Breaking News: NEM will be used by Japanese Banks!

[jabo38]

Can anybody confirm the coin NEM will be use, not just the NEM blockchain technology. These two are different things.

well XEM is the coin...but yeah you're question is essentially the same as mine and more should be asking this instead of blindly pumping XEM.

NO they are simply investigating blockchain technology (same as all banks on the planet) and looking at NEM technology's private blockchains off shoot Mijin, to save some corporate dollars and pigging back of a opensource communities hard work for corporate ends.

The NEM developers are the ones that made NEM from scratch and Mijin.  It has been their hard work and it is all a part of a long term plan.  

As of writing this in the the first 24 hours of the offer for a free Mijin Cloudchain, we have had over 50 companies apply to test Mijin.  This is in addition to a major bank and a business enterprise software platform that is integrating Mijin into over 5000 medium to large Japanese companies.  These businesses can use Mijin to trade with other trusted partners in a secured way.  It gets them into the blockchain game, but in a fully controlled environment that they can mandate and feel safe and secure about.  After some time if these companies/bank don't want to just trade amongst their few trusted partners but everybody and anybody in an open-market, then in just minutes they can have their software updated to trade over the NEM main chain.

Finding a chain that has any real business being run on it other than Ripple or Bitcoin is pretty rare, and finding one that has a bank or large company is even rarer.  It seems logical that if the NEM main chain can attract even a small percentage of trading from the companies that are using Mijin, it will be one of the top 5 blockchain platforms.  

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[kelsey]

Can anybody confirm the coin NEM will be use, not just the NEM blockchain technology. These two are different things.

well XEM is the coin...but yeah you're question is essentially the same as mine and more should be asking this instead of blindly pumping XEM.

NO they are simply investigating blockchain technology (same as all banks on the planet) and looking at NEM technology's private blockchains off shoot Mijin, to save some corporate dollars and pigging back of a opensource communities hard work for corporate ends.

It has been their hidden agendas and it is all a part of a long term plan.  

yes and that plans becoming quite apparent now, no longer is NEM the right acronym for it.

[jabo38]

Wow, somebody finally makes it and trolls come out.  As far as I know NEM is the first blockchain (other than Ripple or Bitcoin) to make a deal with a major bank.  First to get 5000 companies when others don't even have 1, and trolls are saying that because we are getting adapted that we are scammers?  BTT is so funny.  

The reality is NEM has just done what no other chain has done, and other people invested in scam alt coins are feeling butt-hurt because NEM is actually doing something real with real people, real businesses, and real money.  

The key to a successful blockchain project is use.  The busy chain with live activity is a real chain.  NEM is setting itself up to be just that, a very busy chain.  This is the long game.  NEM isn't going to instantly gain widespread use in a week or month because of these announcements, but I'm hopeful that by the end of 2016 we will see high activity

[shanem]

I don't understand about this altcoin XEM. Price is being pumped now but I don't think this is sustainble. Can anyone explain in layman terms what this coin is about?

[jabo38]

I don't understand about this altcoin XEM. Price is being pumped now but I don't think this is sustainble. Can anyone explain in layman terms what this coin is about?

XEM is a coin, but that is not what this is about.  NEM is a 2.0 blockchain solution written from scratch with entirely new code by a talented team of hard working devs, supported by a team of additional marketers and NEM supporters.  NEM was launched about 9 months ago and has been traded on 5 exchanges since then.  

Here are the bullet points for you.

Code built 100% from ground up (not a fork of any existing project)
Two-tiered architectural platform with focus on security and safety
Test-driven development
Easy to use universal APIs
Innovative Proof-of-Importance algorithm: first reputation based blockchain algorithm
Improvements on different features of POW and POS coins, being more efficient and more environmentally friendly
Nodes need not be expensive machines and run independent of the wallet
One minute average block times
First blockchain with delegated harvesting (secure and safe proxy mining)
Asset creation with NEM Mosaics featuring fixed or editable supplies, descriptions, levies, and transferring rights
Namespaces for management of unique mosaics and domain names on the NEM blockchain
First with localized spam protection
First with Eigentrust++ peer reputation management for Nodes
First editable m-of-n multisig with blockchain based alerts
P2P time syncing of nodes
Encrypted, unencrypted and hex messaging
Small memory footprint, easy to install, and portable client and server
Zero currency inflation (fixed supply, all 8,999,999,999 billion coins released at launch)
Mijin private permissioned ledger sidechains
Geographically distributed multistaged transaction approvals for NEM Sign/Pay
Mobile wallet for both iOS and Android (coming soon, closed beta now)

