A Next workaround

My 400,000+ Devcoins finally did make their way to my CryptoStocks wallet, and I loaded up on more shares of VirtualMining. It was nothing more than a case of delayed confirmation, which seems to happen every so often with Devcoins. I’ve experienced it with Bitcoins as well, though not to the same extent, probably because I don’t have as much Bitcoin to move around.

Whew! That was a relief. Moving on…

Early this morning I made another unsuccessful attempt to withdraw my Bitcoin dividend from my DGEX account. I got the same error message I’ve seen before, so I sent off another note to Graviton, who operates the site. Since Graviton didn’t get back to me on my previous note about the same issue, I figured it might be awhile before I got any help on it. Meanwhile the price of Devcoin dropped again to 12 sat and I sure wanted to spend those dividend funds to get my hands on more cheap Devcoins.

I have previous experience with successfully withdrawing my NXT from my DGEX account, so I hatched this brilliant plan. The price of NXT was on a very nice steady climb, so I figured I could just use my BTC to buy NXT at the market rate on DGEX, then transfer the NXT to Cryptsy where I could then sell them back for Bitcoin, hopefully at a slightly higher price. I knew it would take a few hours for my NXT to be sent. During that wait time I kept my eye on the Cryptsy market and happily watched the NXT price continue to climb, and climb, and climb.

20140603 NXT price collapseAnd then right around dinner time the price just collapsed. NXT is now cheaper on Cryptsy than what I paid for them several hours ago on DGEX. So I’m likely to lose money on this workaround or be left holding the bag on some very expensive NXT. My NXT are still in limbo, by the way.

In related Next news, I still do not have a working wallet client. At this point I have around 40 NXT that are trapped inside addresses which I can only access through a PC wallet client of some sort. One of these days I would like to liberate them all, but it’s not a high enough priority right now. It’s more of an annoyance than anything. But I think it is a rather strong disability for a currency to have its wallet quit working so frequently, and then to have it be so difficult to upgrade and get back up and running. Next has a TON of potential, but it will never go beyond the geeks who invented it until it can be owned and used without most people having to think about its inner workings. At least NXT trades on Cryptsy which means that I have a working address which is not dependent on my computer programming know how. I am slowly moving towards using that address as my primary NXT wallet. So it’s really not the end of the world if I wind up stuck with nearly 200 overpriced NXT for a few weeks until I can unload them on the next price upswing. I’d just rather be accumulating Devcoins at this time.

I own a stake in the up and coming New Economy Movement (NEM) coin which is projected to launch towards the end of the summer. I check the primary developer’s forum profile for new posts at least twice a month to make sure I’m ready with the wallet and anything else I will need to claim my stake once the genesis block is opened. So far there isn’t anything for me to do but sit tight. I also completed the volunteer survey and offered my services as a writer at market rate.

From what I hear NEM has a lot going for it and is likely to be a successful second generation alt-coin. If it can have a consistently working wallet client right from the beginning, and if the same holds true for all other related infrastructure such as trading platforms, then NEM will very quickly overtake NXT as THE second generation coin. But that’s the big IF.

I am hoping that at the very least NEM will be successful enough that I can recover the cost of my claim (only 0.03 BTC as I got in fairly early) and the Bitcoin I initially invested in NXT. If I can do that, then I can consider any further gains I get from either NXT or NEM to be gravy.

Despite the challenges I’ve faced with NXT, I actually could do better than recover my original Bitcoin if I sold out now. I would have to first liquidate my DGEX shares, then sell off the NXT, neither of which would be wise at this point. However, since I purchased my original NXT at less than 1,000 sat each, there has never been a point since that time when I wouldn’t have at least tripled my initial investment had I sold out. There have even been times where I could have pulled out six or seven times my initial investment. I need to mention this just to keep my little rant in perspective.

It’s also important to note that Next does have at least one good faucet.

And I need to watch for the next good opportunity to take some profits out of my NXT venture–to at least recover that seed Bitcoin.

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