[2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin” - page 8.

cbeast

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Quote from: kodtycoon on September 24, 2014, 06:21:37 PM

Quote from: notthematrix on September 24, 2014, 06:19:56 PM

Despite good intentions , humans can NOT be trusted , they simpley lack control over its own primal emotions.
they simply cant , so its no option to keep humans in a trust position.
this makes NXT no diffrent then the dollar.
and bitcoin diffrent.
Bitcoin does not need trust.

how does nxt put trust in people? Huh

The initial IPO had ten people with 50% of the stake. There is no way to prove that those ten people weren't in fact one person, nor that one person has not acquired more than 50% already. They can then hold their position forever. It's like a priesthood. You must have faith that your authority figures will be honest. NXT's version of PoS allocates the block generation by active stake. Someone with a majority of active stake has the option to attack the network surreptitiously. I doubt they would overtly attack the network because it would devalue the currency, but they would always have plausible deniability if they sporadically attack.

I can't prove that this has happened and nobody can prove that it didn't already or won't happen. You just have to trust people that they won't be greedy enough to try this.

kodtycoon

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Quote from: gog1 on September 24, 2014, 07:16:27 PM

It's not just NXT, in fact, all the so-call 2nd gen coin looks like scamcoin

ok.. tell me how nem is a scam then?

gog1

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It's not just NXT, in fact, all the so-call 2nd gen coin looks like scamcoin

Swordsoffreedom

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Not sure of NXT myself but it is an interesting coin that gets mentioned a lot
Guess I'll let time and investors decide the fate of that one.

kodtycoon

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Quote from: notthematrix on September 24, 2014, 06:19:56 PM

Despite good intentions , humans can NOT be trusted , they simpley lack control over its own primal emotions.
they simply cant , so its no option to keep humans in a trust position.
this makes NXT no diffrent then the dollar.
and bitcoin diffrent.
Bitcoin does not need trust.

how does nxt put trust in people? Huh

notthematrix

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Despite good intentions , humans can NOT be trusted , they simpley lack control over its own primal emotions.
they simply cant , so its no option to keep humans in a trust position.
this makes NXT no diffrent then the dollar.
and bitcoin diffrent.
Bitcoin does not need trust.

nutildah

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https://www.youtube.com/watch?v=3r8areoxqag

NXT fan addresses Garzik's points one by one. Its good I'm told (gonna watch it right now).

Oh, and if you insist on taking Garzik's opinion on non-bitcoin related things seriously, I invite you to read some of his Twitter feed. The dude is pretty much the Rush Limbaugh of cryptocurrency.

msin

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Quote from: CoinMode on September 23, 2014, 09:46:36 AM

Where the hell did all of these NxT shills come from all of a sudden?

Where did you come from, you just joined crypo in Feb, so please. Your argument doesn't make sense. Nxt had developers, just like BTC has developers, the only difference is that Nxt is still developing new features, unlike BTC, so development is in an active state, but the latest client as it stands is trustless and works without intervention, Nxt is nothing like Ripple. Ripple is a corporation.

superresistant

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Quote from: CoinMode on September 23, 2014, 09:52:57 AM

Two plus two always equals four. People do not always take the correct course of action. I suggest you look into this matter before buying into obvious scamcoins.

Yes you're right.

Thanks for your warnings.

Have a good day sir.

stereotype

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Quote from: CoinMode on September 23, 2014, 09:46:36 AM

Where the hell did all of these NxT shills come from all of a sudden?

All i am seeing, is another person/s uncomfortable with the concept of POS, who thinks the Bitcoin algo is the only gig in town.

Please try harder.

CoinMode

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Quote from: vipgelsi on September 23, 2014, 09:47:40 AM

So far the developer has done right by us.

Two plus two always equals four. People do not always take the correct course of action. I suggest you look into this matter before buying into obvious scamcoins.

vipgelsi

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So far the developer has done right by us.

CoinMode

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Quote from: stereotype on September 23, 2014, 09:38:12 AM

Quote from: CoinMode on September 23, 2014, 09:20:06 AM

Do you even understand this basic concept?

No, i dont understand your basic concept. Tell me again why i should not trust the 'developers', and tell me why, with verifiable facts. Cheers

The NxT developers are human beings.

The Bitcoin algorithm is a mathematical formula.

One of them requires trust, and the other requires no trust.

Do I have to explain the concept of greed and human error, or do you understand the problem with NxT and Ripple?

