Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 180. (Read 2984910 times)

Get used to it, and welcome to the club

Well at least XEM is leading on something.  Out of the Top100 coins they are the furthest down today - 22%!

Not the coins, but the accounts hosting them. They were tagged by sending a mosaic to them. However the hacker was too quick and it got away from them.

I am reading here that the stolen coins have been tagged. How does that work exactly from a technical point of view? How would you track them all when they start to move around?

Realisitically that's more than 10% of what's circulating. Supernodes, developer and foundation funds must be several billion.

Apparently the Tokyo Whale hasn't sold any BTC since January. It's been other whales dumping.
He also denies that his previous sales affects market price. - However, I don't know why he thinks that it wouldn't - unless they were done OTC. But still, if someone bought OTC, then dumped - it would have the same effect.
Read about it here.

Interesting news nonetheless. Hopefully it helps quench some of the FUD.

Nike says "Just Do It"

I say "Just Keep Buying XEM"

Total was 523 million XEM or 5.8% of total supply not 10%.

This article states around half have been sold for other coins.  But doesn't mean they were sold on exchanges.
https://www.japantimes.co.jp/news/2018/03/17/business/coincheck-stop-handling-three-virtual-currencies-give-owners-anonymity/#.Wq1DOBPwbWY

Interesting is that Coincheck will drop privacy coins from their exchange, Monero, Dash, and Zcash.  Will others follow?

We released a BaaS which can use NEM
http://techfund.io/

NEM can be handled easily with API, but you can leave it to us, such as setting up a test net's node.
Please try it and give me comments!

The hacker has a site on the dark web where one can purchase stolen XEM for a discount. People are buying it up.
I don't know exactly how much has been sold this way, but it is likely more than half. Maybe even 3/4 of it. It is very hard to trace, because it is transfered so many times into so many different accounts.
I wish there was a NEM block explorer with the tree-type diagram to make tracking easier. As it is now on http://explorer.ournem.com, I can click through address to next address countless times, and seem to never find the bottom.

In the past 2 days, there were a few very large dumps, and at odd timing. The largest candle on tradingview's 1-min NEM scale shows a sale at 3-17-18, 4:40AM. This looks unusual, as it's such a huge volume it would have to be a whale sale. It doesn't make sense to me for an investor with that large of a bag to dump at that time.

There's likely a lot of people with too much FUD dumping as well. They see the price dropping, and dump their bags as well.
A 10% increase in market supply shouldn't cut the value of XEM by 1000%. Especially with so many great things knocking on our door.

@jelin1984 - It is not NEM foundations role or responsibility to babysit anyone's wallet. Lon Wong himself even says they are focused on developing the best blockchain we can use now, and improving it for the future - and are not focused on market valuation. This is good. They are software guys, not dictators controlling markets, babysitters watching wallets, police catching crooks.
The security of NEM blockchain is rock solid. It is the exchanges that need to improve their security. (and they are)

Anyway, how about some positive news!

1. In the most recent US Economic Report, Cryptocurrencies added an entire new chapter! And IMO, it is overall very positive! - Basically acknowledging cryptocurrency as technological advancement, with characteristics similar to the internet in the 90s. The report encourages a flourishing crypto economy, as well as cautions about scammy ICOs. Read a news article about it here. Or read The Economic Report for yourself (or maybe just the chapter on crypto)
2. I don't know this author, but I think it's a fair enough assessment. He speculates that NEM valuation will increase to 80 cents this year. I think it will be more, but you can read his take here: Read here.
3. The first Bitcoin Lightening network is in beta testing! - That is very positive for anyone invested in, or using ANY crypto.
4. Trump tax breaks helps us US citizens keep more of our profits. His economic advisor supports even more tax breaks for capital gains - such as crypto investing. Read here. There are also others close to Trump who are supportive of crypto as well. Say what you want about the current administration, but I don't think we have to worry about a crackdown coming from the highest seat. (except maybe on Venezuela's new Petro coin)

edit/ to address the troll, hyjinx.
The Tokyo Whale's bitcoin dump IS over for now. He is likely to arrange an OTC sale after September court proceedings. BTC price has actually gone up since your last bit of blathering. Price staying right around $8k. Market has gone bearish now with all the FUD news, tho. Hard to tell what happens next.
/edit

I thought the dump was mostly over?  What happened?

