BTC mining farms lobbies will do everything to keep btc afloat as long as possible to keep profiting...
Yeah, and sadly there's only going to ever be a select minority that own the bulk of the mining power. Bitcoin is more centralized then Fiat. What you said also reminded me of: http://thecoinfront.com/is-bitcoin-mining-profitable-in-2014/?utm_source=rss&utm_medium=rss&utm_campaign=is-bitcoin-mining-profitable-in-2014A quote from the article: Running those numbers, we discover that, based on the price of energy at ten cents per kWh (standard price here in Toronto. Your mileage may vary), given the current difficulty of Bitcoin mining, and the current price, you will never see a return on your investment. It's been this way for years, and you have to bare in mind costs of hardware/electricity which is likely worse in many other countries. Right now mining is more about the big boys with deep pockets competing with eachother to mine. It's fallen long out of the reach of the average joe. Yeah only big ones will keep running because they got special electricity rebates or don't even pay for it. But big crowd will slowly realize that bitcoin is outdated tech only sustained by big investors/mining industry. The process will certainly be long but unavoidable imo.Yup. Also, this video is an indicator of the state of Bitcoin: https://www.youtube.com/watch?v=iMIzMVABFxQ#My biggest concern is newcomers to bitcoin jumping onto the Bitcoin bandwagon, only to get royally screwed should it decide to collapse - if it does, any new coin (Including NEM) is going to have an extremely hard time gaining trust from the damage it would've caused. |
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BTC mining farms lobbies will do everything to keep btc afloat as long as possible to keep profiting...
Yeah, and sadly there's only going to ever be a select minority that own the bulk of the mining power. Bitcoin is more centralized then Fiat. What you said also reminded me of: http://thecoinfront.com/is-bitcoin-mining-profitable-in-2014/?utm_source=rss&utm_medium=rss&utm_campaign=is-bitcoin-mining-profitable-in-2014A quote from the article: Running those numbers, we discover that, based on the price of energy at ten cents per kWh (standard price here in Toronto. Your mileage may vary), given the current difficulty of Bitcoin mining, and the current price, you will never see a return on your investment. It's been this way for years, and you have to bare in mind costs of hardware/electricity which is likely worse in many other countries. Right now mining is more about the big boys with deep pockets competing with eachother to mine. It's fallen long out of the reach of the average joe. |
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IPO = immediate zero credibility.
Mining is nothing but a private IPO. Nailed it. The more people realize this, the more they'll see mining power is far more centralized and horded than wealth of FIAT. |
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Thank you for posting amytheplanarshift that was a really exciting and interesting read  just one little thing I think banks most likely very well know whats going on underneath them just right now its probably still just like peanuts to them as you say so they probably don't care much yet Perhaps the bankers are smarter than Kodak or many of the other corporations who have shared a similar fate in recent history, but only time will tell.  Any currency, fiat or not, is threatened by alternatives. I'd wager bankers are well aware of the threat Crypto poses. No doubt, they'll use their resources to manipulate crypto's to their gain. It's why i favored NEM's IPO with investment caps/requirements and other restrictions - it acts as a deterrent to any entity with large weath/resources from immediately crippling a currency like NEM at it's most vulnerable stage; the distribution. |
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Looks interesting but alot of that goes above my head. I wonder what the devs make of it. |
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THIS IS AWESOME  I was hoping NEM would be on that site soon, sure didn't expect it to happen before launch though. I feel like I am dreaming right now... Can you tell Motherboard.tv was already my favorite site, it has been my homepage for over a year now I'm somewhat familiar with Motherboard - they make some good stuff. This is good news. |
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http://www.enterstageright.com/archive/articles/0814/cryptocurrp6.htmAn article was posted detailing the history of NEM from December to February. Search for: "From Bulldog To Populist" From Bulldog To Populist
Late in the night of December 6th 2013 Eastern time, a new face joined the Bitcointalk community. It took him about a day before he started posting, but only several hours to shift from first-post to openly asking to buy 0.5 Bitcoin's worth of Nxt. He did ask some due-diligence-type questions around that time, but he was certainly interested in second-generation cryptocurrencies. And definitely interested in Nxt. I can't be the only one who found this hard to read right? I noticed I was mentioned in it though. After reading through this page some more, it appears to emphasize things and interject with a subtle hint of bias. It doesn't quite grasp the fundamentals that this coin was trying to achieve. It was attempting to have a fairer distribution model to that of NXT or any other coin out there. Naturally, a coin that's aiming for equality in it's initial distribution is facing a hard struggle - because many people are going to try their utmost to obtain more. In the end, the debate we all witnessed was just people trying to ensure it succeeded. All considered, it's one of the best distributions i've seen as a crypto and in many respects i regard it as a success. Anything that improves on what was the previous status quo is an improvement. If you consider the alternative; whereby those who hoard asic's and mining power jump on new currencies only to dump it later, whats worse? I'd choose NEM any day of the week. |
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1.) It would be good if Harvesting was automatically turned on by default - i'm sure most people would rather be harvesting then not. But of course, leave the option there to turn it off if they so choose.
