I wonder what had to happen between this:
by Miztaziggy » Fri Dec 06, 2013 3:06 pm
Further to my posts on Bitcoin and Litecoin….again ignore now if those 2 confused you.
I have been reading about a new variant called NXT coin.
It’s different to both of the previous coins in that it doesn’t rely on mining. It has all been created already and the creators are giving away a chunk of the 1 billion created. You gain more NXT from confirming transactions on the network and gaining transaction fees. Sort of like the bitcoin transaction fees going to the miner.
The more NXT you have, the more transaction fees you accrue.
Now when I posted about Bitcoin it was already 2 years in. I wished I had heard about it on day 1 because I would now be rich.
This isn’t quite day 1 but it’s very early.
Who knows, it may be the next big thing, it may not be, but it seems to be worth a gamble to me so I am going to get some NXT and see what happens a year or 2 down the line.
and this:
31 Other / Alternate cryptocurrencies / NXT coin - A total scam? on: 09-12-2013, 11:20:41
There are lots of threads over on the NXT boards whining about lack of distribution by the stakeholders.
It seems that someone unnamed created 1 Billion of these NXT coins and gave them away to 71 other people, though, where is the proof that these 71 individuals are actually real and not a close group of friends of the developer with 71 different forum aliases?
Assuming the 71 stakeholders are legit, then to create these 1 Billion NXT the developer apparently had donations of 21 BTC from these stakeholders. That puts the value of 1 Million NXT at 0.021 BTC at inception.
One issue seems to be that the stakeholders are nothing to do with the 'project' - they are merely 'lucky' forum users that got in early and happened to read the initial post announcing NXT. They are only in it to speculate and make a quick buck.
Right now, the 'stakeholders' are selling off NXT at 6 BTC per million. That's 300x the initial investment.
This is based on the promises of this NXT coin. It is apparently BTC 2.0 with fancy new features etc, however source code has not been released and the majority of the features don't work. You can't even divide the coins by any decimal places yet. The client is VERY alpha/beta and it has numerous bugs.
So, where's the evidence that this coin isn't a massive scam to create something fake and sell it off for 6000 BTC?
Don't worry about overclocking past its limit. You can't damage the card unless you over volt it.
Just try it at 1000 / 1600 see what you get. I think the 7970 will go higher than the R9 280x that I have anyway. The things I have read suggest about 1150 clock and 1900mhz memory for a 7970.
Apparently the best settings will be at a ratio of clock to memory of about 0.6.
If yours doesnt work at 1000/1600, all that will happen is your screen will go blank and either computer will restart, or, it will go back to desktop and you will get an AMD Driver has stopped responding and has been restarted message. If that's the case, try 960 clock and 1550 memory.
Mine works fine at 1000/1600 but if I go to 1020 / 1650 it restarts my PC after a few minutes.
**
Sorry not good enough.
Creating a new coin and hoping to sell it off for 6000 BTC is ridiculous especially when there is zero proof that this coin offers anything more than the really basic efforts so far.
**
'leave us alone'
Why?
Who do you think I am harming in asking questions?
You have read some posts about this but where's the evidence to back up anything that is said? There is no proof that this coin is anything more than a cheap imitation sold for 21 BTC and now trying to be sold for 6000 BTC.
I am not saying it is definitely a scam, I hope it's not, I am saying people need to ask more questions instead of blindly trying to buy a coin for 300x its initial cost in the hope that it will pan out and really be worth something. Don't let yourself get conned into losing a load of BTC buying a worthless coin.
**
Yes, of course, the full and uncut source code proving these advanced features and an actual difference from BTC would prove me wrong. And I would be happy to be proved wrong.
Judging by the talk over at nxt forum, it does seem that the source code isn't going to be released though, not fully. That almost solidifies the doubt for me now.
As I said over on Nxt forum, if I wanted to try and scam people out of BTC, it would be easy to create a really basic coin and really basic interface (full of bugs) with the promise of so much more hidden in the source code, all to come in the not to distant future.
But, before it comes, let's sell off this coin at a rate equal to 6000 BTC for the whole lot.
The little bit of source code there is will be released in dribs and drabs to try to keep interest alive whilst the inital stock is sold.
Once interest fades or anger arises from the lack of transparency, it's too late, there will have been hundreds of BTC invested, the creator has had his money, everyone else loses theirs as the coin collapses.
**
Yes, we will see. My bet, partial source code gets released only. The part where we're up to now. It won't include these promised features, basically because they don't exist.
The more I read the more I think the coin was created by someone trying to make a fast buck. It's a good old fashioned blind auction type scam. Plus I don't think it's particularly secure the way it's set up right now with wallets only protected with a password.
