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Topic: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread - page 293. (Read 661499 times)

full member
Activity: 224
Merit: 100
NEM Enthusiast
What the heck is wrong with the official nem forum it is filled with tons of crap posts, someone needs to get on this pronto.
http://forum.nemcoin.com/index.php?board=1.0

Also announcing: Dottpaini, Nemcoin forums first hero member.  With 273 spam posts.

Holy shit, the mods need to delete their posts and ban them pronto!
full member
Activity: 223
Merit: 100
🌟 æternity🌟 blockchain🌟
Cheesy yes, lets contact some smart and famous celebrities influential among young people. I am sure there are many people in art communities, that are very open minded and could like the idea of crypto. Surely would help If popular and respected person would tweet their fans about NEM.
member
Activity: 63
Merit: 10
I am starting to think all altcoins as a generic product like toilet paper. How do we compete in such a market.



How do we make NEM the purple cow  Wink I don't mean to insult NEM, but we need to think of ways to stand out

Trust is what we need. Why else would I, as a business man except Nem as payment for my services and goods. Only if I can trust that i can spend it again somewhere else.

newbie
Activity: 16
Merit: 0
Are there any graphic designers who would be willing to create informative infographics once the details of NEM have been fleshed out?
full member
Activity: 221
Merit: 100
Any reason why NXT is crashing at the moment?

It seems they are doing a self destructing thing. They are creating a coin called nodecoin. People can get nodecoins almost free by running a separate program when they are forging and running nodes. Then they artificially set a price for these worthless nodecoins. It is 1 nodecoin= 0.01 NXT. How they came up this price is a mystery. If this nodecoin is created by some stranger instead of their own hired programmer, it would be no value and no one will buy it. But this is created by a Nxt hired programmer and he will use the community funds to buy these nodecoins. I doubt that any nxters are willing to buy nodecoins out of their own pockets. but this program controls millions of NXT in the funds. Therefore, the nodecoins suddenly become valuable. In the future, nodecoins will also play a role in other transactions. These worthless coins become valuable at the cost of NXT. This nodecoin will dilute NXT. They said that the nodecoins are for rewarding people running nodes and servers. Why don't they reward people with NXT which can build NXT's utility and value, instead they create a worthless coin to compete with NXT and it could become a potential Trojan horse in NXT. All this is so weird and the most weird thing is that most of the community members even believe that the nodecoin is a good thing.

In a word, NXT community  lacks of leadership.

This is in places inaccurate and I thought I would respond because I think there are things here for NEM to learn, some of which it already deals with...

Number 1 - are PoS rewards enough to maintain the infrastructure you need to have a healthy network to process transactions?... I think the answer is 'Maybe Not/No' - certainly in the early days when transaction volumes are low... NEM has PoI so lets see if this is fixed.

Number 2 - Is NXT Self-Destructing - 'No' - the decentralised Asset Exchange is almost finished, it looks good and people are coming to terms  with what having other things like Assets on the same chain means for your coin. Learning: because people can trade in the assets directly and pay fees in NXT they do not therefore need a lot of NXT to do this.

Number 3 - Assets can be created like 'node coin' this is NOT part of NXT, it has been developed by a member of the community as a way of layering certain things on top of NXT and the reward for running these things is node coin..... This will only have value if people who use those things buy the node coins or node coins find a use.... Learning: If you add an asset exchange you cannot prevent anyone creating an asset idea and trying it out.

I posted earlier a non-PoW coin is harder to make work, others have posted there is no 'overnight get rich quick' scheme, the phases NXT is going through now, NEM will experience in some form so buckle up!

I agree with the point on leadership - despite the BCNext mystery.. there are a lot of bright people working still on NXT, however would it be better if there was a clear and coherent team from the start like NEM has rather than the mystery - yes I believe so.. There are also a lot of other threads besides the 'hosepipe thread' as its been called where a lot of good stuff goes on and the same is true of NEM.

I am not against the helping of strengthening of the network, especially in the early stage and the people who are running nodes and servers may need to be compensate in the stage. I am all for it. what I am against is using nodecoins to do the compensating. Instead, they should use Nxt to do so.

Nodecoin is not a ordinary coins simply created on AE. Everyone can create a coin on AE. If you create a such coin, will people buy it? Nodecoins are designed to be compensated with Nxtfunds. If Nxt funds are not intervening and not used to buy the nodecoins, it might be OK. If they will only let the market to decide and let the individuals to trade the nodecoins out of their own pockets, it might be just fine. I hope this will be the case. You can find more about the original design of nodecoins from here https://bitcointalk.org/index.php?topic=345619.46000 (Pouncer's comments on that page)
 
hero member
Activity: 616
Merit: 500
I am starting to think all altcoins as a generic product like toilet paper. How do we compete in such a market.