Starting harvesting automatically means the private key must be stored in cleartext somewhere. I don't think this is a good idea. Encrypted wallet file is a good thing. If you really need it, there is a bash script (harvest.sh) to start harvesting; if you don't use Linux someone can create something like that for your system. Obviously that would only work if the user has laready decrypted his wallet and is logged in. I think it's not a bad idea allthough I'm not sure everyone would appreciate it. harvest.sh is only needed if you're running NIS headless so it shouldn't concern the avg user. I think the biggest appeal of Bitcoin was the allure of "free money" or, free bitcoin by using your PC. Crypto's in general mostly have appeal for this nature to the average joe. I think the same is no different to NEM - I'd wager the vast majority will be wanting to harvest right from the outset each time they start their wallet/machine. After all, it's been said many times that the biggest problem with crypto is accessibility to the average user. The features i suggested I believe are a step in the right direction in this regard. It's the little things that make a difference; and over time, they amount to a big change. Another thought that crossed my mind is having some sort of notification icon in the top right near the account name, which indicates any potential problems with the account - out of sync blockchain, harvesting inactive (plus reasons why). Don't get me wrong, these arn't demands - i'm just brainstorming here. Again accessibility for the less-tech savvy is really at the forefront of my mind here. Overall the wallet is extremely impressive and holds great promise. |
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Few criticisms with the client that i thought i'd share (And i'm sure perhaps you're aware of):
1.) It would be good if Harvesting was automatically turned on by default - i'm sure most people would rather be harvesting then not. This way, those who make a new account and get NEM havn't got to keep checking their account to make sure it's "Ready" to harvest.
Of course, leave the option there to turn it off if they so choose, but otherwise by default have it turned on so it automatically starts when the account meets the criteria to enable it.
2.) I noticed if i go on the transactions page, and view outgoing or incoming transactions, if i scroll down the page it just repeats the transactions over and over to infinity - I assume this is a bug.
3.) I'm not sure if this is in the pipeline or even thought of, but having line graphs, bars or charts that represent outgoings, incomings, balance over time, Harvesting power/probability etc would be really sweet to have. I suggest this idea because i noticed my FIAT online banking pretty much has the same features, so creating equivalent or better tools for NEM just makes sense.
In fact, as i said before; you can probably get alot of inspiration by looking at your own online banking sites (in FIAT) and seeing what features it offers you.
4.) In-Client options to backup your wallet to save to a path you choose would also be really handy.
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Anyone fancy sending me some NEM love? Check my sig  Also, i'd appreciate the same after release. Thanks  sent you some Very kind of you, thank you Been spreading the love you gave me to everyone else. If anyone has more to share, feel free to throw it my way  |
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Anyone fancy sending me some NEM love? Check my sig Also, i'd appreciate the same after release. Thanks |
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"One asset is convertible to a 1oz 999 pure silver proof bullion coin, with a cold wallet attached containing 100 NEM. Worldwide, insured shipping included in price."
so the coin is worth more than the nem inside ? seems not very smart. i'd have bought some if coin was loaded with 100k nem for fun ("NEM will have a maximum of 4 000 000 000 coins")
my 2 cents 100NEM
Considering that the coins are selling for 100k NEM, I don't think it is reasonable to ask for silver/packaging/minting/shipping/insurance for free http://forum.nemcoin.com/index.php?topic=2368.msg4541#msg4541Yes, If 100k NEM was added to the gold coin then it would have cost much more than the current price. The idea is to sell a physical commodity and support the development of a "Mobile Wallet and a Fast Exchange". So people buying these coins are not only helping the developers raise some money to help fund the side projects but they are also doing a huge favour to themselves and the whole community. In the end they also own physical assets which are not likely going down in value in the future. Infact in 2-3 years when NEM has reached greater heights, these coins will be highly collectible and will carry a hefty price tag. These side projects are really going to define NEM and make NEM standout from the rest of the Coins currently in existence. I appreciate that you got the spirit right and that it is not material benefit we are talking about here. Edit: If one actually went to Perth Mint and have a look at how much those coins cost (they are priced before shipping and insurance), one will understand that we are not making a killing here. It is more a mutual benefit. Buyer gets coins, we get some money to pursue the project to benefit the community eventually. In fact, the indirect consequence will be an appreciation of NEM, which also will benefit holders of these NEMs. Exactly. Seeing gold and silver get into crypto is probably one of the most important things any new coin can do. It's a call i'm glad was made. |
