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Author Topic: NXT/NEM or Monero/Bytecoin?  (Read 4889 times)
Este Nuno
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amarha


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June 08, 2014, 07:10:56 PM
 #1

It seems to me from my limited knowledge that these are the two new competitors to bitcoin and I was wondering which one had more advantages over the other.

Mainly I'm wondering about the underlying technology, i.e. NXT vs CryptoNote. Which one has a better chance of becoming a successful alternative to btc/ltc?

Are there any glaring problems in either technology that I should know about?

How about the dev teams? Are both technologies supported by a robust and active development team?

People's main argument in favour of bitcoin is that bitcoin can always add whatever features are implemented on altcoins. But from what I can tell bitcoin is the old dinosaur very resistant to change and anything but agile. Bitcoin doesn't even seem to be interested in addressing the problems that it has, let alone adding new features or upgrades.

So what features really stand out about either technology?

Does anyone feel that either codebase is objectively better than bitcoin? Or are we not quite there yet?
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June 08, 2014, 07:28:13 PM
 #2

NXT and Monero, these two are completely different coins and they cannot be compared IMO.

Which one has a better chance of becoming a successful alternative to btc/ltc?
I'm sure Darkcoin or(and) Zerocoin/Zerocash will overcome Bitcoin someday.

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June 08, 2014, 07:36:26 PM
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NXT look like a share rather than a currency.
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June 08, 2014, 07:41:33 PM
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Bytecoin
Este Nuno
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amarha


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June 08, 2014, 07:41:56 PM
 #5

NXT and Monero, these two are completely different coins and they cannot be compared IMO.

Which one has a better chance of becoming a successful alternative to btc/ltc?
I'm sure Darkcoin or(and) Zerocoin/Zerocash will overcome Bitcoin someday.


Why can two different coin technologies not be compared? What are the advantages and disadvantages of each tech?
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June 08, 2014, 08:04:39 PM
 #6

NXT and Monero, these two are completely different coins and they cannot be compared IMO.

Which one has a better chance of becoming a successful alternative to btc/ltc?
I'm sure Darkcoin or(and) Zerocoin/Zerocash will overcome Bitcoin someday.


Why can two different coin technologies not be compared? What are the advantages and disadvantages of each tech?
Monero is maintained for anonymous transactions but it has some flaws in its code and other problems like being botnet raped.

NXT is the first pure PoS coin written from scratch. It brings asset exchange and some other features but suffers from unfair distribution.

Which one is better and how to compare them is up to you.

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amarha


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June 08, 2014, 08:33:41 PM
 #7

NXT and Monero, these two are completely different coins and they cannot be compared IMO.

Which one has a better chance of becoming a successful alternative to btc/ltc?
I'm sure Darkcoin or(and) Zerocoin/Zerocash will overcome Bitcoin someday.


Why can two different coin technologies not be compared? What are the advantages and disadvantages of each tech?
Monero is maintained for anonymous transactions but it has some flaws in its code and other problems like being botnet raped.

NXT is the first pure PoS coin written from scratch. It brings asset exchange and some other features but suffers from unfair distribution.

Which one is better and how to compare them is up to you.

What sort of flaws have been discovered in the code for Monero?

I do know that NXT is mainly criticized for the initial distribution of it's coinbase. But if the technology is superior that doesn't mean that another coin based off NXT couldn't come along and solve that problem. If NXT's PoS system is superior to the CryptoNote PoW system that's vulnerable to botnets then that's a big plus for NXT.
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June 08, 2014, 08:36:43 PM
 #8

NXT and Monero, these two are completely different coins and they cannot be compared IMO.

Which one has a better chance of becoming a successful alternative to btc/ltc?
I'm sure Darkcoin or(and) Zerocoin/Zerocash will overcome Bitcoin someday.


Why can two different coin technologies not be compared? What are the advantages and disadvantages of each tech?
Monero is maintained for anonymous transactions but it has some flaws in its code and other problems like being botnet raped.

