NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1161.

jabo38

legendary

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mining is so 2012-2013

Quote from: Pecunia non olet on April 23, 2015, 02:34:57 AM

Quote from: BitcoinForumator on April 23, 2015, 02:29:11 AM

I think it's good and even necessary that they have such a large fund for development and marketing if it will indeed be used for such purposes and not personal gain.

Also btw what happened to the silver coin for stakeholders? No talk of that anymore.

1st it makes the coin based on trust (trust into team, these funds will be handled orderly) - the coin without the large fund would be trustless.

2nd a coin with 70% of supply pooled in few hands will be unable to achieve a really big marketcap because risk and things ... let's say it reaches 100 million cap in our dreams. I don't see how 70million dev fund can be justified in that scenario.

So i think the generous dev fund will make sure this coin never goes places, really. You are free to disagree of course.

Wouldn't be the first coin to choke on greed...

Nobody has 70%

stop spreading FUD

Pecunia non olet

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Quote from: BitcoinForumator on April 23, 2015, 02:29:11 AM

I think it's good and even necessary that they have such a large fund for development and marketing if it will indeed be used for such purposes and not personal gain.

Also btw what happened to the silver coin for stakeholders? No talk of that anymore.

1st it makes the coin based on trust (trust into team, these funds will be handled orderly) - the coin without the large fund would be trustless.

2nd a coin with 70% of supply pooled in few hands will be unable to achieve a really big marketcap because risk and things ... let's say it reaches 100 million cap in our dreams. I don't see how 70million dev fund can be justified in that scenario.

So i think the generous dev fund will make sure this coin never goes places, really. You are free to disagree of course.

Wouldn't be the first coin to choke on greed...

jabo38

legendary

Activity: 1232

Merit: 1001

mining is so 2012-2013

Quote from: Mickeyb on April 23, 2015, 02:12:05 AM

Quote from: ?? on ??

Quote from: rockethead on April 22, 2015, 10:32:57 PM

I shan't say more. You have equal purview to the same things I have. But whatever you said is a lie, if not,

You need to show why it's a lie. Originally the "fair distribution" slogan was based on the fact that 75% would be distributed. 10% were for developers and marketers. And 15% for future development. Some people though that even 25% was pretty high as UP had also collected plenty of BTC and Nxt during the IPO. That 25% number ended up becoming 71% at launch date as shown here.

https://bitcointalksearch.org/topic/nem-stakes-so-who-got-what-in-the-new-economy-movement-find-out-here-1022311

That's your "fair distribution". Never mind that the worlds population is 7 billion and 9.99995% of humans actually have zero nem. The whole idea of "fair distribution" is a joke to start with..

I am sorry but I have to agrre here for a moment. 71% coins held by the DEVs is not doing us much good with the people coming from the outside, but hey decision has been made and we have to live with it!!

The 71% number is complete and udder FUD.

74% of NEM is held by only 100 accounts, which looks worse until you release that almost 2/3 of that 74%, (e.i., almost exactly half of all XEM) is money being held not by individuals but by funds held in multisig accounts set aside for massive development and ecosystem projects. http://blockexplore.in/search/richlist/

Of those funds they are being held in multi-sig, devs are a minority signers.

And when you exclude those special funds to fuel projects, what is left is one of the most amazing distributions of any crypto. http://blockexplore.in/graphs/bubble-chart-no-dev/

NXT FUDsters are coming in here with complete lies. On top of that even today 74% of NXT is all held by 0.13% of NXT account (143). https://nxtblocks.info/#section/blockexplorer_distribution

Please notice how FUDsters provide no links or proof of evidence of their lying numbers, yet repeat it over and over again.

NXT is a good platform, but some of them are very shameful.

BitcoinForumator

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I think it's good and even necessary that they have such a large fund for development and marketing if it will indeed be used for such purposes and not personal gain.

