Anyone here good at political and economic philosophy and theory?

[Uniqueorn]

I feel that we should go back to the roots. Bitcoin was started as a reaction to the current fiat system, the banking system, corruption, lack of safety, too much regulation etc.
This is what got people interested in Bitcoin in the first place, the romanticized story of how a digital currency *might* just challenge the establishment.

I feel that the focus have shifted completely in the last months due to Bitcoins enormous success, suddenly it's all about pumping and dumping as many different cryptocurrencies as possible in hopes of hitting a jackpot.
This is basically the dot com bubble all over again.

When people hear of several hundred % increase in prices their primal instincts kick in and people start dreaming about riding the next train, causing a huge influx of investors, which is good for coinholders for a little while, but then eventually people realize that the coins are completley useless and has no other purpose but to make a few people rich and the bubble bursts and prices plummet completely.
This is what will happen to 90% of the coins today (if not more), hell it has already happened to tens of "Coins".


Right now NXT is in phase 1. We are developing the software, beta testing, building a community and starting to promote. In the next phase (2) the software will be released and promotion will go into fullscale, however NXT seem to be lacking a long term strategy.
We need a phase 3. We need a plan beyond having the price skyrocket for a few to cash out.

This phase is obviously the one that Bitcoin has entered. More and more services, businesses etc. accepting Bitcoin. Bitcoin is usable. You can buy cars, services and so on with it. It is still rooted in it's rebellion and revolutionary nature.
My hope is that we aim for the same with NXT. We should really start already now to get businesses to accept it and we should build online casino games etc. for it so people actually start using the coin for more than hoarding in hopes of a price increase.


For this to happen I hope some with deep political and economical background could take the lead role in developing NXT's public profile as a genuine currency with a revolutionary goal, just like Bitcoin was back in 2009.
That's what we want to be known for, having the best cutting edge technology with a genuine goal of serving a purpose as a currency.

[joefox]

I hear you, but let's not put the cart before the horse.

It took years for the first retail merchants to start accepting Bitcoin.  Nxt doesn't even launch for another three weeks.

Let's get the software working and robust FIRST, and then push to promote it for transactional use.  The only thing worse than leaving a great technology to die is deploying it publicly before it's ready and having to clean up the mess that comes from people squealing about it not being perfect.

[Uniqueorn]

I hear you, but let's not put the cart before the horse.

It took years for the first retail merchants to start accepting Bitcoin.  Nxt doesn't even launch for another three weeks.

Let's get the software working and robust FIRST, and then push to promote it for transactional use.  The only thing worse than leaving a great technology to die is deploying it publicly before it's ready and having to clean up the mess that comes from people squealing about it not being perfect.

I agree with that, but it doesn't hurt to start exploring avenues. And especially things like casino games etc.
The thing is that Bitcoin had basically zero competition. It had the time to fuck around. Now altcoins are wellknown and more and more are coming out.
A NXT coin could pop up a month after NXT and take over completely if it has the right backing of a rich guy who can afford several programmers and has the ability to get it PR.

[joefox]

A NXT coin could pop up a month after NXT and take over completely if it has the right backing of a rich guy who can afford several programmers and has the ability to get it PR.

That wouldn't be a decentralized cryptocurrency then, would it?

A slot machine has already been created; I think I'm going to start tinkering with a dice gambling app as well.  Just today here have been several new attempts at creating software clients that are easy to install and use.  We have a wikipedia page.  The forum and sites are healthy.  There are threads dedicated to development, bounties, logos... you name it. 

We have someone writing press releases, and that person has been asked to wait before releasing anything for all the reasons I've already stated. When that "go" signal is given, we'll have some weaponry deployed. 

It'll come.  The currency doesn't launch for three more weeks, and the code hasn't been released yet.

[Uniqueorn]

It could still be decentralized, he could release it after getting a huge amount f coins for himself just like NXTers have.
So it would be of no problem for him to just straight up steal the concept and go with it.


I am fully aware of those threads, infact I am heavily involved in most of them.
What I am tryin to draw attention towards is the fact that NXT should have a 3 phase plan and we should also be vyr aware of the profile NXT has and do our best to avoid being labled as another investors-coin.

Which is why I was hoping someone with a economical background perhaps could do some great write ups on why NXT is great from the bigger picture.

[MadeTran]

I seriously doubt NXT will ever gain traction as a currency in the same sense that BTC is. As far as actually exchanging it for goods like video games or computers, or having it's own ATM's installed somewhere. It's strength is most likely going to be as an exchange medium for other alt coins/anything colored coins supports.

I don't think that's a bad thing either.....Every coin out there is already trying to market itself as a "currency". It doesn't necessarily need to be that way. These things behave more like stocks than anything else

[emperorofcoins]

I feel that we should go back to the roots. Bitcoin was started as a reaction to the current fiat system, the banking system, corruption, lack of safety, too much regulation etc.
This is what got people interested in Bitcoin in the first place, the romanticized story of how a digital currency *might* just challenge the establishment.

I feel that the focus have shifted completely in the last months due to Bitcoins enormous success, suddenly it's all about pumping and dumping as many different cryptocurrencies as possible in hopes of hitting a jackpot.
This is basically the dot com bubble all over again.