The stakeholders probably aren't in on the scam, but are trying to protect their investment and make a profit by pushing this coin and shouting the doubters down.
Of course, you are free to invest what you like. I personally have invested a little LTC in NXT - just in case I am wrong (and I hope I am). But I think that people need to look at this with eyes wide open and think for themselves, before rushing into buying NXT - trying to get on board early.
**
Lol you guys.
You call me the troll?
You just try to shout down any argument that gets in the way of you selling off your NXT at 300x profit while you can.
Time will tell who's right. Let's see.
Quote from: Vega on 10-12-2013, 11:42:00
Quote from: miztaziggy on 10-12-2013, 10:48:15
Correction - NXT promises to have innovation in future. Right now, there is nothing.
How much would you like to bet?
Why would I need to bet with you?
I have my BTC, I have LTC, I have Ripple and FTC and IFC and I have some NXT. I have no interest in betting with anyone else, I have the coins I have and that's a gamble enough for me.
This will go 1 of 2 ways.
1. I am wrong and the source gets released IN FULL and the price of NXT jumps up. You profit. Excellent.
2. I am right. The source gets partially released. The other features don't appear. The code is proved insecure and the price drops. Everyone loses except for the creator and early investors that sold off at least a 300th of their stock.
**
I haven't seen a definite answer on this. The plan was to release the source on Jan 3rd I believe, but the post on NXT forum seems to ask whether it should be limited.
I don't understand why so many of you guys that aren't early investors, and have no real stake in this currency blindly believe that all these features will come to fruition without seeing any evidence.
Doesn't the partial release of source, buggy client and lack of information feel very shady to you?
**
I have no motive to obtain the source code. Personally, I couldn't do much with it anyway, I am not an expert in that field at all. I have contacts that could inspect it and tell me what's what.
I am talking about the release of the source in general, to the community.
The bitcoin source was released, inspected by people with the know how and no major flaw found - hence BTC is relatively stable and I have trust in it. I trust that it isn't a cheap badly written piece of crap that will get ditched and leave every investor with nothing.
Now, if the source for this NXT coin is the next big thing, what do the developers have to fear by releasing it, except copy cat coins?
Look how many copy cat bitcoin clones there are and look how Bitcoin is still by far the strongest.
If NXT has what it claims, it has nothing to fear.
Quote from: bizz on 10-12-2013, 12:16:42
Quote from: miztaziggy on 10-12-2013, 11:42:40
You just try to shout down any argument that gets in the way of you selling off your NXT at 300x profit while you can.
I have seen absolutely no arguments from you. One argument you had is that creator gave away coins which is false since all of initial investors bought. High profit for them (I bought on forums later) is here because few want to sell at these rates not because some magic entity said price should be this and that.
No arguments?
My arguments are clear.
1 - No source code released, so how can anyone trust there is more to this coin than meets the eye (ie buggy alpha stage basic coin)?
2 - Other than massive speculation, what's the reason the early investors feel that after a month, they can sell their NXT at 300x the value they bought them at?
I just don't think that until this coin is really tested and proved to be secure etc by the community that people here should blindly buy masses of NXT in the hope of 'getting in early'
I saw a post by some guy saying he had invested nearly $15k into NXT. Either he has more money than sense or is a real gambler, because the truth is no one has any evidence this coin is anything more than we see right now.
**
Can someone here with better knowledge re Cryptography and security than me (or anyone on NXT forum it seems) please answer this:
NXT receiving address is 20 characters long made up of only numbers - therefore 10^20 combinations.
Passwords to open wallets can be many more characters, therefore many many more combinations to open only 10^20 possible wallets.
Secret phrase can be any 100 unicode chars.
SHA256(secret_phrase) gives private key.
Curve25519(private_key) gives public key.
SHA256(public_key) gives account id.
First 64 bits give VISIBLE account id.
Now, if I send coins to one account using their VISIBLE account ID (20 characters long) which is all that is required with NXT, then multiple passwords can open a wallet with the SAME visible account ID.
Apparently, the first account to send those coins on has ownership.
What am I missing here?
**
Still, compare the number of possible 'wallets' with the number of possible passwords.
The number of collisions is HUGE.
Screams EXTREMELY badly designed coin to me and backs up what I have thought all along, that this coin is a scam.
**
Re: Proof Of Stake Coins are killing this community on: 10-12-2013, 20:20:18
Totally agree with you here.
The main flaw for me is POS encourages hoarding by design.
Also having a vast majority of coins with a few of the wealthiest users creates a high chance of a massive crash if they ever liquidate their stock.
But I do love how these early adopters pretend none of this is an issue, at least until they sell off their coins for BTC.
