Topic: NXT Ought to be Taken Seriously - page 3. (Read 6446 times)

very nice article. nxt is such a great step towards true cryptocurrency.

I'm not sure I follow your logic completely, but I think you're predicting that people will lose faith in Nxt and stop buying, the price will plummet, and people who bought in won't be able to regain their losses. That's a risk you take with any crypto, including Bitcoin. I'm very bullish on Nxt though, for these reasons:

1. Simply by existing and bringing this ground-breaking PoS/Transparent Forging paradigm to the market, Nxt has changed the course of crypto-currency development forever. In order to be competitive going forward, all crypo-currencies, including Bitcoin in the long term, will have to compete with these ideas, because they are simply much more efficient and cost-effective at doing what Bitcoin currently does. Most people haven't caught on to this yet. When they do, they'll want to buy in. In this case Nxt enjoys a first-to-market advantage among innovators, much as Bitcoin did.

2. The Nxt lead developers, in releasing a version of their code and providing a working implementation of their key ideas, have proven that they can deliver on their vision. Other talented minds are getting involved because they see its value, and they lend their strengths to the project. This has a snowball effect: good ideas + good people attracts more good people. This is easy to see if you follow the development threads. Development is progressing rapidly, and updates are frequent. It will be very hard for someone who is just trying to copy ideas from Nxt to keep up with this momentum.

3. Smart investors who do their research will understand points 1 and 2, and will buy into any dumps that happen along the way. I actually hope dumps occur (although preferably in a measured way), because it'll enable more people to buy in at low prices, and increase dispersion, which will only strengthen Nxt in the long term. If the large stakeholders are smart and paying attention, they WILL sell, both to take profits in the short term and ensure the long-term growth of their investment. If they're dumb they'll dump sooner or later out of fear that someone else will dump first and ruin their chance to take profits, which will serve the same effect, although perhaps more turbulently.

4. In order for Bitcoin to compete with the innovations in Nxt, fundamental changes will be needed that are not likely to be backwards compatible. Negotiating those changes will require long-term planning and coordination, especially since so much money will be at stake. The last backwards-incompatible change was announced two years in advance I think. It's probably possible for Bitcoin to adapt, but it won't be easy or quick. What do you think will be happening with Nxt in the meantime? You may question whether Bitcoin needs to adapt given its market dominance, but ask yourself what will happen in 2040 when miners are no longer rewarded with newly minted bitcoins, and transaction fees bear the full cost of supporting the energy-hungry PoW mining network. How will it be able compete with the ultra low cost of maintaining the energy-efficient PoS forging scheme of Nxt? Bitcoin is currently being hailed as a potential credit card killer because it eliminates the 2-3% transaction fees of the credit card networks, but once the supply of new bitcoins runs out, fees will rise. Ultimately, PoW as it currently exists with low transaction fees is not sustainable. Low transaction fees are absolutely sustainable with Nxt's PoS scheme. In the end it all comes down to efficiency/operating costs. It's simple economics.

Now, there is the chance that some show-stopping flaw will be discovered in Nxt, or the large stakeholders or developers will behave in such a way as to erode confidence in Nxt, or the PR will be botched, thus giving an opportunity for a Nxt clone or another 2nd generation crypto to overtake Nxt. I'm not saying it isn't high risk to invest now, barely one week after its official release, but if nothing else you should at least keep a very close eye on it.

That is correct if you were just any one out there busy trying to mine their way to some profit.

But that is not what is happening here... This is like 2008 happening all over again, however any losers now do not have a chance of seeing their money again because this money has no official meaning
 

Both, either. If you want to make short term profits than how does hording help with that. you would have to sell your coins to make short term profits. If you are thinking about the long term than you also need to figure out how to disseminate your coins inorder for your remaining coins to be valuable in the future.

Their best interest being short term or long term..?


"Decentralization will improve as more buyers enter the market and the large stakeholders sell to them."
That's a pretty good euphemism for what has come to be known as "Pump-and-dump" 

El Dude is a scammer.  See how easy that is!

did you actually read my article?

this is a scamcoin , that will go the way of dodgecoin.

They're taking an incremental approach to releasing source code so as to prevent opportunists from copying their hard work and releasing full-featured clones of Nxt with no effort. In today's competitive market this seems like a fair and smart precaution. Bitcoin didn't need to do this because when it was released there was no market for it, and hence no one was trying to make a quick buck off of someone else's ideas. My understanding is that all or most of the new features will be open-sourced over the next 6 months, and by then Nxt will likely have a large enough market share for the network effect to give it a serious advantage over anyone trying to coy it, just like Bitcoin currently has over its clones.

The first Nxt source code release was on Jan 3rd, and it consisted of a slightly older version of the core components of Nxt with some purposefully injected security flaws to encourage the community to review the code and prevent adversaries from blindly copying it. Bounties were posted for the first people to discover these injected flaws. As far as I know, some great code review has been done, but no one has yet discovered the three purposeful flaws. Here's the active review thread if you're technically minded:

https://bitcointalksearch.org/topic/nxt-source-code-flaw-reports-397183

Good points.  As someone who purchased a lot of Nxt from stakeholders in late Nov, I've seen massive distribution since then.  It's not going to happen all at once, and it really shouldn't, there will be more demand once more features are released and more stakeholders will sell.  Most people don't realize that the majority of stakeholders received less than 10mil Nxt during the initial distribution.  Anyway, I still think Nxt is very cheap and I continue to buy at these prices.

NO. You should only trust sources that can be trusted. Take time to learn that before dropping any money in.

are devs associated with this?

http://netcoin.pw/ezwallet/index.php

if so, how can i take them seriously? Like i'm gonna email my password? what are they thinking? I'm kinda angry right now because I had some coins there.

not only as a movement, but as a revolution!  

Since investing into NXT I always knew the distribution could hinder it from being successful. I actually noted down that on the 28th of December, the top 27 holders owned 10+ million NXT but now, 2 weeks later, 23 holders possess 10+ mil. This number turns to 20 if the limit was 10.008 mil (http://87.230.14.1/nxt/nxt.cgi?action=34). This, in my eyes anyway, shows that the 'big fish' are beginning to distribute their stashes pretty well, without crashing the price (which could easily happen in such a low liquid market - the risk of this will be reduced when NXT is traded on more exchanges). I also think that the price boom was heavily due to a massive excess of demand and little supply at the time (buyers buying with extra money from Holidays, sellers taking time off from trading) and when the sellers returned, of course they're gonna sell some of their coinage at these new highs and prevent it from going up way too much. I think that the current prices make it more attractive for investors as they are able to invest into NXT without paying silly prices.

Anyways, you have to bare in mind how new this crypto is, I mean it was only 'officially' launched a week ago. At how things are currently going, I have no regrets in my investment and am eagerly waiting to see how things unfold.

Not only a system but also a movement.

+ 1

is it open source now?

wow , rly..

I agree with you!!!

It's not my article by the way, just found it. But I think NXT will be great in the future, and not only as a coin, but as a system.