When people hear of several hundred % increase in prices their primal instincts kick in and people start dreaming about riding the next train, causing a huge influx of investors, which is good for coinholders for a little while, but then eventually people realize that the coins are completley useless and has no other purpose but to make a few people rich and the bubble bursts and prices plummet completely.
This is what will happen to 90% of the coins today (if not more), hell it has already happened to tens of "Coins".


Right now NXT is in phase 1. We are developing the software, beta testing, building a community and starting to promote. In the next phase (2) the software will be released and promotion will go into fullscale, however NXT seem to be lacking a long term strategy.
We need a phase 3. We need a plan beyond having the price skyrocket for a few to cash out.

This phase is obviously the one that Bitcoin has entered. More and more services, businesses etc. accepting Bitcoin. Bitcoin is usable. You can buy cars, services and so on with it. It is still rooted in it's rebellion and revolutionary nature.
My hope is that we aim for the same with NXT. We should really start already now to get businesses to accept it and we should build online casino games etc. for it so people actually start using the coin for more than hoarding in hopes of a price increase.


For this to happen I hope some with deep political and economical background could take the lead role in developing NXT's public profile as a genuine currency with a revolutionary goal, just like Bitcoin was back in 2009.
That's what we want to be known for, having the best cutting edge technology with a genuine goal of serving a purpose as a currency.

I completely agree with you here...... you can differentiate yourself by having a clear strategy.. but it seems that strategy development is also a decentralised process.....  and a shared responsibility ( which equals no responsibility ).

I strongly get the feeling that some genius programmers are doing great things here but that they have no clue about strategy and economics and even worse..... they do not think that it is important.

BTC is far from perfect and it will certainly not survive because it will be wiped off the map by the people who have a clear vision and strategy. It would be great to have a "think tank" for this..

[estrex]

my big question for nxt :
what happen when all digital money stop circulate and end up just as investment in people wallet ?

[emperorofcoins]

my big question for nxt :
what happen when all digital money stop circulate and end up just as investment in people wallet ?

It will never completely stop to circulate of course but as always price will be determined by supply and demand but the volumes will be smaller. There will be always people who want to sell at certain price but if nobody wants to buy it anymore, well then your investment is worth nothing.

[Knapo]

It will never completely stop to circulate of course but as always price will be determined by supply and demand but the volumes will be smaller. There will be always people who want to sell at certain price but if nobody wants to buy it anymore, well then your investment is worth nothing.
[/quote]

Why the volumes would be smaller? Just for the records, you are writing a lot of economic nonsense around this blog (I've just replied to another post of yours in the fiat currency topic). You have the approach of holding the universal truth with your certain prediction, however no arguments to back it up.

[emperorofcoins]

It will never completely stop to circulate of course but as always price will be determined by supply and demand but the volumes will be smaller. There will be always people who want to sell at certain price but if nobody wants to buy it anymore, well then your investment is worth nothing.

Why the volumes would be smaller? Just for the records, you are writing a lot of economic nonsense around this blog (I've just replied to another post of yours in the fiat currency topic). You have the approach of holding the universal truth with your certain prediction, however no arguments to back it up.
[/quote]

I am open to hear your arguments then

If money hardly circulates then that means that there are fewer transactions meaning lower volumes. It can still be trading a high price though of course.

[Knapo]

I am open to hear your arguments then

If money hardly circulates then that means that there are fewer transactions meaning lower volumes. It can still be trading a high price though of course.

I won't enter into a debate whether the overall volumes of circulation are affecting the price or not. The point is, why money would hardly circulate at all?

[zappadave]

I don't think you need ATM's.  You need to have a safe,secure and easy way to spend currency direct from your smart phone.
Ordinary people will not easily take to using bitcoin, it is just not so friendly to spend 0.000001 of a coin, and there will be resistance to using it everyday.  If Nxt is going to be successful, there needs to be a simple and user friendly way of spending them easily from your smart phone.  If merchants find Nxt easy to use you can get it adopted, here and there, as bitcoin has; but merchants need the customers en masse. I don't think bitcoin had been thought through to the end user.  Nxt coin has to be think of the end user for mass adoption.
Just my 2 cents

Dave

[Knapo]

I don't think you need ATM's.  You need to have a safe,secure and easy way to spend currency direct from your smart phone.
Ordinary people will not easily take to using bitcoin, it is just not so friendly to spend 0.000001 of a coin, and there will be resistance to using it everyday.  If Nxt is going to be successful, there needs to be a simple and user friendly way of spending them easily from your smart phone.  If merchants find Nxt easy to use you can get it adopted, here and there, as bitcoin has; but merchants need the customers en masse. I don't think bitcoin had been thought through to the end user.  Nxt coin has to be think of the end user for mass adoption.
Just my 2 cents

Dave

I agree. It's is widely debated and my personal view too that bitcoin (and litecoin) will take the role of a some kind of digital commodities i.e. gold (and silver) and like "classic" commodities, their role won't be to spend them in a show. The race for what crypto-currency will be the digital currency of the future for end users is still open. Hopefully Nxt could be a candidate although there are many obstacles yet to pass.

[FatalX]

"For this to happen I hope some with deep political and economical background could take the lead role in developing NXT's public profile as a genuine currency with a revolutionary goal, just like Bitcoin was back in 2009. That's what we want to be known for, having the best cutting edge technology with a genuine goal of serving a purpose as a currency."

I already proposed myself as qualified for this role a few hours ago, I'm just waiting to hear back from your side.