http://www.cryptocoinsnews.com/bitcoin-core-developer-jeff-garzik-believes-nxt-is-a-scamcoin/
While I aggree with some of his points i think this shows what kind of oblivious morons some bitcoiners are. They live in their bubble and think any other cryp than BTC is bad.
I think his calls for action. The altcoin community should set his head straight by boycotting bitcoin for a month or so. Every altcoiner should dump all their bitcoins and write a message on btt for BTC to go suck it !
However - dude has got a point about alts currently having effectively nothing over btc in terms of payment.
This is what we need to change with NEM. It's the real world applications that will make NEM great, not the fancy tech.
[quote=http://www.cryptocoinsnews.com/bitcoin-core-developer-jeff-garzik-believes-nxt-is-a-scamcoin/]1) It is marketed like a scammy penny stock.
2) Anon early super large stakeholders + Proof-Of-Stake == the big guys run the table, if they choose. [url=https://download.wpsoftware.net/bitcoin/pos.pdf]https://download.wpsoftware.net/bitcoin/pos.pdf The central bankers are in place from Day One unless they are super-virtuous and give tons away
[quote=http://www.cryptocoinsnews.com/bitcoin-core-developer-jeff-garzik-believes-nxt-is-a-scamcoin/]1) It is marketed like a scammy penny stock.
2) Anon early super large stakeholders + Proof-Of-Stake == the big guys run the table, if they choose. [url=https://download.wpsoftware.net/bitcoin/pos.pdf]https://download.wpsoftware.net/bitcoin/pos.pdf The central bankers are in place from Day One unless they are super-virtuous and give tons away
At this point Bitcoin has become so big and people are so invested into it that there are people who are very quick to bury their heads in the sand at any criticism of it or the suggestion of any sort of alternative. As this article is coming from a core developer, who likely has staked his entire career on Bitcoin's success at this point, that comes as no surprise.
I've been following Bitcoin since 2010, as well as the entire cryptocurrency scene that has spawned from it. I was there when the first altcoins started to spring up and I'm here now as they continue to be developed. Anyone who has followed high technology for any period of time should be aware that things move fast. Things change. Empires rise and fall in a matter of years, if not months.
Bitcoin is amazing technology, and has spawned an entirely new ecosystem in its wake. There are so many parallels to draw on from the past if one knows their history of technology. The Altair was the first PC and spawned a revolution in computing. But, where is the developer of the Altair today? As far as I know he is back to practicing medicine or retired by now. Apple created great things in the Lisa and subsequent Macintosh. Huge innovations and a user-friendly design never before seen in the public PC market. (Yes, much of it was from research done at Xerox but that was never actually available to the public.)
But, what happened to the Macintosh? It was a failure. Why? Because it had issues that the market did not like. It was expensive and did not have the software that the cheaper IBM-compatible PC alternatives had. The market spoke, and the Macintosh ended in failure despite being the "better" technology because Steve Jobs' vision was too narrow and he failed to adapt to market demands. He was too invested in his own vision. Granted, this worked out much better for him his second time around at Apple, but his vision then just happened to align with what the market wanted and needed at that time.
To me, Bitcoin is much like the Altair or the Macintosh or any other of the countless examples of technologies that have come and gone since the explosion of the PC market in the 70s until the present day. A true trailblazer in terms of technology, and an amazing innovation that will likely cause a ripple effect throughout the world of a magnitude the likes of which we cannot fathom or predict at this point in time.
However, it will not be the behemoth that it is today forever. It is already beginning to fall because of it's slow, unwillingness to adapt to market forces. Bitcoin is much like IBM. A huge corporation full of bureaucracy unwilling to change because they feel that what they have "works" and are too afraid of change. Altcoins are the small startups of the day, much like the Apples and Microsofts of the past, ready to make the giant beast tumble to its knees.
Interesting times, indeed. 
While some aspects of NXT are somewhat strange, I think his criticisms are not really that interesting or valid, especially when Bitcoin dev by Satoshi is just as shrouded in mystery as NXT.
I only have this to say. Bitcoin is a threat to fiat and crypto 2.0 is a threat to Bitcoin. How the real world reacted to Bitcoin is how Bitcoin is now reacting to Crypto 2.0.
What is the common denominator here? Go figure out. It is so obvious!
Vested interest and vested interest!!
I only have this to say. Bitcoin is a threat to fiat and crypto 2.0 is a threat to Bitcoin. How the real world reacted to Bitcoin is how Bitcoin is now reacting to Crypto 2.0.
What is the common denominator here? Go figure out. It is so obvious!
Vested interest and vested interest!!
Here here!!! Well said good sir...
At this point Bitcoin has become so big and people are so invested into it that there are people who are very quick to bury their heads in the sand at any criticism of it or the suggestion of any sort of alternative. As this article is coming from a core developer, who likely has staked his entire career on Bitcoin's success at this point, that comes as no surprise.
I've been following Bitcoin since 2010, as well as the entire cryptocurrency scene that has spawned from it. I was there when the first altcoins started to spring up and I'm here now as they continue to be developed. Anyone who has followed high technology for any period of time should be aware that things move fast. Things change. Empires rise and fall in a matter of years, if not months.
Bitcoin is amazing technology, and has spawned an entirely new ecosystem in its wake. There are so many parallels to draw on from the past if one knows their history of technology. The Altair was the first PC and spawned a revolution in computing. But, where is the developer of the Altair today? As far as I know he is back to practicing medicine or retired by now. Apple created great things in the Lisa and subsequent Macintosh. Huge innovations and a user-friendly design never before seen in the public PC market. (Yes, much of it was from research done at Xerox but that was never actually available to the public.)