Here, in my opinion, is the best white paper for any blockchain. nem.io/NEM_techRef.pdf

Here are the APIs for third party devs to build on.
NIS APIs: http://bob.nem.ninja/docs/
NCC APIs: http://nem.io/ncc/index.html

[Luqman]

Are you tried trolling people by this dummy news? This kind of blindly pump attempt.. Sucks
I suggest you to read the news clearly mate

[TPTB_need_war]

Code built 100% from ground up (not a fork of any existing project)
Two-tiered architectural platform with focus on security and safety
Test-driven development
Easy to use universal APIs
Innovative Proof-of-Importance algorithm: first reputation based blockchain algorithm
Improvements on different features of POW and POS coins, being more efficient and more environmentally friendly
Nodes need not be expensive machines and run independent of the wallet
One minute average block times
First blockchain with delegated harvesting (secure and safe proxy mining)
Asset creation with NEM Mosaics featuring fixed or editable supplies, descriptions, levies, and transferring rights
Namespaces for management of unique mosaics and domain names on the NEM blockchain
First with localized spam protection
First with Eigentrust++ peer reputation management for Nodes
First editable m-of-n multisig with blockchain based alerts
P2P time syncing of nodes
Encrypted, unencrypted and hex messaging
Small memory footprint, easy to install, and portable client and server
Zero currency inflation (fixed supply, all 8,999,999,999 billion coins released at launch)
Mijin private permissioned ledger sidechains
Geographically distributed multistaged transaction approvals for NEM Sign/Pay
Mobile wallet for both iOS and Android (coming soon, closed beta now)

Lots of technobabble which when analyzed by experts may or may not end up being yawn. I had briefly looked at their proof-of-importance and I had commented to you in the past that I didn't see anything worthwhile in it.

We are discussing block chain consensus over in my thread. And I think the discussion over there supports the notion that I am expert. You may disagree. But any way, I don't have any desire to tell you what to invest in.

FWIW, the following is my 2 cents.

Good luck.

So the business model is to get banks to see advantages of block chains but to assuage their fears by giving them private block chains.

Then hope they will see the advantage of block chains but the pain of private block chains and evolve to the wide-world of sharing decentralized infrastructure.

In the meantime, others will be providing the financial services to the users bypassing the banks. Which do you think is a viral fasting growing paradigm?

Duh it is even close unless the old world paradigms can persist. NEM is leveraging the dinosaurs (who move too slow and will be dying off do the paradigm shift which renders them unneeded).

Will some banks find a way to leverage block chains and morph their business models? Yes maybe. But my bet is the entrepreneurs will beat them to it and scale orders-of-magnitude faster. Why? Because banks are behemoths blinded by their own protection of their historic business models (their inertia).

Again the point of my first link about Japanese programmers being aligned to corporate culture and continuity of authority is apropos.

Perhaps I am wrong and banks have some inertia that is important and users can't transition fast enough to the new paradigms. Bitcoin has shown that in many scenarios users can't make that clean break, e.g. in money transmitting the last mile is still the problem (getting the BTC converted to something fiat cash users can spend). But I am trying to drill right through this problem and blow the doors off it. I don't see NEM going for such a radical strategy. Instead they are betting that a radical innovator like me (and an army of entrepreneurs that will follow any successful paradigm shift) can't break down the Coasian barrier that is allowing banks to continue methodically in their old world stupor (and only dipping their toes in private chains). Coasian barriers fall in a waterfall collapse.

Yes I understand banks have a lot more money than we do. I am also confident (based on how technological shifts destroy the old) that when the Berlin wall falls, it will be rapid fall to irrelevance for the old paradigm that was once so powerful. Example how is retail sales of software-in-a-box doing this days as compared to the 1980s and early 1990s.

