Dig deeper.
Okay, I will (I mean did).
srsplus.com = silkroad.com = Sunlot = Brock Pierce = I bet nobody's who not will get, let alone desire, a reach around.
Topic: Disturbing Similarities between Solidcoin/Microcash and NXT (Read 5490 times)
Okay, I will (I mean did).
srsplus.com = silkroad.com = Sunlot = Brock Pierce = I bet nobody's who not will get, let alone desire, a reach around.
Posts like these should be pinned for all us newbies to read. Thanks for the heads-up thorgrim
"Mining new coins doesn't inflate market cap." 
Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOL
Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOLI think you are confusing Coin creation with marketcap.
Marketcap = (number of coins)x(price of coins)
There is very little correlation between # of coins and total market cap as you can see when looking at the market caps of different coins.
I don't completely disagree with your logic but many miners sell as soon as they mine so the increase in market cap by the greater number of coins produced each day is offset by the constant downward price pressure created by the extra coins sold into the market each day.
Coins like NXT are 100% created at the beginning with no constant inflow of coins to be sold. The people that started with all the coins hold back 90+% of the coins from the markets so the market is trading only a fraction of the coins and this artificial scarcity creates an artificial price.
I hate plugging the site after telling people to avoid it but, the best example of this artificial scarcity is Ripple on coinmarketcap.com. It 2nd in market cap of $2,588,022,379 with only $118,927 volume which is only 0.0045% traded in 24 hours. LTC marketcap $564,307,094 with $35,485,635 volume is 6.28% traded in 24 hours.
Can you see the problem here? Ripple is in 2nd in market cap even though it has less volume then LTC, MSC, PPC, NMC, WDC, FTC, DOGE.
In fact Ripple has 134x the market cap of WDC with about half the 24hour volume. How is that possible if Ripple is disbursed widely and fairly? Obviously it isn't possible, the creators of Ripple hold almost all the coins. If they were to sell even 10% into the market the price would crater. NXT basically has the same structure and that is one of the major strikes against it.
NXT currently is off coinmarketcap because of lack of market data which seems to be a reoccurring problem. 3x in the last week it has been down. When it was up I remember the stated volume of NXT traded was fairly high but can the data be trusted? Is there anything stopping the owner of dgex.com from faking the volume? It could be done by straight forgery or by having puppet accounts trade back and fourth with each other. The fees going back to the owner.
If you can't understand this line of reasoning I can't help you.
"Mining new coins doesn't inflate market cap." Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOL
Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOLI think you are confusing Coin creation with marketcap.
Marketcap = (number of coins)x(price of coins)
There is very little correlation between # of coins and total market cap as you can see when looking at the market caps of different coins.
"Mining new coins doesn't inflate market cap." Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOL
Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOLI think you are confusing Coin creation with marketcap.
Marketcap = (number of coins)x(price of coins)
There is very little correlation between # of coins and total market cap as you can see when looking at the market caps of different coins.
I haven't bought into all the NxT 'scamcoin' fud.
[1] - I did quite a bit of looking into it and concluded that its one of the very few new coins out there which is radically different and highly competitive (i.e. worth investing in long term, not pump and dump)
[2] - the ease with which I was able to pick up a pretty huge amount of the coin for a very little BTC investment convinced me that its going to get well distributed and that there isn't a huge amount of 'market manipulation' going on using tiny volume trades
In fact, that coin is far better value than most of the pump and dumps out there which actually don't have any new development effort put into them.
NxT at least does and is still cheap. If the price ever gets 'slammed" by big stakeholders, it's not going much below what it is at the moment if even a couple of the coin's new features become established. Even then, it'll come back up because there are a lot of them about and that means a lot more holders and buyers than 'elite' brands like PPC and XPM.
[1] - I did quite a bit of looking into it and concluded that its one of the very few new coins out there which is radically different and highly competitive (i.e. worth investing in long term, not pump and dump)
[2] - the ease with which I was able to pick up a pretty huge amount of the coin for a very little BTC investment convinced me that its going to get well distributed and that there isn't a huge amount of 'market manipulation' going on using tiny volume trades
In fact, that coin is far better value than most of the pump and dumps out there which actually don't have any new development effort put into them.
NxT at least does and is still cheap. If the price ever gets 'slammed" by big stakeholders, it's not going much below what it is at the moment if even a couple of the coin's new features become established. Even then, it'll come back up because there are a lot of them about and that means a lot more holders and buyers than 'elite' brands like PPC and XPM.
NXT back on now. I guess I would never go near NXT but others sure can freely do.
As long as junkcoin is still there everything will be ok. It's even up 100%. 
"Mining new coins doesn't inflate market cap." Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOL
Bitcoin market cap is inflating by about 8% per year. Lightcoin by 30% per year. And you are calling me dense. LOL I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
It sounds like you don't have a problem with Nxt, you have a conceptual problem with all POS coins.
You're gonna have a bad time, more are coming in the future.
I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.
In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.
My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.
I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.
I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.
Some of you guys are frickin dense.