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That is great news. I think smart and honest people should be able to pick up all the signals NEM is sending. This is a very serious project which aims to bring real value to the market. There seems to be an all too common problem even promising altcoins have: they have all specialized in doing a great launch, but enter a stage of stagnation, and eventually decline immediately after that. The reason behind this stagnation and decline is precisely the lack of understanding, action and engagement with the real world. It's fairly easy in comparison to prepare a good launch, and extremely hard to find ways to transition from the launch phase to the phase of real use and engagement with the world. This is the phase at which probably 99% of the altcoins fail. AltNemo could be a bridge toward that phase among other things, by contributing with sustainable efforts and constantly adding value to the project. As long as the business model is clear and separate from NEM, though part of the ecosystem, I think a lot of promising possibilities arise. Keep up the good work guys, it will be worth it. Just quoting this to say i completely agree. Some of the idea's now rolling look fantastic. Really happy to see the news. Altnemo sounds great. |
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Really thats just the beginning. I think this rabbit hole goes far deeper than that. Not only do big spenders like this monopolize most of the hashing power (risking a 51% attack) but you're also talking huge amounts of energy - can you imagine if Bitcoin WAS mainstream, the sort of resources required in order to maintain it? Insane is an understatement. PoW is obsolete. Thing is, people who don't have the foresight to see the inevitable will not let PoW die without a fight. $60,000USD per Month for just Electricity, IMO POS/POI has bright future. Yeah, it's crazy. I remember first hearing about Bitcoin when it was created. I had the chance to jump on board that ship but i decided against it - plus i just had other things to focus on at the time. Sure i regret it to some extent but i knew it was just a precursor to other things later down the road. For many years people spouted mining and how awesome it was, and back in early 2013 i decided to delve back into the crypto world again and catch up on everything i had missed. It surprised me how many people were still spouting the same old rhetoric; Mining was awesome, it was fair, and it worked. I wasn't convinced; it was just blatently apparent that the only real people who gain from mining are those who manufacture the hardware, other than that, all the risk was burdened by those who made the purchase. Mining tech was hugely overpriced, and advanced at a very quick rate - It was a rat race with little gains i saw no point in participating in. Then NXT came along - i nearly invested in this, but the Proof of Stake sort of put me off because it basically works on the principle of richer getting richer, sort of contradictory to what I thought cryptocurrency was about. NEM is by far the only system i think holds great promise. |
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Really thats just the beginning. I think this rabbit hole goes far deeper than that. Not only do big spenders like this monopolize most of the hashing power (risking a 51% attack) but you're also talking huge amounts of energy - can you imagine if Bitcoin WAS mainstream, the sort of resources required in order to maintain it? Hugely inefficient and certainly not material that could make it be a realistic worldwide currency. Insane is an understatement. PoW is obsolete. Thing is, people who don't have the foresight to see the inevitable will not let PoW die without a fight. |
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This is it, guys original post: http://forum.nemcoin.com/index.php?topic=2368.msg4349#msg4349 Here is the big announcement - the 1oz 9999 pure gold and 999 pure silver bullion coin sale is on! Details are all on http://altnemo.comThis is a HUGE step for NEM because with these coins: - We will create a way for people to have a physical, tangible connection to NEM - We can raise money for mobile apps and a fast trading exchange incorporating fiat - In exchange for raising capital to fund the NEM ecosystem, we will give people stunningly beautiful coins, to be minted at the Perth Mint in 9999 pure gold and 999 pure silver bullion. Each coin will come with a NEM cold wallet (100 NEM for silver, 1000 NEM for gold), giving people both a physical and digital store of value. Right now gold and silver prices are at incredible lows, so we hope that these coins can grow in value, as we work together to create the new economy. Given that the coins are of the highest proof quality, to be minted at one of the best mints in the world, and that we are doing very limited quantities (at most only a few thousand silver and few hundred gold), you would expect each coin to cost quite a lot, given that international shipping and insurance is also required. With the goal of making money (this is a crowd sale to fund the NEM epic projects, after all), you would maybe expect a current price of 10,000 NXT per silver coin, once shipping is taken into account. However, by working with a company in Singapore to help with logistics, we are getting the price down to less than 5,000 NXT per silver coin--this includes a NEM cold wallet and globally insured shipping! In addition, people who buy these coins will get exclusive access to new information and preliminary versions of our projects, along with other exclusive benefits that we legally cannot name at this time! Right now you can buy these coins on the NXT Asset Exchange as NEMsilver (Asset ID: 13343565057420780630) and NEMgold (Asset ID: 4280260188071460715). Once you buy the assets, you can redeem them for coins by following the instructions on http://altnemo.com/#buy. Prices for NEMsilver and NEMgold will vary a little as NXT fluctuates with respect to the USD, but currently NEMsilver is around 5,000 NXT and NEMgold is around 80,000 NXT. Please support NEM and buy NEMsilver and NEMgold. This is a great chance to turn crypto into a physical asset and also help to build a better world. This is absolutely fantastic news. Word needs to get out about this. |
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I put $500,000 into Bitcoin at $600-$630 so I guess that makes me either brave or stupid, considering I've lost 20% of my investment already.
