Well, I threw some BTC at it because I honestly thought it was in some way related to NEM. That's my fault for not doing my homework better (and it wasn't a lot of BTC). But I did get the distinct impression from this thread that there was a connection between NEM and Bankera, and even that Bankera was using the NEM block chain as its backbone. I want to correct that misperception, because their own tech support denies it.

I was under the impression that Bankera was in some way connected to the NEM platform, and that holders of BNK would have the ability to claim rewards in NEM once dividends started paying out.

It turns out I was misinformed. Here is what I received back from SpectroCoin's technical support:

*************
   Hello,

Thank you for writing us.
Unfortunately, for now the only way to get the rewards is with ETH.
If such an option to receive with XEM or any other currency gets available, you will be informed.

Regards,
Ehab   
 
 
 
 
    wiser
    Wed, 08/30/17 6:16 pm   
 
    Hi there,

I recently purchased around 15,000 BNK. When BNK starts paying rewards, I'd like to get mine in XEM. How would I indicate that within my SpectroCoin account? Thanks for your help.

****************

XEM is not even available as a trading token on SpectroCoin's platform.

So why is Bankera even being advertised here? What is its connection to NEM (besides having a NEM developer as a consultant on its team)?

watching

Do we have a firm date for the DMD 3.0 release? Is it September 10th?

When will the block chain snapshot be taken? I'm mainly looking for the best time to shut down minting in my current wallet.

Also, do we have a technical guide for setting up a 3.0 supernode?

Thanks

NEM is holding its own astoundingly well. It's only lost 3 cents from yesterday. I expect it to recover by tomorrow.

I've noticed that too, and a few times my wallet will mint a whole bunch of orphaned blocks, like it's trying to fork. So far, when that happens, I just shut down the wallet, wait a few minutes, then start it up again, and then it mints at a more normal rate with fewer orphans.

On another note I had to start my Devcoin wallet all over again (download the block chain again). It is now stuck on 111 weeks behind for the past 24 to 36 hours. Do I just wait it out or do I need to try something different? Thanks.

EDIT: Well, waiting it out worked! Wallet is synced.

I thought I'd chime in with a few points. Back when I got started writing for the Devtome, Devcoin was one of just a handful of cryptocoins on the scene, meaning it didn't have much competition. Now there are over 500 cryptocoins in existence, some of which are so fundamentally solid and profitable that they are attracting the interest of venture capitalists and hedge fund managers. This means we can learn even more from the successful coins and honestly stack up Devcoin against them to see what would need to be changed in order to be competitive.

The following are a few observations I have about what it takes to make a successful cryptocurrency in today's industry:

1. More and more, it is important for a new coin project to be more than just a coin. It must be a complete ecosystem. This often means multiple tokens and interlocking systems. Some good examples are the emerging VIVA project (vivaco.in), Steemit (with its Steem, Steem Power and Steem Dollars tokens), Ethereum and NEM with their block chains capable of supporting other tokens.

2. There has to be genuine value supporting the coin. This means infrastructure that makes the coin easier to use or adds value to it in some way. Bitcoin has a lot of that (example, various trading platforms, Coinbase, payment processors, websites which sell quality products and accept Bitcoin payments) which has been added on by third parties. However a new altcoin needs to have some of that value added right from the beginning by the development team itself. Some other good examples of coins with value added infrastructure include DNotes and Steemit.

3. There has to be a development team. It can't be a one man show. The bigger and better organized the team, the better chance the coin has. A development team that runs the enterprise like a genuine business is even better. This means it can't all be about coding, though that is important. There have to be others on the team who handle the outreach and marketing and who tell the coders the features needed to make the coin user friendly for non coders (which is most of the people you hope will adopt your coin).

4. A coin needs a built in incentive to tie up the supply and keep it off the market. This means that it is in people's self interest to hold onto the coin for the long haul. Idealism or faith in the coin is not enough. If I am going to hold your coin there has to be something in it for me both now and in the future. The simplest way to do this is to offer some kind of interest equivalent whereby my holding onto the coin earns me a rate of return in the form of new coins or some other token. DNotes has the DNotes vault which pays monthly "interest" to all who hold coins in it for set amounts of time (the penalty for early withdrawal being that you lose the earned interest). Diamond Coin has a cloud mining operation where people earn Diamonds based on how much Bitcoin they have donated to the operation. Any Proof of Stake coin already incentivizes people to hold the coin and run the wallet.

