Topic: Why is NXT not the number 2 coin? - page 10. (Read 16884 times)

i think many people believe that forging could be highly profitable like btc mining, but in reality it isn't as its only meant as a small incentive to keep the network up. yes it does enforce the idea of "the rich get richer", but not by much. I see it as the equivalent of recycling soda cans.... sure you'll make money, but it will take quite awhile before its anything significant. the question really comes down to what is the minimum viable amount to make it an incentive to support the network by setting up a node.

Increased user adoption of the NXT platform automatically means an increased price for NXT.  The more txs on the network the more percentage wise each forger makes.  Increased platform adoption creates a snowball effect of greater platform adoption thus ever increasing forging profits.

imo, ignore the coin. its where the features will pay for itself.

lets assume nxt never gets out of the .02-.05 usd range in the next 5-10 years and the devs continue building on top of the platform. what happens?

i'd assume this is what might play out:

1. Since its  POS coin. All coins exist. Which mean there is no added supply everyday like POW coins. Hence, true deflationary coin. Supply can only get less over time. This scenario happens to BTC once all coins are mined in the year 2140.

2. It's safe to say Demand will continue up over time, due to other devs jumping in to make use of the platform to create decentralized applications which require nxt to operate.

3. What might potentially happen is NXT the coin will stay at its price range, while Assets or MS coins within the system appreciate more than the coin itself. The play can very well be whats "inside" of NXT that is going to appreciate in value vs NXT the coin. This is something I feel other's aren't noticing and just blind sighted by NXT the coin itself.

NXT isn't number 2 coin, coz it's number 1 coin. Not in price, but in true decentralization, and that will mean EVERYTHING when the global financial meltdown happens. The day fiat currencies and bank deposits etc start to vaporize before people's eyes is the day jo sixpack understands trustless consensus on a P2P network. Today 'Google coin' makes sense, but who'd 'trust' it after the crash? Nobody!!

NXt is decentralised enough to thrive despite being mostly ignored, and despite not going to the moon. But what happens when the global financial infrastructure is literally broken, and the vast majority of the western world are losing big chunks of their wealth daily? NXt will be a value life boat, coz when all other 'institutions' are gone what will be left standing in the eyes of the public? Not corp coins, but decentralised ones, and bitcoin is too centralised now.

NXT wins when world fincancial system burns! Until then it just has to survive, and stay 100% decentralised.

I am with NXT for the long haul. Long term success 95% sure.

What was fallacious about the statement was the "first functioning" part. Of course AE is functioning fine. I believe the true statement he posted was the fact that NxT was the first 100% PoS cryptocurrency. The rest of the claims are bogus.


The lightning network will significantly reduce Tx costs on the bitcoin network, allow for instant confirmations, remove blockchain bloat, and allow Bitcoin to scale to Visa levels of TPS.

Look into it:

https://bitcointalksearch.org/topic/lightning-network-another-proposal-to-make-bitcoin-scale-970822
http://www.coindesk.com/could-the-bitcoin-lightning-network-solve-blockchain-scalability/


There are some really smart people working on it and it really isn't that difficult to implement (soft fork and some Tx malleability corrections that need to be done anyways)

Damn! I had the impression that AE is working. Then what the f**k I just have bought and where...:O?!? I also got some dividends... so you say it's all just an illusion ?

For now, you are right. But my theory is that a PoS coin will seriously threat Bitcoin's leadership in the cryptocurrency world in the coming years. Bitcoin's transaction costs are pretty high because of mining, only that for now the price boom has "hidden" this fact. Now probably we are seeing the actual bear market as a consequence of the freshly mined coins being sold. Nxt and other PoS coins don't have this problem and thus can offer smaller transaction costs.

Getting Merchants to accept Bitcoin is difficult enough , adopting an alt currency that no one has heard of is a whole new level of difficulty. Most merchants think that it isn't worth their time integrating Bitcoin for the potential 400k- 1 million Bitcoin regular users(not total investors). NxT users are far more speculative than Bitcoin right now thus there may only be a handful of potential clients willing to spend NxT worldwide.

Why is NXT not the number 2 coin?

'coz wishing it doesn't make it so. I am personally convinced that Bitshares is the dog's bollocks, but that is not preventing it from racing towards the abyss.

Technology is only one part of the game, there are so many other factors involved.

My opinion is that Nxt adoption in electronic commerce is still very low. That probably will not change until the main projects of the technology tree are implemented (smart contracts etc.) and the wallet can "stabilize", so merchants would not to have to update every month or so.

Long term I'm optimistic, but I don't expect to NXT to rise fastly in the next months.

Do you think they're looking at other options?  Ripple, Bitshares or some other well funded altcoin project?  I mean if BTC was enough to attract their interest then maybe they're trying to look for other options too...?

Cryptocurrencies could be the next big thing to happen in the world of finance.

NXT saw its' last hurrah and rebound when JustaBit / John said NXT would be going on CoinBase and then it never happened.  I'ld imagine the emotion behind that one was probably similar for Litecoin when Charlie Lee accepted a job at CoinBase, but Litecoin was never added and subsequently has been going into the abyss ever since.  