NXT is the first pure PoS coin written from scratch. It brings asset exchange and some other features but suffers from unfair distribution.

Which one is better and how to compare them is up to you.

What sort of flaws have been discovered in the code for Monero?

I do know that NXT is mainly criticized for the initial distribution of it's coinbase. But if the technology is superior that doesn't mean that another coin based off NXT couldn't come along and solve that problem. If NXT's PoS system is superior to the CryptoNote PoW system that's vulnerable to botnets then that's a big plus for NXT.

NXT is a scam. No matter how you do it, distributing coins via PoS is unfair and will always be unfair. Those who get in on the "IPO" are the ones who always come out richer.

I think of NXT not as a currency....but as a platform to trade currencies, like Ripple.

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June 08, 2014, 08:37:44 PM
 #9

What sort of flaws have been discovered in the code for Monero?

There aren't any major ones, but there is stuff that needs to be cleaned up and fixed (like the database issue). The protocol is PoW, so security models similar to that of Bitcoin.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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June 08, 2014, 08:46:48 PM
 #10

I'm not familiar with Monero.  I'm going with the assumption that it cannot compare with Nxt, in technical innovation.

Nxt, as mentioned, as has terrible distribution.  There may had been 73 original wallets but only 20 wallets invested the 1.5 BTC limit (this was before the November boom).  I'm going with a haunch, since it was such an obscure IPO without taint analysis, that those 20 wallets were probably only owned by 5 people with sockpuppet accounts.

IIRC - people who invested 1.5 BTC had received either 40 to 50 million NxT.  That means there are easily sockpuppet masters with close to $14 million USD in NxT.  These people will be billionaires if NxT rivals Bitcoin in capitalization (even wealthier than Satoshi).

Ethically - the last coin I would invest in would be NxT, you're contributing to some whale's get quick rich fund.




NxT did attract an amazing community but it all went down south after people realized how screwed up the distribution was  and the solution resulted in NEM, which is entering open Alpha by June 25.

NEM has been distributed to 3000 stakeholders and taint analysis was used to remove hundreds of sock puppets.  There may still be sockpuppets in NEM but, realistically, it's an unprecedented unparalleled distribution compared to every other coin in existence.

  Every coin is dominated by less than 50 real people (more often it's less than a dozen people, the developer and his friends).

 NEM is unprecedented and will launch with several thousand stakeholders.  Even if there are 200, 500 or 1000 sock puppets (unlikely due to anti-sock puppet measures), NEM still has thousands of real unique persons.  That is compared to the average crypto these days where a dozen or less people own everything.

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
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June 08, 2014, 08:55:05 PM
 #11

I'm not familiar with Monero.  I'm going with the assumption that it cannot compare with Nxt, in technical innovation.

Monero has mandatory stealth addressing and optional ring signature privacy. The application of ring signatures is unique to CryptoNote coins, and is novel applied cryptography using a well studied technique.

So, you can not tell how much wealth is concentrated in any one entity with Monero. You can also not tell where money is going or how much money is going there, or where it even came from. It is a coin that has privacy today, unlike DarkCoin, which has privacy (maybe) sometime in the promised future.

Additionally, Monero is set up with very high inflation for the first two years, so that everyone is welcome to get in on it cheaply at this time.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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June 08, 2014, 09:00:55 PM
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NEM has been distributed to 3000 stakeholders and taint analysis was used to remove hundreds of sock puppets.  There may still be sockpuppets in NEM but, realistically, it's an unprecedented distribution compared to every other coin in existence.  Every coin is dominated by less than 50 real people (more often it's less than a dozen people, the developer and his friends).  NEM is unprecedented and will launch with several thousand stakeholders.  Even worse case scenario, if NEM is half sock puppets (unlikely), it's still a fair distribution compared to every coin which has ever launched in crypto history.