I have always believed that Devcoin's biggest weakness as it works right now is that it incentivizes earning and dumping, not holding. Then to add insult to injury when it became known or suspected that people earning Devcoins were dumping them, they were often harshly repudiated here (not called out by name or anything but it was clear that those who dumped were considered to be bad for the coin,). In order to hold onto Devcoins you had to be altruistic towards it and basically take the hit from others dumping, and that is just not going to be sustainable because most of us plain aren't altruistic like that. This is probably the most important change Devcoin needs to make. The coin needs to be coded in to incentivize holding rather than dumping.

Related to this, it must be assumed that people will game the system if it is beneficial to them to do so. You need to engineer your system in such a way that there is no benefit to attempting to gain the system and that using the system in the way you intend is what gives the greatest benefit to the end user. That can be very challenging to accomplish but I believe it is possible and the successful (and not so successful) coins now out there have a lot to teach us about what kind of things need to be written into the code. The code should also be flexible enough that when you find a loophole you don't want, you can fix it with an update or fork.

5. The development team needs to have a good reason to create buy support for the coin on the open market. Again, altruism is not enough. In the case of Diamond coin, the developers need to buy Diamond in order to pay the weekly payouts from the cloud mining operation. If the developers aren't buying the coin, then others need to do so for reasons of self interest. With the exception of the speculators who are there to profit from trading itself, the reason that anyone else would buy the coin has to be because they need the coin. You need the coin in order to gain the benefit from accumulating and holding it, or you need it to pay someone with it, or you need it to buy something with it. An altruistic desire to prop up the coin's value is not enough and won't be sustainable long term.

6. The coin needs to be attractive to speculators. Speculators are important because they provide liquidity for everyone else, meaning others can easily buy or sell the coin at a consistent value (not too much difference between top buy and sell requests). So whatever it is that makes speculators go "wow, I want to speculate on this coin!" is what your coin needs to have so that everyone else can have the needed liquidity to get into and out of the coin at will.

7. The coin needs to have a solid community of people who are there because being part of this community will better their financial lives in some way. They should believe in the coin but that belief should stem from solid fundamentals and the perception that this coin will do good things for their bottom line. In order to nurture this community it is very important to have basic courtesy and professionalism wherever that community gathers. That community needs to be growing.

There are probably a couple more points that I have missed, but what I have shared is a good starting point. How does Devcoin do on each of these fundamentals? How could it be changed or forked to excel in those fundamentals which are weak now? The honest discussion around these points could become the basis for a solid plan for how to update Devcoin to now be competitive in today's industry.

Will we need to upgrade our wallets on August 20?

Fair enough. I will take a hard look at fundamentals, as in make sure there are some, before making an investment. Thanks for the insight.

OK, back to XEM. TBH I was a bit worried about the recent price drop so soon after it had gone up so nicely, but it seems to be recovering and stabilizing, so all good

Not to hijack this thread, but NEO was a token that recently caught my eye and which I am considering investing in. But I haven't gotten too far on the research. Would you like to try to talk me out of it in a few sentences? Why are you calling it a scam? This is an honest question and I won't argue, but will consider the info if/when I do choose to make an investment. Thanks

You can trade XEM on BitTrex. It's a solid exchange.

I'm curious about this coin Ecobit, which is running on the NEM blockchain. Is it a legitimate project? Is NEM affiliated with it in any way, other than providing the underlying technology?

Anyone know the Ecobit founders/developers?

That's really good to know, as I currently hold a significant amount of FIMK and was kind of wondering if I should have dumped it a long time ago. Is there an email list I could get on to receive updates, or is this forum thread the best place for now? Thanks.

Could we set that up with my account and the hugealice node? I'd *love* to just keep harvesting without ever having to worry about it. Can you PM me?

Is anything more being done to develop FIMK? Or, did it basically get abandoned when HEAT started?

I have requested Silver Diamond coin number 44 and have sent a payment

Status: 1/unconfirmed, broadcast through 11 nodes
Date: 6/13/2017 16:08
To: dLUe8yZgkcYcysYCe52cwZqbhpowmBTgHk
Debit: -200.00 DMD
Transaction fee: -0.005 DMD
Net amount: -200.005 DMD
Transaction comment:
text:silver diamond number 44
Transaction ID: 2448c2ea637807901a0b52bef65c798b24fe88813d8868d1571b72010f261718

Please add my name to the list

I'm happy to continue to be a receiver file admin. I have my own Github account where I upload them. Just let me know. Thanks.

I have a tech support question that I posted on your forum last night. It would sure be great to get a response.

https://forum.nem.io/t/cant-harvest-with-nanowallet/5243

Do something revolutionary. Conceive a child. Don't wait until you can "afford" one. You'll figure it out

EDIT: And... I would recommend you level with your wife about your NEM investment. If it's accompanied with flowers and a candlelight dinner, it might go over better than you think.