Technically speaking, all the faith people put into CoinBase is such where, if CoinBase added any alternate then that alternate would probably go to #2 status overnight.



For all the "allegations", liberally thrown at NXT and NEM and other projects, it possibly doesn't matter as BTC had countless allegations and documentable scams between 2009 and 2012 and it didn't prevent December 2013 from occurring or discourage Wells Fargo from looking into CryptoCurrency (MtGox in 2014 definitely discouraged them and this was irrecoverable damage and probably prevented a $10,000 Bitcoin but alas this is another subject).

Imo, Bitcoin will never be changed from PoW.


All economic systems gravitate towards 20% of the participates controlling 80% of the wealth.  Personally from what I've seen, it's my opinion that the initial distribution was spread between separate entities.  I cannot prove this, but you can't prove your allegation either.


Any government or large corporate entity could take control of the Bitcoin blockchain in an instant.

Agreed.  Generally, I would have grouped this in with the first-mover advantage. 

Agreed, NxT has accomplished a lot with so few developers and people involved. The same could be said with Bitshares. I have problems and praise for both projects.


Underpromise and over deliver is a good strategy. Somewhat what I have seen with NxT , but than again there was a long time I was begging for a whitepaper for all the magical security improvements that were promised and still have not seen a final whitepaper for transparent forging. Has a final proposal been released yet or are you guys still working on the draft? This is an over hyped feature that NxT users brag about where they should probably wait for at least a final whitepaper and moment of time for us to read and analyze it before pumping it as the next cure all.



The banks will court NxT developers, steal their ideas , get some free advice and work out of them and perhaps scalp one... they will never adopt NxT... just look what happened with overstock and counterparty. They will want to control their coin and create their own ICO.

I don't support the corporate coins or centralized government coins which will start rolling out into existence , but also see that they are a real threat as our ecosystem is still extremely fragile. It is this acknowledgement which is probably the driving force for many Bitcoin supporters to dissuade people for investing in alts and to focus everything on bitcoin as there are some real and dangerous threats to some of our shared ideals. Another part of me really appreciates alts that provide genuine development as they are excellent test beds for new features and there is nothing like testing the security of the protocol or new features with millions of dollars at stake and which cannot completely be replicated in a testcoin or localhost environment.

Hmmmmm.....I like IBWTs input here, it's good/interesting to hear how non-NXT'ers actually see NXT, and there is some truth in what he/she is saying.

The one point I really do want to take issue with: Nxt is a long way from dormant.
There are a lot of people working their asses off on both the tech side and, to a lesser extent, on marketing and business development.
You can see the technical development very clearly:
Current MainNet client
Current TestNet/Experimental client
Windows Installer (experimental)

As Nxt is devoting a lot of energy to marketing  (and bizdev) outside the crypto scene, much of that marketing effort simply never gets seen on BTT, and that goes double for the bizdev, as most of that is operating under confidentiality agreements. Not to mention the fact that Nxt has developed a philosophy of only announcing stuff when it's actually ready, and not trying for short term gain by hyping 'potential' features (mostly  )

As an example, the moment that any crypto gets to talk to a bank.........it gets hyped.
I know that right now there are a couple of major players in the banking world (and one minor) sniffing around NXT.
But as I have absolutely no idea how these contacts are going to play out, there is no sense in hyping them yet.
So, to the outside world......it looks like nothing happening.

The deal with Jetcoin (which I am allowed to mention, just not very loudly) could also lead to some very interesting developments. This is , btw, something that Nxt has been looking at/involved with for almost 9 months now.....this is a normal timescale for initial exploration and set-up for a mainstream project, but it seems like forever in crypto time.
This accelerated timescale within crypto is yet another reason that Nxt seems to move slowly: entire currencies have risen, got pumped and died in the time it takes Nxt to organise a community barbeque.

Do your research and you will find 14 August 2014 were very interesting times. Times we don't see often, fortunately 

Definitely an outlier, if these stats mean anything. Nxtforum publishes these stats for every day of its existence if anyone is really bored.

I don't share in your vision, I don't think centralized coins will be able to capture this space in the manner you envision it. Consider the size of the BTC network - no company can compete with something that large, period. So, they have to convince people to jump over to their corporate coin - I think you can do that to a certain degree, but, I envision other serious problems for these large centralized systems.

I think IBM and Qualcomm will benefit a lot from BTC and Ethereum and other decentralized protocols - but I don't think they can centralize those mechanisms and have them scale as intended.

I think Amazon and Google should be very worried, in fact, I think these open protocols are going to destroy their profits in cloud computing. Consider Amazon went up 15%+ yesterday on good news regarding their cloud services and its future - that future in my estimation is BLEAK. BTC like protocols are going to DESTROY that revenue stream.

The music industry is much more powerful than joe schmoe, but, they got railroaded by decentralized file sharing. Why didn't they just throw their money and influence at that problem and win the day? Much as you are suggesting other companies will do in this space?

This is such a shift, companies are going to have a hard time keeping up with decentralized systems - their shareholders won't allow them to jump into the space fast enough. THEY have to piggyback onto these open protocols to enter the space - not the other way around.