Topic: Sorry NXT, but is anyone else making a 100% PoS / No-mining altcoin? (Read 1470 times)

There is few things that deter me from NXT:
- access to NXT founds just by password lucky brute force attack and you have no coins...
- 1 NXT fee // higher price of next brigs ridiculous fee 1NXT should never cost eg. 100$ who will pay 100$ for transfer
- Distribution
- if i invest in NXT eg. 1000$ like in mining ring to mine in POS i will be fucked up when Devs will lower fee to 0.1 or 0.01 my mining will be 10x/100x lower

in such situation i would go check BC(i am in) or NEM
-"NEM's code bases will be re-written completely from the scratch."
-"A novel method Proof of Importance forging that rewards the nodes that re most important to the network, not the nodes with the biggest number of NEM."
personally i don't like situation when Big are becoming more bigger it don't cause healthy cash flow.
- NEM is was distributed into 3000+ accounts on bittalk in IPO (in reality i think that was about 2000+)
- i like IPO , people are risking few bucks for profit

I like NXT concept but for being deflationary currency it will be just to expensive to use it in long run.
That is why in POS i think small inflation is better and can be solution to avoid such ridiculous fees.
I like POS with BC 1% inflation or (1%-10%) Cash concept with POS without fees.
Generally in that matter crypto is looking for balance we will see how HBN/PPC/BC/Mint/CASH/NXT/NEM will deal with market and problems.

Good point. "Give us your NXT and we'll give you a shitty clone of it"

Fair launch imo is:
1000 initial holders, holding each between 0,05% and 0,15%.

Exactly. I know that's a rhetorical question. Every major coin out there has a small cabal of hoarders. Bitcoin, Peercoin, all the majors have 'unfair distribution'. The rub with NXT distribution comes from people on this forum who procrastinated after the IPO was announced, and were consequently shut out by an early closing of the IPO period. All I can say to that is, you snooze you lose. Harsh words, but IPOs of any kind can easily be oversubscribed, and have no obligation to stay open.  Besides, what pretty much invalidates all the sour grapes on this subject is that there have been several opportunities to buy into NXT since the IPO and be sitting on a tremendous gain.

As an example, I learned about NXT in mid December and started buying in. That was excellent time to buy.

Guess what? NOW is an excellent time to buy. NXT is more than 50% off its highs. Or keep waiting and sulk and look for a NXT clone that wants you to trade in your BTC or NXT for their coin. That should tell you something right there.

Wow!, I'm pretty happy for you but it bums me out that I can't do the same.

This is a good question because it won't be long before they get there.

At what demonstrable level of distribution would people be happier with NXT?

Try mining Nxt, I've done it for the last 3 days and have earned 1500Nxt. 

hashrate.org

IMO when you can't find some serious arguments to hit competitor just best way is spared FUDs...

Eg like that with Quark 98% premine / Bug in BTC protocool (MTGox).

I am in BC form beginning i can't see any conspiracy there...
Rather people are working hard to make forward 0%premine coin and this is hardest part of that "conspiracy"...

______________________

8 hours compound interest work?

To support network and reward you you have chance to get earlier reward than 1%  at the end of year.
Once you don't touch balance for 8h your coins are getting chance for stack.
Receiving stack earlier you have only by heaving online wallet unlocked or not password protected.
You get part of 1% annual interest. Everyday eg when you have 50k BC you will get ~0,05 in 3-4-6h intervals.
More days you wait more coins you will get.
There is no max age for coin. So you can get 2% after opening wallet after 2 years.

Chance of getting stack is connected with weights more days your coin is sitting in wallet?

Yes it looks it works that way.You has chance you will be chosen to stack.
Chance/weight depends on how many you have, how much wait  - to balance system.
I will try find formula later i forgot it was written on forum.


Does my BC client have to be on once every 8 hours? Or continuously?
To get  compound interest you need to be online this feature is for POS miners supporting network.
To get only 1% interest you don't have to.

To get 1%,2%,3% annual you just go online once a year or 2 or 3 years...
But you will get 1%(after 1 year)-2%(after 2 years)-3%(after 3 years) from starting amount when you go again online. / There is no max age.
If you hit stake more often you get more BC overall.
Not big amounts of BC but always something.

What's BC conspiracy? Also can someone explain how the every 8 hours compound interest work? Does my BC client have to be on once every 8 hours? Or continuously?

When is NEM coming out?

Thanks for the advice everyone. 

You can't get away from the risk when buying NXT that you will be dumped on by the early adopters ... the distribution was way too skewed everyone knows this.  And dont think you can 'forge' your coins, I held xx,xxx and didnt earn anything.

Not saying NXT cant rise, but it leaves a bad taste in your mouth. Plus the clunky java web client is not fun to experience.

You can look at Mintcoin, Blackcoin, or NEM when it comes out ... 

nxt has a huge advantage and a ton of people and innovation behind it, but if it fails NEM will be there to pick up and adapt.  Those are really the only two POS I am looking at right now.  Too bad both of their IPO's are closed.  The third system which isn't exactly PoS, but completely and totally different is Ethereum. 

If NXT delivers on it's promises then it will skyrocket. Worth a punt in my opinion.

Check out ECC and MINT. BC is a conspiracy so maybe buy in after the dump.

NEM is good for you

I know only 2 pure POS coins now. BC and NXT.

For me we have winner BC winner this round. 1st coin who switched to pure POS after POW
BC is like BTC with POS system inside.
-0,000% premine
-PURE POS after minig not POW/POS like PPC/Nova/Mint/Zeit/BCX.... //BTW Mint have POS 99,99% distribution but technically is still hybrid POW/POS
-10 days of mining but now when i look at that GPU farms +200Mhs... on pools and ASICs - i am even happy that BC was mined in just 10 days.
-Minus for BC is that because of no premine community have to donate to move forward

NXT:
BIG PLUS  development +
BIG Minus distribution NXT was distributed to 72 people at beginning...
with such market share Developers of NXT can allow them selves to full time working on NXT.
And pay themselves from fees.
BIG Minus 1 NXT fee... i real life if 1 NXT cost 20$ what you can buy with NXT ?... when fee is fixed at 1NXT...

In future mayby :
NEM - new alt fair shares 5%-10% for Devs rest for 3000+ IPOs... IPO are taking most risk now.

there was NXT clone with fair shares for all including Devs, i don't remember name of that coin.

 Limited initial distribution is not evil at all.

This is nonsense.

As a miner, I have the same "issues" with Nxt as I have with the lots of PoW/PoS coins that are on the mostly PoS stage, also with Nem and plenty other Nxt descendents and forks that are coming.

For example, Hobonickels. tokyoghetto's investment journal thread, beats everything the army of Nxt shills have spammed this forum with. An intelligent, experienced way to make profit without being at the expense of others. Investors like these do not have the need to sacrifice a bit of their ethics and moral to make well. That's PoS right there, large stake a year in HBN.

The part in bold is the difference. This is precisely why I like PoS well done. When I paid attention to HBN I got some as experimentalism, but even if I didn't, I'd be glad to see the scene grow intelligently even a bit and indirectly at my expense (a bit less GPU mining profit, proportional to my hashrate). I don't mind to sacrifice a bit of my self-interest for an huge greater good.

Otoh... Nxt. Nxt large holders are a risk for buyers. One who buys can and will find himself of the wrong side of dumps, 70+ of them. When each one decides to dump, they leave someone or many holding the bag. I'm pretty sure I will only consider to get some Nxt after a few of such dumps happen. Only then one can measure the effect on the market.