Topic: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread - page 104. (Read 661498 times)

NEM public auction explanation

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155 NEM stakes will be put on a public auction (155 million NEM)

The auction will happen in Bitcoin blockchain and follow the multi unit auction format. http://en.wikipedia.org/wiki/Multiunit_auction

How does it happen if X stakes are put on the auction ?

1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
2. Each transaction to the escrow address will be considered a bid for 1 stake. Two transactions from the same address to the escrow address will be considered two separate bids.
3. The auction will last at least 24 hours (but less than 36 hours).
4. Bidders could monitor the bidding process in real time via Blockchain.info
5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes.
6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and lowest winning bid price minus the transaction fee and a service fee. Service fee is for the escrow service (for tallying and refunding the bids).
7. Example: there are 3 bids 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
9. The sending address of the winning bid will be the identifier of the owner of the won stake. Therefore the winning bid sender should later provide a NEM address to receive the share via a signed message from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.

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There will  be 10 stakes offered in the first test-run auction in about 2 weeks or so (it will be held on Saturday-Sunday frame) and we plan to offer regular auctions every week until close to the official launch. (open Alpha should be released before the auction)

Let me know if you want to be the escrow for the auction, you should follow all the above rules but being able to set the service fee yourselves. The entire service fee will go to the escrow and he will hold the fund for the winning bidders until NEM officially launch.

It is understandable that you are getting impatient, hell, I'm getting impatient. I'm excited for NEM to launch June/July, but now its August/September. That's a long time. I know. In crypto its a lifetime.

But when you look at it the way you are, its bound to make you go from impatient to angry.

This is why. You are comparing ltc
Above you talk about N2 (which is a scam btw lol)

NAS (which is at 5 Satoshi last time I looked last week)

And Nhz (I dont even want to know)

BUT WHAT I DO KNOW IS THAT these are CLONES.

CLONES

Copies of Nxt

NEM is NOT a copy
NEM is written from scratch.

Big difference!! If I thought NEM was a clone I would be mad it took so long too.

Ask yourself. Do you truly understand this. Learn so you do. Then you won't be so angry.

yeah,i think we will hit 2000 pages oneday.then we can say nem3.0

I have heard news that Lamassu https://lamassu.is/ is advertising that they can sell open-source (programmable) crypto-currency atms for any currency at $1800 a piece.
When Nem starts to get big it would cost less than 100k to have one atm in every u.s. state.

This is achievable, Dogecoin raised like 48k (correct?) to advertise in a nascar race.

This would be great for Nem infrastructure and publicity.

...Not even Bitcoin has an atm grid like that.

We should put something like this on fund.nemcoin.com.

Tell me what you think...

i think all the people here just want to make our project well .
ltc ---btc,nem----nxt.
but now there are nas,n2,nhz,so some of us feel very sad.
still look good at nem,more than 4000 join here!

another small update

April 19: Tests run: 781, Failures: 0, Errors: 0, Skipped: 0
May 01: Tests run: 878, Failures: 2, Errors: 2, Skipped: 3
May 09: Tests run: 952, Failures: 6, Errors: 3, Skipped: 3
May 17: Tests run: 1042, Failures: 14, Errors: 2, Skipped: 3

Higher number of failing tests this time is due to testing POI

yes, what's happend to nem dev. why we cann't see any real progress just excel allday

so many people feel very angry!
list?why always list?no other work to do?
it's easy to make a fork of nxt,why not do it first?
we need the product,not the list.

And do not forget that you have not updated the development progress since 3/29

"update 3/29: development update https://bitcointalksearch.org/topic/m.5973475"

This is true.  Inflation from Government Banks / Printing is only a few percentage, which does add up over the years, but it pales in comparison to money printed out of thin air through fractional reserve banking.  If you deposit $10,000 - the bank takes your money and creates $90,000 out of thin air and issues that capital - the bank gets away with it until there is a bank run.

People underestimate how much damage all this cheap and made up money has caused.  Before these banking practices became standard, almost everyone had access to affordable housing and tuition.  Cheap credit is what largely fuels the housing, stock and education bubble which hurts young and middle aged adults.  Cheap credit even affects basic consumer goods, since people can throw their soda and chicken wings on credit card which results in artificially increased demand for those consumer goods and causes prices to rise in response.  

In a real, sane world, without cheap credit - people would save money to buy the things they want and the prices would remain reasonable due to low demand and competition to attract customers.  Before student loans became mainstream, people were able to afford university tuition and living expenses with a summer job in the 1970s and earlier.   Much like in the 2008 recession when demand plummeted, we saw insane sales and discount offers for the next several years because companies were desperate for any money.