As for trading volume, that chart is ridiculously misleading. You can see for yourself at coinmarketcap.com

Where the hell did all of these NxT shills come from all of a sudden?

kodtycoon

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Quote from: CoinMode on September 23, 2014, 09:20:06 AM

Quote from: rajc on September 23, 2014, 08:46:40 AM

Quote from: CoinMode on September 22, 2014, 07:08:10 PM

Quote from: ShroomsKit_Disgrace on September 22, 2014, 04:55:16 PM

Quote from: CoinMode on September 22, 2014, 04:47:53 PM

Quote from: farl4web on September 22, 2014, 03:05:03 PM

Quote from: Hornsen on September 22, 2014, 02:26:35 PM

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! Cheesy

.... 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!!! Huh

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.

looool
do you really think some one is stupid enough to believe u?
you are on bitcoin forum not kindergarten Cheesy

or
you are trying to promote NXT with obvious FUD. I dont think it is good strategy (see monero)

but this is too obvious bullshit
so maybe you are trying to hurt NXT by writing obvious FUD as if you were promoting it, thus making "monero effect"

or you are simply stupid and ignorant about facts

Thank you for lobbing more insults my way. It really makes NxT look like crap when people like you "defend" it.

Nothing you said changes the fact that they (the developers of NxT) are essentially sitting on a pile of a billion coins which they (the developers) can give or sell to anybody they want, whenever they want, for whatever reason they want. Guess who has control over the 21million bitcoins that will eventually exist. Go ahead and guess. We'll be waiting for your response.

Trustless Cryptocurrency > Trust-Required Scamcoin

Do you even understand this basic concept?

the ever smaller and smaller group of miners who can afford to stay in the mining game.

so the argument against nxt essentially comes down to you thinking the developers own all the nxt?

could a handful of developers make a total of 29'704 asset exchange trades?

this number is starting to go exponential too.

to say the devs hold all the nxt is just picking at straws. just like every other argument made so far.

stereotype

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Quote from: CoinMode on September 23, 2014, 09:20:06 AM

Do you even understand this basic concept?

No, i dont understand your basic concept. Tell me again why i should not trust the 'developers', and tell me why, with verifiable facts. Cheers

CoinMode

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Quote from: rajc on September 23, 2014, 08:46:40 AM

Quote from: CoinMode on September 22, 2014, 07:08:10 PM

Quote from: ShroomsKit_Disgrace on September 22, 2014, 04:55:16 PM

Quote from: CoinMode on September 22, 2014, 04:47:53 PM

Quote from: farl4web on September 22, 2014, 03:05:03 PM

Quote from: Hornsen on September 22, 2014, 02:26:35 PM

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! Cheesy

.... 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!!! Huh

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.

looool
do you really think some one is stupid enough to believe u?
you are on bitcoin forum not kindergarten Cheesy

or
you are trying to promote NXT with obvious FUD. I dont think it is good strategy (see monero)

but this is too obvious bullshit
so maybe you are trying to hurt NXT by writing obvious FUD as if you were promoting it, thus making "monero effect"

or you are simply stupid and ignorant about facts

Thank you for lobbing more insults my way. It really makes NxT look like crap when people like you "defend" it.

Nothing you said changes the fact that they (the developers of NxT) are essentially sitting on a pile of a billion coins which they (the developers) can give or sell to anybody they want, whenever they want, for whatever reason they want. Guess who has control over the 21million bitcoins that will eventually exist. Go ahead and guess. We'll be waiting for your response.

Trustless Cryptocurrency > Trust-Required Scamcoin

Do you even understand this basic concept?

rajc

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Quote from: CoinMode on September 22, 2014, 07:08:10 PM

Quote from: ShroomsKit_Disgrace on September 22, 2014, 04:55:16 PM

Quote from: CoinMode on September 22, 2014, 04:47:53 PM

Quote from: farl4web on September 22, 2014, 03:05:03 PM

Quote from: Hornsen on September 22, 2014, 02:26:35 PM

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! Cheesy

.... 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!!! Huh

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.

looool
do you really think some one is stupid enough to believe u?
you are on bitcoin forum not kindergarten Cheesy

or
you are trying to promote NXT with obvious FUD. I dont think it is good strategy (see monero)

but this is too obvious bullshit
so maybe you are trying to hurt NXT by writing obvious FUD as if you were promoting it, thus making "monero effect"

or you are simply stupid and ignorant about facts

ShroomsKit_Disgrace

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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. Cheesy

superresistant

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devphp

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NXT a Scamcoin?

Topic: [2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin” - page 8. (Read 11040 times)