I am sorry to rain on your parade, but:

a) there is a coin like that - CommunityCoin, distributed to 500 stakeholders equally, and it proved that distributing equally doesn't necessarily equate with innovation and adoption;

b) NEM has been nothing but hot air for a few months now, they haven't shown a single line of code, you got to be out of your mind to seriously expect something out of it. I'll take my words back as soon as I see their alpha wallet on June 25, and might even buy a stake in NEM, but of course not at the current ridiculous price with absolutely nothing backing that price.
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June 08, 2014, 09:21:16 PM
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NXT is the frontrunner (marketcap wise) to using the blockchain technology for more than just transferring money. This is distinct from most of the bitcoin clones that merely try to improve upon some aspect of money transfer, such as ease of use, anonymity, speed, better micro-transactions, etc.

NXT/NEM is in what we can crudely call the "Bitcoin 2.0" category, along with Mastercoin, Bitshares, Ethereum, Counterparty, eMunie and others.

For a good metaphor of this paradigm shift, consider Bitshares. The idea behind the name Bitshares is to view the coins as shares in a company. Seen in that way, we can understand the bitcoin protocol as a Distributed Autonomous Company (DAC) and coins as a shares in that company.

At any rate, this is the line of reasoning offered by Daniel Larimer.
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June 08, 2014, 09:21:49 PM
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NEM has been distributed to 3000 stakeholders and taint analysis was used to remove hundreds of sock puppets.  There may still be sockpuppets in NEM but, realistically, it's an unprecedented distribution compared to every other coin in existence.  Every coin is dominated by less than 50 real people (more often it's less than a dozen people, the developer and his friends).  NEM is unprecedented and will launch with several thousand stakeholders.  Even worse case scenario, if NEM is half sock puppets (unlikely), it's still a fair distribution compared to every coin which has ever launched in crypto history.

I am sorry to rain on your parade, but:

a) there is a coin like that - CommunityCoin, distributed to 500 stakeholders equally, and it proved that distributing equally doesn't necessarily equate with innovation and adoption;

b) NEM has been nothing but hot air for a few months now, they haven't shown a single line of code, you got to be out of your mind to seriously expect something out of it. I'll take my words back as soon as I see their alpha wallet on June 25, and might even buy a stake in NEM, but of course not at the current ridiculous price with absolutely nothing backing that price.

No one cared about Community Coin.  It may as well been called "Communist Coin" or "Karl Marx Coin".  The coin itself is already red, so they'ld only have to change the name.

The reason Community Coin flopped is the following

- No innovation.  It was a generation 1.5 proof of stake, these are a dime a dozen right now.

- Developer is named after the coin.  Developer named after coin = scam (99% of the time).

- Distribution to 500 but no serious anti-sock puppet measures were introduced, beyond (initially) requiring a Facebook account.   Requiring a facebook account is a major breach of privacy for most people (embarrassing too) and then there are people, out there, who own a dozen FB accounts.  I shouldn't need to point this out but community coin started months after NEM and largely stole the distribution concept.


Whereas NEM

- Innovative.  Proof of Importance.  Second generation crypto.
- Known developers.  UtopianFuture, Gimre, Jagaur, et cetera, were all reputable names in the NxT community.
- Community is awesome and largely FUD free so far
- Distribution to 3000 stakeholders w/ taint analysis
- Ad infinite

NEM currently has a capitalization of $10 million in the prelaunch token trading.  This isn't an accident, the hype behind NEM is such that people are convinced it will probably be worth $40 million within a month or months of launch.  Possibly even rival Litecoin or Bitcoin but that's dependent on the coin being good, the community remaining free of FUD & scandal, the effectiveness of the swarm team, P2P advertising, et al.    

Waiting until open alpha to buy a token is perhaps a bad idea - when people play with the open alpha, and make their conclusion on it, there possibly wouldn't be any cheap stakes anymore.

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
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June 08, 2014, 09:28:44 PM
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Whereas NEM

- Innovative.


