Bitcoin Forum

We've heard about exchanges and crypto projects cutting staff, and to some extent, we all assumed the sh*t projects would be going down under these testing conditions.  But NEM, a somewhat underrated project, has announced it's running out of funding.

https://cryptomenow.com/major-cryptocurrency-project-nem-only-has-a-month-of-runway-left/ (https://cryptomenow.com/major-cryptocurrency-project-nem-only-has-a-month-of-runway-left/)

I think everyone is struggling not just nem, but instead of causing panic
Why not work even harder and provide value to your product, it pushes price

Eth planned the update, to improve their product, and even though delayed, it still increased the total cap
Announcing shorts of fund could cause unnecessary panic

This is a difficult truth for NEM. A huge investment of ETH 190,000 with the current price is very low, and it is not able to maintain a large machine that can overcome a long winter like an ice age. NEM was right when it cut 25% of its staff, which would reduce the cost of maintaining the company.

Sad to hear about this. NEM is a good and successful project in its early stages. But it may have been affected too much from the bear market. Steemit is also a victim of this but it continues to work well.

That's the company's fault. Look at binance and anyother ico that can generate profit from the platforms. NEM was creating a big mistake because they are not putting the main concern to the question how they can create such a useful application or platforms that can actively generate revenue to cover the operational of the platform.

If we will talk about the market price then they really are.
But if we will see their development on different countries they are working hard and they are really rising.
They are not struggling instead they are performing well.

I think that in a few years this project will simply disappear and it will be just dead coins in your wallets. a few years they can not run a catapult

I do not want to believe that this project will be closed, because they have a strong team, they are constantly promoting their product in different countries, conclude partnership agreements, I think that everything will work out

It's sad to see what happened to a potentially powerful project. But this once again shows that the inept leadership to anything good will not. Everyone should do what is good at.

We have to wait for further notice coming from the team itself, it's sad to know that after those long years of surviving into this field, now they will
ended up this way, maybe there's still reason and hope that the company will continue if your statement is true, sustaining and keep the project
alive is really a hard deal to any team.

A lot of project are struggling right now due to the lack of expertise of bear market for person that run those projects and foundation a lot of them are under twenty years -good luck for current investors

NEM is just one of all who are struggling in making a good outcome in the market. This just very normal, if bitcoin is at the same path then we can expect the same to all since bitcoin is the leading digital and the future of all cryptocurrency.

Bear market affected almost all coins, but there is no one says that the NEM has stopped working. NEM is a good and well-established coin in the market with good capitalization, but it is falling.

They already have a large enough community in the market, not having funds is not the right reason to drop the price, the NEM Team must develop the leak, like what ethereum has done

What is NEM(XEM)?

The first cryptocurrency after Bitcoin to have built its code from scratch, NEM is unique for many reasons. Its stability, versatile use cases and consensus system are just a few of the things that make NEM different. Here’s everything you need to know about NEM.

NEM: The Basics

NEM, short for New Economic Movement, started out to build a smarter, more technologically advanced blockchain.

It is a cryptocurrency which provides an improved platform and streamlined method to maintain a secure ledger for transactions.
Getting rid of mining and the necessity for powerful systems and expensive hardware, NEM made cryptocurrency transactions much simpler and more efficient. It also drastically reduced the energy requirement for transactions as well as the time required for a transaction.

 NEM Foundation, the non-profit organization established to develop the NEM ecosystem, running out of funds and is looking to secure additional funding from the NEM community. It aims to submit a funding proposal for $7.5 million, which translates to about 172 million NEM XEM, -2.04% tokens at current prices.

The news of the NEM Foundation’s struggles has had a negative impact on the price of XEM, which is currently the 18th largest cryptocurrency thanks to its market capitalization of $391.8 million. The token is down 8.3% in the last 24 hours, with 24-hour volume steadily increasing from $12.7 million to $18.6 million.

The inept leadership is gone.

The new leadership which arrived a month ago has the balls to admit they've been left up shit creek by their predecessors. Now they're doing something address it.

Well i guess it's proving to be not so important (POI) ;D

proper crypto does not run out of money, company's can run out of finances.

That is what happens if you have expensive overheads.

The state of the crypto market now is making things difficult for projects these days,it is very difficult to raise fund with the current market state,it is a pity that some good project will also be affected.

for nem it's a very difficult time and I think that everything will be decided with the future until March

How did you come to that conclusion?

the project was on top 10 for the most of its time and NEM has huge community in each country, i can't believe it would come to this.
overthrown by newer and scalable platforms are just making it than NEM. i can't even tell 5 projects to name bringing the flagship of NEM in this industry. 0.04USD is still good though. i have been here while NEM's price was 0.02USD.

In order to save the company from bankruptcy, it is necessary to collect 160 million xem tokens ($7.5 million at the current rate). In my opinion, NEM can be treated as a promising ICO and at the moment it is a really interesting project that deserves to be able to further existence and development.

This is another not so good news in crypto world but I think that everything is struggling right now because of the down trend in the value of almost all the coins and tokens in the market. I just hope that nem could still survive despite the decrease with its manpower.

The market situation is not helping some projects at all,many projects are finding it difficult to develop further because of lack of fund.

I agree with your point. NEM did a mistake, they could spread the platforms with valuable products. At this moment, most of the legal crypto projects are suffering, not only NEM but still, NEM is a very popular coin and their trading volume also high! Then why they haven't made something catchy for their community/project. I feel sorry for the NEM, hope everything will be alright again!

NEM... IS good project in it is early stages , but state of the crypto market now is making every thing difficult for projects . I think that every thing will be better in the future .

It is certainly interesting but as a project for investment I think it is better to pass by, while in 2017 many coins developed nem just stood still , I think the time has passed this coin

Previously, NEM seemed a promising project with a great future. But alas, the expenses that were spent incorrectly, the management themselves made themselves known. I do not think that staff cuts will make a big difference. Let's see whether he will live at least another month or two.

The core developers are not paid by the foundation or employed by them in any capacity. If the foundation went away tomorrow it would make zero difference to the actual system. It would probably progress faster without it.

It is not only NEM that is struggling now,many other projects are also struggling because of the present state of the market, it has become do difficult to raise fund to develop a project.

NEM has struggled to gt grip of itself ever since that Asian exchange got hacked and they lost a shed load of NEM. It was a blemish on their name and when alternative options came out namely cardano, EOS, Tezos, people simply switched to something better

Too bad for them but this struggle that they have been facing today will fade and replace by new beginnings. I'm not an investor of NEM but they're logical  and helpful to the community base on what they are conducting.

Most coins are struggling too but this case is different from the falling price of the market. They are in a situation right now that can discourage most of their investors but it will be solved in the near future.

Let's hope that this strategy to cut-off their employee will make them survive in this bear market. I know it's difficult for the team to announce this situation because their investors will get panic or will not understand them but at least they let the truth speak rather than making a exit scam.

I saw this on a blog and I felt so bad about it. NEM has been slow development-wise, now they are talking about dropping some staff due to funding issues. I like the project, I thought it will have good prospects in future but this rumour changes that. Nevertheless, NEM/XEM is still one of the oldest projects with great vision. Some projects recently used their platform, like Atlantico and Sportsfix, I understand how they will feel seeing this rumour.

It's a shame that even such a project with such a strong team will closed. Apparently the team was very difficult to cope with the management in such a market. This once again proves that no one is immune from failure. Not everyone can survive in the harsh market conditions.

They applied for a big amount of NEM tokens from a reservation for this year. Their team sais that now they have funds only for 1 month. So without this money, they can really make a lot of problems.

NEM project which has a very long history. As I recall, NEM coins were distributed free to all users who supported the project. What can I say now about this project? I think that it needs to be supported.

yes. if they are really struggling, they can ask support from the community. i'm sure they are willing to help.

the project is very old where ICO wasn't born yet. all it needs back then was the dedication of the developers to come up with a project. i wasn't that old when it happen but i have received some coins of some projects which was also distributed.

I am a long time supporter of NEM and as sad as it is to see it in trouble, pretty much everyone is in the same boat, hopefully soon we will see this about face.

I think it was specially fabricated news to get most people to sell coins at a low price. So that certain people can buy cheaper and then earn more.

strange of course to read it all. But the team is working and now it’s important that they will work on technology, not marketing. I think the new manager will cope with his task.

NEM founders are bold enough to claim about changes without any lie or exageration so we should appreciate their path. I'm sure there are a lot of projects which struggle during this bear market, but don't say anything, so we can just guess what's going on inside. I'd prefer transparent way.

I do not think that this is the end of NEM. This coin has a great perspective, the team is developing their project and are up to date. It is just a small price decrease that would be eliminated with the next push.

nem probably now very much loses competition, as with the latest news, I think the coin can generally leave the top cryptocurrency, as the market is much stronger competitors

I think that, against the background of all other projects, it is NEM that is losing very much in its relevance. I participate in sport fix companies and I hope that the results will still be good.

Not only NEM, there are also ICO projects and other crypto projects are similar when the market goes down. Causing them to delay the project and unable to continue, with NEM they are asking for support from the community to continue the project.

^They had the support for several year now, bad management and expensive overheads leads to this situation.