NXT around longer than ETH. NXT does more than ETH. Nobody buys NXT for years while ETH goes to billions.
Can someone provide a summary of the mistakes NXT has made and whether or not this is ever going to be a legitimate platform.
OK, here we go:
- The ICO of NXT went only to 73 investors... who paid like 21 BTC (which were $100 back then). I think it was a mistake. Too little supporters, and too many envious people. And no funding to carry it through tough times.
- Which lead to essentially zero marketing for a long time.
- NXT was the first pure Proof of Stake coin, so everyone attacked it for being unsafe.
- Tons of hacks surrounding NXT, like the couple million stolen from the Bter exchange, which really hurt the price (despite that, the community decided to defend the immutability of the blockchain). Add in some scammers like "cointropolis" that took a community leadership and disappeared later.
- I think the worst one: Tons and tons of assets/ICOs. Which drove the price up (exactly what's happening now with Ether).... but then maybe one in a hundred turned into value (e.g. NEM). All the rest turned to dust. Many might have just been dreamers with unworkable ideas. Some were huge scams: Many assets were vehicles to invest in cloud-mining, which then disappeared.
Combine it all, and it's quite a lot of trust lost and people looking elsewhere.
Amazingly, the tech has held strong though, and kept improving. Props to the devs. The new revival of the alt market gives it a new chance - with hopefully lessons learned.
I noticed that NXT only has 1 asset that is worthy anything material, how is this not a bad sign for the platform?
I think there are more... but anyways, it makes sense for offerings to go to the platform that has the most attention. That is Ether.