NXT has far more than it needs to justify a far higher value than it reflects at present. NXT needs to capitalize on opportunities otherwise some other coin will do it. 77 people holding 99% is evidence of a closely guarded secret. If you want NXT to be a secret, goal achieved. If you want NXT to be well adopted then we as a community need to cherry pick project and promote them like crazy until they bare the fruit they are suppose to produce. |
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valarmg
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May 06, 2015, 08:20:02 AM |
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77 people holding 99% is evidence of a closely guarded secret.
Except it's not true. The initial distribution 18months ago is ancient history and probably doesn't affect the price much now. It's a bear market and everyone is selling crypto right now, and Nxt is no exception. Nxt has great tech, but it still has to make the jump where it gets widespread usage/exposure. NEM got dumped pretty hard when it launched and that wasn't supposed to happen because 'fair distribution'. Nxt's present distribution is similar to other cryptos such as litecoin, and that it's a problem is just an urban legend that keeps getting repeated. |
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bitcoinrocks
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May 06, 2015, 02:24:33 PM
Last edit: May 06, 2015, 04:39:28 PM by bitcoinrocks |
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NXT has far more than it needs to justify a far higher value than it reflects at present. NXT needs to capitalize on opportunities otherwise some other coin will do it. 77 people holding 99% is evidence of a closely guarded secret. If you want NXT to be a secret, goal achieved. If you want NXT to be well adopted then we as a community need to cherry pick project and promote them like crazy until they bare the fruit they are suppose to produce.
Great post, although promotion is not what we're missing. You can't ram this stuff down people's throats. Right now, NXT can't supply anything that people demand on a large scale. FreeMarket is the only thing I see under development that could possibly become a killer app in time to save this project from irrelevance. NXT has a lot of tools for businesses but no "normal" business is going to build on NXT currently. Those tools could be great for the future, and they're great for a couple small projects and pseudo-businesses now, but if we're focusing on that then we're putting the cart before the horse. Bitcoin was not taken seriously in the mainstream until after it had been battle-tested with Silk Road. There's an argument to be made that Bitcoin would not be anywhere near as far along in mindshare and legitimacy as it is today without Silk Road. NXT needs to find a niche and excel there. Having a million features that no one wants to use is not a niche. Having one feature that everyone wants to use, is. Once we've gained some mindshare and legitimacy with FreeMarket, businesses will open up to the possibility of using NXT and all of its wonderful features. Let's get in where we fit in before it's too late. EDIT: In case anyone is not clear on this, OpenBazaar is not decentralized, it's peer-to-peer. Item listings are stored only on the seller's computer which means the seller's computer can be identified and if it goes offline then the seller's listings disappear from the marketplace. FreeMarket is truly decentralized with everything on the NXT blockchain: https://www.freemarketlite.cc |
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barabbas
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May 06, 2015, 04:05:57 PM |
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77 people holding 99% is evidence of a closely guarded secret.
Of course it is true... and of course it has been "redistributing" for months: being dumped and diverted towards "assets and btc. And no it isnt true that crypto in general has been sold off. As a matter of fact a few established coins have actually rebounded including btc whic i will remind you it sits now at 45% above its most recent lows. The dump continues as has been happening since NXT traded at triple the current price only a few months ago. FACT. Except it's not true. The initial distribution 18months ago is ancient history and probably doesn't affect the price much now. It's a bear market and everyone is selling crypto right now, and Nxt is no exception. Nxt has great tech, but it still has to make the jump where it gets widespread usage/exposure. NEM got dumped pretty hard when it launched and that wasn't supposed to happen because 'fair distribution'. Nxt's present distribution is similar to other cryptos such as litecoin, and that it's a problem is just an urban legend that keeps getting repeated. |
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tyz
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May 06, 2015, 05:29:29 PM |
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I think the plugin system is a real good step forward for the Nxt Framework. The torrent plugin shows how easy new third party features can be added. Is is just a question of time until a "killer app or plugin" will be released that pushes Nxt to the n(e)xt level 
Without a killer app, the price will continue to decline into oblivion no matter how many features are available. FreeMarket is the perfect opportunity but there is only 1 dev on it as far as I know.
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chriswen
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May 06, 2015, 06:43:22 PM |
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Yup people need to realize the utility of the NXT blockchain.
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Armis
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May 07, 2015, 12:37:44 AM |
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Recently the following article was released at Nexter.org: http://nxter.org/picisi-crowdfunding-project-will-use-nxt-monetary-system/excerpt: "... Major factors that will determine Pi’s value are the prices PICISI will pay for global services rendered to it by the various Promotion Contractors that complete various assignments and subsequently paid with Pi; and the rate at which PICISI will buy Pi on the open market. PICISI uses fiat derived from earned fees to purchase Pi at the exchanges where Pi is listed. If an official exchange sponsor is present PICISI will purchase Pi exclusively at that exchange...."Please support PICISI with your comment at the bottom of the article. |
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tyz
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May 08, 2015, 05:04:07 PM
Last edit: May 08, 2015, 05:17:07 PM by tyz |
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I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
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msin
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May 08, 2015, 05:51:17 PM |
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I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. |
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tyz
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May 08, 2015, 08:03:31 PM |
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Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT. I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. |
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msin
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Activity: 1470
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May 08, 2015, 08:12:06 PM |
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Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT. I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. Not sure completely, I think there are still some other security measures even if the servers disappear. Regardless, if you are just looking to store only, there are much better methods. |
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PilotofBTC
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May 09, 2015, 05:28:19 AM |
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Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT. I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses. |
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PondSea
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Activity: 1428
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May 09, 2015, 09:10:55 AM |
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Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT. I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses. Yep it needs 2/3 |
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barabbas
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Activity: 1162
Merit: 1000
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May 09, 2015, 09:59:34 AM |
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Thanks, I want to store my Bitcoins on different locations securely. I already use a cold storage wallet. That means, if these three guys which running the servers decide to disappear, the BTC are gone, right? Then it is not a option for me at the moment. Just to exchange Bitcoin to NXT. I am planning to store some of my BTCs on the MultiGateway. As far as I know is it not fully decentralized. How secure are those Bitcoins stored there? What happens if the servers are getting down or jl777 (is he running the servers?) is disappearing suddently? Would be nice if someone could answer these questions.
I wouldn't recommend using MGW as a method to safely store Bitcoin, however if you want BTC on AE for trading purposes, it's very secure. Jl777 does not run the servers, they are operated by 3 independent parties that all need to agree on any deposit/withdrawal. There has yet to be a "hack" of MGW. Some guy has 300BTC on there, so I believe it's pretty safe, but cold storage or a dedicated wallet like Trezor are your best bets if you only want to store. I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses. Yep it needs 2/3 That isn't just NOT SECURE, that is actually a joke... |
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tyz
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May 09, 2015, 10:46:26 AM |
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I believe the MGW bitcoin addresses are all 2 of 3 multi-sig so if 1 operator goes the other 2 operators can still spend from the addresses.
Sure, but what happens in the case when at least two of three servers are offline or the maintainers disappear? |
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