Perhaps it is safe route for the programmers of NEM to take. They will be assured of well paid jobs. But I don't see how these developments necessarily make NEM more attractive for investors or users of NEM?

I am not making any judgment about their technical and programming capabilities, which apparently are not derelict. It is nice to have synergy rolling with a good team of developers. But developers do not trump marketing. Not even close. What is extremely rare is to have capable developers who are also very astute marketers. It is a a mix of skills that doesn't naturally occur frequently, because engineering is such a different mindset from marketing. I feel it is like two different people inside me in that when I am doing engineering it is so opposite to the way I am thinking when I am doing marketing.

Good luck.

[jabo38]

Good luck.

We have a long way still to go so we will need it.     Thanks

[Netnox]

Wow, somebody finally makes it and trolls come out.  As far as I know NEM is the first blockchain (other than Ripple or Bitcoin) to make a deal with a major bank.  First to get 5000 companies when others don't even have 1, and trolls are saying that because we are getting adapted that we are scammers?  BTT is so funny.  

The reality is NEM has just done what no other chain has done, and other people invested in scam alt coins are feeling butt-hurt because NEM is actually doing something real with real people, real businesses, and real money.  

The key to a successful blockchain project is use.  The busy chain with live activity is a real chain.  NEM is setting itself up to be just that, a very busy chain.  This is the long game.  NEM isn't going to instantly gain widespread use in a week or month because of these announcements, but I'm hopeful that by the end of 2016 we will see high activity

GetGems has made a deal with Citibank which is one of the biggest in the world https://www.youtube.com/watch?v=JIbk9WHKz_0&feature=youtu.be

[kelsey]

Wow, somebody finally makes it and trolls come out.  As far as I know NEM is the first blockchain (other than Ripple or Bitcoin) to make a deal with a major bank.  First to get 5000 companies when others don't even have 1, and trolls are saying that because we are getting adapted that we are scammers?  BTT is so funny.  

The reality is NEM has just done what no other chain has done, and other people invested in scam alt coins are feeling butt-hurt because NEM is actually doing something real with real people, real businesses, and real money.  

The key to a successful blockchain project is use.  The busy chain with live activity is a real chain.  NEM is setting itself up to be just that, a very busy chain.  This is the long game.  NEM isn't going to instantly gain widespread use in a week or month because of these announcements, but I'm hopeful that by the end of 2016 we will see high activity

now i've not stated that making a platform that has banks interested isn't an achievement, but simply it achieves nothing for peer to peer, decentralised, alternative currencies (in fact it could be argued its counterproductive) for which this forum and attached community is founded on and is all about.

[KhalDrago]

now i've not stated that making a platform that has banks interested isn't an achievement, but simply it achieves nothing for peer to peer, decentralised, alternative currencies (in fact it could be argued its counterproductive) for which this forum and attached community is founded on and is all about.

If u are talking about bitcoin, then its not decentralised at all. There are twelve governing banks with voting interest in the Federal Reserve system. Only 10 central mining pools in the Bitcoin ecosystem.

[crypto jerk]

This reminds me of the way medici /overstock used counterparty, made promises and skeedaddled out the door with the tech, never to be seen again.


Mijin  does not equal nem success.

[PirateBlock]

GetGems has made a deal with Citibank which is one of the biggest in the world https://www.youtube.com/watch?v=JIbk9WHKz_0&feature=youtu.be

Looks like they just went to a Citi sponsored conference and gave a talk?  Here is news.  Giving a talk doesn't not equal signing a deal!  I gave a speech on a Google stage once, am I now partnered with Google?  If there wasn't any deal with a press release like NEM had being issued from the bank itself saying it was building on Get Gems, then you just wasted 9 minutes of my life watching your silly talk.  Probably just another case of another crypto trying to act and talk big, but not really doing anything, right?

[Netnox]

GetGems has made a deal with Citibank which is one of the biggest in the world https://www.youtube.com/watch?v=JIbk9WHKz_0&feature=youtu.be

Looks like they just went to a Citi sponsored conference and gave a talk?  Here is news.  Giving a talk doesn't not equal signing a deal!  I gave a speech on a Google stage once, am I now partnered with Google?  If there wasn't any deal with a press release like NEM had being issued from the bank itself saying it was building on Get Gems, then you just wasted 9 minutes of my life watching your silly talk.  Probably just another case of another crypto trying to act and talk big, but not really doing anything, right?

