Topic: [[ANN]] Action required to save NXT (Read 6968 times)

the fact that you had to "BUY" in should have been a red flag right there.

bitcoin came about as a reaction to the monopolization and centralized control of money.

supporting a centralized currency is no different from going to an "occupy wall street" rally and selling T-Shirts that were made in china by a large multinational company.

in the midst of this gold rush some people have completely missed the point of the movement.

you cannot free yourself from your corporate masters if the first thing you do when you walk out into the wider world is buy into the promise of FREEDOM from another would-be corporate master.

Bitcoin is an experiment, as is litecoin, doge, NXT etc... but the experiment can only supplant the existing system if it improves upon it not replicates it.

an entirely PoS system is like a company made up entirely of shareholders.. ask yourself how a company can function if it doesn't have workers? can it survive if its entire workforce is outsourced?

I really don't have an answer but it will be interesting to see what happens next.

this is welcome to the real world. In every financial system you get these data. Give 100 to everyone and in a year you have a few smart rich people and many poor people. It is http://en.wikipedia.org/wiki/Normal_distribution

IPO was 40 days long. How long are IPOs these days?

Exactly!

Bitcoin redistribution was most fair, because noone knew it will be a success and there was a long time when people could buy it in a very affordable rate. Now it is maybe overvaluated but it's real value increases everyday with it's popularity, number of users and integration with real markets.

World of cyptocoins (POW) isn't perfectly just thou because of ASIC mining and corporate specialization of minning but still everyone can in some part participate and being rewarded for it.   

NXT for now has no uniqe functionalities yet. It has only advantage of being first in it's kind and being deflative cryptocurrency.

First distribution in so small group of unknown people is suspicious. 70+ people owning all coins in not even equal proportion is a joke.

There is no guarantee that NXT won't be controlled by few monopolistic stockholders with power to disrupt NXT rate any time they want. They can crush NXT rate like China can crush dollar anytime they want  

And second problem is limited distribution in time. People can buy it only. More big holders keep it, less NXTs will be flowing and higher rate you will see because of smaller supply while demand wil grow. That means big stock holders can intentionally keep NXTs to make rate higher and be richer later blocking better redistribution, because of less supply in pumped rate. 

Monopolists can keep majority of NXTs and they get richer while other small holders won't get any interest like that small elite creating even bigger problem of monopol. They can also easier speculate on NXT exchange because of no limit of amount of NXT in 1 offer. So manipulation of rate on exchange can give them also advantage and additional profit while other NXTers will have problem in dealling with this rate walls or loose their money at artificially created panic on exchange.

That's exactly the powers today central banking has and NXT built crypto aristocracy with perfect getting rich scheme where only biggest holders get interest when the rest get nearly nothing.

This is something what making NXT more speculative than any other cryptocurrency and something what has nothing to do with democratic, equal or just system of distribution. If you are in community you are a speculator or dreamer at least right now, before any really usefull and unique features will be trully implemented. Being second generation just because of a plan for future and POS system for now doesn't sound right.

Of course it's all the time a roulette with all cryptocoins. If you bet that you are buying cryptocoin undervaluated than it's your choice and maybe you are right but there is always big risk you aren't right. In these circumstances it is better to choose something what is more safe and transparent and something possibly equal to all users without risk of future manipulation of your coin value by some unknown monopolists.   
     
 

I like your reasoning... for the first 3 years anyone with a computer could use their unused cycles as PoW to make bitcoins.
now that countless thousands of people have WORKED both with their unused computer cycles AND time to create ASICS, mining programs etc the people who were left out of the loop through their sheer ignorance decide to copy the idea and create their own currency that does not require any work at all apart from the initial set up and fixing a few problems as they arise...

sure I agree the bitcoin market has been taken over by first movers and companies/people with enough resources to create or buy ASICS but that does not mean that PoW itself is a failed idea... there are countless other Altcoins you can mine with your unused hardware if you so chose so its completely ridiculous to suggest that PoW distribution itself REQUIRES money to make money....

if any thing PoW in the bitcoin context is a victim of its own success because it has inspired people to work so hard and become so efficient that the work they are able to do 100s of times more work with the same amount of electricity in just a few short years.

