As a NEM stakeholder I want to see it succeed. It would be great if it was worth a lot too. I understand that starting the price in an auction high would in theory make everyone else richer, at least on paper. But that kind of tactic is price manipulation and would best benefit the first person that dumps. I'd rather the auction start at 0 or at least the price of the last stake holders fee and let the free market raise it up from there.
Maidsafe recently tinkered with the price of their mastercoins and have been heavily criticized for it. They were basically given away shares at off free market prices that maidsafe "fixed" and it left a lot of people turned off by maidsafe. I'd rather have NEM not start off with more enemies than need be.
I understand your point.
However the problem with maidsafe was not the valuation, but the discount offered to users who bought through mastercoin.What I am saying is very different from price manipulation.
Because of the hard work put into both projects, maidsafe and etherium(although ether is not out yet) thought things trough and have set up a pre-market valuation from which the price should be allowed to increase. After the initial buying phase the market will decide what exact price each coin should have.
We have begun with
a call to participation not an IPO so there is no price manipulation or anything of that sort. From then until now we have made some really good progress. We have some things that are almost in place but most important a lot of hard work and energy was put by utopian, the great dev team and the community to bring things to where they are. Imho the value of such a dev team, community and project is imense.
That is why setting a valuation, starting from there and allowing price to go up for a stake but not below during the auction seems the right move if we want to build things and not undermine our work with this auction.
Update: Consider that if we set a pre-auction valuation of 5 btc/stake which is 500 Satoshi/1Nem, the value is really reasonably low. To put things into perspective Nxt peaked at around 15000 Satoshi/1Nxt despite the distribution image problem they have and Dogecoin peaked at around 280 Satoshi/1Doge despite the unlimited coin supply. We are talking about an innovative movement here which has already gathered about 2500 - 3000 people to support it from the beginning. If you take a look around I think 5 btc is really cheap for what you see here.
I think the auction should start at 0, let the market decide what the price is
Why?
Do you have a good reason for that?
In my opinion we shouldn't start at 0.
You won't buy something that you can have for free! You don't want to have something that someone gives you for free!
That's how it works around the world!
But 0.x will also make it a long term investment, in the other way, I think a lot of stakeholders will sell their accounts and dump this coin to the limit.
With 0.x you will see the prize raise, so it will be worth it to hold your stake
Well, I will hold at least 75 % of my stake, thats for sure. The other 25 % I decided to spend for charity purposes, so Pump and Dump is not my intention.
But it's like the world is thinking about everything.
You can have the best product of the world. There will be no or just minimal demand on something without value! By now people are thinking this could be something bad, something
worthless.
I you have a less good product and you ask for a certain price, everybody will think about the value, the price and its adequacy. In this case, they also think twice before they resell this product.
By now the product has a certain value. It isn't something worthless and can hold or increase its value in a proper way.
Maybe now you can understand my leading thought better.