Also btw what happened to the silver coin for stakeholders? No talk of that anymore.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: ApexEvo on April 23, 2015, 02:20:26 AM

So what would be other option? Giving it all to dumpers? Im totally fine with it. It is part of decentralized system and cryptos in general, everything is pure gamble here.

Maybe a part should have been burned, or given more to the stakeholders, I don't know but 71% is very eye catching!!

ApexEvo

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🌟 æternity🌟 blockchain🌟

So what would be other option? Giving it all to dumpers? Im totally fine with it. It is part of decentralized system and cryptos in general, everything is pure gamble here.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: ?? on ??

Quote from: rockethead on April 22, 2015, 10:32:57 PM

I shan't say more. You have equal purview to the same things I have. But whatever you said is a lie, if not,

You need to show why it's a lie. Originally the "fair distribution" slogan was based on the fact that 75% would be distributed. 10% were for developers and marketers. And 15% for future development. Some people though that even 25% was pretty high as UP had also collected plenty of BTC and Nxt during the IPO. That 25% number ended up becoming 71% at launch date as shown here.

https://bitcointalksearch.org/topic/nem-stakes-so-who-got-what-in-the-new-economy-movement-find-out-here-1022311

That's your "fair distribution". Never mind that the worlds population is 7 billion and 9.99995% of humans actually have zero nem. The whole idea of "fair distribution" is a joke to start with..

I am sorry but I have to agrre here for a moment. 71% coins held by the DEVs is not doing us much good with the people coming from the outside, but hey decision has been made and we have to live with it!!

patmast3r

hero member

Activity: 980

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Quote from: mrvegad on April 22, 2015, 09:05:43 PM

#account name       name of cosignatory 1    name of cosignatory 2   ....
Sustainability Fund    BloodyRookie    gimreC      Makoto1337 mixmaster

Marketing Fund gimreC Makoto1337 jabo38s    kodtycoon   mixmaster

Operational Costs BloodyRookie Makoto1337 kodtycoon jabo38s    mixmaster

Pre-V1 Fund BloodyRookie    Makoto1337    gimreC    Jaguar0625   jabo38s   kodtycoon

Post-V1 Fund BloodyRookie    Makoto1337    gimreC    Jaguar0625   mixmaster   kodtycoon

Contributors BloodyRookie    Makoto1337    jabo38s    kodtycoon

These are the people in charge of the funds, it's up to you to decide if you trust them. This information plus more is in the nemesisData file in the nem-infrastructure-server-0.6.28-BETA jar.

Such whistleblower. Much 1337.

patmast3r

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Quote from: NorrisK on April 23, 2015, 12:36:16 AM

Are all cosigners required for every transaction made from the funds? What happens if one or more of the cosigners would (god forbid) die or lose their key?

Yes.
Co-signatories can be removed with n-1 signatures. If 2 die at the same time...well...let's hope m out of n is available if that happens.

Trollollo

hero member

Activity: 539

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Quote from: n3lz0n on April 22, 2015, 10:33:34 PM

don't feed the uneducated trolls, just ignore them, they have nothing better to do in their lives.

they act tough and everything because they are behind the keyboard...

just simply IGNORE...

"Don't argue with an idiot,because he will make you idiot,and will beat you with own experience"

It is allways better to ignore them Wink

NorrisK

legendary

Activity: 1946

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Are all cosigners required for every transaction made from the funds? What happens if one or more of the cosigners would (god forbid) die or lose their key?

jabo38

legendary

Activity: 1232

Merit: 1001

mining is so 2012-2013

Per everybody, there is an ongoing debate about who controls what in NEM/NXT. It appears somebody is representing the NXT community by telling lies about NEM, which ultimately I think looks bad on the NXT community.

I would like to clear it up with some facts and hard numbers that I just posted elsewhere.

Okay......

Per the debate about distribution that everybody is having. Here are the hard facts. The real hard facts.

