Cryptocurrency for the traditional small or mid cap stock investor, follow-on for pricing.
-- DISCLAIMER to people that have been SCAMMED by NXT --
-- PLEASE DON'T TAKE ANY OF THIS PERSONALLY, I'M JUST GOING THOUGH A CATALOG OF ALL THE CRYPTO SCAMS AND LISTING THE BEST ONES --
....Next is mentioned at the end of the article ...From the Blog;
Why Proof of Scam (Po$) is a real socioeconomic dynamic - its not a joke.
http://kolinevans.wordpress.com/2014/07/02/on-po-proof-of-scam-defining-the-rational-crypto-currency-exclusive-socioeconomic-dynamic/-----------------------UPDATE --------------------------
A word on Proof of ScamPo$ ( Proof of Scam) not to be confused with PoS (Proof of Stake) is a real thing, people like to joke but i'd like to explain why Proof of Scam is an actual socioeconomic dynamic;
Proof of Scam (Po$) can be broadly defined as anything outside the Random Proof of work distribution, to a degree that it is nearly in the centralized fiat groups of monetary systems, a key element is if as a replacement to the Random Proof of Work distribution you have instead , the "trust us" principal.
There can be other examples, and many may argue back and forth, for example if the PoW period is gregariously flawed a system
may be contested to be Proof of Scam or a Proof of Scam allegation
could be leveled.
Proof of Scam is a uniquely Crypto currency dynamic, it can not be used for fiat applications because fiat is not a "trust-less system".
so to make that clear and if you would like to visualize it; fiat centralized paper Debt issued money is in a bubble of its own that can never be governed by a Random Proof of work system, or any other "trustless" system.
"Cryptocurrency" is then in its own group which can be split up then into all its other groups -
The (Proof of Scam) Po$ group The Proof of Scam group can be generally defined as a group in which the "random proof of work" and thus the "trustless system" is so flawed, that it almost represents a centralized fiat system.
there are many examples = but the key points to take away are that if the PoW is flawed in a manner of distribution as to rely on the "Trust us" " "its ok" system. the "crypto" can generally be confirmed to be Po$ or Proof of Scam.
-----------------------UPDATE --------------------------
A word on “Proof of Work”Crypto currency is based on “Proof of Work” this means that crypto is a “trust-less” system where people don’t have to try to trust other people to “IPO” (or distribute) the currency, that’s the whole point of Crypto currency.
Nxt is “technically” still a crypto currency as it still does have a block-chain (some don’t even have this), however the (PoW) proof of work period was done all at once and to themselves the developers.
by doing this they then shifted the “trust” from a mechanical system (the point of Crypto currency) to a “Trust us we promise to only give it to charity” type system.
So it only takes a small amount of education to see which system is:
-- “Potentially Flawed” and/or
-- “Totally flawed”
All PoW has the chance to be “potentially flawed” and most are, this is what allows 100′s even thousands of crypto currencies to exist, the better the PoW (distribution) period generally the better the overall fundamentals.
however a PoW that is “Totally flawed” i.e there was no market participation, such as “Nxt” ( they probably generated the whole 1 Billion in a single super block on a laptop), that is a system that can’t be recovered from, it can be seen as a “Quasi Crypto currency” and is nearly 100% of the time by definition, a Scam.
The better it looks and more effort put in to the appearance,(and more gimmicks) the more likely in % terms that its is in fact a design to take your (or other marks) wealth.
------------UPDATE -------------------------------------
** A Word on IPO’sIve noticed the fad and trend of late to issue “crypto IPO’s” sadly a crypto currency can never really be IPO’d i use the term here above in this article for explanation and to simplify the writing, Quark was issued by 1000′s of computer users over a 6 months period in full free market fashion, then at its lowest point I essentially introduced it to a larger market.
An actual crypto IPO is sadly just little more than a “gypsy scam” because of the pseudo Anonymous nature of crypto, let me explain how the scam or “trick” works:
-- The crypto is fully mined by the “developers” so that is to say it is completely mined and distributed to the developers, i.e they own the total of the units.
