Topic: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread - page 86. (Read 661498 times)

Do you think NEM's market cap can surpass NXT, which is 700,000 btc now?
ps: one stake of NEM = 70000/3000=23.33 BTC!

Also who will answer the question - what is the real progress? 35 devs - give us an answer please. Or maybe you just wait for NXT success and all bugs fixed to copy it?

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supporter

Outstanding job! It seems we currently find ourselves in the midst of some kind of cambrian explosion in the crypto world. Moreover, a lot of noise confuses people causing them to impulsively focus on all the wrong things when judging how projects evolve.  However, in the midst of all this NEM seems to emerge as an utterly distinct kind of creature. One that seems to be steadily and decisively evolving and may turn out to be a unique black swan.

I like the way things are communicated. No problems here for waiting a bit longer.

@Utopianfuture: We stakeholders could however use a 'rough' timescale.

Furthermore, if you need my assistance in helping you, or the devteam, you guys know where to reach me.

Good decision UF. Better to wait a couple of days more rather than to regret later.

What if a whale or shark buys a bunch of NEM on the AE or auction?

NEM development contract (preliminary draft)


https://docs.google.com/document/d/19so-Jy3Gqw2KltZP-gaw3oFaHliN0OdtwZktOP4pCOQ/edit

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.

Cross post to the asset exchange thread and I am truly sorry.

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Dear NEM stakeholder community,

I apologize for making some of you disappointed but I decide to hold off the asset exchange listing for at least a couple of days until more information about NEM and its governance structure could be provided.

The reason for that is because I realized involving new investors is a qualitative change in NEM organizational structure and that needs to be handed with more transparency and disclosure. So far NEM has been conceptualized as a voluntary association in which stakeholders are participants and contributors to the formation of a new decentralized movement. In that conceptualization, I am comfortable in handling participant complaints with a simple refund suggestion. In that conceptualization, no one loses when he doesn't like what the development team is doing and can voluntarily withdraw. We as a team could also have the right to refuse certain participants who are deem not beneficial (sockpuppets for example). This phase has been dubbed "a call for participation" (it is not an IPO sorry) for these rationales.

This phase was over when the final stakeholder was published. No more stakeholders will be added. Now we are going to transition to a new phase in which investors can come in via  sales from the current stakeholders and public auction. I think they deserve to know more what future governance of the system will look like. So before investors are welcomed in, I would like to publish at least a preliminary draft of the Development Contract to the agreement of all current stakeholders. So the time during the asset exchange listing postponement will be used for that process. The process will include: the development team publishing a preliminary draft of the Development Contract; current stakeholders commenting and criticizing the Development Contract; majority of current stakeholders agreeing on the Development Contract and the rest requesting a refund and leave.

While I believe at this point the shares of the current stakeholders are theirs to control and technically asset listing is for the current stakeholder selling a part of his shares. However, we as a team cannot afford officiating the sale without performing our obligation in a full disclosure of what we plan to do with the development shares and development reserves. Hence, the postponement of the listing. I have been preparing materials for the Development Contract for a while and will be able to publish a preliminary draft very soon.

UtopianFuture     

Wow take all the time needed, decisions and outcomes affect the community so do not rush 

Why should i not be surprised? Is it not allowed to be surprised? When i bought the stake, the info was 4000 stakeholder 4 billion Nem. I thought if there is less than 4000 stakeholder it will be equally devided. I thought this is a really great way to do it.
It is just fair to know that 400 mio going to the devs...... I was one of many that was disappointed about Nxt distribution. The math still doesnt work, will you proof of burn the rest? Its the same with darkcoin if you ask about the instamine at the first day people gonna hate you 4 ever.

I was interested in Nem since you propose it at the nextcoin.org forum, so why should i change my mind now? Kind of feel sad that people want to talk people into giving up there shares... Man that was my first post here, it's like a hive of bees...

It has been said before. No one needs to be involved. Refund are readily available for current stakeholders. So in what perspective are you complaining when you do nothing ?

So in what perspective are you complaining when you do nothing ?

Since you are an stakeholder, I would like to request you to ask for a refund if you feel so "surprised" and "unfair" about the distribution scheme. No one needs to be involved if he does not want to.