Here's what happened and will happen to the price until it's fixed.
I'm not on the Slack so please forward this issue if it was not addressed already (and I think it's not yet) with a critical priority in the object.
another gem of a post from Colin in the nexus slack:
"It'll grow as it grows in the time it takes for it to become what it will be. Right now the market is rinsing out the profiteers and allowing an entry position for those that truly believe. The up and downs of a market moving like a sine wave are good for distribution as every greedy individual dumping on news and buy rumors sells it to people that believe in a vision of changing the world. I'm happy to know so many people here that are aligned with these principals. In the longer term we have barely gotten started."
Hey Colin you are right ! Unless you are totally wrong.
I'm around since the inception of the coin or at least since the project was released to public knowledge on this very forum. From a tech standpoint it's is going far beyond my excpectations. But I also remember the original (while being honourable) intent when the coin was called CSD and how it was highly debatable from an economics stanpoint to say the least. Fortunately this part was cut with the transition into Nexus/Niro.
Some defs:
Capitalism: A capitalist will call himself a libertarian until you try to remove his artificial edge.
free market: An unregulated market where everyone has an equal and unrestricted access to a product.
market manipulation: Such thing is impossible to perform into a free market.
For the sake of the example let's say BTC is on enough exchanges to be called a free market while it's not true it is up to a certain amount of capital.
What "China" did recently isn't market manipulation in my book but only an attempt that succeded. To me it deserves a "well played" everyone has the information and was dealing accordingly in theory (still debatable too).
What is happening with Nexus is derived from a high amount of manipulation. Why ? because it's not a free maket.
Fair distribution: For a blockchain technology the early stage of emission and distribution is done through mining. We can call it fair unless greater forces apply as we saw on bitcoin.
The second stage and biggest part of the distribution is done through the exchanges.
How to perform fair distribution ? Devs asked themselves this question and most answers where laughable. Ofc the intial step is no ICO no instamine no
premine. But then is airdrop fair ? Is the widest distribution possible fair ? All solutions are BS. The only way to ensure fair distribtuion is through a free (unregulated) market. There is always people with more money or people willing to go deeper on a project by injecting a greater percentage of their wealth into it. It doesn' matter. What matter is an equal and unrestricted access to the product at any given time and and equal and unrestricted possibility to trade it simple as that. Free market is performing fair distribution there is no other way.
NXS has a solution to get rid on monopolization of the mining wich is really good to maintain a fair access to the coin. But this is only the first stage of distribution. The second stage is the most important because it is the "end tail" of distribution. How the second stage is handled actually leads to an unfair distribution nullifying all the work done above...
Now the team was always low profile on marketing (and I like it) and seems to not really cares on what is happening once the mining is done. In the actual state of cryptos it can be a fatal flaw. Marketing is different from what I call market monitoring.
Colin you are responsible for the fair distribution of the coin (and you are working hard on it from the "tech side") so I can't stand what you are saying in the quote. Nexus is only on two exchanges and one with 95% of the volume. I hope what I'm saying will instantly tilt you.
You are claiming that true investors are now buying the coins. Are they ? Rex is limitating your withdraw capability since OCT 16 from 0 to 0.025 BTC or equivalent a day for unverified accounts. Even if you are not touching fed's coin and are only trading alts/alts btc/alts (wich is oddly not discussed at all in the forums). To bypass this, heavy AML/KYC requirements need to be filled. Are the "true investors" of the project happy and willingly giving up on their ID to invest in this libertarian project ? What were all the speeches from the conference about already ? Yeah maybe true investors are actually prevented from investing into your coin because of this so guess who is buying back atm ?
Rex is the actual bottleneck (and a pretty narrow one) of your whole ecosystem and is centralized. If there is only one centralized point in the system the whole purpose of decentralization is defeated. If there is not a free market a fair distribution can't be done no matter how much work you put into the higher levels.
The market is the last and most important place and where fair distribution occurs or doesn't.
Good news is that decentralized markets are here post inception not that big actually but there. So the solution is here actually.
How do you factor it into you project now ? having 7-8 devs is good but maybe it's worth hiring an extra guy knowing his stuff about how the whole market works to ensure a fair distribution at anytime. Again I'm not speaking about marketing to sell your coin adding glitters on it but only monitoring stuff to ensure fair access to the product. Having the best "clockchain" in the world backed by undefeatable mathematic principles won't assure you succes if there is still attack vectors somewhere else.
Reread def 1. Most exchanges enforced heavily bullshit AML/KYC from late 2016 to early 2017. Then the liquidity on the market skyrocketed. So every average Joe was only waiting to be able to fill those "papers" with a smile before investing in alts, sure... Or maybe it's something else.
You want to issue "specialized scripts" in a near future so factor this and how the market works and how it's needed to be really strong on this part of the "game theory", how exchanges work and what you can and cannot do on them (looking at you hide not slide and friends) it's as important as the tech and can't be left as a weakpoint or it will be constantly attacked.
The team will need to go deep on this, even a breaktrough tech isn't enough if it is not handled correctly. Weak points will always be attacked.
