NXT For Investors #26 – The Madonna Solution – 10 Keys To Reinventing NXT (Cryptocurrency)

This is Tai Zen. I’m broadcasting from the Boston, the Logan Airport in the city of Boston. It’s located in the state of Massachusetts. Massachusetts is a state that’s located on the east side of the United States.

In this video guys, I want to share with you guys something that my friends and I have been discussing with James D’Angelo, my friends, myself and my buddy Leonfu.com, the Oracle of cryptocurrencies, the Warren Buffett of cryptocurrencies, the Oracle of Austin Texas here.

In this video guys, we came up with three-pointers or three keys to success in what we propose to be a relaunch of the NXT cryptocurrency. Many of you guys know that myself and my buddy Leonfu.com, we have invested into NXT since the beginning.

We we were not part of the 21 original stakeholders in NXT, but we were an early investor when it started trading and so over the years guys, we have made more NXT videos on YouTube than anybody else on the market, and we believe that it’s only fair that we create this updated video because many of you guys have asked me about what’s up with the NXT.

We have not said anything because we’ve not had anything to say until recently. The NXT community is trying to relaunch NXT as NXT 2.0 and myself and my friends, we just like to give a little input to the NXT community that we want to outright say that we don’t believe that rebranding NXT as NXT 2.0 is going to make any difference and we ask ourselves if we can wave a magic wand and redo the entire NXT cryptocurrency again. How we do it?

So we came up with 10 key points that we believe can help relaunch NXT and bring it back to the forefront as the number two cryptocurrency again. Now before we go into these 10 key points guys, I want to go over real quick with you guys. There’s going to be several parts to this video, I’m not sure how long it’s going to take, but I’m going to shoot it in several parts.

Now hopefully I get it all done before I catch my flight here. So before we start guys, in case you are new to the NXT community, NXT was released in December of 2013 by an anonymous developer who goes by the handle or the nickname BCNext on Bitcointalk forum and he released it in the…

When NXT was just put out, there was only like maybe a few days and 21 people pitched in 21 Bitcoins. Each person pitched in a different amount, but BCNext was trying to raise 21 Bitcoins and so there was like 75 people who pitched in, who contributed a total of 21 Bitcoins.

Each person contributed a different amount obviously, and after that was done, BCNext created 1 billion NXT coins and he distributed it out to those 75 people who put money into the initial coin offering.

Now keep in mind that I’m using the term initial coin offering or ICO at this moment, but back at that time, it was not called ICO, it was just a crowd sale or fundraising.

After he got the 21 Bitcoins, apparently, he was not doing it to make money because he did not raise that many Bitcoins. He just wanted 21 just to prove a concept that it can be done and then after he released the NXT software then he disappeared and handed it over to the NXT community.

So there were several things that went wrong during the launch of NXT and I’m just going to call it NXT 1.0, and then we’ll talk about the new version or the relaunched NXT that’s up and coming as NXT 2.0 so that we know the difference between the two.

So in the NXT 1.0, the original version, there were several mistakes that the NXT launch happen, and it was the first time that it was done in the cryptocurrency world and so there was a lot of mistakes made and nobody knew how to deal with it.

But now that NXT has been out and it has made all the mistakes, and the new cryptocurrencies such as Ethereum and Augur and Slock and all these other ones have benefited from it, I believe that there’s a strong support and strong evidence that if NXT learns from the mistakes and the successes of these new cryptocurrencies there is still time in the history of cryptocurrencies for NXT to relaunch itself and become at the forefront again and become the trendsetter that it was again.

So there were several problems that made NXT fail. One was that the billion NXT coins were distributed to 75 people, the time period in which the pre-launch or the pre-sale or the crowd sale occurred, it only happened in a very short period of time and nobody knew about it and nobody at the conference knew about it. Only a very small select number of people inside the Bitcoin forums knew about it.

So this has always created animosity and jealousy and envy among the cryptocurrency community because people that wanted to participate could not participate in it. So at the time that everyone bought the NXT coins, they have 75 original stakeholders. When they bought in, they bought in at 2 Satoshis, the NXT coins were worth 2 Satoshi’s each during the launch at the IPO time, or the ICO time.

And then when it started trading, they were all worth about 2,000 Satoshis or more. So right away, every one of those 75 original stakeholders automatically benefited by having a thousand times returned or a thousand X returned on their original investment.

So this creates a lot of envy and animosity among the cryptocurrency community and so that was the first thing.

The second thing was that the idea that it was a pre-mined coin which was new to the cryptocurrency world at that time and NXT was the first one to do that based on their proof of stake algorithm, it created even more animosity because people felt that they were being cheated and that it was a scam even though it wasn’t, right.

