In his own words...
So i hand over tons of BTC for a promise that i will get an unproven altcoin, that will probly be worth nothing?
Seems you didn't get the point. Let me explain again...
1] Nxt is 100% proof-of-stake currency. Why? Because this lets not to waste tons of electricity and protects against 51% attacks.
2] Proof-of-stake means that users must own some coins.
3]
How to generate coins? Premine 100% and giveaway like Ripple? No way.4]
Let's transfer tiny amounts of bitcoins to my address. More you send, more you get. Looks good to me.5] Why send coins to my own address, not some unspendable address? I need a way to send the coins back, just in case. Or fund development of services to promote Nxt, if the total amount happens to be decent.
I hope this explanation will help.
I can find the post where he says Peercoin is flawed and will improve on it if you like. He took the best ideas and merges them to create something great.
CfB commented that Transparent Forging is the only true innovation, the others were existing ideas. But then Nxt is the only one implmenting them successfully so I don't really see the merit in this line of stone throwing.