How do we make NEM the purple cow  Wink I don't mean to insult NEM, but we need to think of ways to stand out

Maybe by trying to reserve stakes for popular people. So we have to look for popular persons who are interested in Cryptocurrencies.

They will get free NEM. So they can test our software and if they like it they can spread the word. And when they do that, we will get much more attention I think.

Just an idea...
newbie
Activity: 25
Merit: 0
Would like to get the latest update from Devs. any news?
sr. member
Activity: 420
Merit: 250
I am starting to think all altcoins as a generic product like toilet paper. How do we compete in such a market.



How do we make NEM the purple cow  Wink I don't mean to insult NEM, but we need to think of ways to stand out
sr. member
Activity: 420
Merit: 250
I think we can attract MINERS to use NEM because of POI giving them equal opportunity to forge but they are not nearly important as actual users.

Miners will never hop on non-POW currencies. No matter how profitable forging/foraging would be - it's just not the same.

I must disagree, most miners are in it for profit, they will switch it its profitable. Users are the real customers its them we must convince.
hero member
Activity: 980
Merit: 1001
I think we can attract MINERS to use NEM because of POI giving them equal opportunity to forge but they are not nearly important as actual users.

Miners will never hop on non-POW currencies. No matter how profitable forging/foraging would be - it's just not the same.
sr. member
Activity: 420
Merit: 250
Yes i think it takes more than 73 nodes. Idea BTC injects 25 coins to keep miners happy. What would stop NEM from doing similar ?

PoW is adding to global warming as more and more people burn electricity chasing fewer and fewer coins...
When the BTC block reward drops to 12.5 which it will do, listen for the howls of anguish...
Miners are never happy - go visit some of the hardware communities.

Lets see what PoI delivers... but people need to USE NEM to create transaction fees otherwise it doesn't matter what Po* we use the income from the nodes will be zero.

Which again leads us back to the fundamental question  Huh, why would people use NEM? when they have bitcoin or Ripple or NXT? They are more established and in money matters trust is the single most important factor. 

I think we can attract MINERS to use NEM because of POI giving them equal opportunity to forge but they are not nearly important as actual users.
sr. member
Activity: 952
Merit: 253
Yes i think it takes more than 73 nodes. Idea BTC injects 25 coins to keep miners happy. What would stop NEM from doing similar ?

PoW is adding to global warming as more and more people burn electricity chasing fewer and fewer coins...
When the BTC block reward drops to 12.5 which it will do, listen for the howls of anguish...
Miners are never happy - go visit some of the hardware communities.

Lets see what PoI delivers... but people need to USE NEM to create transaction fees otherwise it doesn't matter what Po* we use the income from the nodes will be zero.
hero member
Activity: 980
Merit: 1001
Yes i think it takes more than 73 nodes. Idea BTC injects 25 coins to keep miners happy. What would stop NEM from doing similar ?

What's keeping NEM from doing this is that all NEMs already exist at the time of lanch and all of them will be distributed. There are no 25 NEMs to "inject" for each block that's why fees are used for this. You would have to take away NEMs from peoples accounts which would feel almost like a tax and eventhough it would probably be very very very low i think people would still hate it.
BTCs are still being "created" and those new BTCs are then distributed among miners.
sr. member
Activity: 420
Merit: 250
by 73 nodes if you mean 73 computers its not hard at all  Cheesy.
full member
Activity: 182
Merit: 100
what if the rewards arenot profitable enough, can NEM survive ?

I think forging is not profitable enough in NXT either. I believe that most people running NXT nodes are doing it because they want to support the network. To get rich forging NXT you already need to own a butload of NXT.

POI is supposed to give more incentive to actually use NEM istead of hoarding it. It is also suposed not to give "rich" people so much of an advantage meaning that just because you hold loads of NEM doesn't mean you're going to forage loads.

However the actual reward for foraging comes from the fees people pay (Fee structure is also currently being discussed). If you forage a block with no TX in it then you won't get anything. The more people use NEM the more foraging pays and the more people will likely run nodes.