74% of NXT is all held by 143 accounts (not far off from the original 70 that originally had 100%) Or in other words 0.13% of NXT accounts own 74% of all NXT. https://nxtblocks.info/#section/blockexplorer_distribution

74% of NEM is held by only 100 accounts, which looks worse until you release that almost 2/3 of that 74%, (e.i., almost exactly half of all XEM) is money being held not by individuals but by funds held in multisig accounts set aside for massive development and ecosystem projects. http://blockexplore.in/search/richlist/ And when you exclude those special funds to fuel projects, what is left is one of the most amazing distributions of any crypto. http://blockexplore.in/graphs/bubble-chart-no-dev/

jabo38

legendary

Activity: 1232

Merit: 1001

mining is so 2012-2013

Quote from: n3lz0n on April 22, 2015, 11:29:28 PM

oh did u say something? sorry your in IGNORED I can't read what your trying to say...

me too. hahahaha

jabo38

legendary

Activity: 1232

Merit: 1001

mining is so 2012-2013

Quote from: mrvegad on April 22, 2015, 09:05:43 PM

#account name       name of cosignatory 1    name of cosignatory 2   ....
Sustainability Fund    BloodyRookie    gimreC      Makoto1337 mixmaster

Marketing Fund gimreC Makoto1337 jabo38s    kodtycoon   mixmaster

Operational Costs BloodyRookie Makoto1337 kodtycoon jabo38s    mixmaster

Pre-V1 Fund BloodyRookie    Makoto1337    gimreC    Jaguar0625   jabo38s   kodtycoon

Post-V1 Fund BloodyRookie    Makoto1337    gimreC    Jaguar0625   mixmaster   kodtycoon

Contributors BloodyRookie    Makoto1337    jabo38s    kodtycoon

These are the people in charge of the funds, it's up to you to decide if you trust them. This information plus more is in the nemesisData file in the nem-infrastructure-server-0.6.28-BETA jar.

That is pretty accurate. But it is soon changing and Saul is also a signer on some of the accounts. The results come from breaking down the Sustainability Fund into its smaller individual funds.

Also, we realize that anyone person can't ever be trusted in crypto, and that is the point that those funds were all put in N of N multisig. So you don't have to trust all of us, you need only trust that at least one person in each group is being honest and diligent.

Furthermore this funds are being set aside to fuel some pretty cool projects that we hope will make NEM a much greater and much more valuable platform.

n3lz0n

hero member

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Go Bitcoin

oh did u say something? sorry your in IGNORED I can't read what your trying to say...

rockethead

legendary

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Quote from: n3lz0n on April 22, 2015, 10:33:34 PM

don't feed the uneducated trolls, just ignore them, they have nothing better to do in their lives.

they act tough and everything because they are behind the keyboard...

just simply IGNORE...

Yes, thanks for the advice. You are right that there is no need to go down to that level. Besides, there are only a few of them from the core of ruts. I will abstain. Wink

n3lz0n

hero member

Activity: 619

Merit: 500

Go Bitcoin

don't feed the uneducated trolls, just ignore them, they have nothing better to do in their lives.

they act tough and everything because they are behind the keyboard...

just simply IGNORE...

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: ?? on ??

Quote from: rockethead on April 22, 2015, 10:02:32 PM

The number "6", is a lie. The word "controlled" is to misconstrue. These people are signatories and custodians to the funds. Therefore, the statement has a negative sense to it and is tantamount to a lie.

Why is 6 a lie? How many people are the "custodians to the fund"

Quote

to end up having to beg for money to sustain the future of the initiative. We will do what is best for NEM.

That's nonsense. Nem already had 25% coins reserved for developers and future funds. You should not have that reserved stakes if you were going to claim all the unclaimed stakes on top of that. That number went all the way to 71% by the launch date. Only 29% were distributed.

Quote

If you believe NEM is such a bad investment, then it would be good to just sell away your stakes and move on.

