[2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin”

[kodtycoon]

Well said visual.. These types of threads only reassure me that 2.0 platforms are a very real serious threat to bitcoin.. How many scams have their been around the alt section? And how many threads made by hero members and also mainly populated by hero/legendary members spreading fud has there been? It's embarrassing to see once reputable bitcoiners lower themselves to scrapping the barrel for what ever FUD they can come up with!

You can call them 2.0 platforms, but you can't call them Bitcoin 2.0 platforms because you are not using the Bitcoin blockchain. Again, this is a Bitcoin forum. Why are you even here?

did I call it bitcoin 2.0?

Because nxt is a 2.0 platform. It is the second generation of blockchain technology.

If this is a bitcoin forum why are people discussing coins other than bitcoin here? Should you all not be busy discussing bitcoin instead of propagating fud about other coins?

[1714612897]

1714612897

[1714612897]

1714612897

[1714612897]

1714612897

[devphp]

You guys may be interested to check out the NXT whitepaper (still in draft mode):
https://www.dropbox.com/s/cbuwrorf672c0yy/NxtWhitepaper_v122_rev4.pdf

And NXT Technology tree website:
http://www.nxttechnologytree.com/

No point to argue I guess, to each their own.

[CryptKeeper]

I see a trend that people argue that every coin which cannot be mined is a scam coin. Wake up guys! With mineable coins you give your money to big companies like KNC, decentralized home-mining with PCs and GPUs was a good idea but it's a thing of the past! I'd rather invest in a coin which is not mined and has a low energy profile, even if that means that I have to buy it from "stakeholders". They are guys like us so we keep the money "in the family" and don't give it to big hardware vendors (and paying our power bills - ouch!).

If you dare and dig deeper into Nxt, you will learn that "Nxt - the network" is built upon hard development work sponsored by the original stakeholders. Because these guys didn't sit on their coins but put out bounties for development achievements now we have some great features like aliases, asset exchange, encrypted messaging, digital goods store to name just a few.

[msin]

I'm embarrassed for Jeff when reading his posts.  I'm also a little perplexed as to why a BTC core dev would spend so much time talking about what he calls a "scam" coin.  Is he trying to save the masses from bad crypto investments, or maybe he needs to kill time while waiting for his Rogaine to dry.  I'm thinking about writing an article that puts the recent BTC free-fall fully on Jeff's shoulders.  Anyway, do your own research, make your own decisions, after all, I can point you to a thousand financial experts today that will say BTC is a scam.

[Hornsen]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

[kodtycoon]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

thank you for this post.. makes the battle all worth while!

it would certainly be wise to check it out

[habraken]

Maybe I should consider buying some nxt

You should! Try the platform with a small amount of NXT! Some fun things to do are:
- buy some NXT with BTC using the peer-to-peer exchange www.multigateway.com (beta)
- experiment with trading some assets (from within the client itself or using www.secureae.com)
- buy some mp3s from the decentralized marketplace, it's in the client (music from www.sinanboom.com sounds quite good!)

Doing these things gives you an idea of the many possibilities 

And finally, read up on the SuperNET idea if you want http://www.coinssource.com/supernets-coin-offering-raises-over-2000-bitcoins-hours/ 

[farl4web]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

[CoinMode]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

Even senior members are ignorant enough to believe that having a central authority controlling the amount of money is okay. They'll change their tune quickly once they realize that NxT is just like having a Central Bank that can print whenever it wants. The same thing goes with Ripple.

Dollars don't use any electricity. Why don't we just stick with dollars? Oh wait...

[ShroomsKit_Disgrace]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

.... they realize that NxT is just like having a Central Bank that can print whenever it wants. ....

Did you ever read a single line of text about NXT? "Print whaever it wants"? WTf!!!   

The amount of nxts in the NXT platform is FIXED and it is 1,000,000,000 (actually it is less coz some of them were burnt).

[CoinMode]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

.... they realize that NxT is just like having a Central Bank that can print whenever it wants. ....

Did you ever read a single line of text about NXT? "Print whaever it wants"? WTf!!!   

The amount of nxts in the NXT platform is FIXED and it is 1,000,000,000 (actually it is less coz some of them were burnt).

Guess who controls all of those coins? NxT is effectively a huge pile of printed coins that they invented from thin air without anything to prove their value. They can choose to distribute/issue this huge pile of coins at any time for any reason and to anybody, which has the exact same effect as if they printed them at the time of use. The only difference between them and a central bank is that all of the NxT scamcoins are printed in advance, all at once. There is no functional difference at all between the two.

