Topic: NXT coin - A total scam? - page 16. (Read 49715 times)

Ok, so the only incentive to run a node is earning transaction fees. So Transaction fees must be high enough that people decide to run a node with their stake. You absolutely want a big enough % of stakes to be online = earn transaction fees. Because this number should be A LOT bigger than the amount of money the attacker is willing to spent on a network.

I can easily imagine in near future attackers willing to spent 5-10% of all the NXT value, maybe even more in the first months. In far future if NXT suceeds this % will indeed be smaller, but the amount of money will still grow because it will be worth more.

So for many people to run their nodes the transactions they earn must be quite a sum, its hard to calculate people willignes, but lets say the total earned fees per month should be around 1% of all money existing. This is A LOT, too much, transactions will be too expensive. You can not have 1% of money existing to be transfered per month just for the sake of transactions.


And another thing even more wrong with NxT, its 100% premined for gods sake! Even if it is not a scam per se it still is a scam, because no way how you turn this about, the original holders will profit A LOT MORE than "forgers"/miners that are responsible for coin stability. At bitcoin(and most other coins) all the miners have equal earning posibility depending on how early the get the coin, but that is not the point, even bitcoin has a problem of early adopters having too much. A true crypto curency should have earning posibility that is 100% aligned by the amount of money and the time at which they invest in curency. In a LINEAR WAY, not this premined, exponential, root,...shi...

For each percent of the total coins in circulation you yourself own, what percent of all coins would you personally consider "too few actively mining" enough to cause you to fire up a "miner" yourself?

For example if you owned half the coins, and one day it came to your attention that only ten percent of all the coins were online aka actively mining, would that be a dire enough situation to lead you to put some of your own coins online so they too could "mine"?

If not, at what percent of all coins being online actively mining might you consider firing up a node yourself?

Consider two different backdrops to that:

In one, your fifty percent of all the coins adds up to a total market value of only a day or so electricity and bandwidth cost of putting a node online.

In the other, your fifty percent of all the coins adds up to a total market value equal to many years of electricity and bandwidth cost of putting a node online, plus enough to buy hardware for two to a thousand or more nodes, and all that is without spending more than half your coins.

-MarkM-

Care to prove this or it's just ur "imho"?

What's the difference between dogecoin and litecoin?

There is absolutely NO difference.

Whether you go it alone or with a few cohorts, all it takes is a handfull of bot puppets yapping their hype until the miners and bagholders begin lining up.

So how is this any different from someone setting up a Open Transaction server and issuing 999,999,999 coins?

Is the only difference the marketing of the coin?

yes, you must get fees from buying avatars, using special features... oh, wait..

anyone buying NXT or RIPPLE will surely regret it

Because in Proof of stake, to fork a chain you need to brute force many private encryption keys thah represent a proof of having stake(money).

Basicly Instead of strong computation for security(PoW) you use strong private keys that represent stake of money(PoS). I LOVE PoS, it is the future.

But NxT is definetly not a future, even of it is not a scam it has flawed initial distribution and flawed mining. Mining with only transactions is flawed because you have unsolvable problem of either having too big transaction fees or not enough miners for network integrity.


There absolutly must be another way of getting coins than only fees. Absolutely must!

If the proof chain doesn't take a lot of computational power to create, then the system is insecure because anyone can easily create an alternative proof chain that will fork the coin.

Explain to me how the hell is this proof of stake supposed to work when it can easily be counterfeited?

+1. 

There's really no point even talking about it while the people talking can't see the code yet.  Nothing concrete to discuss.

no, i'm asking, show me whats special about NXT. maybe elaborate on mark m's explanation. to date all i've seen is hype from the pro-NXT crow and flame from the anti-NXT bunch. I want the evidence presented, bit for bit, and byte for byte, in a comprehensible, human readable format so that i may devour the knowledge and form logical opinions based upon my observations.

you are trolling yes?

He should do no such thing.
if (NXT is as great as some will claim)
{
it will surely produce results in the near future and you will have nothing to worry about it
}else{
it's a scam.
}

its really that simple

It is similar but opposite.
NXT is a currency getting trolled by scammers.
VISAcoin is a scam promoted by trolls.

You should edit your previous post.

Hopefully, source code that currencies can use in order to achieve consensus as to their ledgers without needing massive investment into mining gear and massive expenditures of electricity.

Hopefully unlike Ripple it will not be full of extraneous stuff that would just be maintenance and customer-support overhead to people just looking to run their currency or asset or shares or votes or whatever in a  P2P manner securely.

That way all those insecure blockchain coins can migrate to something secure, since obviously they are not all going to be able to secure their ledgers in blockchain form.

-MarkM-

quite a disturbing parallel between the two huh.. you could even throw in MSC for shits and giggles.

it delivers and produces what?

Oh gosh I just realised this is the NXT thread not the VISAcoin thread.

It is getting so similar...

I thought it was the VISAcoin poster claiming people are competent though. I am now confused about who this NXT similar type poster is.

-MarkM-

it delivers and produce!

if you want to be selectively blind so be it.

show me one other coin that does just that.