No, thank you. It's a free world and I am free to post facts, even if you don't like them. The fact is that even though marketcapp shows all 9 billion coins, only 29% were distributed. What that means is that as more and more coins are given away or sold by the "custodians" the prices are going to fall even more down.

I shan't say more. You have equal purview to the same things I have. But whatever you said is a lie, if not, I suggest you read through the entire history and facts about NEM's distribution, use of funds, and initiative. Don't use words like "nonsense", "absolute lie", "warn", "you bet", etc. These words make it seem that you know everything. But the fact is you don't. If you still think you do and you mean them for the good of NEM, then I have only this to say, i.e., I bet you are not very smart.

rockethead

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Quote from: nextgencoin on April 22, 2015, 10:06:21 PM

Quote from: rockethead on April 22, 2015, 10:02:32 PM

Quote from: Eadeqa on April 22, 2015, 09:38:24 PM

Quote from: jabo38 on April 22, 2015, 07:07:46 PM

That guy is a known lying troll. Not just of NEM but any coin that he thinks threatens NXT.

That's an absolute lie. I have never said anything negative about any top 20 coin. Post proof for your lie, asshole. Post the link where I trolled any top 20 coin. I will bet you won't post proof because you are a liar. What I said is actually true. 71% of nem are controlled by 6 people. I warned you guys to burn unclaimed stakes or I am going to complain about it forever.

Nothing I said was a lie.

The number "6", is a lie. The word "controlled" is to misconstrue. These people are signatories and custodians to the funds. Therefore, the statement has a negative sense to it and is tantamount to a lie.

Who are you to "warn us"? We do not want to end up having to beg for money to sustain the future of the initiative. We will do what is best for NEM. And so far, the people who are in custody of the funds have been doing a great job in perpetuating NEM. If you think otherwise, then so be it. You don't have to continue to harp about it. You have your opinions, others too, have their opinions.

If you believe NEM is such a bad investment, then it would be good to just sell away your stakes and move on. Your continual presence and negative comments are proof of your desire to want to destroy this initiative. Everything is said in bad faith. Said too long and too often, it will only mean that you have bad intentions. So, in the end, even if you mumbled truth they are to be taken as lies. Heard of the famous saying, "cried wolf too many times"? That's what you are doing.

I have an opinion too, you have no right to think you can avoid criticism.

Opinions and criticisms are two different things. Opinions without facts are lies. Criticisms without proper substantiation is negative and have no positive impact to better the development of the initiative. We don't need any of them.

rockethead

legendary

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Quote from: nextgencoin on April 22, 2015, 09:58:56 PM

The truth is this, NXT apart from the fact the developer probably made quite a bit (just like Satoshi) was similar to any other coin. What people hate is a few people got rich from it.

Apart from them people bought NXT on the open market with Bitcoin that served a good way to fairly distribute. I mean if you are willing to spend your Bitcoin then you are personally using up the wealth you have to buy. NEM distribution is by committee not market so actually its a warped distribution that many could of manipulated. The best distribution has been ICO sales like GEMS when people have to risk their hard earned coins to invest in the coin. And you end up with a large number of investors with quite an even distribution. So please if you support NEM never mention fairness or good distribution cause you make yourself look foolish.

First this is not a Nxt forum. I don't care what Nxt does.

Quote

NEM distribution is by committee not market

Don't know where you concocted this from. But it was an open distribution exercise and in all fairness.

Quote

The best distribution has been ICO sales like GEMS

What's so fair about it when a money bagger can buy all of it too? And before you lambast at our socks, we did go through a tremendous sock weeding, resulting in hundreds of socks being discovered. That is fair too.

Quote

So please if you support NEM never mention fairness or good distribution

Distribution was done in all fairness, to the best we could. In fact it was the best ever done by any initiative in its time. We could have weeded out more socks if we wanted to, but our respect for privacy has prevented us from doing it.

Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1161. (Read 2985369 times)