Why are there only 1,000 NEM? | Bitcointalksearch.org

Magic8Ball

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Quote from: instacalm on July 04, 2014, 07:24:06 AM

Quote from: Lorenzo on July 04, 2014, 07:12:43 AM

Do you know when NEM will be launched?

NEM is still in alpha stage and it will be going through many more phases before its actual launch, meaning that "a couple months" is the best estimate you could get right now -- no need to hurry. Did you give the open alpha a try already?

The alpha has been running smoothly so I do not anticipate much delay. There will be times of low prices at NXT asset exchange, so pick up when you can get it.

digitalindustry

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‘Try to be nice’

because (Po$)

griffinriz

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Quote from: instacalm on July 04, 2014, 07:24:06 AM

Well... that's Cryptsy. Wink

Withdrawing from BTER is almost instant.

True, I always use BTER and it never take more than 1 hour or maximum 2 hours Shocked

instacalm

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Quote from: Lorenzo on July 04, 2014, 07:12:43 AM

Do you know when NEM will be launched?

NEM is still in alpha stage and it will be going through many more phases before its actual launch, meaning that "a couple months" is the best estimate you could get right now -- no need to hurry. Did you give the open alpha a try already?

Quote from: griffinriz on July 04, 2014, 07:20:56 AM

Quote from: Lorenzo on July 04, 2014, 07:12:43 AM

but I'll need to transfer my NXT from Cryptsy to my wallet first, which could take a few days.

Few days for transferring NXT from cryptsy? Shocked

that is just too much Grin

Well... that's Cryptsy. Wink

Withdrawing from BTER is almost instant.

griffinriz

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Quote from: Lorenzo on July 04, 2014, 07:12:43 AM

Ah, thanks for the information. That explains it then.

Do you know when NEM will be launched? I'm interested in purchasing 0.1 NEMstake but I'll need to transfer my NXT from Cryptsy to my wallet first, which could take a few days.

Few days for transferring NXT from cryptsy? Shocked

that is just too much Grin

Lorenzo

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Quote from: instacalm on July 04, 2014, 06:54:08 AM

Quote from: Lorenzo on July 04, 2014, 06:53:19 AM

This is probably going to sound like a stupid question but why are there only 1,000 NEM?

The fact that there are only 1,000 NEMstakes means that each coin is very, very expensive (currently $1,500 per coin according to CMC).

Hi Lorenzo!

1 NEMStake equals 1'000'000 NEM after the official launch (NEM is in Alpha stage right now). NEM's total supply is 4'000'000'000 (4x that of NXT). Only 1000 NEMStakes (representing 1/4 of NEM) are traded on NXT AE. Stakes can/could be claimed by stakeholders.

NEMStake is an asset representing NEM, not the actual coin.

=> If one were to buy e.g. 0.1 NEMStake, it could be converted to 100k NEM after launch.

Quote

A NEMstake token represents one million NEM receivable after the official launch of NEM blockchain. The token can be traded down to one digit after zero (minimum unit is 1/10 of a token).

Ah, thanks for the information. That explains it then.

Do you know when NEM will be launched? I'm interested in purchasing 0.1 NEMstake but I'll need to transfer my NXT from Cryptsy to my wallet first, which could take a few days.

instacalm

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Quote from: Lorenzo on July 04, 2014, 06:53:19 AM

This is probably going to sound like a stupid question but why are there only 1,000 NEM?

The fact that there are only 1,000 NEMstakes means that each coin is very, very expensive (currently $1,500 per coin according to CMC).

Hi Lorenzo!

1 NEMStake equals 1'000'000 NEM after the official launch (NEM is in Alpha stage right now). NEM's total supply is 4'000'000'000 (4x that of NXT). Only 1000 NEMStakes (representing 1/4 of NEM) are traded on NXT AE. Stakes can/could be claimed by stakeholders.

NEMStake is an asset representing NEM, not the actual coin.

=> If one were to buy e.g. 0.1 NEMStake, it could be converted to 100k NEM after launch.

Quote

A NEMstake token represents one million NEM receivable after the official launch of NEM blockchain. The token can be traded down to one digit after zero (minimum unit is 1/10 of a token).

Lorenzo

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This is probably going to sound like a stupid question but why are there only 1,000 NEM?

The fact that there are only 1,000 NEMstakes means that each coin is very, very expensive (currently $1,500 per coin according to CMC).

As I understand it, NEM is similar to NXT but is written from scratch and is intended to have a wider initial distribution. Then why 1,000 coins? I know NXT has 1 billion coins which is a bit high compared to most other established coins but it is still a reasonable number. Even Qora's 10 billion is not too unreasonable.

And yes, I know that you can buy fractions of a NEM but it is only up to one decimal place, correct? Then how am I supposed to buy anything worth under $150 with NEM? Or is NEM not supposed to be used in this way?

Topic: Why are there only 1,000 NEM? (Read 1074 times)