Read what I wrote in bold! ^^^^^^^^ I did it for a reason.
When you spend money on mining equipment the money spent does not go directly to a coins developers or stakeholders.
The money spent does not inflate the market cap of the coins you are mining!
The people that mined BTC early on did not hand over money directly to Satoshi to get a stake in BTC.
Even if Satoshi and friends premined the shit out of bitcoin. Their % stake in the coin goes down every day as new coins are minted.
Nxt is already 100% minted.
I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
It sounds like you don't have a problem with Nxt, you have a conceptual problem with all POS coins.
You're gonna have a bad time, more are coming in the future.
I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.
In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.
My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.
I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.
I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.
NXT might be good for quick bucks... But in long term I have no idea about this coin 
I think you missed the point. When you spend money on hashing power to mine any other coin it doesn't directly enrich the existing coin holders or inflate the market cap and you can switch coins whenever you like.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
In fact mining puts downward price pressure on any coin but NXT because as new coins are minted it dilutes the existing holders position unless they spend extra money to mine or buy coins from miners to maintain the same % stake in a coin. NXT is completely opposite, the holder with the most coins is always at an advantage.
Also although having a rig is a big advantage you can mine without one. You just don't receive the same returns but you can get returns. I average about 40 khash/s with the crappy 6 core processor on my rig. If I pointed that at dogecoin when it was first released I would have done OK, not great but Something. and I wouldn't have had to pay off the devs or stakeholders to do it.
It sounds like you don't have a problem with Nxt, you have a conceptual problem with all POS coins.
You're gonna have a bad time, more are coming in the future.
I am not generally a fan of POS but if that was my only issue with NXT I wouldn't bother starting a thread.
In that quote I was mainly addressing the argument that was being presented to me, which was that investment spent on hashing power was no different then investment spent directly into a coin. I proved that to not be the case.
My issue with NXT is the whole package. 100% coin creation from the start and POS is a bad combination. If you wanted to create a coin that would rocket in value with no real justification, where the stakeholders would be able to manipulate the price and always have an unfair advantage in coin generation then you would create a coin like NXT with it's own exchange. My problem is the overall design of the coin and I am just telling people to be cautious.
I mentioned this in another thread but how many people made a fortune mining BTC early on? All they had to do was support the coin by lending some hashing power to BTC. They didn't have to pay the devs and stakeholders directly to get a position in BTC. The price of BTC rose on it's own as interest and demand increased and became valuable. That really is a huge difference in how the coin is distributed.
I didn't get into crypto's to just make a quick buck. I got into them because I see the potential of crypto's to take back monetary control from the bankers and give it back to the people. NXT is a step in the wrong direction because it is the same centralized situation where a few "create" the currency and then everyone else pays them off to use it.
Thorgrim,
Seriously... How many Nxt bashing FUD threads have you posted lately? lol
Please, stop creating these useless threads that just spread FUD.
Seriously... How many Nxt bashing FUD threads have you posted lately? lol
Please, stop creating these useless threads that just spread FUD.
I have started one NXT thread.
I have commented in a few others.
i am not pro or con for NXT.. just trading it and trying to make some more BTC with it. it completely irrelevant if its a scam or not.
Its idiots like you looking for a quick buck that are fucking up TRUE acceptance of cryptocurrencies by the general public. Such a great idea, destroyed by human greed...it's like socialism all over again.
Congratulations, I hope you go bankrupt.
I fail to see how this could not be a scam.
+1 completely agree.
1 billion coins go to ~74 "stakeholders" who then sell them to the rest of the planet? This is nothing more than 'Hesscoins' described in this article:
**Link to interesting and somewhat sad ZDNet article**
(Keep in mind the author is some old geezer that completely does not understand bitcoin, but would obviously understand NXT
)I am completely ok with the PoS concept, but you cannot simply 'eject 1 billion coins' from the genesis block and hand them to 74 people. lol...
A better distribution model is obviously in order
(more long-term, and 'fairly distributed' would actually be nice lol...)Just my 0.002 BTC worth. This junk needs to be yanked off coin market cap.
I fail to see how this could not be a scam.
Nxt might have some interesting concepts but it is a total scam top to bottom.
Scam of the year right here.
Scam of the year right here.
Someone should do an analysis, I beginning to suspect that "scam" is the most used (not common) word on the forum, or getting there.
Scam implies intent. Do you really believe that Nxt was only created in the hopes for just to get people money on the sort term?
It's seems too much work for me. It's infinitely more simple to make another clone coin.
Nxt has problems. Nxt may fail. But callin the whole concept (that is much more than a simple coin, it's a whole system of features - granted, only promised at this point) a scam?
Yes the word was used deliberately.
A new coin with 100% premine means you buy directly from the creator or whoever the creator sells the original shares to.
The stakeholders determine the market price. The market size is massive, this makes it appear like it's worth more than it actually is.
This screams "scam".
After initially being interested, it quickly became clear not to trust NXT.
Good riddance!
Good riddance!
Jump to: