Bitcoin Forum

What would u say is the biggest ideological flaw of the New Economy Movement?

Have u perceived any flaws in the NEM chain?

~CfA~

That nemstake users got screwed out of redeeming their stake.

I honestly havent seen any1 get screwed. Plz explain why u think this happened.

~CfA~

More than a year to redeem a stake and still people couldnt, its not NEM devs fault.

You can still claim your "stake" in bitshares, even though they have gone to version 2.0. Straight from your Protoshares or BTC donation wallet to BTS 1.0 then BTS 2.0. Anyone can do it who hasn't already done so. Why isn't this built into NEM?

When I seen a post from a war vet looking to claim his NEM stake and he couldn't do anything about it I just shook my head. What a clusterfuck of a distribution.

many but the biggest, an original core member (and who knows how many others) gamed the original distribution. such a scam at the very beginning (which most now involved conveniently forget), makes it pretty much worthless imo.

That moment acutally made NEM much stronger as it made room for a completely new and high achieving dev team.

As far as redeeming coins. People didn't care back then, had multiple reminders and opportunities to get extensions (if they contacted devs because they were unable to, arangements were made, etc.).

There are many more coins out here which had limited time for redemption, and most were much shorter than the year you had at NEM.

Well I got screwed. Not sure how I was supposed to tell my company commander that I needed to get on my computer to redeem my stake. Really terrible situation for me.

that was a big flaw... i saw your post and was shocked too.
but.. didnt you have anyone to do that for you in the time you was there?

dont get me wrong, i still thing this was a NEM flaw but you should have "protected" yourself, shouldnt you?

[/quote]

that was a big flaw... i saw your post and was shocked too.
but.. didnt you have anyone to do that for you in the time you was there?

dont get me wrong, i still thing this was a NEM flaw but you should have "protected" yourself, shouldnt you?
[/quote]


I mean I'm not really sure how I could have resolved it. Really bad situation, I had to focus on my military orders and just assumed I would be covered with my .7 nemstake.

Obviously the distribution process wasn't perfect and I get that for people in the military in can be especially hard to keep up with stuff like this. Here's how other people in the military solved it though: During that close to one year of redemption they dropped me a pm and I handled the redemption for them. 1 pm is all it took. I think around 5 people contacted me either during their deployment or because they knew they were going to be deployed soon and couldn't participate in the normal process. I understand that even that can be too much to ask during deployment but you asked for a way to resolve it - that's what worked for other people. Obviously they had to trust me but there wasn't a whole lot they had to lose.
It's not like the people handling the distribution were totally unreasonable tyrants. It was simply a process that turned out to be imperfect. There had to be deadlines because the unclaimed stakes were supposed to go to funds that the team knew were needed for sustainable future development and investments into the project. Noone pocketed those stakes. At some point people had better things to do than handling distribution a year after this whole thing started. It sounds harsh but that's just how it was.

Agree!
There was enough time to redeem the NEM stake(s). The timeframe for redeeming the stake was announced a fair time before it started. Everyone who is complaining about it, just missed it. This could not be the fault of the devs.

https://en.wikipedia.org/wiki/Evidence_of_absence
https://en.wikipedia.org/wiki/Burden_of_proof

I think the reason why people don't care about the sock puppets is because the people who troll about it are relying on logical fallacies like burden of proof and, comparing to other projects, evidence of absence.  I mean sure you can cause a commotion on Bitcointalk about it but most educated learned people will recognize fallacies when they see them.

I don't think it is the case anymore but a big ideological flaw in NEM was the fervent "anti-speculationism".  When you essentially setup a mood where you tell investors to stay away, and that they're manipulators, then yes people literally stayed away and that's arguably why NEM sat at $1 million capitalization for over a year...

Too bad that didnt work out for me. Just seems like an unfair solution. Why should the stakes ever expire for people who donated to the project?

nobody could do that for you? mom? brother?girlfriend? anyone?

It does seem unfair, but anyone who bought in at the start knew they were buying into a plan without any code behind it. The ethereum ICO was similar, but it gave you a sort of redemption code you could claim your coins with. Ideally NEM should have given out similar codes, but it's distribution wasn't as professional as ethereum's.