Another Alibaba moment on NXT AE?

[devphp]

https://nxtforum.org/news-and-announcements/%28ann%29-jinn/

[1715173850]

1715173850

[1715173850]

1715173850

[devphp]

hahaha no.

I knew you'd be the first to comment within seconds without reading the link

[devphp]

cool my posts keep getting deleted;

I swear I didn't report you, I never report anyone. I think it's the new rules of moderation, where you can't call something a scam without providing an explanation. "X is a scam because this and this".

But I saw your post and I have a question to you. Do you generally not believe in the concept of decentralized exchange or do you not believe in NXT only?

EDIT: it's a question for everyone.

[CoinHoarder]

"Aritifical Intelligence driven vacuum cleaners and lawn mowers is increasingly becoming commonplace."

But.. But.. What will happen when BCX time warps the block chain and your lawn mower kills your cat.  

Think of the kittens!!!!

(Joke: looks cool.. do not delete)

[CoinHoarder]

Actually.. although it is a good idea, this sounds lame as there is little upside for investors. They are only selling 10%, so although the funds raised will fund all development and salaries, investors will only see 10% of profits. Also there is no equity, so if the company is sold profits go bye bye?

We are offering 10% of the total Jinn assets which guarantee the owners of these 10% of all Jinn generated profits. These profits will be paid out via dividends on the NXT Asset Exchange on the first of each month. The assets are not equity shares or voting rights, but entitles the owner to profits only.

[devphp]

Actually.. although it is a good idea, this sounds lame as there is little upside for investors. They are only selling 10%, so although the funds raised will fund all development and salaries, investors will only see 10% of profits. Also there is no equity, so if the company is sold profits go bye bye?

We are offering 10% of the total Jinn assets which guarantee the owners of these 10% of all Jinn generated profits. These profits will be paid out via dividends on the NXT Asset Exchange on the first of each month. The assets are not equity shares or voting rights, but entitles the owner to profits only.

I believe this could answer your concern on what would happen if the company is sold.
Their website also explains how the equity will be split and what the schedule is. And this post provides explanation on the legalities, which are a concern, because it's a decentralized exchange. Basically it's a test of the concept of the decentralized exchange, it's all uncharted waters. Caveat emptor.

[TaunSew]

Actually.. although it is a good idea, this sounds lame as there is little upside for investors.

I've read both the NxT thread about it and then the FAQ.  I agree with your assessment.  They've already given it a valuation of $1 million and yet there's no prototype, no patent and looks like it's still on the drawing board..  and they're only giving up 10% equity..

 Probably the reason why it's done on the NxT asset exchange was if CfB brought this to a venture capitalist (even an amateur one) he would be laughed out of the room.

Of course because I said this I will probably get some angry NxTers gunning for me but that's the power of the NxT cult following.  I'm a rationale person and saw merit in SuperNet (and have some) but this?  No way.

[devphp]

I've read both the NxT thread about it and then the FAQ.  I agree with your assessment.  They've already given it a valuation of $1 million and yet there's no prototype, no patent and looks like it's still on the drawing board..  and they're only giving up 10% equity..

 Probably the reason why it's done on the NxT asset exchange was if CfB brought this to a venture capitalist (even an amateur one) he would be laughed out of the room.

Of course because I said this I will probably get some angry NxTers gunning for me but that's the power of the NxT cult following.  I'm a rationale person and saw merit in SuperNet (and have some) but this?  No way.

Not really, you shouldn't be getting any angry replies, your comment is valid, except for the part where you say it's a cult which is laughable. You're right in that there is nothing there presented to investors backing this IPO at this point, except faith in CfB and his ability to deliver, which he demonstrated over the past months. I would argue that he delivered more than James. But at any rate it's a very high risk venture like any startup company, only invest what you can afford to lose.

[CoinHoarder]

Actually.. although it is a good idea, this sounds lame as there is little upside for investors. They are only selling 10%, so although the funds raised will fund all development and salaries, investors will only see 10% of profits. Also there is no equity, so if the company is sold profits go bye bye?

We are offering 10% of the total Jinn assets which guarantee the owners of these 10% of all Jinn generated profits. These profits will be paid out via dividends on the NXT Asset Exchange on the first of each month. The assets are not equity shares or voting rights, but entitles the owner to profits only.

