Topic: NEM: What is it, and why is it skyrocketing? (Read 1870 times)
i was lucky enough to be around when you got over 2 million nem for about 10 bux if i remember. Id like to thank all the generous ppl at nem for promoting the distribution on this forum and being cool guys because i was late on a few downloads and they still got me my coins (imagine how hard i would kick myself now) . Anyway i don't come on the forum much anymore but since I'm going to go pay rent with some nem i thought id come say thanks to the team.
First, it was one of the top 10 coins at Coinmarketcap when the Ethereum rally terminated because of the DAO fail. Further, it was one of the coins that didn't have to do anything with the "Smart Contracts" and "DAO" buzzwords. Lisk, for example, was affected by Ethereum's decline because it has many similar properties.
You don't suddenly get 100X Monero's volume without a manipulator. Don't fool yourself with nonsense.
Second, NEM does quite well with marketing. It may be debatable if Proof of Importance is a real innovation regarding to Proof of stake, but it sounds good in their whitepaper. I think that Proof of Importance does have some properties that are favouring some crypto business models (like marketplaces and gambling activities) that small altcoins need to grow. Also it seems to have a pretty successful side project (Mijin), a NEM fork for banks and other companies.
There is no debate. Only n00bs who don't understand that there is no debate. I already explained the technical reason that PoI is just a way of doing PoS and fool some n00bs into thinking it is an innovation.
My guess is that NEM got high because of these reasons:
First, it was one of the top 10 coins at Coinmarketcap when the Ethereum rally terminated because of the DAO fail. Further, it was one of the coins that didn't have to do anything with the "Smart Contracts" and "DAO" buzzwords. Lisk, for example, was affected by Ethereum's decline because it has many similar properties.
Second, NEM does quite well with marketing. It may be debatable if Proof of Importance is a real innovation regarding to Proof of stake, but it sounds good in their whitepaper. I think that Proof of Importance does have some properties that are favouring some crypto business models (like marketplaces and gambling activities) that small altcoins need to grow. Also it seems to have a pretty successful side project (Mijin), a NEM fork for banks and other companies.
And last: I think there is simply so much "space" in the top coin list between the billion-dollar-marketcap cryptocurrencies Bitcoin and Ethereum and the rest that some investors may find opportunities in the coins in the "second tier" like NEM, NXT, Dash etc.; with these coins the risks are high but also the potential rewards if a real break-through in adoption is reached.
First, it was one of the top 10 coins at Coinmarketcap when the Ethereum rally terminated because of the DAO fail. Further, it was one of the coins that didn't have to do anything with the "Smart Contracts" and "DAO" buzzwords. Lisk, for example, was affected by Ethereum's decline because it has many similar properties.
Second, NEM does quite well with marketing. It may be debatable if Proof of Importance is a real innovation regarding to Proof of stake, but it sounds good in their whitepaper. I think that Proof of Importance does have some properties that are favouring some crypto business models (like marketplaces and gambling activities) that small altcoins need to grow. Also it seems to have a pretty successful side project (Mijin), a NEM fork for banks and other companies.
And last: I think there is simply so much "space" in the top coin list between the billion-dollar-marketcap cryptocurrencies Bitcoin and Ethereum and the rest that some investors may find opportunities in the coins in the "second tier" like NEM, NXT, Dash etc.; with these coins the risks are high but also the potential rewards if a real break-through in adoption is reached.
Whitepaper is very well written. Finished reading it today. See here: http://nem.io/NEM_techRef.pdf
It is reasonably well written. And thus will give the impression that the coin is a significant and serious contender.
Except that it is all (or mostly) fluff and not substance. For example, Proof-of-Importance is just a way of repacking Proof-of-stake to fool investors:
https://bitcointalksearch.org/topic/m.15400658
Also they claim mass adoption goal, but can't explain why technically they should reach that goal:
https://bitcointalksearch.org/topic/m.15401240
Also I should say that I am not against NEM (they should continue developing it and they should have adequate funding by now so my words here shouldn't interfere with serious work), but the huge volume has to be fake and thus it is a manipulated pump (with dump to follow usually). Thus I think it is a valid activity for me to warn readers (share my perspective without berating on it incessantly) about the true innovation lacking in NEM as far as I can see. I asked them in the prior threads here, what significant innovation justifies the $100m mcap, and there was no valid response.
