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I am just amazed it raised in price in a couple of weeks? What's the reason, I don't see much nem news that can cause such a rise. I like nem but present growth feels like a pump? Or am I missing something others clearly see.

No reason.  If there was, the charts wouldn't look like this:
https://i.imgur.com/ZAcAMaw.png

The chart indicates the buyers are very patient, they spend the last 6 months to accumulate the cons. there might be a dump soon.

I think it's a great project and have plenty of XEM but I don't have the slightest clue why this is happening. The obvious reason is ETH/DAO money looking for something else to play with.

Having said that there are some very cool developments happening but they're almost all in Asia so most people on here will have little awareness of them. It has a CNY pairing in China and may hit a JPY exchange in the coming days.

Reason is right there.  NEM has partnerships with the Japanese government and banks; as well as in Malaysia and Myanmar.  This is why the price is exploding. Posters do your homework.

If you read the last 5 or so pages of the announcement thread you will see some news hits and more info.  It is an asia based coin so like someone said we are not seeing much of the news here in western countries.

Distribution is/was rigged from day 1 - it rises like a marinecoin or etherscam.

NEM is the New Economy Movement. It has always strived for healthy long term organic growth and partnership with dem real world

~CfA~

No one from NEM has answered this question yet:

So we must trust you.

So just like how Mark Karpeles was our hero until he wasn't?

Why didn't you make a WoT to codify the level of decentralized trust in the system, so the decentralized trust is more verifiable.

What are the names of all these people I am asked to trust? Who trusts whom within that? What are their backgrounds and past performances? Etc...

Again I am not making accusations. I am just suggesting that if you want the market to trust you, you should be able to show information that helps to establish the trust.

I am a stakeholder. I just checked to see if I'm a pathetic cypher of the sinister team behind this. I am not. I checked twice.

Who are you? What is your background? Why should the market trust you? And the others.

71 guys got together and gave themselves all the Nxt too. And see how that turned out for the investors.

Oh gee, let's all print some tokens and give them to ourselves for 65 BTC, and then we will convince others to buy our tokens.

Let's name it New Economy Movement, so that no one will really focus on the fact that Proof-of-Importance is really just Proof-of-stake.

If we have enough of ourselves to hype it, then the market will think it has a lot of support. We don't really need to talk frankly about the technology. We can put up press releases about how the Japanese Banks are working with us.

Good marketing plan. Kudos.

Gosh.

I mainly sit around posting shite. I like the sea, lovely walks in the country and train journeys for no particular reason.

Should the market trust me? I don't see why not but the market really doesn't care about little old me. And all I do is buy from it occasionally. I'm aiming to spend eventually, not sell. 

Just occasionally there are real human beings involved in cryptoland. I am one of them.

It's crazy to think about a 9 billion supply coin is worth 1700 sat each. Expect it won't last too long.

People getting mad because they put down NEM and now look at the results of hard work and patience.

 :P

Nice catch, SydorFunk. Yes, this may be the reason people investing in NEM has a lot of faith in the coin.

Chillax. No worries, as altcoins are always manipulated pumps (otherwise they are scorned market failures):

https://bitcointalk.org/index.php?topic=1413819.msg15390617#msg15390617

It is not particular criticism of NEM. It is just the way altcoin speculation is. Fundamental developments don't matter as much as price manipulation. Gold fever. Get rich quick.

So it really doesn't matter if Proof-of-Importance is just technobabble obfuscation of Proof-of-stake. Technology isn't really the #1 important factor. Manipulated upward price is.

Giving away stake is a good way of insuring the tokens end up concentrated with a manipulator. Either they are given directly to the manipulator, or those who received them free then dump them and the manipulator buys them for peanuts.

The manipulator was accumulating when NEM was below $1m mcap for 1 year:

http://coinmarketcap.com/currencies/nem/

it's been around for more than 2 years:

key difference is that NEM devs listened and are making a currency that anyone can use.

this is the number 1 reason why so many other fail while NEM is surging right now, they focused on usability

Been with nem since the start and it has been really good to me!