U can't get very profitable mining rig out of air or by right of birth. PoW-distribution goes exactly like this: money to money.

fools.  the lot of you.

the second you grasp the concept that a 2nd generation currency isnt all about miners/investors making a profit will be the second you realize what is really going on.

I missed out on the initial buy in of NXT.  Im not calling it scam because I couldnt get in.

do whatever you want though

I've been hearing that the ipo was cut short, preventing many people who wanted to invest from doing so. Seems fishy to me.

100% proof of steak stake means that all of the newly created money goes to those individuals who already have it.

how is that any different from the federal reserve, a group of banks who have most of the money supply, printing more money?

and how is creating 1 billion coins on day one any different from ripple?

this is what I cant quite grasp about NXT.


PoW means people do some kind of work to get money.
PoS means those people who HAVE the money can do nothing and get more of the money.

in the old days this was called Serfdom, serfdom was then replaced by Corporate Capitalism which did a better job of convincing people they weren't slaves by paying them with paper money that decreased in value over time instead of letting them live on your land for free providing they worked for you every day of their lives.

if the old system is broken and bitoin is the answer... then is not nxt simply the old system in a new form?

I'm not saying that NXT will fail though... I mean look at DOGE it is a complete joke and its still growing (for now) lol...

I'm just interested in the logic being  100% PoS being a good idea...

If more people would have invested, the genesis block would have been more diverse.  The investing period was over one and a half months.  There was very little interest that's why there were only ~70 original investors.

I'm not sure how you can compare NXT to usury capitalism.

Good one. A coin that is highly concentrated in the hands of the developer original stake holders. Seems quite similar to Wall Street.

First his name is Come-From-Beyond not "Coming-From-Beyond".

Second... Don't you understand satire?  "Guys from Wall Street"  lol

Nxt is basically the antithesis of Wall Street.

Isn't a coin more likely to be developed if the devs have a stake?

I really hope NXT fails. Instamined coins are bs. No chance for anyone to get them except at highly inflated rates.

Evil: funny, you just wrote half of one of my still not published myth series

I'm tempted to say "So f***ing what ? " to this whole concept of "fairness".

The original NXT stakeholders, in conjunction with BCNext, created NXT and divided it up amongst themselves.

Bill Gates and a couple of his buds created Microsoft and divided it up amongst themselves.

Larry and Sergey and a handful of their buds created Google and divided it up amongst themselves.

Marky Z. and a few of his buds created Facebook and divided it up amongst themselves.

Steve J, Steve W. and Ron created Apple and divided it up amongst themselves

Satoshi N. and a few of his/her/its buds created Bitcoin and then......

Can anyone see a pattern here?


So can any of the envy trolls explain exactly why NXT is so "unfair" to them ?
It was announced on a public forum, ffs. Everyone and anyone could have bought in to the original 73.

I didn't.

Missed the train completely, but I do know that if I jump on now, and help with making NXT the best it can be, my small investment will becoma a much bigger investment......and that ain't no bad thing.

Yes, coz most of the people r not envy trolls like u. Ur position is clear - u lost the train and is very upset due to this.

yes we are in alpha...

yet we are pitied against each other in "Free trade" (we trade - you cry) environment like it's a final product.

I don't understand. I don't care about BCNext. Nxt was and is being released by 70 guys.. and this number is every day bigger and bigger (now 15.000). They have 5 months for the initial IPO before Nxt launches. Now we are still in alfa. Nxt was released by a community of 70 people.. I cannot even send a Nxt message with the stupid client that was created by the dinosaur inventor BCNext. Now months after the release I will finally get a client that was created by a non original stakeholder and funded by original stakeholders... The code won't look like it was written by my grandpa - again - thanks to the community effort, Jean-Luc, Ricot and other users, often non original stakeholders, who even don't know who BCNext is. This is Nxt.

Thank you ^^

For moneys that's literally created out of thin air, there was not much effort to give it away and spread before trying to cash out.