So now to get rid of all these problems and relaunch it again, here are the 10 points I want to share with you guys that my friends and I came up with the help of James D’Angelo from the World Bitcoin Network and just to be fair guys, James has never invested in any of the NXT, he has never believed it to be real, he has always thought that it was bogus, so he’s never invested in it. So even though he gave us in some input on what to do, he himself has never invested into the NXT like myself and Leonfu.com. So just be clear on that.

So let’s run through this list really quick guys. The first key to success in relaunching NXT here is to have a three-month legitimate ICO so that it can be broadcasted. There’s plenty of time for everybody to get involved so that there’s nobody that’s going to cry about they missed out on it or anything.

The second key to success and relaunching NXT is to eliminate the centralization in the past. When it was first created, 75 people own 1 billion NXT coins and there’s no reason for that and I spoke with James and you guys know he was a former electrical engineer at NASA and so he’s a true rocket scientist.

I believe that out of all the people out there that is a real scientist. I believe that James D’Angelo is definitely a true and legitimate scientist and he’s not just a researcher or some engineer, he’s a real someone that you would think of when you think of a scientist, and he claims that you need to have several hundred people that own the NXT so that the stakeholders are all distributed, and 75 is not a big enough number ideally.

We want to have like over a thousand people owning the NXT or at least large portions of it so that they can mine and process the NXT transactions with their computers.

The third is to notate and publish the proof of stake algorithm that NXT has. We all believe that the proof of stake algorithm in NXT is not very clear. It’s not very accurate. A couple of my friends tried to read it and it’s not annotated, and it’s not commented, and it’s not configured in a way that’s easy for a programmer to read and understand what’s going on.

Although it’s important, it can also be done after the fundraising is done so it doesn’t necessarily have to be done at the beginning, but I think that having a white paper on the NXT proof of stake right now would make it so that everyone can either attack it, criticize it or verify that it works.

We believe that the reason why the proof of stake algorithm has not been clearly published in a white paper is because whoever it is that’s creating that proof of stake algorithm understands that there may be some weaknesses in it and that if it gets printed that the entire public NXT public ledger or the blockchain will get hacked immediately because it will not stand up to a hack.

And I believe that this needs to be published for several reasons even if that is true, I still believe that it needs to be clearly stated and made public so that if there are any weaknesses in the proof of stake that we might as well, let the hackers attack it now and then fix it the problem afterwards. Otherwise, if we keep trying to hide it, no one’s going to know.

The fourth key to success in relaunching NXT is to make public announcements at all the public and well known and recognized Bitcoin conferences like the one in New York, the one in Miami, Texas Bitcoin Conference and then obviously the Bitcoin Foundations conference themselves and we just follow exactly the same thing that Ethereum did when Vitalik went around on a road trip to promote the Ethereum, I believe that if we do that with the NXT, we’re able to relaunch it and have more trust and integrity and doing this, and more people know about it.

So the fifth key to success in relaunching NXT is that we identify a clear use case and ideal customer that can use NXT and here’s some examples, like the Ethereum guys, they promoted them as smart contracts, decentralized autonomous organizations, the Turing complete scripting language, so for those, that’s very clear who the customers of that would be.

For example, Dogecoin when they came out, they promoted it as a tipping coin and it’s a joke coin all right. Monero, Dash, they focused on anonymity and privacy and then made safe storage and side coins. Those are designed for distributed cloud services and then we have like Slock that’s coming out and they’re focused on the hardware and software locks and then you have the recent one with Lisk.io who’s focused on decentralized apps.

So all these cryptocurrencies, when you think about them, it’s very clear in your mind what they are for, but when you think of NXT, it’s not clear what it is, and here are a couple of questions that I invite you guys to consider when you guys are relaunching the NXT and when you rebrand it.

The first question is what is the potential customer or users’ irrational pain. What is the pain that the customer or the potential user is having that NXT is trying to solve? If you don’t understand what that irrational pain or that urgency is that NXT is trying to solve, then we’re not going to be on the same track.

So the second question that you want to ask yourself after you understand the potential customer or users’ irrational pain or suffering is, is the potential customer or user actively searching for a solution, because if someone has a problem or a pain, but they don’t realize that they have that pain or that problem then you create a solution for it is not going to make a difference in their life because they’re not aware that they have it.

In other words, if I have a headache and you have a solution or medicine that fixes my headache, and I’m fully aware that I have that headache, then I’ll buy it and I’ll use it. But if I’m not aware that I have a headache then I won’t use it.

So the seventh key to success here and we launching NXT is that we include bonuses and incentives during the ICO just like Ethereum did where you get 2,000 if you buy in the first week and then you get a smaller amount in the second week and even smaller amount for third week, and then Lisk did it by offering bonuses, you get a 10% bonus in coins if you buy in the first day, the second day, the second week, third week and so on. So that way it will incentivize people to join the ICO.

