Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 192. (Read 2984910 times)

Any tainting attempt is a one-shot attempt. If it proves to be unsuccessful, as it did in this case, then you can forget about it. End of the day, it is just an asset being created on the NEM blockchain and distributed to several addresses. By itself, without everyone agreeing to what it means, it means nothing really.

I like to remember the times of NEMStake in 2014, it was such a nice beginning already

That actually is a fair point that i had not considered. I guess the decision was rushed when the pressure came on to fork and wasn't thought through properly. In the end the tainting worked out to be relatively ineffective so i don't see a repeat.

Yes there is a point.  So every single time XEM gets stolen in a project that could last decades with a finite supply of coins there will be new tainted coins in circulation?  What kind of idiocy is that?  In theory 100% of the circulating supply could become tainted.  Who decides when to untaint and "you're legit."  See the problem?

Mosaics (equivalent of ETH Tokens) were sent to the address with stolen funds so nothing really got tainted.

Well just think about it. There has been stolen XEM that value $500 million. Trading volume of NEM is low traditionally compared to competitors like Eth for instance. If the hackers dump the coins gradually it has a big impact. I am sure the downtrend is mainly caused by the hack. When things cool down, NEM will rise again. I would bet on that.

The coins were tainted because they were stolen. Its a bit of a leap to compare that to intervening in unethical situations or throwing up roadblocks on projects they don't agree with.  The tainted coins are obviously still being traded.
Its similar in my view to inking stolen cash from a bank.
Other coins have succumbed to pressure and forked after similar losses. I think they deserved at lot of praise for not going down this route. Sure the coin is going to lose value during this phase but we all knew that when the theft occurred and could have sold and bought back at the bottom.
No point in bitching after the fact

By what technical means in the code and API were the coins and wallets able to be tainted? Just a few lines of codes or a setting? In my opinion it is really cool that NEM has this functionality even if the community thinks it is used incorrectly.

The dump isn't over because the exchange Huobi still hasn't allowed deposits yet - once they open there doors NEM isn't going to be $0.45 anymore over there.  If BTC takes off from here all alts are going to bleed anyway so then the people that are still holding XEM and have already taken a large hit are going to see that as a painful opportunity cost and dump some more.  If BTC corrects to 6K again then everything is going down hard.  Basically BTC has to sit still or creep up to give XEM any chance to recover and this would have to be a substantial period - not the style of BTC as of late.

Lon Wong made a terrible decision in tainting wallets and individual coins.  He basically demonstrated that XEM is not fungibile and the Foundation will intervene at any time in situations they do not consider ethical.  This is not their place because with a true currency people should be able to acquire it and dispose of it however they see fit - NEM Foundation isn't the proper authority to be governing this.  This is a law enforcement matter and while I would agree with NEM Foundation cooperating with an investigation they shouldn't try to be the law.  It gives the impression that if they don't agree with a project or business using XEM they could start throwing up roadblocks on those wallets and/or tokens that pass through them.  It is a slippery slope and anti-crypto in many ways.

Hard to say when it will be a good time to buy again because that depends a lot on the overall health of the market.  Given the Huobi situation most likely not now.  I would be looking around $0.25 - $0.28 and consider it there to cost average down my stack.  I would only start there though.  Depending on BTC the bottom could be something like $0.16 based on what XEM was doing in the Sept - Nov period of 2017.

I honestly don't care if you take me seriously or not.  I've been interested in this project for a good long while and the bad management is very frustrating.  I don't have time to sit around and comment on speculative investments all day but Lon really pisses me off.  Just terrible management of this hack and the worst precedent you could set for a pre-mined coin.  Gives 0 confidence in the fungibility of NEM.  And no I didn't buy black market XEM - but even if I did it shouldn't be my problem.  Do people go to jail automatically if they somehow acquire "black market" dollars from a bank robbery where they had no involvement whatsoever?  The dump should have been allowed to play out instead of this half-assed intervention which accomplished absolutely nothing good and did way more damage than necessary.  Take Coincheck's problem and make it NEMs problem - not smart at all.

Buy XEM responsibly. I love their project, their whole vision. I believe their scaling will be much more efficient moving forward into 2018 and 2019. Lets see what this year has in store for XEM

so u bought on blackmarket stolen XEM and now u cant sell them.....

better do ur legwork before u buy some supercheap XEM on black market

dont be pissed about someone else if urself is the only one responsible for what u do

You bet. NEM has a fraction of the volume of other large projects. It can't take this selling pressure. Others would suffer too but not to that extent.

Do you thing the quite recently stolen NEM could have a role in such a big dump? Just to try to understand better the dynamics of what's happening.

just to understand better...how do you know this? Can you tell us more about the incompetence of Lon Wong? what right now he's doing so wrong?
What price will be a good price to buy? When will the storm be over?

No one takes a newbie account seriously. Especially since your first 6 posts are NEM / Lon bashing.
Your points might very well be valid but why hide behind a sockpuppet account to make them ??

Quite a few projects are starting to apply nem mosaics, new icos and an exchange is also using nem in its technology.
Its good advancement for the project despite the bad news of the hack which caused many to sell in fear.

Thanks, great read! It's a good thing there are developers and companies around that can look further then this nem bear market we are currently seeing.

On a side note, the increasing amount of fud tells me things will turn around sooner rather then later. NEM got dumped to shutters by weak hands, but the strong holders are still there as they have always been.

Lon Wong said himself, we are the best funded project around, with millions laying around for marketing.
So i tend to think, they´re waiting for the right moment, this guy is NOT stupid.
Now would be a bad moment, because the hack-thing will play itself out anyway, and it would be wasted money. Especially without catapult yet.

I´m hopefull, we do a bullrun after that. Bought some more XEM on the shitiest exchange out there, but i´m stuck on Polo. Any news on Polo ?
I want to at least cuddle my XEMs in the meantime.

Somwhere between 750-1500sat, in that time BTC around 4000-5000 (in negative scenario for BTCUSD). In positive scenario - BTCUSD much more up (14000-17000-20000$ most probable for me 14000$ in that case) - XEM should have bottom in range around 1500sat. In both cases XEM should visit 20cents - in worst even 10cents (depends on exchange of course).