**
So how does that affect chances of collision?
I keep seeing posts from you with no real answers. Never answers. The closest you have got is a post saying "wait until the source revealed and all will be clear".
It really is like one of those auctions where a guy tries to sell you a black box that looks like it contains something valuable, without actually telling you what's inside. When you buy it and open it, it's just junk.
**
You spoke good enough english in the thread you argued that BTC was insecure because of a 10^24 chance of collision, whereas it's 10^20 with NXT. How does that figure?
**
Again - full disclosure - are you an early adopter, do you have NXT and are you selling NXT?
My bet is yes you have NXT and are selling NXT.
You're an idiot if you think I am talking about some random fluke where 2 innocent users happen upon the same key. I am talking about brute forcing the system.
You create a thread and post about Bitcoin being open to a collision attack with a chance of finding same key 10^24. You, in your own words say it's not a big number and can easily be done with hashing power of BTC.
Now NXT has 10,000 fewer possibilities that this at 10^20 (though I suppose it's actually 10^20 + 10^19 + 10^18 etc....but this doesn't increase the order of magnitude by that much really).
FACT - NXT CAN BE BRUTE FORCE COLLISION ATTACKED VERY MUCH MORE EASILY THAN BTC.
**
The problem is if you would create a wallet that happens to have the same first 20 or 19 or 18 characters as someone else.
Say I do that, buy some NXT and leave them there.
Someone else with another password logs in and coincidentally has the same 20/19/18 etc characters to their public wallet. They will see my coins and be able to spend them.
Until the wallet addresses are updated to create more wallets, it is fundamentally flawed and insecure.
Quote from: laowai80 on 10-12-2013, 21:11:22
- remembering and trying to reproduce in writing your own and someone else's account number to send or accept funds is easier, because it's only numbers in the account number and there are less of them than with bitcoin and other alt-coins.
Someone please come up with legitimate bad sides regarding security, but please something smarter than what user miztaziggy was able to concoct.
This is the bad point. And this is my point. If you don't understand it, please, reread what I am saying.
There are too few wallet combinations available making it too easy to brute force some passwords to access someone else's coins.
**
I have now.
Tell me, how is that code used?
Because, and tell me if I am wrong:
I can send NXT from my wallet to any other wallet by inputting ONLY their 18/19/20 digit wallet key.
Anyone that can open their wallet that has that same 18/19/20 digit wallet key has access to those NXT.
Anyone that has access to those coins can move / spend those coins?
**
Right, so they won't see my balance.
So tell me, or CfB, you tell me, I send my 1000 NXT to an address say 11111111111111111111.
How does the 'system' know that really I mean to send it to the address with the full key 11111111111111111111999999999999999999999 or the address with the full key 1111111111111111111155555555555555555
Let's say it doesn't and two of us (or more) can log into our own wallets. I have the one ending with the 9s and you have the one ending in the 5s.
How does it know that the coins are mine and not yours? How does it stop you spending those coins?
**
Yep that's because he has made his 21 BTC, now just to sell off whatever NXT he has before the masses realise it's a fake...profit.
**
Lol.
We will see. All these poor fools putting money into NXT Sad
It's an obvious scam.
And the term I used 'my bet' is a figure of speech, not a literal term. You probably just misunderstood as you're Russian. Who would have thought a Russian running a totally fraudulent / scam coin eh? Stereotypical, maybe.....
**
Problem is NXT isn't just an inflated copy coin, it's a real full on fraud coin.
It promises to be different and Bitcoin 2.0, however it is half finished garbage. There are fewer features than any other coin, it is really basic and really buggy/badly designed.
It is 100% premined and handed out to 71 select few. They are trying to sell it off for about 300x its initial cost.
If ever there was a coin that was created as a total scam to make money for the developer, this is it.
**
Lol good luck with that.
Ill be sure to PM you when it's proved it's a scam and eMunie takes off Smiley
**
Lol that's rich.
All this time, I have been asking for proof of these extra features of this coin and nothing yet....
Just look at what NXT offers RIGHT NOW.
- A buggy client
- A 100% premined coin
- A coin that isn't even divisible by any decimal places
- An unsecure wallet key that can be brute forced with ease (apparently only if you have never sent any NXT before which will account for 75% of the stakeholders)
Everything else that some of you think is so promising hasn't been proved, only talked about, yet you all swallow it, hook, line and sinker. Cheesy Cheesy
And also CfB is probably == BCnext and hence why he is pushing it so hard and why he seems to have all the badly written code.
I am glad so CFB has an employee for programming, so he can spend his time here by answering to this troll instead of programming NXT