The eighth key to success is to get Microsoft on board like Lisk and Ethereum and Augur and all these did so that the NXT gets hosted on the Microsoft Azure cloud service so that it will bring recognition to NXT.

The ninth is to set aside funding for development and for sales and for marketing those things. When NXT was first released, it was pre-mined, there was no marketing funding, there was no development funds and nothing set aside for that because BCNext never anticipated any of that and obviously, he didn’t know anything about sales or marketing or else he would’ve had those things in mind.

So I believe that having that funding in place will make a huge difference for the success of NXT going forward into the future. So once there is funding for the sale in the marketing of NXT, and there’s also enough funding for the development of NXT, then during the ICO, there will be enough money to hire good developers, Java coders and developers to work on the NXT software.

Keep in mind that when we talking about hiring good coders, we’re talking about coders that will cost over a hundred thousand US dollars a year to find these good coders. So don’t think that it’s going to be cheap. You’re not going to be able to find good coders for 10 or 20 Bitcoins a year.

So let’s go ahead and do the ICO and set aside development funding just for those people alone so that NXT has a strong team of developers to write the software.

And number 10 key to success for the launching NXT is to come up with a new name for NXT. When BCNext came out with the name Next, apparently he must not be from America because if you try to say Next or Nextcoin or any of that, it sounds really weird, it does not fit and does not flow smoothly in the English language.

And most of the people that’s going to be investing, they’re going to be an English speaker and it’s just a weird name when you say hey what’s Next. It doesn’t have the right sound. People think that what is going to follow or what is going to continue. They don’t think that Next is actually a currency, a product or a service.

So we need to eliminate that confusion by coming up with a better name, and I propose that the name that we come up with for NXT answers two marketing questions what is the potential customers’ irrational pain or suffering and then it also answers is customer actively searching for a solution to their pain or their problem.

So make sure that the name that we come up with actually… When people hear it, the name alone is a marketing tool so that people know immediately that this product or this service addresses this particular problem.

So those are the 10 keys to success in relaunching NXT. I believe that it can be done. Now some people may think that reinventing and relaunching NXT 2.0 may not work, and I want to share with you guys why I call this proposal and this solution the Madonna solution.

The reason why is because when I first came to America, I remember that Madonna when she first came on the scene when I was in elementary school, Madonna was seen as the party girl, and then later on, by the time I got to like junior high school, Madonna had reinvented herself as the sex symbol.

By the time I was in junior, in high school, she became a sex symbol and by the time I got out of high school, she had reinvented herself again into a modern woman, a diva. And then later on, by the time I started going out and working out in the real world and stuff, Madonna again reinvented herself to become the strong and ‘I am a powerful woman’ and things like that.

So I believe that if people like Madonna and other people like that can reinvent themselves, I think that a product or a service can also reinvent themselves too, just like Apple reinvented themselves, there’s a lot of businesses, there’s a lot of celebrities and well-known people that reinvented themselves.

If you ever read the 48 laws of power, one of the laws in there, one of the keys to power is also to reinvent yourself when things are not going your way. And I believe right now that if NXT does not reinvent itself, by the end of 2016, NXT will no longer even be mentioned or can be heard of.

It will always be known as the pre-mined coin and the first Bitcoin 2.0 coin that came out pre-mined but it will never last into history, and I believe that if NXT doesn’t come back to the top five traded coins on the CoinMarketCap, I will probably unload all my NXT and when I say unloaded all, just get rid of all in the NXT exchange that I have by the end of 2016, and just pretty much give it away. I probably do not even go to the exchanges to exchange it into Bitcoin or anything because it’s going to be worthless by then.

So I believe that 2016 is a very very critical year for NXT. It’s do-or-die. We got to take the 50 cent approach, either get rich or die to try and so I believe that this Madonna solution to reinventing and relaunching NXT will take it back to the forefront of the crypto-coin, cryptocurrency community.

And if you guys have any questions or comments about this or you guys have a better solution, I invite you guys to leave it in the comments below. If you guys don’t like the solutions or the keys to success and we launching in reinventing NXT, then make sure that you guys leave a valid comment or a valid suggestion or solution.

Don’t just say that my proposals or my solution suck or that I’m an idiot or anything like that. Make sure that you leave a clear solution so that everyone else in the NXT community can benefit from it. These are the ideas of myself and Leonfu.com with the help of James D’Angelo that we brainstorm to come up with to make NXT successful.

And so thanks for watching this video guys. If you guys liked it, give me a thumbs up. If you guys don’t like it, give me a thumbs down and make sure you subscribe to the channel and you’ll get these videos. I have to catch my flight now and I’ll see you guys in the future video.

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