Bitcoin Forum

Lost half of its value.

The last posts on the NEM board on this forum saying its a scam? Why people calling it a scam?

Is there a swap to newer blockchain Symbol (XYM)?

If buyers buy the NEM dip now then will these NEM coins be worthless when Symbol coin comes out? Can buyers that bought NEM today swap their NEM for Symbol?

Or is this a hard fork or something where NEM holders get a free 1:1 airdrop of Symbol coins  ???

What's the max supply of the new Symbol coin?

Is it crashed because NEM holders think their NEM coins be worthless?

A snapshot happened yesterday and anyone who holds XEM will get XYM 1:1. I don't know the max supply though but I think it's going to be more or less the same? I don't know anything about swap but I think it's just an airdrop for XEM holder.

I was really surprised, just the other day the price was still around $0.6 price range. To be honest I don't really know what's going on but there's a lot of FUD saying XEM is becoming a scam. Others are saying like it's going to get abandon so the devs can move on to the next project which is XYM.

This explains very well: https://www.reddit.com/r/nem/comments/m3jsx4/a_couple_of_things_people_really_need_to/

Price of NEM is not growing upto the expectations of ita holders because they are seeing other coins are producing 100x in this bull run so they are calling it as scam. I used to have NEW and some tokens but it became worthless in 2018 so I just trashed the wallet files and never wanted to have them again.

So just to confirm this is a hard-fork, not a swap to a newer chain coin? Why im seeing posts in NEM reddit saying swaps?

Okay snapshot happened yesterday so if I buy NEM today I'm not entitled to 1:1 symbol coins?

So the best advice for new buyers from today is to wait till Symbol release to buy it or is it hard fork like Bitcoin & Bitcoin Cash where NEM and Symbol are competing against each other?

It is normal in crypto market. Bitcoin lost about half of its value in March 2020.

When they lost money, even they are only temporary lost, they said any coin causes it is a scam coin.

No. There is no swap from NEM to XYM. People can only claim XYM from the NEM they hold in the wallet at the time of snapshot. It was done yesterday. The mainnet of XYM will be launched on 15 March and there are few exchanges support the claim and will list the XYM on their exchanges like Kucoin (https://twitter.com/NEMofficial/status/1370296737538076673)

https://twitter.com/NEMofficial/status/1370335811476934657

Check its specifications on https://symbolplatform.com/xym

It will still have a valuen, not worthless.
The deep falls happen around airdrops with XRP and other altcoins in this year.

Can a coin be labelled a scam because it hasn't performed 100x like other coins in a bull run. I thought in a bull market all coins even dodgy coins like Bitcoin Cash at least get a 1x or 100% return right?

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Bitcoin dropped 50% last march 2020 because of the Corona Dump black swan event. But bitcoin did not lose 50% value before the bitcoin cash hard fork back in Aug 2017 so why NEM lost 50%?

So just confirm this is a hard-fork not a swap meaning NEM & Symbol are competing against each other?

If so what's so good about Symbol in compared to NEM and why would a buyer still buy NEM instead of the newer Symbol?

[moderator's note: consecutive posts merged]

Fear from investors and market manipulations. Reasons we see as Pandemic announcement from WHO or airdrops are only what we see. We don't know what whales prepare before the falls.

Price can not be bumped if you don't see any dumps.  ;D

I have no clear idea about that but the NEM team said on Symbol website. In addition, if you need more explanation, I think the NEM forum will be the best place for you: https://forum.nem.io/

That is totally different compared to NEM because that was a chain split hardfork not an airdrop.
Chain split Hardfork happened due to disagreement between developers, communities, etc. while airdrop happened due to developer themselves, for development purpose, etc.
in this situation, there is a confusion about what is the usage of XYM and NEM.
people are afraid NEM will lose its value due to XYM technology, that is why we are seeing this down.

They are once of the top altcoins but left behind because of being incompetent and this hardfork made a huge downfall on their platform, many are selling out of panic for sure. Losing half of your money instantly is not a joke, although NEM are very active to do activities in my country, I don't think its enough to make this project more valuable, NEM is not a scam though, people just don't want to buy this project anymore.