So a healthy network is one that is actively used Smiley
Yes i think it takes more than 73 nodes. Idea BTC injects 25 coins to keep miners happy. What would stop NEM from doing similar ?
sr. member
Activity: 952
Merit: 253
chanc3r  thanks for your insights, in your view what is a healthy network. How many forgers do we need to secure NEM?  Huh what if the rewards arenot profitable enough, can NEM survive ?

I think the NEM team already understand some of the need to address this... part of it is multi thousand stake distribution, why wouldn't all stakeholders run a NEM node? part of it is PoI so new smaller holders can still get rewards as I understand it.

NXT and NEM are different beasts because of this and until we see NEM we cannot answer some of these questions but like I say I take comfort that by the announcements, the clear  leadership, lessons have already been learned...

Waiting and seeing is part of the fun Smiley

Ian
hero member
Activity: 980
Merit: 1001
what if the rewards arenot profitable enough, can NEM survive ?

I think forging is not profitable enough in NXT either. I believe that most people running NXT nodes are doing it because they want to support the network. To get rich forging NXT you already need to own a butload of NXT.

POI is supposed to give more incentive to actually use NEM istead of hoarding it. It is also suposed not to give "rich" people so much of an advantage meaning that just because you hold loads of NEM doesn't mean you're going to forage loads.

However the actual reward for foraging comes from the fees people pay (Fee structure is also currently being discussed). If you forage a block with no TX in it then you won't get anything. The more people use NEM the more foraging pays and the more people will likely run nodes.

So a healthy network is one that is actively used Smiley
sr. member
Activity: 420
Merit: 250
chanc3r  thanks for your insights, in your view what is a healthy network. How many forgers do we need to secure NEM?  Huh what if the rewards arenot profitable enough, can NEM survive ?
sr. member
Activity: 952
Merit: 253
Any reason why NXT is crashing at the moment?

It seems they are doing a self destructing thing. They are creating a coin called nodecoin. People can get nodecoins almost free by running a separate program when they are forging and running nodes. Then they artificially set a price for these worthless nodecoins. It is 1 nodecoin= 0.01 NXT. How they came up this price is a mystery. If this nodecoin is created by some stranger instead of their own hired programmer, it would be no value and no one will buy it. But this is created by a Nxt hired programmer and he will use the community funds to buy these nodecoins. I doubt that any nxters are willing to buy nodecoins out of their own pockets. but this program controls millions of NXT in the funds. Therefore, the nodecoins suddenly become valuable. In the future, nodecoins will also play a role in other transactions. These worthless coins become valuable at the cost of NXT. This nodecoin will dilute NXT. They said that the nodecoins are for rewarding people running nodes and servers. Why don't they reward people with NXT which can build NXT's utility and value, instead they create a worthless coin to compete with NXT and it could become a potential Trojan horse in NXT. All this is so weird and the most weird thing is that most of the community members even believe that the nodecoin is a good thing.

In a word, NXT community  lacks of leadership.

This is in places inaccurate and I thought I would respond because I think there are things here for NEM to learn, some of which it already deals with...

Number 1 - are PoS rewards enough to maintain the infrastructure you need to have a healthy network to process transactions?... I think the answer is 'Maybe Not/No' - certainly in the early days when transaction volumes are low... NEM has PoI so lets see if this is fixed.

Number 2 - Is NXT Self-Destructing - 'No' - the decentralised Asset Exchange is almost finished, it looks good and people are coming to terms  with what having other things like Assets on the same chain means for your coin. Learning: because people can trade in the assets directly and pay fees in NXT they do not therefore need a lot of NXT to do this.

Number 3 - Assets can be created like 'node coin' this is NOT part of NXT, it has been developed by a member of the community as a way of layering certain things on top of NXT and the reward for running these things is node coin..... This will only have value if people who use those things buy the node coins or node coins find a use.... Learning: If you add an asset exchange you cannot prevent anyone creating an asset idea and trying it out.

I posted earlier a non-PoW coin is harder to make work, others have posted there is no 'overnight get rich quick' scheme, the phases NXT is going through now, NEM will experience in some form so buckle up!

I agree with the point on leadership - despite the BCNext mystery.. there are a lot of bright people working still on NXT, however would it be better if there was a clear and coherent team from the start like NEM has rather than the mystery - yes I believe so.. There are also a lot of other threads besides the 'hosepipe thread' as its been called where a lot of good stuff goes on and the same is true of NEM.
member
Activity: 80
Merit: 10
I can see we have great developers.

Do we also have a good GUI designer? Like Wesleyh does for NXT?
Because in the end, we need a good looking and simple interface.
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