XEM, is totally legit, and it really surprises me that the ones here who know about all the countless shitcoins dont know anything about NEM(XEM) yet it has been around for more than two hole years!
Not to mention that it was trading very cheap at one point and people had plenty of opportunity to buy.
But hey, dont take my word for it, do your own research and look into it for yourself.
The only reason that i can think XEM has little audience here is because its been heavily targeting the asian markets in Japan, that and they are going after serious investors and not people interested in pumping and dumping their worthless altcoins.
Not to mention that it was trading very cheap at one point and people had plenty of opportunity to buy.
But hey, dont take my word for it, do your own research and look into it for yourself.
The only reason that i can think XEM has little audience here is because its been heavily targeting the asian markets in Japan, that and they are going after serious investors and not people interested in pumping and dumping their worthless altcoins.
Nem whitepaper is the best response to the question "what is nem?"
Lol, sorry, my mistake
Didn't mean to be rude, thought this was another thread (where I did).My bad, post deleted.
Sorry Blazin8888.
Whitepaper is very well written. Finished reading it today. See here: http://nem.io/NEM_techRef.pdf
What does the white paper have to do with the issue being discussed here? Satoshi's white paper is the answer to life, the universe and everything?
Nem whitepaper is the best response to the question "what is nem?"
As regards "why is it skyrocketing?" I really don't know.
Perhaps investors escaping from Eth are betting on it.
May be the news about real world financial institutions using Nem tech.
Someone with a lot of money manipulating market?
People buy Nem to profit from supernodes?
I only can say I always knew that it would have happened sooner or later.
Whitepaper is very well written. Finished reading it today. See here: http://nem.io/NEM_techRef.pdf
NEM is actually a really cool project, one of the first "2.0" concepts. I never got into it, but it's definitely not a scam in my opinion.
It lost about a third of its value in one and a half hours. That's a massive crash and anyone who bought at the top must be frantic with worry that it won't go any higher. It has a 24 hour (and all time) high of 2798 sats, and it's gone down to 1932 sats as fast as lightning.
Fair chance of a bounce @1900 sat methinks. Failing that, looking @1300 next.
XEM JAPAN: https://www.youtube.com/watch?v=XxjGFwwtBm0
Award for the goofiest name for an altcoin goes to...
It was a fake pump don't expect for the price increase fast they are attracting people to invest then the yare dump after someone people are buying..
Better to don't invest if the altcoin is not well known''..
Better to don't invest if the altcoin is not well known''..
They are working with Japanese companies and gov. They are doing good work in promoting cryptocurrency. Factom is working with US/Chinese companies and Gov, also doing good work. Impressive.
Wow, a near 1000 sat drop while I wasn't looking. I think that tells you plenty about how realistic this pump is.
Most early birds are taking a multiple year view as am I. This has just started rolling. I hope it doesn't become a plaything of the whales but those volumes say plenty.
Most early birds are taking a multiple year view as am I. This has just started rolling. I hope it doesn't become a plaything of the whales but those volumes say plenty.
I thought it was a scam last year, when i sold my 15,000 XEM @ 70 satoshi...
...another lesson learned: always HOLD, you never know where prices could go. If I held all my coins, I could have sold the XEM I bought and still profited, considering some of the coins I did sell out of have tanked.
...another lesson learned: always HOLD, you never know where prices could go. If I held all my coins, I could have sold the XEM I bought and still profited, considering some of the coins I did sell out of have tanked.
Dumps as fast as it rises. Only a fool buys on alltime-high.
I can agree and say that its better and the best to be the all time high than to buy on the all time high.
U can try this
~CfA~
It lost about a third of its value in one and a half hours. That's a massive crash and anyone who bought at the top must be frantic with worry that it won't go any higher. It has a 24 hour (and all time) high of 2798 sats, and it's gone down to 1932 sats as fast as lightning.
https://s32.postimg.org/rrmdfkeyd/nem.png
Dumps as fast as it rises. Only a fool buys on alltime-high.
I can agree and say that its better and the best to be the all time high than to buy on the all time high.
U can try this
~CfA~
Dumps as fast as it rises. Only a fool buys on alltime-high.
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