Not planning on selling my stake yet, been patient for 2 years already, can wait a bit longer. Just wondering how high this can go.. Growth seems a bit too fast now imo.

On the other hand, it was probably severely undervalued compared to to other coins so it may just be correcting to where ot should be priced.

Because there is a growing consensus that token platforms like NXT, WAVES or NEM will be huge when the decentralised fiat gateways are ubiquitous.

All users holding XEM for long-term investment.. I bought it when the price was 210 satoshi...
I think XEM will be up-trending to 10k satoshi after 2-3 weeks...

I am just making the point that trust has nothing to do with it. Your "Proof-of-importance" (don't tell anyone it is really just proof-of-stake) technology has nothing to do with it.

The price is moving up because someone is manipulating the price.

it gains pretty fast so far last weeks has been nice :D i got in at 500 satoshi so im pretty happy :D

I got out of NEM when it was only (!) 300-400 satoshis. Best guess I have, it's getting a lot of buying from Japan because its tech is being used by a big-league payment remitter and at least one company that's tied to a Japanese big bank. (Please note: I'm not talking about NEM itself, I'm talking about its tech.)

In a sense, me selling way too soon is my bad for being too parochial: I barely know anything about the Japanese.

Suffice it to say, there's a lot of demand coming from folks that have nothing to do with this here corner of the Internet. In a very real sense, it's a wake-up portent for the time when crypto becomes more mainstreamed. What happens if (say) Lisk captures the fancy of a whole bunch of folks that aren't interested in Bitcointalk? Folks like me will prolly think that (say) Lisk has gone insanely high because we won't be able to figure out where the demand is coming from.

Until The DAO mishap, we saw the same thing with Ethereum: its growth came outside of these confines, so at some level it was hard to believe.

Yup. That's the key to the next step in crypto. It really needs to leave this cesspit behind.  

There'll be more coins that take off with virtually nothing to do with this place, and all the clapped out dogshit that people masturbate over here will be forever left in the dust. That's an entirely healthy and necessary thing.

The reputation/rank aspect is just proof-of-stake in transactions. It has the same properties of proof-of-stake wherein your stake determines how much rank you realistically have (and not just lose it all to transaction fees).

Yes everything is a "manipulation" (i.e. a trade), but the difference is that in order to move a price up vertically like that requires significant concentration of the tokens into one manipulator's control. That isn't necessarily bad or good, depending on your perspective of good and bad. It carries certain risks, which include that the manipulator can crash the price when he is ready to short.

I am just advocating honesty:

1. NEM doesn't have any new technology. It is a rehash of same old technology.

2. NEM's price is being manipulated to the upside as of this moment by someone with control over most of the float.

You don't need to take that as an insult or criticism. Just take it as a being fair and factual.

How many NEM coin are in circulation and not hold by the NEM team? I am not sure if the total marketcap is fake. Thanks for giving an accurate answer.

Ask for proof also. Words are meaningless.

I must correct you:

1) NEM has some unique features. As an example the only multisig implementation where you can add and remove cosigners.

2) how can you be sure of manipulation? You are just supposing it.

Is removal of a multisig enough to give a $133million market cap?

I mean it is almost as big as LTC! It won't be in 1 month, I am 99% certain.

1. Yeah it might have some minor features that other coins don't have. Please explain why these are really important and justify a $133m mcap.

2. The chart of a non-manipulated coin looks like the following with never getting more than 4X gain off any low (note rpietila caused the spike at the start):

http://coinmarketcap.com/currencies/monero/

Well, I very well undertand the concept of proof, but an "official" number from a trusted team member would be satisfying for me at the moment.  

It's all accessible info. Check it out here.

http://blockexplore.in/search/richlist/

https://i.imgur.com/LZMkGLr.png

Quite a bit's been held back for further development and promotion and the addresses are publicly labeled.

An actual number as a pourcentage would be great   :D

If I remember rightly distribution to regular humanoids was somewhere around the 71% mark.

https://forum.nem.io/t/nem-distribution-stats/811

How do we know they aren't Sybils for the same entity? How do we know they didn't sell cheap to the manipulator?

