Topic: NXT coin - A total scam? - page 13. (Read 49724 times)

Who's to say I won't come back - it has promise but for now the fact that you need to keep throwing money into your fund just to forge and have to keep throwing more money into your wallet to compete with other who have more forging power (coins) than you, doesn't appeal. Equal opportunity for forging would appeal.

And everyone gets a free unicorn!

If you folks are looking for a coin with similar characteristics as NXT and doesn't smell like a scam, then consider NEX.

NEX will be the complete opposite of Nxt.

Free - You can acquire the coin on IPO for free.

Fair -  Distributed to as many people as possible.

Secure - No more people losing wallets because their passphrase gets hacked.

Robust - No more out of memory errors.

Fast - No more waiting days to have coins sent to an exchange.

Clean -  Squeeky clean reputation as compared to the rat infested Nxt community.

Fun - "My Interest, You Havz it"!

Known Author - Carlos Perez (not some anonymous person)

Well it the initial stakeholder's did take investment to create the genesis block of nxt, but no one was really interested. The community is fantastic and I am also part of it. Someone even gave me 500 nxt to help me get started, how is that for hospitality? Yes I don't have a great chance of forging more nxt but there is a lot of potential for this second generation crypto-currency.

Thanks for trying it, sorry you didn't wait for Transparent Forging, it's where we are heading, and everyone will have an equal change to forge Nxt.

I was using "X" as a chance. This chance is actually higher, because not all people with Nxt are forging, forging are maybe 1%, so chance can be 0.0001. But still, with this number, if you use 100x 1000 Nxt, you get chance to: 0.01.
But if you had chance 0.0001 with 1000$ GPU for BTC, you would have chance  0.01 with 100x1000$ GPU (+100x electrocity), but instead of buying 100x1000$ GPU, you would buy 1 supermachine for 100.000$ and the chance wouldn't be 0.01, but 1 or even more. Bitcoin is rich get richer.

As an NXT holder I'm glad that u didn't join us. We need only open-minded people.

Actually you have a 1 in 0.000001 chance if you have 1000 NXT.

Source: http://www.nxtcrypto.org/nxt-coin/more-nxt-proof-stake-forging

I'm all for innovative ideas when it comes to the evolution of crypto currencies, but i absolutely fail to see how a full 'pre-mine' coin is anything other than a pump'n'dump or all out scam. It's the one thing that should not have been and this could have been very interesting.
Good thing other coins are on their way that bring the same features without this scam-ish pre-mine.

 I don't know where you downloaded your copy of NXT because the official distributions are in ZIP format here...

http://download.nxtcrypto.org/

Interesting.

World of Bitcoin:
You have 1000$, you can mine X Btc thanks to the GPU

You have 100.000$, you can mine 1000X Btc thanks to some super machine you buy

if you have 100x1000$GPU, you get 100X Btc (+ pay 100x for electrocity)
if you have 1x100.000$Machine, you get 1000X Btc (+ pay for electrocity)

World of Nxt:
You have 1000 Nxt, you can mine X Nxt

You have 100.000 Nxt, you can mine 100X Nxt

So in the world of Bitcoin, it is Rich get richer. In the wolrd of Nxt, it is LINEAR!

So I thought the idea of NXT coin was pretty cool. I downloaded the Windows package and the fun began.

- Rather than being compressed with a normal program such as RAR or ZIP I had to go and find a program to unpack 7z as my WinZip wouldn't do it. Why the developers chose 7z is beyond me.

- The batch file method of starting NXT did not work, still does not work. I have to manually click the start.jar file for it to run. The port mentioned in the documentation does not even work, I had to use 127.0.0.1:7874

- I purchased some coins and waited... and waited.

- Having 750 coins now I am told I must wait 1049 days (down to 253d now) for the next block. Yeah that will happen.

My frustration at the packaging of the software was already there, yet I held out hope that I might enjoy this coin. Now having seen the ridiculous wait times I am selling my coins and abandoning this one.

In the GPU/CPU world, profits go to those who spent the most in their hardware. For a coin that is supposed to be Green and energy friendly, the concept of NXT was also disturbing to me because the rich get richer and the poor get nothing.

You have to outbuy the other guy to see profit. It becomes a competition. I'm also troubled by the fact that coins (which we all know can be premined/generated for free) are being sold from the top level down. I don't necessarily believe there were hundreds of BTC invested into these, I think the value was exaggerated. Why does someone have to invest into coins when you can just make coins available for nothing?

No, I won't be buying any more of these trying to beat the guy above me just for the sake of .18% profit. I gave it a shot but this one is not for me.

Congrats! I hope u didn't spend too much time, coz with http://www.showmycode.com/ u would do it within 15 seconds.

This guy is awesome

We've managed to decompile the code and reworked it so it is in a compilable working state:

https://github.com/FrictionlessCoin/NEX

We also have a version that is completely refactored so its not one gigantic file with inner classes, but one broken up into multiple top level classes.

For anyone interested,  let us know.   It is actually a good example of how not to right Java code.

I see great promise in NXT, I've set up the .jar and gotten 2 NXT from the faucet, but I am not spending _any_ money on it until I see a real source release.  There is no longer any reason to withhold source.  The argument that clones sprung up instantly?  By now, NXT is reasonably well-known, a pure clone is not going to overcome NXT's first-mover status.  "many of Nxt's advanced features are still being developed and are very new. "  <-- What's that got to do with anything?  Have a staging branch and a release branch, if you like.  I think the author means well, but he needs to realize that the real, full source is needed for anyone to trust NXT. 

you guys are probably all correct...

alias system is up and running, arbitrary message is up and running, and Im currently testing decentralized asset issuance and exchange right now.

yeah, total scam dude.

"works" is not the word I'd have chosen. 

That said, I gather you had roughly the same meaning as the words I would have chosen... 

I'm liking the POS approach but need the full source code as I'm cautious about its credibility in being decentralized... heck I was nervous running a java application to see if it even worked.


I'd like to know why only the old source code is available and not the latest? 

https://bitbucket.org/JeanLucPicard/nxt-public/src

Surely having more people review and offer contributions will aide in adoption and refinements or have I missed something?  (For instance surely this 5000+ line mega file would benefit from some modularization for readability)

Also is buying nxt with btc the only way to get reasonable amounts of them? 

I'm not trolling here, if nxt can deliver this will be incredible, I'm just highlighting first impressions as I expect others may share this point of view and would love to get a better understanding of how it works before putting any time towards it.

U did. Not all aspects of Nxt r revealed yet.

I am trying to make up my mind about Nxt.  Can anyone explain what is scarce in the Nxt transactional system other than the source code?

You can copy and paste Bitcoin's source code and run your own Bitcoin2, but you will not have the same mining network.  However, if you copy and pasted Nxt's source code, it seems you would have the exact same thing right?  Did I miss something?