So you consider the coins which are able to give returns as legit? Nah the success doesn't depends on the increase in value but if we are particularly talking about NEM then I agree with you.

This is pretty much understandable what happened. As the team declared the airdrop, the hype created. Some took the advantage of taking a profit. A lot of people invested in it including me. But after the snapshot, it was supposed to be. Look at QTUM, it also had a little dip after the Qiswap airdrop. Personally, I didn't face any loss in XEM though because I had a stop-loss set up.

You thought out your strategy, but I lost $ 100, I waited until the last moment for a snapshot, but at the last moment I fell asleep and when I woke up it was already late and the coin dropped in price.

Amid the discuss about NEM, a trading contest (https://cryptogeek.info/en/blog/nem-trading-contest) emerged. What do you think about this?
Is there any point in participating in this competition?

Depending on the way the team are handling the project and putting effort to support the project, we already know this is an old project compare to the recent Defi project that are most rely on heavy pump,
Maybe the nem team are not doing much marketing and collaboration with other notable projects that will given them the right exposure, the team really needs to go back to the drawing board and do what is necessary, but I don't think it is enough to consider a project scam.

The point is if you're a good trader and you think that the prize is rewarding, join it. You can prove to yourself that you're a good trader and you monetize it because you're trading.
And last, you have the prize if you're going to end at a good place while you're in the competition.

I think it's kinda normal, people hoard XEM to get themselves a free airdrop, and they sell their XEMs once they receive the airdrop token.

TBH, there are a lot of better alts out there to have your money into.

It seems to me that the prizes are low, they probably want the price not to fall to 0.2, against the background of recent events the price reached 0.8 and now it is 0.35.

Has Symbol XYM been released yet and how does one buy if it isn't listed on CoinGecko ???

NEM has been established for years and has a high ranking on CMC, Symbol on the other hand could be a newer faster chain version of NEM but be in the lower ranks due to starting off new with a lower marketcap.

After Symbol been released is it better to put your money into NEM or Symbol or none?

it is normal that before an airdrop a huge amount f that coin is going to be purchased and after the snapshot is completed the price will crash and then starts to recover a little bit
XEM has been around a while now and i don't think that it is a scam ! I’m pretty sure we’ll see another price correction but I don’t feel 100% people are going to buy the dip.

The Symbol main net has yet been released. Check their Twitter for the newest update.

Symbol is a new product that will combine with NEM to expand the ecosystem around the NEM foundation. They are here to support each other for the general growth of the original project. Symbol is not launched to kill NEM.

The price was halved because the airdrop ratio is 1:1 and people believe that the reasonable price should be around half of price before the snapshot for airdrop. It sounds a reasonable thought but who knows what is the right value for XEM, that can be 2x, 5x or 1/2, 1/5 from today price.

I was one of those who bought NEM a few weeks ago but I think those free tokens will not be credited to me beacuse I stored it on exchanges. I think NEM needs time to get back up so better hodl and wait for the surge. I still have positive hope with NEM for the coming days so I'm not gonna panic.

It is not true. You have to check that the exchange you use and store your NEM on supports the XYM airdrop or not support it. Not all exchanges support the airdrop will list XYM on their platforms as they announced but they might change plans and list XYM later.

https://nemplatform.com/symbol-migration

The panic wave was gone and people are more calm with their NEM on exchanges.

The launch of Symbol was delayed for few hours: https://twitter.com/NEMofficial/status/1371656354457382914

The first red flag or scam signal is an anonymous developer behind the team.
Once the community got this concern serious many understood the project was scammy, that is why the team of XEM decided to rebrand and make it XYM. Rebranding is another scam signal. Why do you need rebranding unless you want to keep a certain amount of holders and move away from the web reference with the scam tag!

Check out Dan Larimer's, the father of the biggest scams, projects history - BitShares was turned into Steem, then EOS, then VOICE. And none of them was not complete or any of that kind. And that fact does not put away many smart people using the technology of dPoS that he invented in many legit projects.

A gun is a weapon, you can do harm to others or you can protect yourself from others.


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