See I think the bottom line value will be the actual technology of the project. The price will rise high and then crash to the true value in the project.

I do not have a clue.

I never told marketcap was due the unique features of Nem.
Just pointing out your wrong words.

I don't really know the reason of the ride. I have few ideas I'll keep for me.

Yes we agree. It is not.


So what is wrong in my words  ???

1 was wrong

2 was uncertain

that's all

if the value only lies in the tech, why does bitcoin have a ~10 billion market cap?

I can clone bitcoin right now.  It's about usage and adoption.  

Something that NEM has done fairly well under the radar. Testing with real world companies and banks ...  

This is correct, a lot of techies fail to recognize that the simplest of solutions to crypto coins is making a simple coin anyone can use.

Instead they add all these crazy features and whistles but the average individual can't even get a wallet to start.

NEM is for the masses, not just those who roam in these boards.

Maybe it's just me but I find the NEM wallet a major pain up the arse to operate. All sorts of clacking and whirring and things stopping and starting. I'll happily switch to a lightweight wallet when it's widespread.

Please explain how NEM can scale to 1000s or millions of transactions per second?

What features does NEM have which make it the coin for the masses?


1. I was correct.

2. I'm certain. See the 16,000 BTC daily volume on a $123m mcap, versus say for example 276 BTC for Monero on a $17m mcap. That is the manipulator buying from himself.

Price may be manipulated who knows, but pointing at volume makes no sense. $10 million trading volume is very good. It's much greater than lite coin although litecoin has higher market cap and is a quarter of ethereum who has a billion dollar cap. All I can conclude with volume is that people are selling a lot yet price is stable or rises that only points towards high demand.

Hired the ETH marketing team.

I suspect a high amount of ETH dumpers are putting their funds into NXT and XEM after the DAO hack...

Use some common sense:

If it was a pump, why make it 8 billion coins? Why not just make it 10 million or even 3 million, etc and pump from there.

Dear people, this is probably the one coin that is actually having a natural growth, all these scams have made many of us skeptics of crypto world.

I'll say this, a coin that (a) goes up 8-fold in 10 days adding $100M to its market cap and that (b) can't be shorted is (c) a prime candidate for a crash.


lol.

Well, it has stalled at around 2000 sats. NEM often stays stalled after a big run, but this time may well be different. We'll see.

I could believe this. Wish I had gotten in on the action earlier...

Cant wait until the pump team decides to dump on everyones ass - this is going to be the biggest knife drop ive seen in a while.

There just isnt enough liquidity in the order books to get their profit target yet....

I know what its like, ive missed out on many, but this seems like my lucky turn,  all i know is i wish i could predict the markets.

I think alot of weak hands will sell soon, but im in it for the long run, i predict the market cap will reach the same as BTC in a few years.

You need some sense. Manipulation is not done by issuing a larger number of official tokens. Please re-read the link you were provided by me upthread:

---

It would probably be better if the developers were the manipulators if you trusted them to only use manipulation to support the price and not to wreck the coin.

I explained at the following link that if your developers don't manipulate, then a whale can buy cheap as the token flounders:

https://bitcointalk.org/index.php?topic=1413819.msg15400907#msg15400907

So who is the manipulator of NEM? Who acquired most of the tokens?

I tried to be like you, except I missed the email where they said that I can only claim my stake for another month or two... and now boom, nothing for me.

And I am not alone.

And to top it off, now they deleted all my posts on the forum, and blocked all my IPs, even blocked the whole domain to which my email address belongs.

That does not sound like a healthy community - who would rather censor, than discuss, and who would rather cut off, than work with.

They might have short term success, but in the long term someone who has more integrity will bypass them, unless they can still fix it and unless those who got stakes can work out a way to give back to the others who also invested but did not get stakes because of poor administration in administering the stakes.

You were probably flagged as a sockpuppet and rightly so.

Only 3 posts since 2014, right  ::)