Post
Topic
Board Announcements (Altcoins)
Re: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread
by
LemonAndFries
on 18/03/2014, 03:44:36 UTC
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 to 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.

The leader (BCNext) sort of just disappeared.  I still don't understand, it was a good idea when it was a cryptocurrency 2.0 but now it has turned into an exchange where you buy tokens to have permissions to use that exchange.  I don't get it anymore, I lost hope in the project.

I think NXT is trying to do too much and has gotten too complicated. Doing a lot of innovative things is not bad, but they need to simplify everything more.

Exactly.

Simple is better, it just has to be elegant.

Yet making things simple can be the hardest thing to accomplish, all points of view need to be taken into account.

The first step is launching a good product that is easy to understand and anyone can use.

After it is adopted, then the innovations come in as more capital is built to support the research and work.

It is simple, yet hard to get accomplished if everyone is arguing and not agreeing.