Topic: Breaking News: NEM will be used by Japanese Banks! (Read 3412 times)

I agree people are often unfairly negative in these forums.  Many teenage boys in crypto it seems.

However I don't see evidence on the page 11 you mention of the existing coin being connected to this announcement.
I see that the company and tech is involved, but not that the coin is.

I'd love to find out that I'm misunderstanding the announcement.  Am I?

Too bad every positive comment on this forum has to be countered with scepticism, trolling and FUD.

Looking at this :http://www.reuters.com/article/dragonfly-fintech-idUSnPn1Ptv6F+91+PRN20151216
And this: http://dragonflyfintech.com/static/DF_Paper.pdf
In the paper; look at page 11. It appears to me that NEM is somehow involved... 
 

This reminds me of the way medici /overstock used counterparty, made promises and skeedaddled out the door with the tech, never to be seen again.


Mijin  does not equal nem success.

NEM's main chain is fully decentralized and uses the same APIs as Mijin.  Mijin is a private fork of NEM that has been optimized for speed and security.  It is a way for banks and/or other large businesses to figuratively speaking "dip their toes into water" of blockchains.  They get full control of their chain, get to build assets and trade with partners they trust.  

Looks like they just went to a Citi sponsored conference and gave a talk?  Here is news.  Giving a talk doesn't not equal signing a deal!  I gave a speech on a Google stage once, am I now partnered with Google?  If there wasn't any deal with a press release like NEM had being issued from the bank itself saying it was building on Get Gems, then you just wasted 9 minutes of my life watching your silly talk.  Probably just another case of another crypto trying to act and talk big, but not really doing anything, right?

GetGems has made a deal with Citibank which is one of the biggest in the world https://www.youtube.com/watch?v=JIbk9WHKz_0&feature=youtu.be

now i've not stated that making a platform that has banks interested isn't an achievement, but simply it achieves nothing for peer to peer, decentralised, alternative currencies (in fact it could be argued its counterproductive) for which this forum and attached community is founded on and is all about.

Wow, somebody finally makes it and trolls come out.  As far as I know NEM is the first blockchain (other than Ripple or Bitcoin) to make a deal with a major bank.  First to get 5000 companies when others don't even have 1, and trolls are saying that because we are getting adapted that we are scammers?  BTT is so funny.  

The reality is NEM has just done what no other chain has done, and other people invested in scam alt coins are feeling butt-hurt because NEM is actually doing something real with real people, real businesses, and real money.  

The key to a successful blockchain project is use.  The busy chain with live activity is a real chain.  NEM is setting itself up to be just that, a very busy chain.  This is the long game.  NEM isn't going to instantly gain widespread use in a week or month because of these announcements, but I'm hopeful that by the end of 2016 we will see high activity

Wow, somebody finally makes it and trolls come out.  As far as I know NEM is the first blockchain (other than Ripple or Bitcoin) to make a deal with a major bank.  First to get 5000 companies when others don't even have 1, and trolls are saying that because we are getting adapted that we are scammers?  BTT is so funny.  

The reality is NEM has just done what no other chain has done, and other people invested in scam alt coins are feeling butt-hurt because NEM is actually doing something real with real people, real businesses, and real money.  

The key to a successful blockchain project is use.  The busy chain with live activity is a real chain.  NEM is setting itself up to be just that, a very busy chain.  This is the long game.  NEM isn't going to instantly gain widespread use in a week or month because of these announcements, but I'm hopeful that by the end of 2016 we will see high activity

Good luck.

Code built 100% from ground up (not a fork of any existing project)
Two-tiered architectural platform with focus on security and safety
Test-driven development
Easy to use universal APIs
Innovative Proof-of-Importance algorithm: first reputation based blockchain algorithm
Improvements on different features of POW and POS coins, being more efficient and more environmentally friendly
Nodes need not be expensive machines and run independent of the wallet
One minute average block times
First blockchain with delegated harvesting (secure and safe proxy mining)
Asset creation with NEM Mosaics featuring fixed or editable supplies, descriptions, levies, and transferring rights
Namespaces for management of unique mosaics and domain names on the NEM blockchain
First with localized spam protection
First with Eigentrust++ peer reputation management for Nodes
First editable m-of-n multisig with blockchain based alerts
P2P time syncing of nodes
Encrypted, unencrypted and hex messaging
Small memory footprint, easy to install, and portable client and server
Zero currency inflation (fixed supply, all 8,999,999,999 billion coins released at launch)
Mijin private permissioned ledger sidechains
Geographically distributed multistaged transaction approvals for NEM Sign/Pay
Mobile wallet for both iOS and Android (coming soon, closed beta now)

So the business model is to get banks to see advantages of block chains but to assuage their fears by giving them private block chains.

Then hope they will see the advantage of block chains but the pain of private block chains and evolve to the wide-world of sharing decentralized infrastructure.

In the meantime, others will be providing the financial services to the users bypassing the banks. Which do you think is a viral fasting growing paradigm?

Duh it is even close unless the old world paradigms can persist. NEM is leveraging the dinosaurs (who move too slow and will be dying off do the paradigm shift which renders them unneeded).

Will some banks find a way to leverage block chains and morph their business models? Yes maybe. But my bet is the entrepreneurs will beat them to it and scale orders-of-magnitude faster. Why? Because banks are behemoths blinded by their own protection of their historic business models (their inertia).

Again the point of my first link about Japanese programmers being aligned to corporate culture and continuity of authority is apropos.

Perhaps I am wrong and banks have some inertia that is important and users can't transition fast enough to the new paradigms. Bitcoin has shown that in many scenarios users can't make that clean break, e.g. in money transmitting the last mile is still the problem (getting the BTC converted to something fiat cash users can spend). But I am trying to drill right through this problem and blow the doors off it. I don't see NEM going for such a radical strategy. Instead they are betting that a radical innovator like me (and an army of entrepreneurs that will follow any successful paradigm shift) can't break down the Coasian barrier that is allowing banks to continue methodically in their old world stupor (and only dipping their toes in private chains). Coasian barriers fall in a waterfall collapse.

Yes I understand banks have a lot more money than we do. I am also confident (based on how technological shifts destroy the old) that when the Berlin wall falls, it will be rapid fall to irrelevance for the old paradigm that was once so powerful. Example how is retail sales of software-in-a-box doing this days as compared to the 1980s and early 1990s.

Perhaps it is safe route for the programmers of NEM to take. They will be assured of well paid jobs. But I don't see how these developments necessarily make NEM more attractive for investors or users of NEM?

I am not making any judgment about their technical and programming capabilities, which apparently are not derelict. It is nice to have synergy rolling with a good team of developers. But developers do not trump marketing. Not even close. What is extremely rare is to have capable developers who are also very astute marketers. It is a a mix of skills that doesn't naturally occur frequently, because engineering is such a different mindset from marketing. I feel it is like two different people inside me in that when I am doing engineering it is so opposite to the way I am thinking when I am doing marketing.

Good luck.

I don't understand about this altcoin XEM. Price is being pumped now but I don't think this is sustainble. Can anyone explain in layman terms what this coin is about?

It has been their hidden agendas and it is all a part of a long term plan.  

well XEM is the coin...but yeah you're question is essentially the same as mine and more should be asking this instead of blindly pumping XEM.

NO they are simply investigating blockchain technology (same as all banks on the planet) and looking at NEM technology's private blockchains off shoot Mijin, to save some corporate dollars and pigging back of a opensource communities hard work for corporate ends.