This is Tai Zen – currency analyst for PrisonOrFreedom.com. It’s a blog where we talk about different things – strategies, techniques, tools, investments and technology that can help bring freedom to people’s lives in their health, wealth and relationships. In this video, I want to talk about “Why I invested in NXT?” and “Why you should invest in NXT?”.
If you guys have been investing in, or buy, or use, or sell, or trade Bitcoins you know that the cryptocurrency market is booming and it’s probably going to be the next dot-com boom. Obviously, after a few years, there are hundreds of altcoins or alternate coins now. Some people say altcoins for short.
There are these cryptocurrencies and altcoins, and then copycat coins that are coming out. There are hundreds of them. NXT is not the only one, there are many others. You can go to CoinMarketCap.com and check out all the coins that are available.
But in this video, I just want to talk specifically about what I think is pretty revolutionary and pretty cool – NXT, and the reasons why I invested in it myself. I’m just a user, an investor, and a trader so because of that I’m not qualified to make a judgement or comment or criticize the source code.
The NXT source code’s been released for the last few weeks and I never bothered looking at it because I don’t know how to read it so I cannot comment. I made the decision to invest in NXT, what I’m investing in is the community and the promises that it has. Obviously, it’s a risky venture if you do not have the money for it, you should not invest in it.
Myself personally I put in several thousand US dollars into NXT. For me, that was the gain I made from investing in Bitcoin so I took some of that and poured it into NXT and several other altcoins.
One of the things that I was fascinated about NXT was the fact that it’s an original source code. It’s the first altcoin to come up with its own original code. The creator of this code is BCNext and he created this coin which he refers to as NXT. I sometimes refer to it as Nextcoin but BCNext and the other developers like to refer to it as NXT only and not use the term “coin” behind it. This is a matter of personal preference.
All these other hundreds of copycat coins they’re too lazy to develop their own code. They’re too lazy to come up with something new and I appreciate the fact that BCNext had the balls and the courage and the willingness to get off his butt and write his own code.
From what I’ve researched online in the top Bitcoin forums and the NXT forums, there have been a few people that say that the NXT code is very genius. The formatting of the code varies a little bit, it’s a little bit different from what normal Java coders would use to format the Java code but apparently most of the coders and the programmers who are capable of reading the code have mentioned that that is not a big issue.
The biggest thing that everyone notices are that a lot of work, and a lot of algorithms, and a lot of things are packed into a few lines of code. It’s very efficient so that lets the other coders know that BCNext whoever he is appears to be a very, very good coder when it comes to coding in Java. That was the first reason that I invested in NXT because it’s the first cryptocurrency, it’s the first copycat coin, the first alternate coin to come up with its original source code.
In my opinion, it’s too early to say that NXT is the next generation or the second generation to Bitcoin. We have a lot of promises and we have a lot of things that people say that NXT can do, but we haven’t seen tangible results yet. I’m going to take the risk of investing into NXT early at this stage because I missed the Bitcoin boat and Bitcoin train so I’m investing into this and a few other alternate coins that I see has potential.
But I’m doing it with money that I can afford to risk. You will not gain as much money or reward for coming in at a later time but that doesn’t matter because when NXT rolls in and becomes big, and it does what everyone claims it’s going to do then it’s going to be very huge. Again if you don’t have the money to throw away then I would highly recommend that you do not invest into it and wait to a later point when the price goes up.
In addition to the original source code, the second reason that’s very important to me is that the community of people that are developing the NXT. When I was reading through the threads on Bitcointalk.org forum I noticed that there were several people who got robbed and got their NXT stolen by unscrupulous people out there and computer hackers out there.
I like the fact that the NXT community got together. There was one MIT graduate named Ricky James who tried to follow the trail of these hackers and investigated. You can search online for this guy who supposedly sold a bunch of stolen NXT’s and goes by the name of Epic Thomas. You can see the reports by Ricky James on the forum who is an MIT grad he must very knowledgeable about computers and how to track people down but because he was able to narrow it down that this guy – Epic Thomas, was one of the key people that were responsible for stealing those NXTs.
The community of NXT investors and investors have come together and pulled a donation together to help replace the missing coins that were stolen out of these early adopters. I know that many people in the NXT community are willing to volunteer themselves to help develop the clients, troubleshoot and just help out.
When I was on tradingview.com and I mentioned that I was having problems with my NXT client, I had several people volunteer to help out and spend hours online with me to make sure that my NXT client was working correctly. And they even sent me some NXTs and I’d like to give them some credit for it.
It was two individuals Waryflight on TradingView.com and also Gunson, they volunteered hours and hours to make sure that I got my NXT client working correctly and advised me as best as they could online. They also sent me some NXTs to test my NXT client to make sure it was working correctly.
I like the idea that these people, these investors and developers of the NXT community is going out of their way to help find people’s stolen NXT, to help them test out the clients, and do these different things and offer bounties and other things for people to develop the NXT client and software and to troubleshoot the NXT protocol and things like that.
Keep in mind guys that the NXT source code is out there but we don’t have all the features that are there yet. But just looking at the original source code, just looking at the fact that the community is going out of their way to help each other newer users and adopters like myself.
Now the third thing that prompted me to invest into NXT is also the features and the benefits of NXT. They are not just coming up with random features and benefits. Apparently, the original creator of the NXT source code went out there and he looked at some of the problems and the challenges that Bitcoin faces. He took them into account and he came up with the solutions for them, and some things like transparent forging, the alias system, the NXT trading exchange platform.
All these differences creating a cryptocurrency exchange. All these things are coming together. So these features and benefits are things that are not just being promised but are already starting to be developed and people are already testing it out. It’s getting positive reviews. That gives me a lot of confidence to invest in NXT.
I hope that this short video on the three reasons why I decided to invest into NXT.
- The original source code
- The community that’s behind developing the people the community of people developing the NXT
- The revolutionary features and benefits that are coming along with NXT.
It’s not just about fast processing transactions speed like Litecoin or any those other ones but the features that are actually realistic, the problem that we desperately need to overcome that Bitcoin is not able to overcome right now. NXT is attempting to solve those problems. I look forward to it being able to do that and being successful at it and so that we can have a better cryptocurrency.
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