Was NXT the first IPO coin? + Interesting prediction of NXT from February 2013 - page 2.

Bizmark13

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Quote from: Zer0Sum on April 21, 2015, 10:38:35 PM

NXT was a huge longshot that paid off for extreme speculators.

Calling NXT an "IPO"... is like calling a lottery an "IPO".

Yeah, I mean even today not many people would advise investing in a coin with no screenshots, no whitepaper, no working beta, no escrow, no source code, and an eccentric anonymous newbie dev who decides to go AWOL just days into its development* but for those people who took the risk and invested, well their risk taking definitely paid off.

Fun fact: 1 bitcoin invested into NXT in November 2013 would have been worth $5 million just by hodling for seven months. That same bitcoin purchased in the beginning of 2013 would have been worth $13.

*I'm not trying to disparage NXT or anything since it's actually one of my favorite altcoins and probably one of the most innovative. Heck, I even have a Coinomat sig!

Zer0Sum

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Quote from: Bizmark13 on April 21, 2015, 07:36:23 PM

Quote from: Daedelus on April 20, 2015, 05:59:22 PM

IPO/ICO etc didn't exist when Nxt was launched, you won't find anything like that in the launch thread:

https://bitcointalksearch.org/topic/ann-nxt-descendant-of-bitcoin-303898

Imagine a world where there are only ~35 coins on Coinmarketcap. And most trying to do something for the betterment of crypto. There weren't the users to warrant terms like IPO.

You could say Nxt was the first IPO but it would just be a way of showing naivety about the history of Nxt and POS. It is a retrospective label for Nxt, usually intended to try and illicit a negative emotional response in my experience Cheesy

I believe NXT's distribution method was indeed unique at the time. Many people saw how successful it was for the initial stakeholders and because of that, the market for IPOs was born. Unfortunately, the term "IPO" quickly gained a negative connotation because there were so many new coins using it as their distribution method that ended up either failing or being scams.

The earliest mention of "IPO" from that thread happened on November 25, 2013:

http://bitcointalk.org/index.php?topic=303898.msg3703796;topicseen#msg3703796

It only appears to have been used once since the next time it's mentioned on that thread was on June 2014 and by then, IPOs and IPO scams were all over the forums.

EDIT: Personally, I don't think NXT's IPO was a scam and I don't think all IPO coins are scams either.

NXT was a huge longshot that paid off for extreme speculators.

Calling NXT an "IPO"... is like calling a lottery an "IPO".

Bizmark13

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Activity: 462

Merit: 250

Quote from: Daedelus on April 20, 2015, 05:59:22 PM

IPO/ICO etc didn't exist when Nxt was launched, you won't find anything like that in the launch thread:

https://bitcointalksearch.org/topic/ann-nxt-descendant-of-bitcoin-303898

Imagine a world where there are only ~35 coins on Coinmarketcap. And most trying to do something for the betterment of crypto. There weren't the users to warrant terms like IPO.

You could say Nxt was the first IPO but it would just be a way of showing naivety about the history of Nxt and POS. It is a retrospective label for Nxt, usually intended to try and illicit a negative emotional response in my experience Cheesy

I believe NXT's distribution method was indeed unique at the time. Many people saw how successful it was for the initial stakeholders and because of that, the market for IPOs was born. Unfortunately, the term "IPO" quickly gained a negative connotation because there were so many new coins using it as their distribution method that ended up either failing or being scams.

The earliest mention of "IPO" from that thread happened on November 25, 2013:

http://bitcointalk.org/index.php?topic=303898.msg3703796;topicseen#msg3703796

It only appears to have been used once since the next time it's mentioned on that thread was on June 2014 and by then, IPOs and IPO scams were all over the forums.

EDIT: Personally, I don't think NXT's IPO was a scam and I don't think all IPO coins are scams either.

JackRipper

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I think it would be accurate to say that it was an IPO/ICO. I don't know if it was the first one, but it was the first one that I know of.

TheMystic

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Quote from: Daedelus on April 21, 2015, 03:30:01 PM

Quote from: TheMystic on April 21, 2015, 03:09:36 PM

If it walks like a duck and quacks like a duck...

...call it a goose as that is what everyone started to refer to it as 12 months later? Cheesy

But it's not a goose in that respect. We weren't using the term IPO or ICO back then, but it was the same thing. How was it different?

Daedelus

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Quote from: TheMystic on April 21, 2015, 03:09:36 PM

If it walks like a duck and quacks like a duck...

...call it a goose as that is what everyone started to refer to it as 12 months later? Cheesy

TheMystic

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If it walks like a duck and quacks like a duck...

Daedelus

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IPO/ICO etc didn't exist when Nxt was launched, you won't find anything like that in the launch thread:

https://bitcointalksearch.org/topic/ann-nxt-descendant-of-bitcoin-303898

Imagine a world where there are only ~35 coins on Coinmarketcap. And most trying to do something for the betterment of crypto. There weren't the users to warrant terms like IPO.

You could say Nxt was the first IPO but it would just be a way of showing naivety about the history of Nxt and POS. It is a retrospective label for Nxt, usually intended to try and illicit a negative emotional response in my experience Cheesy

Bizmark13

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I found this rather interesting post the other day in a thread discussing Novacoin, an early proof-of-stake coin:

Quote from: markm on February 11, 2013, 07:16:15 AM

Is proof of work really only there as a way to distribute coins initially, or does it also rely on it for timing the blocks, that is, to try to make average time between blocks meet some target duration? I am wondering whether one could turn off proof of work entirely to make a purely proof of stake coin and use some other method of distributing coins initially. (Even maybe something as simple as getting a hundred or few hundred people lined up as initial stakeholders and dividing the total number of coins to them as initial stakeholders right from the start.)

-MarkM-

Link: https://bitcointalksearch.org/topic/m.1518745

Now I'm not saying that MarkM is BCNext because his other posts are quite critical of NXT and PoS-based systems but it's interesting to see that at least one other person had essentially solved the same problem of how to distribute a pure PoS currency before BCNext put forth his solution in October 2013 when he announced NXT.

Which leads me to wonder;

Was NXT really the first coin to use the IPO which has since been copied by hundreds of other coins since then and is now the dominant method of distributing PoS coins? Or were there older coins which used a similar method? My understanding is that before NXT, PoS currencies used a PoW stage to solve the distribution problem which is what Peercoin and Novacoin uses. The new method that NXT used was called the IPO because it's similar to the way stocks are distributed during an IPO.

Topic: Was NXT the first IPO coin? + Interesting prediction of NXT from February 2013 - page 2. (Read 1629 times)