Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1683. (Read 2985503 times)

"You snooze you lose..." Wow how New Economy Movement of you.

We are playing like broken records.  I already said other coins had a cut off and it didn't result in any controversy.    We already have Chinese NEMsters who've commented on here and on the NEM forum after China blocked BTT.

 Before China blocked BTT there were other coins where many people missed distributions, like those 14 people in NXT (IIRC) or the 200 in NODE

Nothing at all, but if there is going to be a "MEGA DUMP" like you say, why would they wait until launch to do that? Anyone could request a stake on the NXT AE and dump there if they wanted to. Why would someone who only wants to dump be waiting until launch to do so? I don't think there will be any sudden, excessive dumping at launch because it's not like those stakes have all been "locked up" until now. NEM has effectively been on the free market for months now.

This did not happen to anyone who followed the rules.

why always talking about ignor shares , some of them were cancle by dev team , including me , pay for btc but not get my share , so sad

Still blocked, according to this site:
http://www.greatfirewallofchina.org/index.php?siteurl=bitcointalk.org

(along with other sites like google.com, while sites like apple.com and microsoft.com are not).

Quick question, what is stopping all those who received their stakes for free from dumping? In my opinion, there will be a MEGA dump after everyone receives their stakes.

I don´t ask for more or less, just this . . !

Thank you.

To pre-emptively counter a logical argument against my above wall of text, the same thing could happen after people receive their stakes but at that point the chances of someone completely forgetting about their NEM for a couple years and actually being able to recover them drops dramatically. It's a completely different situation when a third party is guaranteeing your 1 million NEM for an indefinite period of time than it is when the 1 million NEM are sitting in a file on your computer.

And anyway, that is just ONE of the cons against holding unclaimed stakes indefinitely. There are many others that people have pointed out already as well. Overall, it just seems like a bad idea to me, even though I know for sure there will be some very disappointed people who fail to claim. It's just an unfortunate reality we are all going to have deal with, but it's just the nature of the beast.

Great explanation of the situation, you have articulately described why it would be unfair on original participants to allow stakes to sit unclaimed.

Good point about the links. I'd already forgotten about that earlier phishing attempt.

In a perfect world we could have a perfectly distributed coin with no unclaimed stakes. It's not a perfect world, though, unfortunately. So, the best thing we can do is try to turn a negative situation (having unclaimed stakes in the first place) into a positive one (using those funds to help further the development of the coin).

I don't think anyone here can say with a clear conscience that they are glad there are unclaimed stakes. I know I hope that everyone who invested in the beginning gets their stake safely in their NEM wallet when the time comes. Unfortunately, the crypto world changes at a rapid pace. Many people likely invested (since it was such a small, small amount so many months ago) and then completely forgot about NEM or maybe even gave up on crypto entirely. But remember, that was more than a simple investment. By choosing to reserve a stake in NEM, you became a part of this community. The goal of NEM is to have a community of people who actually believe in the ideas of what NEM represents. I don't think we are looking for people who just want to pump and dump to convert their NEM back into a few more BTC or, worse, fiat.

This is just my opinion but I feel like if you are not willing to be a part of the community, even after we are doing everything we can here (as volunteers nonetheless) to make it easy for everyone to claim their stake, then you forfeit your advantage of being an early adopter. Yes, we want to be accommodating to everyone who has an interest in NEM, but when there are thousands of people involved (and soon to be many more than that after launch), it is an impossibility to try and please every single person.

In these early days of NEM, we have an obligation as early adopters and believers in this movement to try and make it successful for the sake of everyone who is an early adopter who IS actively participating. If we bring in unnecessary risk to the system in the way of holding stakes for people for an unlimited amount of time, that is not fair to any of us and could itself undermine NEM completely.

Imagine, if you will, a situation in which NEM is worth $10/NEM. Suddenly a NEMstake is worth $10 million. By the time this happens, most of the initial stakeholders will have sold at least some of their coins off, and distribution will be much wider across hundreds of thousands if not millions more NEM users. By this time, there will be very few (if any) people holding 1 million+ NEM. Now suddenly you have people realizing they had a NEMstake, and we've been holding the unclaimed stakes indefinitely. Now you have people who have essentially artificially entered the market (because due to their lack of participation henceforth, they were not actually market participants and were not subject to the market pressures that caused everyone else to sell off or use their coins in order to distribute them to a wider user base).

So now you have people who never cared about NEM in the first place with more NEM than anyone else. They will either dump the coins immediately and take their multi-million dollar lottery winnings or, even if not they will have artificially high and unfair harvesting power due to their disproportionately high amount of NEM.

I just don't think it is fair to those of us who ARE actively participating and who will be building/securing the network from the beginning, to suddenly have to bend to the whims of stakeholders who come back to the party years later when they contributed nothing in the first place. To me, this goes directly against the principles of NEM in the first place.

Anyway, that's just my opinion. Would love to hear others' thoughts about this as well.

Just something that happens.  NODE had like over 200 unclaimed stakes from a pool of 900-something.  These were given like 5 months to provide an wallet ID and despite updates and even some PMs didn't follow through.   What they did was give more coin to existing stakeholders and then did a controversial fire auction which created dolphins who then proceeded to dump (not the way to go).



You really think these 1000 or 800 stakes might all be Chinese?  I strongly doubt it.  I think a lot of them were just random people off the internet who were like "It only costs the equivalent of a lunch" but completely forgot by June (asset exchange) never mind October.

I left the link out intentionally as it would have been even more prone to scamming. This way we could tell people that we won't be sending links and keep them from expecting and naivly clicking on any links.

No specific date has been communicated because there is no specific date yet. We said it was going to be at least a month. We're preparing a lot behind the scenes and if that takes a little longer then so will the redemption.

Agreed. Just mentioning it in case there is another part of the process involving PMs. I also like the suggestion of putting the hard deadline into this thread's title as well as on any websites dealing with token registration. Basically pick a deadline (if that hasn't already been done) and post it everywhere.

What's the specific deadline - date - that these people had to register their stakes? Maybe that deadline date should be put into the subject header of all the message threads and the OP's.

Well whats done is done, i guess its stakeholders responsibility too to check NEM forum and this thread for some information from time to time.

I know this is hindsight 20/20 but one thing I would have done differently is that when the team sent out all those PMs with everyone's NEM tokens, to have also pasted in a statement saying something like "you have x days to register your token or you risk losing it" and a link to directions.

Apologies @ Kodtycoon if i new you were on the A list of Marketers-volunteers i would not have accused you of sounding like a banker.

Does any one have the link to when the original discussion regarding unclaimed stakes took place.
There is a considerable amount of info to sift through before i conclude to invest more or not.

The one thing the niggles me is the staggering amount of unclaimed stakes. I tend to think these belong to Chinese accounts. It was decided by the owners of nem that i month was it so i suppose thats it then.

A major irritant is what happens to those stakes now that we know the scale of the problem.
Is this open for discussion or has it been decided behind closed doors.
What i am trying to say is. The owners already have a reasonable amount of stakes for there work and on going work. They also have the sockpuppet stakes and all these unclaimed stakes coming.

Imagine offering a new shito coin to a community and saying " there maybe a pre mine of around
30/40/50 % or so but dont fret it will all be used to make shito coin fantastic" Dont think there would be a long line of eager investors.

This sounds more appealing

Completely Fair Distribution - Equal Shares for ALL
No arbitrary distribution. Decentralized. The most egalitarian coin. Show your love to NEM.

There is no blame for this situation and Nemsters should be proud of the success achieved to date.
But it may appear to some that the lions share of wealth seems to be centralized.

I accept that too. (but, but . . )