Quote from: chanc3r on March 17, 2014, 10:34:01 AM

Quote from: gs02xzz on March 17, 2014, 03:08:54 AM

Quote from: j23a on March 17, 2014, 02:02:27 AM

Any reason why NXT is crashing at the moment?

It seems they are doing a self destructing thing. They are creating a coin called nodecoin. People can get nodecoins almost free by running a separate program when they are forging and running nodes. Then they artificially set a price for these worthless nodecoins. It is 1 nodecoin= 0.01 NXT. How they came up this price is a mystery. If this nodecoin is created by some stranger instead of their own hired programmer, it would be no value and no one will buy it. But this is created by a Nxt hired programmer and he will use the community funds to buy these nodecoins. I doubt that any nxters are willing to buy nodecoins out of their own pockets. but this program controls millions of NXT in the funds. Therefore, the nodecoins suddenly become valuable. In the future, nodecoins will also play a role in other transactions. These worthless coins become valuable at the cost of NXT. This nodecoin will dilute NXT. They said that the nodecoins are for rewarding people running nodes and servers. Why don't they reward people with NXT which can build NXT's utility and value, instead they create a worthless coin to compete with NXT and it could become a potential Trojan horse in NXT. All this is so weird and the most weird thing is that most of the community members even believe that the nodecoin is a good thing.

In a word, NXT community lacks of leadership.

This is in places inaccurate and I thought I would respond because I think there are things here for NEM to learn, some of which it already deals with...

Number 1 - are PoS rewards enough to maintain the infrastructure you need to have a healthy network to process transactions?... I think the answer is 'Maybe Not/No' - certainly in the early days when transaction volumes are low... NEM has PoI so lets see if this is fixed.

Number 2 - Is NXT Self-Destructing - 'No' - the decentralised Asset Exchange is almost finished, it looks good and people are coming to terms with what having other things like Assets on the same chain means for your coin. Learning: because people can trade in the assets directly and pay fees in NXT they do not therefore need a lot of NXT to do this.

Number 3 - Assets can be created like 'node coin' this is NOT part of NXT, it has been developed by a member of the community as a way of layering certain things on top of NXT and the reward for running these things is node coin..... This will only have value if people who use those things buy the node coins or node coins find a use.... Learning: If you add an asset exchange you cannot prevent anyone creating an asset idea and trying it out.

I posted earlier a non-PoW coin is harder to make work, others have posted there is no 'overnight get rich quick' scheme, the phases NXT is going through now, NEM will experience in some form so buckle up!

I agree with the point on leadership - despite the BCNext mystery.. there are a lot of bright people working still on NXT, however would it be better if there was a clear and coherent team from the start like NEM has rather than the mystery - yes I believe so.. There are also a lot of other threads besides the 'hosepipe thread' as its been called where a lot of good stuff goes on and the same is true of NEM.

I am not against the helping of strengthening of the network, especially in the early stage and the people who are running nodes and servers may need to be compensate in the stage. I am all for it. what I am against is using nodecoins to do the compensating. Instead, they should use Nxt to do so.

Nodecoin is not a ordinary coins simply created on AE. Everyone can create a coin on AE. If you create a such coin, will people buy it? Nodecoins are designed to be compensated with Nxtfunds. If Nxt funds are not intervening and not used to buy the nodecoins, it might be OK. If they will only let the market to decide and let the individuals to trade the nodecoins out of their own pockets, it might be just fine. I hope this will be the case. You can find more about the original design of nodecoins from here https://bitcointalk.org/index.php?topic=345619.46000 (Pouncer's comments on that page)