But, what happened to the Macintosh? It was a failure. Why? Because it had issues that the market did not like. It was expensive and did not have the software that the cheaper IBM-compatible PC alternatives had. The market spoke, and the Macintosh ended in failure despite being the "better" technology because Steve Jobs' vision was too narrow and he failed to adapt to market demands. He was too invested in his own vision. Granted, this worked out much better for him his second time around at Apple, but his vision then just happened to align with what the market wanted and needed at that time.
To me, Bitcoin is much like the Altair or the Macintosh or any other of the countless examples of technologies that have come and gone since the explosion of the PC market in the 70s until the present day. A true trailblazer in terms of technology, and an amazing innovation that will likely cause a ripple effect throughout the world of a magnitude the likes of which we cannot fathom or predict at this point in time.
However, it will not be the behemoth that it is today forever. It is already beginning to fall because of it's slow, unwillingness to adapt to market forces. Bitcoin is much like IBM. A huge corporation full of bureaucracy unwilling to change because they feel that what they have "works" and are too afraid of change. Altcoins are the small startups of the day, much like the Apples and Microsofts of the past, ready to make the giant beast tumble to its knees.
Interesting times, indeed. :)
Very interesting write up. Really puts the current situation into perspective. Interesting times ahead indeed.
At this point Bitcoin has become so big and people are so invested into it that there are people who are very quick to bury their heads in the sand at any criticism of it or the suggestion of any sort of alternative. As this article is coming from a core developer, who likely has staked his entire career on Bitcoin's success at this point, that comes as no surprise.
I've been following Bitcoin since 2010, as well as the entire cryptocurrency scene that has spawned from it. I was there when the first altcoins started to spring up and I'm here now as they continue to be developed. Anyone who has followed high technology for any period of time should be aware that things move fast. Things change. Empires rise and fall in a matter of years, if not months.
Bitcoin is amazing technology, and has spawned an entirely new ecosystem in its wake. There are so many parallels to draw on from the past if one knows their history of technology. The Altair was the first PC and spawned a revolution in computing. But, where is the developer of the Altair today? As far as I know he is back to practicing medicine or retired by now. Apple created great things in the Lisa and subsequent Macintosh. Huge innovations and a user-friendly design never before seen in the public PC market. (Yes, much of it was from research done at Xerox but that was never actually available to the public.)
But, what happened to the Macintosh? It was a failure. Why? Because it had issues that the market did not like. It was expensive and did not have the software that the cheaper IBM-compatible PC alternatives had. The market spoke, and the Macintosh ended in failure despite being the "better" technology because Steve Jobs' vision was too narrow and he failed to adapt to market demands. He was too invested in his own vision. Granted, this worked out much better for him his second time around at Apple, but his vision then just happened to align with what the market wanted and needed at that time.
To me, Bitcoin is much like the Altair or the Macintosh or any other of the countless examples of technologies that have come and gone since the explosion of the PC market in the 70s until the present day. A true trailblazer in terms of technology, and an amazing innovation that will likely cause a ripple effect throughout the world of a magnitude the likes of which we cannot fathom or predict at this point in time.
However, it will not be the behemoth that it is today forever. It is already beginning to fall because of it's slow, unwillingness to adapt to market forces. Bitcoin is much like IBM. A huge corporation full of bureaucracy unwilling to change because they feel that what they have "works" and are too afraid of change. Altcoins are the small startups of the day, much like the Apples and Microsofts of the past, ready to make the giant beast tumble to its knees.
Interesting times, indeed. :)
Great post Amy, I too have thought about these same parallels.
-Erik
I think it would be constructive to think of how NEM can avoid similar criticism.
1. It is marketed like a scammy penny stock.
I haven't followed NXT's marketing that closely, but there have been accusations in the past that NXT is prone to manipulation by the whales and is prone to a pump-and-dump cycle around new announcements.
NEM should be more widely distributed (by a few orders of magnitude) at launch, so it should be much harder for people to manipulate the market.
2. Anon early super large stakeholders + Proof-Of-Stake == the big guys run the table, if they choose.
Agree that is a problem. I think POI alone is a step in the right direction, but not a complete solution. There is one other thing being discussed that will solve this, but it might be controversial.
3. Anonymous developers
I don't really view this as a problem 8) .
4. Closed developing process. Source is periodically handed down from the ivory tower to the masses.
I was under the impression that NXT had open sourced their code. Anyway, all of our NCC and NEM Monitor work is in our public github repository. The NIS code will be made available soon after launch. And we welcome forks!
5. Certain notable personages (& key stakeholders) that dodge, dodge, dodge, when an obvious attack vector
9. Several security incidents that smell like inside jobs.
I'm not sure what he's referring to here. Maybe the klee issue?
Cointropolis, DGEX, BTER, and others along with klee
How it is related with NXT security? It is more related with 3 party security.
9. Several security incidents that smell like inside jobs.
I'm not sure what he's referring to here. Maybe the klee issue?
Cointropolis, DGEX, BTER, and others along with klee
How it is related with NXT security? It is more related with 3 party security.
He said some of them smell like inside jobs so he didn't actually attack the technical security of NXT.
[quote author=_mr_e link=topic=2436.msg5560#msg5560 date=1411689216]
9. Several security incidents that smell like inside jobs.
I'm not sure what he's referring to here. Maybe the klee issue?
Cointropolis, DGEX, BTER, and others along with klee
How it is related with NXT security? It is more related with 3 party security.
He said some of them smell like inside jobs so he didn't actually attack the technical security of NXT.
Although that doesn't make any sense considering most of the coins were actually returned.
i genuinely think it was a sort of consorted effort to damage nxt's image. not that nxt doesnt have a bad name already among certain circles… but all that didnt exactly help.