-- They then offer it for “sale” as an IPO say for example at a certain rate per another crypto usually Bitcoin.
Example :
We are selling “XXX” Crytpo for 1 BTC per 10,000 please send the BTC to these following address listed “xxxxxxxxxxx” etc.
-- They list addresses to send the Bitcoin, so as to receive the IPO crypto.
Then wait for it…
-- They send Bitcoin to themselves and issue the Crypto IPO to themselves.So the Developers own the Addresses they list but they also send the BTC from another address they also own, (but the public obviously doesn’t know they own it)
-- This can be done because no one can know who is issuing what where so to make that clear – the Bitcoin addresses can be visible and will show that Bitcoin was sent to “buy” the IPO.
-- But actually all that happened was the “Developers” (scammers) sent Bitcoin to themselves.
-- They then issued the IPO Crypto out to themselves – which is simple because they just fully mined it for themselves anyhow..
-- Now they can trade it back and forth on an exchange to create “fake volume” and “buzz”, they can use trading robots to do this or do it day to day themselves.
-- Some Scammers have even created their own exchange to trade with themselves so as to avoid the cost of trading fees, this means they can essentially trade with themselves for free and also “bid” up the price which also increases the appearance of the market cap.
Whats the aim?
-- To get real buyers to come into the market so they can sell and make wealth.
-- The high market cap and the fake trade volume can cause a “buzz” and make naive people feel like its the “next” big thing.
-- This is also similar to how very fast mining (7 day mining) cryptos work with “Proof of Stake”, but i might cover that at a later stage.
Is Nxt a Crypto IPO scam? lets look and learn; I didn’t want to single any particular “Crypto scam” (as there are so many) out, but a great example of this Gypsy trick is “Nxt” or “Next” let me show you the details:
here is the official NXT Website:
http://www.nxt.org/Very impressive isn’t it? “get on board the shuttle is leaving !”
and then lets look at the Market cap? :
https://coinmarketcap.com/views/market-cap-by-total-supply/A whopping “5th” you will surely be “Rich” if you buy NXT right?
however we have to go to the Wiki and then select “History” then go down to “November 24, 2013″ to see that :
“Nxt is created, and the genesis block reveals that 1,000,000,000 coins were distributed to 73 stakeholders, with the proportion of coins received dependent upon the each stakeholder’s portion of the original funcraising total. Nxt’s original market capitalization was $800,000USD.”http://wiki.nxtcrypto.org/wiki/Nxt_HistorySummary:
1 Billion with a B, “Nxt” units were issued to 73 , yes 73 “Shareholders” and they even made their own exchange
https://dgex.com/ to conveniently trade it back and forth so as to not even have to pay pesky trading fees.
Of course even the “73″ shareholders figure is probably a fake number because all this means is that the “developers” (our gypsy friends) made 73 new addresses to send BTC to themselves, they then issued “NXT” to themselves built a nice looking web page and the rest is history.
here is where the 1 Billion NXT units were created in less than one second.
http://87.230.14.1/nxt/nxt.cgi?action=1000&blk=2680262203532249785 BLOCK : 2680262203532249785
Timestamp : 24.11.2013 13:00:00Height : 0
Next Block : 6556228577102711328
Previous Block : 0
Pay Load Length : 9344 B
Num. Transactions : 73
Total Fee : 0
Base Target : 100.00 %
Total Amount :
1,000,000,000 NXTGenerator Account : 1739068987193023818
Generator RS : NXT-MRCC-2YLS-8M54-3CMAJ
Version : -1
Perma Link : Show
Block SIgnature : 69d426c498b70ac6d1678180356527c1fee030ad732fbf7672c2266d166a4c08cf8fdeb4524fd1b 496bbcaab03fa6e67760f6da452251402249015486c487211
Generation Signature : 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000
Previous Block Hash : n/aPayload Hash : 72c8a92efffbd8695a866eabb13ca460a2f7cdf3283b82efb163360d6eec9469
any questions?
**
great image posted buy a NXT sock puppet - sums up much, i'm not hating, i'm appreciating the effort that went into your scam, call it "wonder and appreciation"
