Distribution of NXT among the original 71 vs the rest of us, and the effects this will have on forging revenues for the "little guys" is one of the main points that NXT critics can use against NXT, and I kind of see their point.
If enough people see NXT as a scam coin used by an elite inner circle to get rich, that could play hard against NXT, no matter how good it is or how pure the motives of the initial stakeholders are.
The only solution: give all of the NXT to me, I'll take good care of it..... But seriously: I propose some sort of massive giveaway to coincide with the Jan 3 launch.
From what I can see on the blockchain explorer there are only 5000 or so active accounts (seems low, tbh).
Give every account 10,000 NXT, that'll cost 50 million NXT, 5% of the total, and will generate the most publicity ever for a crypto launch.
(imagine the headlines:
Crypto-anarchists give away millions! )
And imagine the tsunami rush of new users hoping to get a piece of the action.......ready to buy in hard. Everyone will go to the moon......
i hugely second this idea. but i have to say if there was a large stakeholder who was interested in doing this he would definitely have to keep it quiet and it would definitely have to take everyone totally by surprise. either way if we want this thing to succeed the large stakeholders will HAVE to find ways to get rid of large portions of their stash soon. it must be done and it CANT be put off. I just hope that they understand that giving away huge portions of their stake is more likely to make them wealthy in the future than hording it. everyone has to do anything they can to make sure that the large stake holders understand this.
I have a larger stake, and I agree with your point. I've been consistently selling on the dgex exchange since the beginning, and I've sold about 8 million NXT so far. I'll continue to sell on dgex, and if other exchanges open I'll sell there also. I've started to sell on ripple too. I'll keep selling at a consistent rate until at least 60-70% of my stake is gone.
Hoarding makes no sense. Obviously some big stake holders would prefer others to sell down first, so they can wait and see if they become a billionaire, but for me it's best to hedge my bets and cash out in a steady stream just in case NXT fails. I think I understand the economics of NXT pretty well, and I know my good fortune will not last long if I don't do my bit to spread the NXT around. I would say by now most of the large stake holders can see the obvious thing to do is sell at a consistent rate, leaving yourself a good sized holding (my goal is 0.25% - 1% of the NXT supply once everything settles down). I started with over 4.5%, so I think my plan is balanced, and realistic.
As for the fairness of the initial distribution, I can see why people might have a problem with that. I feel very very fortunate to have done so well out of NXT, but it wasn't luck. I took a huge risk that a complete stranger would not take my bitcoin and disappear, and my risk paid off - but it was a huge risk, with a relatively small amount.
A stranger stands up in a public place and starts speaking - he's very odd and has a 'big idea' - do you give him $130 and watch him walk out the door? He's already told you he's using a false name and will keep his identity secret. That's essentially what the initial investors did.
Why did I do it? Because I'd been trawling over crypto related forums for over a year looking for the cool stuff. Everything looked like a crazy copy-cat coin based on scams and greed, and there didn't seem to be any skill or vision in 90% of the non-bitcoin coins that were being released. The only interesting crypto/math currency systems I could see were Mastercoin, Ripple, eMunie and NXT. I've taken a position in all of those coins.
IMO all the other crypto coins live or die based on the hype around bitcoin. Obviously Mastercoin needs bitcoin to survive, but Ripple & eMunie & NXT can thrive even if bitcoin tanks. I do think Sunny King has contributed a lot of good stuff also. All the rest are clones, even the well thought out ones (CGB, Quark, maybe a few others). I want to be an investor in something good, not a gambler, or a speculator.
BCnext has so far done everything he said he would, but when I sent off my bitcoin he was just a very odd sounding guy with a small number of forum posts, and a vague description of a POS coin. My good fortune was 1 bitcoin was only worth $130 the day I sent it in, so it was within my comfort zone. If it was today I would not send 1 bitcoin ($750 USD) to an odd sounding stranger.
I think c-f-b might be Yoda.
Great and sincere feedback. I would have done the exact same thing, thinking the same way. There is nothing you can do about luck in life, it happened because it was meant to happen. I came in a week too late for this same position, but this week was meant to be. I still bought some at cheap price so I can not complain now, but everyone should appreciate and understand this feedback, realizing that the initial investors are not random people, but the ones who first saw the potential and believed in something completely new, dealing with the scam risk as always. Reward is deserved, and anyways, it's never too late to come in or to cross good opportunities.
I find your sense of distribution very decent and reasonable. thanks for sharing