NXT, the ultimate SCAM, will it die because of 100% pre-mine given to 50 people?

[Daedelus]

Does KPMG, one of the top four global audit and accountancy firms, think Nxt is a scam?

[jubalix]

I think doge shot itself in the foot by not hard capping/over printing at this stage....and the leader was a bit of a dick to Coblee

NXT has great attributes but screwed distribution.

LTC has a dwindling use case.

BTC nears 51%....wogatami and friends are funding a solution to this.

NEM's head shot its head off

Emunie is takeing quite some time to dev......those that did not understand self ejected

DRK is perhaps the most dubious being closed source and not really....also useless the use case for a DRK that actually works when BTC becomes 100% anon or the choice is there

Ripple shot itself in the XRP, by the ex CEO or something.

PeerCoin.....actually no drama, but will be better when cold locked minting.

On the plus side, the shear amount of energy in the crypto space, is makeing this all evolve so fast its hard to think of any development in any other field that comes close. At this rate both on the chip manufacturing side and software dev, its hard to see anything stopping the whole concept. In fact mining may be what keeps driving moores law longer than expected as a side effect....

[Voluntold]

Nxt is a very original crypto because it was the first to dispense entirely with PoW mining and all its environmental destructiveness. (Also, the high cost of mining equipment makes mining an unfair mode of distribution.)

The reason Nxt gets so much hate around here is that it has rendered all that mining equipment that miners have spent thousands on, completely useless and obsolete. A lot of miners hate Nxt for that. Others have seen the writing on the wall and decided to invest in Nxt.

The distribution thing is a non-issue. BTC and LTC distro are both worse than Nxt's, so Nxt has best distro of the top 3 cryptos.

+1 Exactly.  Thank you for saying it so I didn't have to.  Distribution doesn't matter one bit, and is practically the only tool in the hater's arsenal.  And you totally hit the nail on the head with the miners.  I saw the writing on the wall months ago, and could see the steady flow of hate/jealousy/fear starting to ramp up.  I suspect the hate/fear of NXT will continue and grow stronger until it passes bitcoin in marketcap.

[jabo38]

calm down man, IPO is not POW.  It is a different system.  

In one you spend money to buy coins directly that may or may not ever come.  

In another you take a very indirect and long way about doing it by first buying a miner and then buying electricity to get coins.  If a person has the miner and electricity, the coins are 100% guaranteed to come.  

If the coins come in an IPO system whether it is POS or not, then it wasn't a scam.  If they don't come, than the IPO was a scam.  

If the IPO developer lied and misrepresented the product, then it was a scam.

With NXT the coins came.  With NXT the product wasn't over hyped, in fact if anything it was under-hyped.  It definitely was not a scam.  

Just because you can't understand the difference between POS and POW, doesn't mean POS is bad.  To me, it just means you are stupid, scammer, confused, or another undesirable characteristic.  

[nutildah]

I think doge shot itself in the foot by not hard capping/over printing at this stage....and the leader was a bit of a dick to Coblee

NXT has great attributes but screwed distribution.

LTC has a dwindling use case.

BTC nears 51%....wogatami and friends are funding a solution to this.

NEM's head shot its head off

Emunie is takeing quite some time to dev......those that did not understand self ejected

DRK is perhaps the most dubious being closed source and not really....also useless the use case for a DRK that actually works when BTC becomes 100% anon or the choice is there

Ripple shot itself in the XRP, by the ex CEO or something.

PeerCoin.....actually no drama, but will be better when cold locked minting.

On the plus side, the shear amount of energy in the crypto space, is makeing this all evolve so fast its hard to think of any development in any other field that comes close. At this rate both on the chip manufacturing side and software dev, its hard to see anything stopping the whole concept. In fact mining may be what keeps driving moores law longer than expected as a side effect....

LOL. I love this entire post even though I don't agree with all of it. I feel smarter after reading it.

Extra fast development comes when you have a never-ending supply of new money chomping at the bit for it, no pun intended. Just like the A-Bomb, the moon landing, the human genome project or whatever we are currently racing to be the first at developing.

Because cryptocurrency directly links the worlds of computer and finance maybe Moore's law will be held up indefinitely, or even exceeded. Its hard to imagine a financial world where even just a few less milliseconds in processing time weren't considered an advantage in computerized trading.

[neofelis]

I've researched them both.  Looked into most all of the other alt coins and NXT just makes sense.  Congrats on the first 73 who were smart enough to invest in it.  They will be rich.  They deserve to be rich.  As it is, I am happy to buy NXT off them for a mere $.07 per coin.  Forging blocks is easy.  I've got about 10,000 NXT and should forge a block about every ten days.  Simple math can figure this out.  Even more, most of the original stakeholders aren't even forging which means I'll get a block even more often, but NEVER less than one block every ten days.  Try that in bitcoin.  I couldn't afford the equipment to even come close to that.  NXT is simpler, greener, fairer.  It is truly 2nd generation crypto.

[hicaribou]

Although NXT's price up 200%, the volume has been so small. Why? Dozens of guys own NXT and people just don't buy NXT.

NXT == NOT.

[xiaobei]

No actual application development, are scams

[Ezravdb]

Although NXT's price up 200%, the volume has been so small. Why? Dozens of guys own NXT and people just don't buy NXT.

NXT == NOT.

It has been more than 1 million dollars and is consistent 200K dollars

People are buying NXT for sure and only will be in the future even more

go on being mad 

[lovely89]

I think doge shot itself in the foot by not hard capping/over printing at this stage....and the leader was a bit of a dick to Coblee

NXT has great attributes but screwed distribution.

LTC has a dwindling use case.

BTC nears 51%....wogatami and friends are funding a solution to this.