I laid a trap and you walked right into it. If you keep going on about the nuance in definitions between "printed at time of misuse" and "printed in advance for future misuse" then you are just playing word games. Just like central banks, NxT is about financial slavery.

[kodtycoon]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

.... they realize that NxT is just like having a Central Bank that can print whenever it wants. ....

Did you ever read a single line of text about NXT? "Print whaever it wants"? WTf!!!   

The amount of nxts in the NXT platform is FIXED and it is 1,000,000,000 (actually it is less coz some of them were burnt).

Guess who controls all of those coins? NxT is effectively a huge pile of printed coins that they invented from thin air without anything to prove their value. They can choose to distribute/issue this huge pile of coins at any time for any reason and to anybody, which has the exact same effect as if they printed them at the time of use. The only difference between them and a central bank is that all of the NxT scamcoins are printed in advance, all at once. There is no functional difference at all between the two.

I laid a trap and you walked right into it. If you keep going on about the nuance in definitions between "printed at time of misuse" and "printed in advance for future misuse" then you are just playing word games. Just like central banks, NxT is about financial slavery.

oh Jeff garzick would like this one.. The fud is strong in this one

[nutildah]

Jeff Garzik is the Rush Limbaugh of cryptocurrency: all bloat, no heart.

So do what you do when you normally encounter a Rush Limbaugh opinion, and you'll be fine.

[CoinMode]

I´m new to this whole thing and can´t tell, if the claims about flaws in the PoS algorithm are true, but noone provides any convinving arguments, why there should be any. And the old Bitcoiners sure discuss like angry former authorities, not willing to pass the cepter.

Just from how it sounds. Like "what are you even doing here? It´s a bitcoin forum"...

Maybe I should consider buying some nxt

Buying NXT... Sounds like a good plan! 

.... they realize that NxT is just like having a Central Bank that can print whenever it wants. ....

Did you ever read a single line of text about NXT? "Print whaever it wants"? WTf!!!   

The amount of nxts in the NXT platform is FIXED and it is 1,000,000,000 (actually it is less coz some of them were burnt).

Guess who controls all of those coins? NxT is effectively a huge pile of printed coins that they invented from thin air without anything to prove their value. They can choose to distribute/issue this huge pile of coins at any time for any reason and to anybody, which has the exact same effect as if they printed them at the time of use. The only difference between them and a central bank is that all of the NxT scamcoins are printed in advance, all at once. There is no functional difference at all between the two.

I laid a trap and you walked right into it. If you keep going on about the nuance in definitions between "printed at time of misuse" and "printed in advance for future misuse" then you are just playing word games. Just like central banks, NxT is about financial slavery.

oh Jeff garzick would like this one.. The fud is strong in this one

Please keep on lobbing insults and presenting no argument. NxT is 100% pre-mined, just like Ripple.

[cbeast]

Please don't feed the trolls. This forum is being inundated with corporate shills. Please report off topic posts. These discussions don't belong in Press.

[ShroomsKit_Disgrace]

Please don't feed the trolls. This forum is being inundated with corporate shills. Please report off topic posts. These discussions don't belong in Press.

Who are you talking about?
Which are those "off-topic" posts? Those saying Jeff is wrong with his "NXT is scamcoin because when compiling binaries hashes don't match!"? (Oh! Wait! Jeff is the moderator of this board!  )
Or those saying NXT is a scamcoin because "they control it like a central bank blablabla..."? (BTW, CoinMode, who are they? Come-from-beyond? Klee? Jean-Luc? Aysyr?)

[cbeast]

Please don't feed the trolls. This forum is being inundated with corporate shills. Please report off topic posts. These discussions don't belong in Press.

Who are you talking about?
Which are those "off-topic" posts? Those saying Jeff is wrong with his "NXT is scamcoin because when compiling binaries hashes don't match!"? (Oh! Wait! Jeff is the moderator of this board!  )
Or those saying NXT is a scamcoin because "they control it like a central bank blablabla..."? (BTW, CoinMode, who are they? Come-from-beyond? Klee? Jean-Luc? Aysyr?)

[devphp]

NXT a Scamcoin?

[superresistant]

 

[ShroomsKit_Disgrace]

Just a regular update about the news discussed here:

1) https://twitter.com/jgarzik/status/514391853743882241


2) https://twitter.com/jgarzik/status/514392176797560832



Another day in cryptoworld.