Show me Cheesy


Waiting until open alpha to buy a token is perhaps a bad idea - when people play with the open alpha, and make their conclusion on it, there possibly wouldn't be any cheap stakes anymore.


On the contrary, I believe, when people download the alpha client they will dump their stakes at an unimaginable speed, and that will be a good time to buy, maybe Smiley I'll start thinking of buying at the price of 3000 NXTs per stake, provided the alpha client is released of course, and is able to perform basic functions without major hickups.
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June 08, 2014, 09:44:25 PM
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In my opinion nxt and maybe NEM "will see, only air for the moment", nxt will always have the advantage of being the first and many features and projects running over it. The main advantage over monero and similars is that this "second gen" systems "more than a coin" are usufull for many things, monero, as well as bitcoin and their clones only for send money.
About the anynomos ongoing hype, I don't see it as anything important, is a feature which can be added in nxt, but not everyone will want to use it, if for example nxt comes mainstream and real companys use it, they could want transparency for the simple fact that if everyone start to hide their economy, the society as we know now can't work, who will pay taxes and everything?

I don't want to start with the distribition shit again... That stakeholders are the ones more interested in the good of nxt "if they use their brain" but if we have "more" initial stakeholders like in NEM could happen the same as in communitycoin "they gived the coins without any risk to (investors) and most of them will sell for quick profits because they don't care about crypto, they only care about $, in the other hand, in nxt, only the people who read about and risked their investment (because really seemed a scam) have their coins now", and the fact that if we move to a big scale "outside this forum" for the rest of people the distribution will be the same problem.
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June 08, 2014, 09:48:16 PM
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I'm not familiar with Monero.  I'm going with the assumption that it cannot compare with Nxt, in technical innovation.

Nxt, as mentioned, as has terrible distribution.  There may had been 73 original wallets but only 20 wallets invested the 1.5 BTC limit (this was before the November boom).  I'm going with a haunch, since it was such an obscure IPO without taint analysis, that those 20 wallets were probably only owned by 5 people with sockpuppet accounts.

IIRC - people who invested 1.5 BTC had received either 40 to 50 million NxT.  That means there are easily sockpuppet masters with close to $14 million USD in NxT.  These people will be billionaires if NxT rivals Bitcoin in capitalization (even wealthier than Satoshi).

Ethically - the last coin I would invest in would be NxT, you're contributing to some whale's get quick rich fund.




NxT did attract an amazing community but it all went down south after people realized how screwed up the distribution was  and the solution resulted in NEM, which is entering open Alpha by June 25.

NEM has been distributed to 3000 stakeholders and taint analysis was used to remove hundreds of sock puppets.  There may still be sockpuppets in NEM but, realistically, it's an unprecedented unparalleled distribution compared to every other coin in existence.

  Every coin is dominated by less than 50 real people (more often it's less than a dozen people, the developer and his friends).

 NEM is unprecedented and will launch with several thousand stakeholders.  Even if there are 200, 500 or 1000 sock puppets (unlikely due to anti-sock puppet measures), NEM still has thousands of real unique persons.  That is compared to the average crypto these days where a dozen or less people own everything.


NXT and NEM. The only 2 coins beside Bitcoin I take seriously.

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June 08, 2014, 10:23:23 PM
 #18

Have a look here: http://coinmarketcap.com/

Nxt only.

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June 08, 2014, 11:57:12 PM
 #19

There aren't any major ones, but there is stuff that needs to be cleaned up and fixed (like the database issue). The protocol is PoW, so security models similar to that of Bitcoin.
Plus, sending coins to an exchange with payment_id potentially breaks anonymity in one way.

Also, it's very annoying that I must generate a new wallet to create a new address.

Are you going to fix this miss?

Have a look here: http://coinmarketcap.com/

Nxt only.
So what? It's easy as hell to pump a coin if just 5-10-20 people have 99% of total supply.

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June 09, 2014, 12:31:20 AM
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take a look at the pics of the nem wallet it looks 1000x better than any other wallet i have seen.

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