NEM's head shot its head off

Emunie is takeing quite some time to dev......those that did not understand self ejected

DRK is perhaps the most dubious being closed source and not really....also useless the use case for a DRK that actually works when BTC becomes 100% anon or the choice is there

Ripple shot itself in the XRP, by the ex CEO or something.

PeerCoin.....actually no drama, but will be better when cold locked minting.

On the plus side, the shear amount of energy in the crypto space, is makeing this all evolve so fast its hard to think of any development in any other field that comes close. At this rate both on the chip manufacturing side and software dev, its hard to see anything stopping the whole concept. In fact mining may be what keeps driving moores law longer than expected as a side effect....

I couldn't agree more with these summaries, except for NEM, I own a stake and I thought it was on track to being a well structured platform.

From what I've read, you might be interested in Skycoin. I've been following its development for about 7 months. It has a somewhat debatable IPO planned but in my opinion it will bring as much if not more innovation than all of these coins.

[markus1000]

haha this thread. People who will do their own research will find out:

1) Nxt's IPO was open to investors. But the demand was low, because the Coin was not known => Low number of investors.
2) The whole concept of Nxt is that there is no mining and that all coins are distributed, this is not good or bad, its just a different way to to things.
3) After downloading the wallet, people will see what Nxt has to offer.


Anyway, OP thanks. More people will check out Nxt and will find out that you have no clue

[Vega]

1) Nxt's IPO was open to investors. But the demand was low, because the Coin was not known => Low number of investors.

It's more than that. Some guy opened a thread and said he is releasing a coin with totaly new code. Send him money, to get some of the new coint.
Scam accusations were flying, or the whole thing was simply ignored. Because who ever heart of a stupid thing like this? Who would believe it?

Then came Nxt, and made a shitload of profit for those who believed. Since then IPOs, and coins with new code suddently become commonplace, and popular, because everyone wants to get lucky.

But everyone have to remember, Nxt initial distribution is as it is, because it was new, extremely high risk, and most people ignored it. For two months. And now they really need to shut up about it, and look forward.

[From Above]

Lets remember history for a moment.

NXT says scamming is okay -

Fairness is one of the most important factors, if not THE most important factor, for the viability of any crypto coin.

Unfortunately, NXT got it wrong.

fairness is a fake concept which has no place in capitalism

if u dont know this then u are delusional.  there is no fair cryptocurrency, this is hyprocite talk

look at bitcon its the worst obviously. fairness is such a joke anyway. there is no such thing as fairness in this world

Thank you for admitting that NXT is a scam - see this is the mentality of NXT and people behind it.

People who made NXT believe and support scamming.

Fairness is what separates men from animals and the 1st world from the 3rd world.

Fairness and empathy are what make us human.

NXT is inhumane, as proven by the poster above by his support and admission that NXT is a scam, even defending NXT's right to scam you.

ROFL the Quote of mine was never about Nxt xD

U are such a joke, are u frictionlesscoin's dog? xD

[toknormal]

DOGE has more volume and usefulness than NXT which is a 100% insta-mine scam.

What garbage you post.

For a start, regarding liquidity, the bulk of liquidity in the NXT market does not occur on exchanges. Traders have been buying huge volumes off exchange, then they in turn trade that off exchange and so on. Only the small trades occur on exchanges which is why it looks like a low liquidity market but in fact isn't. Remember that because NXT was so different from classic cryptos, it took the exchanges a while to get hooked up to its block chain. In the meantime a large off-exchange market developed where the really big numbers were / are traded - not least the original distributions.

Secondly, you seem to make up your own definitions of "scam" which basically amounts to "people making too much money" in your book. If that's the case just stay out of the market. I don't consider it a scam because I've doubled my money since I bought and also recouped my investment at the same time. Many people who invested did the same. So I ask you again - who exactly is being scammed here ? It's a scam if you pay money for something of no market value. But if you pay money for something which DOES have a market value that's sustained and increasing then it's not a scam. Simple as that. So it would appear that neither the primary (on exchange) nor secondary (off exchange large volume) markets agree with you.

Thirdly, regarding  the points about mining, you're basically mixing two completely different approaches to distribution and getting your knickers in a twist. There's nothing more or less ethical about either - you just pays your money and takes your choice. Again, the markets ultimately decide what valuation to put on each and if you want to argue with that then feel free - but that's what investing is generally about: "Market Value" 

[reRaise]

i don't like nxt

[newuser01]

It will die eventually but it will take some time before all the gullible noobs have been scammed out of their bitcoins

[Lauda]

I do like some of the ideas and development behind NXT. Unfortunately, I tend to think the 100% premine/IPO model is very problematic for distribution.

It's a catastrophe. NXT has created a false illusion of non existent liquidity. Even the coins are are being mined aren't really well distributed, a fully premined coin is much worse. 

[Daedelus]

I do like some of the ideas and development behind NXT. Unfortunately, I tend to think the 100% premine/IPO model is very problematic for distribution.

It's a catastrophe. NXT has created a false illusion of non existent liquidity. Even the coins are are being mined aren't really well distributed, a fully premined coin is much worse.  

Source? How is this possible in an open market with a transparent blockchain?

[Daedelus]

i don't like nxt

Why not?

[TaunSew]

There's still NEM which has over 1000 veteran accounts, as well as taint analysis - probably 2500+ real people in it.  You can still get a stake at around $1500 whereas $1500 won't buy squat in NxT.

What people forget about NxT is that it was an obscure IPO and there was no taint analysis to weed out socks.  Maybe only 73 wallets invested but only 20 wallets invested the full amount (1.5 BTC) and those 20 wallets was probably 5 people with sockpuppets (so there are NxT whales with $8+ million as we speak.  They only get wealthier when NxT goes up in value).

If NxT hit $5 billion then there would be new billionaires on this planet, true story.  Easiest billions ever made in human history.