Here's the proof: 1DDWEQM11uMUKiqpGEWvBT2at3CjCw3Vra
Nevertheless, I am 100% convinced that Bitcoin is heading for $1000 or more in the next few months. It's always a wild ride in the Bitcoin world.
And if I lose my $500k it's really just a drop in the bucket :-)
I actually found this quite laughable. 1. My intuition tells me BTC and any PoW coin will slowly decline as mining becomes more centralized and harder, people will steadily migrate to alternative crypto's that don't use a PoW model. 2. The fact that you brag of your holdings, then in your second breathe state of it's inevitable rise indicate to me your bias - trying to entice people to further buy in just to enrich yourself. 3. The fact that you stole a chunk of those BTC's just goes to show what sort of character you are. I'm sure alot of what you say is twisted and poison. |
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Another concern i'd like to express is this: https://bitcointalk.org/index.php?topic=743599.0I actually agree with the OP in this thread. Bitcoin is really unfriendly to micro-transactions especially after fee's and such. Is NEM going to take this into account? Another is this: https://bitcointalk.org/index.php?topic=743924.0Which i also believe is very valid. Any thoughts on the above guys? It's another concern i agree with - because lets face it, mainstream media doesn't exactly have a track record of publishing accurate or truthful information. |
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.....
the days are counting for centralised exchanges because of multigateway +instantDEX and we shouldnt fear it. we should embrace it. we should bring attention to it. we should further the ideals of decentralisation even if that means we promote a competitors platform to do so, as in the end, it will benefit us more than not doing so. it will benefit the entire crypto community. the bad press that crypto gets because of hacked exchanges and stolen funds is astonishing.. on a regular basis central points of failure, fail. this means something has to change. if we can contribute to the change that is needed in anyway shape or form, i think it is in the spirit of this New Economy Movement to do so and we would be letting ourselves down if we do not for any reason.
Yup, i agree. Centralization i always thought was against the principles of cryptocurrency. The sole reason they existed was to break free from the FIAT monetary system we've been exploited under for so long, centralization being the biggest factor in it's corruption, with the centralized powers (banks) doing their best to manipulate a free market, often at the dire expense of the little man. Ironically, mining just blatantly showed that Bitcoin was simply a double whammy for centralization - not only could Bitcoins themselves be horded and wealth centralized (and thus, the exchange price -- whales) but so could mining power. Coincide this with potential 51% attacks and Bitcoin/PoW model doesn't seem so enticing - but it laid the foundation for other potentially greater things. Right now, i think even if a coin improves upon Bitcoin/PoW, the next hurdle is, as you said, the exchanges. It may be in an exchanges interests to "accidentally" let a hacker "steal" a large sum of a fresh coin, potentially putting the coin in a position it may never recover - especially should any exchange have a preference to particular coins. No doubt, i'm sure many do. And if they don't, they just havn't been bribed enough. Another problem i believe Cryptocurrency has is not only centralization, but also manipulation too - anyone with even a little bit of experience knows that manipulation is the aim of the game for exchange prices (Just look at Doge). It's why whales horde, it's why whales dump - it's their plaything to manipulate and get rich quick from till they get bored. Something i've no doubt is the reason behind bitcoins relatively steady value. Ironic really something that often boasted about breaking free of the corruption in FIAT is in many ways not much different. With NEM's IPO, i think it's the only currency thus far to stand the best chance of preventing all of this, we just need to deal with the exchange problem. Manipulation is inevitable as it's very much human greed, but NEM goes a much further way of addressing it then any other coin out there. |
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the sooner NEM can be untied to NXT, the better..
what is happening with NXT right now is another good lesson to learn from.. well first of all the lesson is don't get hacked if you're an exchange and secondly, don't perform a rollback or hardfork for an exchange. it would just blemish the reputation of your coin, ala the great Vericoin bailout of '14.
This wasn't a fault of the coin though. It was the exchange. This is why it's important nem gets on a number of equally popular exchanges on release. One exchange monopolizing the volumes can go belly up if they make even a simple mistake. it is possible to set up and run our own multigateway for nxt WE so that people can trade with out worry of a central point of failure. All we need is for nem to support multisig and some to set up the servers then just 3 highly trusted people from nem to host the servers. I think after recent events it would be a very good idea to give people this option straight of the bat. Sounds good to me. Makes sense that a coin with a unique IPO also has more secure and safer means of exchanging it for FIAT/other currencies. By breaking the mold that little bit more, it gives NEM a potentially far bigger advantage over that of the more common coins. Not only do people need to learn from NXT, but also what happend with Bitcoin regarding MTGox. |
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