Hi all
Just thought I'd share my initial thoughts - hope it helps
my first thought is that we need more exchanges. To state the obvious, they need to be user friendly and secure. Being a layman when it comes to IT when buying Nxt all I want to do is deposit via PayPal and buy coin but when trying to buy on the new Danish bourse it still takes a few days to transfer. I need it t be instant and when it is a major obstacle will be removed. If I want currency at the airport I don't want to be waiting for two days for my money to be deposited. I want it and I want to move on it quickly. I'm not a developer but if anybody wants to help me develope an exchange I'm happy to start putting Nxt towards but you might have to wait a few days while my funds are deposited
Here is an article I posted recently on nxtcoin.org
Hi All,
Disclaimer: I am brand new to the NXT community and have a lot to learn about this so please bear with me. However, I do understand about financial markets, financial psychology, market economics, the law and accounting. I humbly write here with a view to furthering the NXT community. A strategic overview if you would and I welcome feedback and suggestions for improvement. If you like this article and would like to support I welcome any support and donations to my wallet: 10614122239981652219 (my numeric account format). I am not a developer and my IT skills in comparison are limited. I do however, have knowledge (which I share below) so please do reward as you see fit.
Introduction
It is obvious to me that NXT is the future. Having evolved from the BTC proofofwork Model, the proof of stake model is a significant step forward which allows and encourages User Interaction and participation (a crucial element to contributing to the snowball effect that is required for the NXT coin to become the currency of choice when making online transactions).
Vision
The vision is simple : One day in the future, I hope, that NXT coins will be the currency of choice. The preferred currency when it comes to making online transactions will be NXT. When the landlord asks for rent, its not cash he wants, but NXT. When you are at a shop and it is time to checkout, you still pat your back pocket for your wallet and then you remember, nobody pays cash anymore, and instead you pull out whatever tablet is in vogue at the time and you tap a few keys and you pay in NXT. That is at least, my vision.
The Path
To reach that NXT Paradise there are some things that are essential for NXT to surpass even the success of BTC.
1) Security – I have no doubt much has been said about how secure NXT is and the importance of its security. I won’t profess to understand it myself, as I am so new I am learning myself. I think it is important enough though that the point should be made. All development when it comes to NXT must be secure as consumer confidence in the currency is paramount. If this is lost, then the whole project will be. However, this is a constant battle, so it is important that NXT is open and legitimate at every corner so even when attacks happen, NXT’s reputation is not dented. After all, every time there is a bank fraud, a ponzi scheme, or any other type of theft/fraud, this does not lead to a mass exodus of Dollar users.
2) Liquidity – In the short and medium term, I think that liquidity is less of an issue as there is so much NXT available and for now it is a matter of it gaining traction. In terms of USD, 1 NXT has much more upside potential and I envisage that as it gains traction, it will start to bite into BTC’s marketshare.
However, I think the community must consider happens when the market starts to become saturated. One thought I have had is that there are a billion NXT out there. The proof of stake system allows you to be rewarded when you hold NXT. What is to stop big stakeholders holding on NXT when NXT becomes really valuable? (Perhaps I have missed something so I am happy to be corrected here).
For me the solution to this is, is that before this happens NXT needs to become entrenched as soon as possible as a fast and central currency for online transactions.
We need more exchanges. The exchanges need to be secure and easy to sign up. They need to be able to have “Paypal-type” deposit functions which allow the layman to deposit and withdraw quickly and easily and buy NXT simply. I just tried to buy NXT, it wasn’t as easy as I envisaged. We can do better. (I have to say opening a wallet is really easy and that is one of the main attractions of NXT).
We need more payment mediums and online businesses that use this so accepting NXT is simple and easy. The quicker this happens the more exponential NXT’s growth will be. However, the exchanges need to accommodate this increase in transaction with ease in conversion from NXT to “mainstream currencies”. This is essential. On CCEDK, I had to transfer which takes 1-2 days. This is too long. (I am willing to help fund a new exchange that does this so do get in touch.)
Referring to my vision, why else would the landlord want NXT? He needs to know that he can convert it to a currency of his choice, however if all goes well, he will keep NXT. It is like giving the consumer an “out”, the psychological safety of which will allow them to buy into the concept in the first place.
3) Legal Legitimacy
For me for NXT to be mainstream and not just a quirky, trendy currency it needs legal legitimacy. Public perception in the medium to long-term is key and one of the attractions of BTC and its greatest “media-bashing” tools was its anonymity. If NXT really is an evolved version of BTC, then the community needs to be willing to self-police early on and at the same time, maintain a degree of its anonymity.
Why would I was an entrepreneur and investor enter into deals for projects with other NXT users purely on faith alone. I know that is happening now, and I commend the community for that but for it to be part of the mainstream we need to be willing to allow for a level of legal legitimacy. This means we will have to compromise on anonymity to a degree. I am open to suggestions on this and as this is merely food for though please do post what you think.
My thoughts were a “bank” for transactions which allows for legal transactions to be recorded through lawyers so user anonymity is maintained but avenues for mediation, and court action are allowed should any one party fail to deliver on its promises. Any user of the bank would allow for transactions to be subject to a body of law, (US, UK etc). Any such user would have to pay in NXT, BTC or any currency to register, but I tell you something. If I know that I am mitigating some of the risk when it comes to investing through NXT, then I will be willing to invest a whole lot more.
As NXT grows in value, good faith alone will not be sufficient to sustain its durability in the long-term. Again, I am willing to create such a bank but right now it is just a concept.
Thanks for reading, I just had some thoughts I wanted to share, and I hope you like and if use this for your ideas do remember me. Please do donate NXT and I will use it to put my thoughts into action.
PEACE
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