Saturday, July 26, 2014

NXT is designed to be a lubricant to the financial system (by: jefdiesel)

Bitcoin is MONEY with very few financial tools. Its digital FIAT. You go to work and get paid then you can buy food, shelter, etc. The end. Back to work tomorrow, earn more. The only reason BTC value has increased is demand. Remember BTC is finite and there will eventually be no more (proof of) work to be done. Like a mine town when the mine taps out.

NXT has a different place. Its not to be worked for or spent on consumables. It has a value that people will exchange for goods and services, in limited manners now.
The analogy I use is its like having no money and paying for gas with unvested Facebook shares. If the gas station attendant was smart, he'd pay for you gas himself and keep the stocks. But not all people will be able to afford such actions. They need to buy food and shelter.

NXT is designed to be a lubricant to the financial system. It is a medium through which greater value will pass. The design will allow a much decreased overhead, and instant and secure transactions.
The gas station will not want to accept NXT for gas, instead the gas station will use a system based on NXT to process all payments, handle payroll, rent, banking, and accounts payable. The gas station may never know what NXT is.

As holders of NXT, we are serving to secure and grow this network. The liquidity issue in NXT more concerns distribution, as the security relies upon NXT being in many peoples hands, and less about being available to be simply spent.
The price seems to represent these needs. This reduces the importance of numerous exchanges, as users are not simply moving through NXT into other goods or services.

NXT needs a healthy market, but more importantly it needs a robust market. Exposure on pump and dump exchanges is not doing anything for anyone. When people want to buy NXT, they will go where it is sold. There is a demand for NXT to Fiat of course, but even that is secondary.

MGW offers a decentralized market which is the purest ideal at the moment. Banks and laws are the complete opposite direction. NXT has the planned financial tools to make these regulatory bodies obsolete.
NTX does not need Legal legitimacy, it has secure features that out strip any laws of man.

Source: https://nxtforum.org/introduce-yourself/am-i-doing-good)/msg70966/#msg70966

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