I believe this could answer your concern on what would happen if the company is sold.
Their website also explains how the equity will be split and what the schedule is. And this post provides explanation on the legalities, which are a concern, because it's a decentralized exchange. Basically it's a test of the concept of the decentralized exchange, it's all uncharted waters. Caveat emptor.

I guess those explanations that they are not providing equity due to legalities make sense, but I would prefer that he write that into the prospectus as I think he can back out of those statements.

Also... This will be competing with IBM... http://www.coindesk.com/ibm-sees-role-block-chain-internet-things/

[ShroomsKit_Disgrace]

Why do you compare this to Alibaba?

[devphp]

Why do you compare this to Alibaba?

Alibaba had its IPO on New York exchange a few days ago, settling 3rd in total valuation of internet companies, google the news

[traderbit]

the comparison should be the only hype

Alibaba >>> ipo
ipo >>> Jinn

[Tobo]

It is not an IPO. It is more like an angel investment opportunity or a series A type fundraising for the first round. For a growing and successful company this type investment opportunity can go multiple rounds before the real IPO like Alibaba recent. Almost all successful companies in the history did so, such as Microsoft, Apple, Facebook, and so on.

In this so early stage, as investors you actually want the founders to hold majority of the stakes to bear the majority of the risk and have the incentive to work hard and raise more funds to reach their goals.

It is just an investment opportunity. You can simply choose not to invest if you don't think it is a good opportunity or don't like it. You also can wait till you see some progress of this project.

[lucky88888]

im investing into the beginning of skynet.

[Zer0Sum]

Please remember that anon posts on the NXT forum are "legally binding".

[CoinFreedom]

After seeing the amount and quality of work these guys have done on NXT over the past 10 months (CfB and Wesleyh especially) I'd be willing to invest in just about anything they come out with. But this project is truly very innovative and a pretty huge undertaking.

I don't know how to value it any more than the average person reading this but I do believe they will follow through on what they promise and find ways around any technical problems they run into. Regulatory issues are a different matter altogether but that's similar for anything crypto-related.

Come-from-Beyond is like some kind of mad (computer) scientist with great vision and deep understanding of these complex systems. He not only thinks both inside and outside the box, he change the shape of the box.

Have a look at what he envisions as the architecture for this new system. https://nxtforum.org/pub-crawl/rfc-project-'jinn'-(processor)/

[Nxtblg]

Probably the reason why it's done on the NxT asset exchange was if CfB brought this to a venture capitalist (even an amateur one) he would be laughed out of the room.

Well...I don't know if you realize it, but you've provided the perfect justification for the AE. I'm historian enough to realize that, if Doc Roberts had brought the Altair 8800 to a VC in 1974, he would have been patted on the head and sent on his way.

"This company, although it has a neat product, will be crushed by Heathkit once the latter gets wind of this Altair and brings out their own model..."

The funny part about this alternate history is that any such VC would have made a good decision based on the standards of his trade presiding back then. The potential of the microcomputer was too unknown, and the big companies had a lot more market clout back then. Hindsight, as always, offers Chuck-Yeager clarity...

So, to get back from my digression path, the AE is a perfect crowdfunding venue for projects that are too "kooky" for a VC. Even these days, they still have blind spots - many of which are thinly-disguised fiduciary obligations to their fundholders.  

Not to get nitpicky, but CfB would have been thrown out because the funding requirement is too small to merit a real VC's time...

[oblivi]

the comparison should be the only hype

Alibaba >>> ipo
ipo >>> Jinn

Alibaba is an huge company and extremely successful, NXT is... just an experiment. I dont get how you can compare these.

[vanobe]

I never used the NXT AE before. If I wanted to buy Jinn would there be a big time delay between buying into a sell order on and getting my Jinn? Is it slower than a normal exchange?

[devphp]

I never used the NXT AE before. If I wanted to buy Jinn would there be a big time delay between buying into a sell order on and getting my Jinn? Is it slower than a normal exchange?

When your buy order price matches the sell order price, the execution takes as long as the next block arrives ~2 min. But Jinn is a Dutch auction sale, you can put in a buy order now, but it will be executed only when they run the sale order. More info at that link in the OP.