coin after so many days go to 0.41 dollars

and hacker at 2 days with no problem f... it at 0.29 dollar

what foundation do about that?


aslo i believe that hacker have a lot of nem at poloniex

The hacker stole 10% of the entire XEM supply which was worth about $500,000,000 at the time.  He has only managed to sell about 40% so this is going to be a problem for a very long time.  You can see the effect of the past hacks playing out right now in Bitcoin (Mt. Gox trustee still has 160,000 to sell).  It isn't that much vs. the entire market especially over time but in a bear market that is all the news needed to panic sell.  Although I would argue that BTC is being driven down in price by a very big player with a very big short.  If one watches GDAX order book it is very clear there is an endless sell bot the bulls have been trying to buy in the 8-10K range for the last 1.5 weeks but they simply don't have enough money for him anymore.  So we're probably going down.  Isn't really a bear market but an asshole market right now.

Over 500 million. The last time I saw a figure he still had over 220 million.

How many NEM was held by this hacker?
If he can easily dump it to lower the price so much, how can NEM recover when people are worried about future dump all the time?

the best tagging system doesn't help with exchanges allowing to sell

I'm waiting for $0.20 which I don't think is that far off if Bitcoin can't hold 8K.  Hell, if Bitcoin can't hold 8K then we are all going to goblin town anyway where XEM will be about $0.05.  For the record I bought at $0.55  because I assumed, wrongly that XEM would retain at least some of its gains from the Alt coin bubble.  Haha, what a shitcoin.  Hard to deny that Lon fucked up hard.

Yea yeah:) Lon Wong bla bla. If You buy on hypes for 1$ or above that level You should have rancor for Youself not for Lon or the rest of NEM Foundation. You have speculated not they. And Lon and any other person - no one is perfect - humanum errare est. It could be much worst if the head of NEM Foundation let's say were UtopianFuture. So chill out.

By the way.. Are You prepared for accumulation of cheap XEMs?

I'am.

https://www.tradingview.com/chart/XEMUSD/oCQMGnlt-Some-sign-of-positive-reversal-here/

Last reversal was fake ( 57JPY was strong resistance point, Korean speculators are now selling XEMs with loss, they have planned to resell higher for hack victims, but hack victims dont rebuy XEM so likely, they are lost for crypto for a while) so buying incoming dip is the best way for now to enlarge XEMs stack;)

My plan looks for now like this:

33% of planned long in range 19-27JPY set to buy@ 27JPY (pending order), second 33% @19JPY, the rest (34%) in range between 20-26JPY with step 0.1JPY (so average will give around 23JPY for whole entry planned at that level.
The rest of planned XEMs to accumulate by me (50% at 19-27JPY level, so @11JPY rest of this planned is 50%) are set to take near 11JPY, for now one whole pending order at there, but after bounce from 19-27JPY area i will change that probably.

Lon Wong fucked up big-time with the tainting and tracking.  We all would have been much better off if the hacker just dumped the coins.  Sure, market would have tanked but at least everyone who believes in the project could have stacked up and given others the opportunity to get in cheap.  Let the market work.  Instead Lon went ahead and decided it was better to call the fungability of XEM into question and demonstrate how they could selectively bar people from using/spending XEM.  This simply has no place in crypto which is designed to be first-and-foremost decentralized and censorship-resistant - no matter how "unethical" one might perceive the actions of others.  On top of all this the FUDing of all the exchanges for weeks making trading impossible and making everyone who bought way too high into fucking baghodlers.  Fuck him.  Simply the biggest mishandling of anything I've ever seen, so sad and so destructive.  Lon should resign and turn NEM Foundation over to someone more competent.

Disagree. Of course the hack is really big trouble for all of us (I believe NEM developers did their best, but if some exchanges didn't care of or even cooperating with hacker due to laundering the stolen coins...), it is tanking us down, out of top10, for a long period, maybe forever. Which is extremely boring, annoying, sad, etc.

But we didn't lost the most important ingredients (at least in my eyes) - trust and credibility. I believe, that immutable and "don't touching" blockchain record(s) is a _must_. Yes, of course we all know, that ETH did hard fork in the past due to similar reasons ... and they were successful at all. This is one of the saddest surprise in whole the crypto scene for me...

Anyway, is somebody active monitoring the trace of Coincheck's stolen coins? Can we reckon, how many coins were already dumped and how many are still waiting for the dump / laundering ?