Is Bitcoin's dominance really about to be challenged?

[joehal]

So there's no mining with NXT. Who keeps the computer making transactions online, and why ?  How are the transactions processed ? And I understand they are much faster than bitcoin ?

[achimsmile]

So there's no mining with NXT. Who keeps the computer making transactions online, and why ?  How are the transactions processed ? And I understand they are much faster than bitcoin ?

Who and why: Everyone who wants to support the network, or to get some transaction fees (the block generator gets all fees)

Transactions: The forger that generates the block includes the transactions and signs the block. Forgers are chosen basen on the Nxt Proof of Stake algorithm (chances to forge a block a proportional to the effective stake in your account)

Block time is 1min, compared to 10min of bitcoin. Some devs are coding "Instant transactions" as we speak.

[alex0909]

And a billion units.  Even if NXT survives long term, it'll take 10+ years for a single NXT to even reach $10 parity.  Even at $10/NXT, you still wouldn't be able to run large financial markets on that.

Plus, the initial PoS distribution is even worse that Satoshi having 1M btc.  In the NXT world, they'll be at least 12+ such Satoshis to rule the entire NXT kingdom. Also, many of NXT's supposed "2.0 features" are not even implemented, so they are complete vaporware.

But Shhh! don't tell the NXT zealots all this stuff.  They don't seem to care about the truth.

No thanks.

Please, show me an account or a holder of a 10% balance. Last time i checked biggest holder had 45Millions NXT (4.5%).

Vaporware? Let's see:

-Working asset exchange
-Alias
-Balance leasing
-Encrypted messaging
-5 different GUI
-Decimals
-Multi gateway
-Token
...

Please make some researches before trolling. Trashing is easy when undocumented. I base my thoughts on facts.

[DjPxH]

challenged by a scam coin

It's no scam-coin. I think it's the best shot at a true proof-of-stake mechanism, and not just a blatant rip-off of the bare bones of bitcoin with an adjusted mining algorithm, another retargeting algorithm and a funny name. But it may ultimately fail, as well. We saw promising performance with Litecoin. RIP, little silver brother of BTC...

[Torque]

But it may ultimately fail, as well. We saw promising performance with Litecoin. RIP, little silver brother of BTC...

Quoting you.  Let's revisit this little comment in 12 months, and compare where Litecoin is compared to NXT, mmmkay?   

[DjPxH]

But it may ultimately fail, as well. We saw promising performance with Litecoin. RIP, little silver brother of BTC...

Quoting you.  Let's revisit this little comment in 12 months, and compare where Litecoin is compared to NXT, mmmkay?   

Ha, yeah let's do that
I wouldn't want to bet anything on that and it's my pure gut feeling. But that'll be fun!

[achimsmile]

the initial PoS distribution is even worse that Satoshi having 1M btc

Let's see:

Satoshi: 1M/13.05M = 7.66%
Biggest Nxt Stakeholder: 50M/1BN = 5%

[raid_n]

The thing is that with any coin there will always be someone who is a late adopter and finds the distribution unfair and hence there will be the demand for a new coin n+1 no matter if it actually is needed or not.

One thing bitcoin has that no other coin has is that it is the original.

I love the feature argument that is usually made with alts on why they are so much better than bitcoin.
You may think you have the swiss army knife of cryptos but that still does not make it any better at chopping down trees.

[DjPxH]

The thing is that with any coin there will always be someone who is a late adopter and finds the distribution unfair and hence there will be the demand for a new coin n+1 no matter if it actually is needed or not.

One thing bitcoin has that no other coin has is that it is the original.

I love the feature argument that is usually made with alts on why they are so much better than bitcoin.
You may think you have the swiss army knife of cryptos but that still does not make it any better at chopping down trees.

But it's a good way of trying out new features. After all, these coins coin emerge in side-chains of bitcoin. That way we could profit from their potentially unique features and still remain in the big and 'established' bitcoin universe!

[arcanum]

Sorry boyos, Bitcoin is KING.

[huobi_network]

There should be a new NXT which is initially distributed according to the bitcoin blockchain, as described by Peter R (https://bitcointalk.org/index.php?topic=563972.0), rather than IPO. Assuming the blockchain bootstrap could be implemented, that would have all the great features of NXT while incorporating the entire bitcoin investor base. Whichever 2.0 coin does this is the one that will win.

Interesting idea there. It may be that a usurper uses this route to dominance in later years. But lets be honest that isnt going to be popular with users of altcoins that have bought in specifically to acquire early adopter status in the nxt big thing.

Anyway this is a bitcoin forum. Can we get back on topic please!

But it will be very popular with bitcoin users, and there are a lot more bitcoin users/investors than altcoin users/investors.


By the way, the topic of this thread is NXT.

[inca]

This is a bitcoin speculation forum. Not a forum for the discussion of altcoins.

[dropt]

By the way, the topic of this thread is NXT.

No it's not.  It's "Is Bitcoin's dominance really about to be challenged".


I'm not for or against NXT or any alt for that matter, but take this garbage to the alt subforum.

[alex0909]

Just like bitcoin haters, you guys never change. Not open for discussion. Is sad, history repeats itself.

[ThatDGuy]

Just like bitcoin haters, you guys never change. Not open for discussion. Is sad, history repeats itself.

There's a place for this discussion.  It's in the altcoins sub-forum.  Not here.

[Skinnkavaj]

There should be a new NXT which is initially distributed according to the bitcoin blockchain, as described by Peter R (https://bitcointalk.org/index.php?topic=563972.0), rather than IPO. Assuming the blockchain bootstrap could be implemented, that would have all the great features of NXT while incorporating the entire bitcoin investor base. Whichever 2.0 coin does this is the one that will win.

[windjc]

Soon, once bitcoin and every alt coin start being traded for free on the anonymous decentralized multigateway, people will eventually stop bitching about the IPO.

NXT won't be replaced because NXT have arguably the best developers in the crypto world. Can't replace that.

[3x2]

Nxt couldn't challenge Bitcoin Dominance but Monero can in near future. Nxt is pretty innovative but people dont like pos coins and distribution method of Nxt also wasn't fair.

[Miz4r]

I own both BTC and NXT but I don't think BTC's dominance is about to be challenged by NXT. Not by a long shot. I do see NXT overtaking LTC in the future and perhaps take up to 5% of BTC's market cap but that's it. I also see nothing wrong with the distribution of NXT, it's definitely not worse than that of BTC.

[ElectricMucus]

While I don't endorse NXT and think it's a kind of lame ripple clone I think it's great if they are trolling mainline Bitcoin zealots.

Perhaps I'll buy some.