Topic: NXT Ought to be Taken Seriously - page 2. (Read 6446 times)

Lol what theory of value are you operating under? there is no such thing as "true vale" because value is not a property of the object its self. Value is a property that is imbued on an object by an actor making a value judgment. Everyone knows about the initial investors, everyone knows what the volume is like, these things are priced in. The price that we have now is not fake, it is what people value nxt at WITH all of the factors you mentioned being taken into consideration

Personally,

the concept of Proof of Stake (POS) by NXT coin is interesting and different compare to Proof of Work (POW) used by Bitcoin.

I think during infancy stage, like Bitcoin, it would be beneficial and FAIR to everyone, especially miners to use POW concept.

Once reached a certain threshold, maybe 50%, 80% or 100%, then the concept of POS will be more relevant to sustained the network and miners.


Currently, in NXT coin the early stakeholders are hording all the coins and benefiting them only. There is very little volume and the TRUE value is not reflected as there is no liquidity in the system.

This is not a True and Fair concept of decentralized Crypto currency in the first place.

+1, the original date in post was always 3/1/14.
Also add to this the fact that last released source code is from 3/1/14, and does not include any advanced feature promised.

Compare this to any other alt. coin project out there, or to bitcoin itself.

From https://bitcointalk.org/index.php?topic=303898.480 , note dates:



Note that the genesis block had not been created before investment was closed, and this still does not change the fact that no advance notice was given prior to closing the sale.

Congratulations, you have officially become a troll.

The genesis block was not created yet. Further discussion is pointless at this point, and you are correct that my emotions regarding NXT have been toxic. I was moving on to other things, but continued to see NXT come up in forums on other projects I'm following with initial claims that the distribution was fair and that everyone had the opportunity to invest in it. The boil which festered for the last 2 months has popped and drained.

Hey mark what did you think of the essay? Did you find any mistakes?

I am refuting all claims that everyone who wanted to and knew about it were able to invest in NXT. This is simply not true.

So what, neither was I, but I don't go around complaining about it.  Stay with Ethereum, you can put in 10BTC and it will drown out by several thousand BTC from idiot investors looking to get rich quick.  You are an idiot to think the decision has anything to do with dilution.

This is not completely true. I was not allowed to buy in when the pre-sale was suddenly closed without prior notice while I was seeking clarification of the deadline. People were generally under the impression it was open until January 3rd. I believe the actual reason for the sudden close of the pre-sale without advance warning was to prevent further dilution of existing investment, but no one wants to admit to this. NXT from the presale started being sold a week or so later at a 4762% mark-up.



From https://bitcointalk.org/index.php?topic=303898.480 :

First of all I have a background in marketing and sales. NOT IT duh!

You do realised that most coins alts nxt peer etc anything you name it, are being put together by a bunch of IT guru.
In the real world IT guru's work is worthless without someone to market their product to sell. E.g. Earthcoin has a decent marketing team same goes got NXT, but they only provide information and marketing how great their coins are without some decent merchants wanting to adopt them as payment methods. Same idea as buying and owning a private jet in a no fly zone, whereas if NXT > BTC using the same example just mentioned BTC = a car but you can drive in around and get things done in a no fly zone. People just need to understand the value of a currency beyond speculation is where it can be spent. I personally think NXT is a great coin but the distribution of coin weren't professionally done, If NXT would have a relaunch and just about anyone that knows about it now can invest in the IPO I believe it will be so much popular. And if NXT marketing team stop posting how great NXT are and get some decent merchants to accept NXT would be so much more ideal. Why would people use BTC to buy NXT...and figure out to buy something with their cryptocurrency they have to transfer back their NXT to BTC to spent. Get the point people.... don't just look at the product itself...

I don't like the concept of the rich getting richer, which is why I also dislike PoS.

Well yeah sure five years is plenty of time for the rich to grab the lion's share of anything that comes along.

You could give out one whatever to each person on earth and it likely wouldn't take five years to achieve a worse skewed distribution than that, at least if what you give everyone is genuinely useful and valuable.

What are the distributions of gold, platinum, diamonds, emeralds, rubies, acres of land, dollars, yen, etc etc etc?

-MarkM-

According to the stats on http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=275000
1.18% of all non-trivial bitcoin accounts hold 68.89% of all bitcoins.

What I mean by all non-trivial bitcoin accounts is all those with more than 0.001 bitcoins. All accounts with more than 100 bitcoins make up only 1.18% of this total, yet they hold 68.89% of the wealth. So the overwhelming majority of bitcoins is controlled by the top 1.18%, and that's after 5 years of distribution.

Would perhaps be more feasible if these stakeholders weren't so geared towards milking profits vs. caring about even distribution and ensuring the coin's long term success.

Makes me lulz when I see these huge stakeholders put up NXT FS threads, yet refusing to sell/trade any lower than 10% above current market value, ofentimes more.  All this when they're already sitting on 1000%+ pure profit.

hey can you give a me a source for that? if its true than i think nxt has already surpassed bitcoin in homogeneity of distribution

If approximately 1.5% of accounts own greater than 60% of all bitcoins, by your logic, how is bitcoin not a scam? If you can explain to  me how that distribution is fairer than Nxt, I will believe that you not an absolute idiot.

I don't think you understand what fungible means. Go look up the definition, or read the wikipedia article on it. Nxt is as fungible as Bitcoin. If, by "fungible", you mean "divisible", your criticism is also unfounded. The number of decimal places currently supported in the code is two, and it can easily be adjusted in future. The lead developers have already stated that they will increase the number of decimal places as value increases, but it is not an immediate priority.
http://wiki.nxtcrypto.org/wiki/FAQ#How_divisible_is_Nxt.3F


There was no "insider team". The release was publicly announced on this forum and everyone had plenty of opportunity to buy in before the genesis (and I wish I did!). The total supply of 1 billion Nxts were created at the genesis block, but that is because Proof-of-Stake coins MUST operate this way. Anon136's paper, which you clearly didn't read or understand, explains some of the huge benefits of this. The first code release was on Jan 3rd, and before that everyone had the opportunity to buy and sell Nxt on dgex.com. Now, after the code release, everyone still has that same opportunity. The reasons for a delayed/staggered code release have been much discussed, and I believe it is a necessary requirement for a truly unique offering in today's competitive market.  

Clearly you either didn't read or understand my article. It makes the case for why it should be taken seriously even if it is a total scam.

There is no need to take nxtcoin seriously. Its biggest crypto scam of epic scale.  Its based on model of FED.
First of all , it's not fungible. But bitcoin is fungible up to millionth. The basic criteria of a currency is not saisfied with nxt.
A billions were released by an insider team via exchange even before the code was open sourced.
Scam scam scam! Dont understand how people fall for this.
Its biggest scam in the history of crypto currencies.