what was so bad about the distribution in your opinion? in fairness its probably the best by a long shot of all cryptos.
I think that this
The total supply will be distributed as follows:
71% - distributed to stakeholders on the final stakeholder list.
10% - reserved for the core development team to fund development of the NCC and NIS up to the release of V.1 of the blockchain.
10% - reserved for the core development team to fund development of the NCC and NIS after the release of V.1 of the blockchain.
5% - reserved for the extended development team; those who are working on promoting NEM and the NEM ecosystem.
4% - auctioned off at a later date.
effectively undermine the usefulness of this project (
that had some merits).
As a software developer myself, i fail to see why one should be rewarded
so much for what can really be realized on passionate free-time, while still profiting from it a big deal.
In addition, distributing any currency with an IPO really concentrate the ownership in the hands of a few, and that is a central point of failure waiting to happen.
Finally, directly rewarding 'promoters' economically lead to questions like: "
Is that guy promoting it because he think it is a worthy idea, or it is promoting it because he get paid for that?"
This is my opinion. Thanks for asking without assuming '
do not agree, therefore troll' this time.
i think myself and every other person in the community would disagree but as you said.. each to their own.. come back in 6 months and let us know if you think you made the right choice to not buy in..
Of course we know his problem with NEM - his problem was nobody made him sign up back in early 2014, even though 3000 other stakeholders somehow did it. NEM is the No Envy Movement and yet I detect some Envy.
It was an unprecedented large distribution (which no one has come close to repeating - NODE, Ora and Community Coin had to prematurely close due to a lack of interest - coins which were announced after NEM and copied the distribution pattern).
It was also well publicized for a long time, being in the top 10 threads on the announcement section for a long time. Even with token trading, when you see how much people spend on other coins, NEM is arguably affordable due to the $capital controls implemented (2 tokens per account is keeping the price down).
NEM is concentrated into a few hands with its' 3000 stakeholders and then the individual developers who receive less than 1% IIRC? Compared to what?
This is compared to 99.9% of coins (past, present and upcoming) which have distributions to less than 100 and individuals (who don't do any development) can often get 5%+ of a coin just by throwing in a single BTC or two.
The PoW coins are a private IPO where the earliest miners with the best hardware and technical-knowhow can get most of the coins.
Compared to outside of crypto currencies.. Even at the first Apple IPO back in 1980 only like 300 people showed up (and that was considered a large distribution back then).
No need for me to make a conclusion when most of you would agree with it. There's a stark contrast to something involving thousands (NEM) compared to something involving dozens or best case scenario hundreds.