Eh no https://twitter.com/getgemsorg

It wasn't a conference but a mobile challenge of teams from 18 countries presented 77 working prototypes to Citi executives and technology influencers. GetGems was one of the finalists and was invited to their accelarator program working with the Citi consumer lab to design and validate their solution. Here is more prove https://www.youtube.com/watch?v=8HbDzXIO3m4. At the same time GetGems has one of the fastest growing userbases of all alts. Some project in this space are actually real believe it or not. Its pretty known for a while that banks are lurking in the Crypto world to find financial innovations.

[Nxtblg]

NEM's main chain is fully decentralized and uses the same APIs as Mijin.  Mijin is a private fork of NEM that has been optimized for speed and security.  It is a way for banks and/or other large businesses to figuratively speaking "dip their toes into water" of blockchains.  They get full control of their chain, get to build assets and trade with partners they trust.  

Have you folks called attention to blockchain technology making embezzlement much more difficult, or is that an issue that the Japanese bank executives aren't worried about?

[Nxtblg]

This reminds me of the way medici /overstock used counterparty, made promises and skeedaddled out the door with the tech, never to be seen again.


Mijin  does not equal nem success.

There is a link, but it's subtle. The main hard barrier to crypto's widespread use is the disruptive - really disruptive - nature of it. In many ways, people are creatures of habit - including people here. In a profound way, a cryptocurrency is not like a stock or any other asset because of its open-source nature. The "way" of open-source is to add value by taking matters into your own hands and building on your own recognizance. Extending it into cryptocurrency means taking matters into your own hands and launching a service that builds up the crypto's ecosystem and adds value to the crypto itself. Just think of what Satoshi Dice did for the value of Bitcoin.

And yet...people are creatures of habit, including us folks here. Despite the disruptive nature of open-source-style value adding, which allows us to turn our efforts to building up an entire economy, we're here treating altcoins as if they were penny stocks. I'm very much part of the "we:" I popped in here to see if NEM was worth throwing some Bitcoin at. 

Yes, people are creatures of habit. We are indeed.

This feature of us humans - it is a feature, as it largely prevents us from going flaky or reckless - is the big lodestone that weighs down the adoption of any truly disruptive technology. Why break a habit that works okay-enough, especially when the gains (to a non-enthusiast) seem only marginal?

When looked at from this angle, Mijin is one of many incidents of "habit-breaking." It'll take a lot more of them to mainstream crypto, but that's life if you're a truly disruptive pioneer. We'll be lucky if crypto is mainstreamed by 2020. 

[jabo38]

Right. This project in the long run can really help blockchains as a whole too. Some person in three years from now can say "I don't know about this whole Bitcoin/Blockchain thing. Sounds strange to me" to which we can reply "don't worry, you have already been using it for the last two years everytime you buy x at y or trade stocks or titles at z. If it's good enough for all those companies with billions of dollars, it's probably okay with you."

And to that point, the bank that is exploring NEM tech has deposits that are many times the market cap of all crypto currencies put together including Bitcoin. It's not to say that bank is going to buy any xem directly as a reserve but if they just moved 1% of their assets to NEM mosaics, it would make NEM's chain have massive amounts of value on it and be worth at least 100 times what it is today. I personally think that is a long shot, but this is NEM. I'm not trying to say that as a pump. I even hate to say it because everyone in BTT is always saying grand things that don't happen. I'm just saying if NEM got only 1%, there is no promise or even solid indicator of that, yet with them exploring NEM tech, I guess it shouldn't be ruled out.

Luckily too for NEM. A bank deal isn't the only good thing happening. Lots of other good things are in the works. 

[clf99]

Too bad every positive comment on this forum has to be countered with scepticism, trolling and FUD.

Looking at this :http://www.reuters.com/article/dragonfly-fintech-idUSnPn1Ptv6F+91+PRN20151216
And this: http://dragonflyfintech.com/static/DF_Paper.pdf
In the paper; look at page 11. It appears to me that NEM is somehow involved... 
 

I agree people are often unfairly negative in these forums.  Many teenage boys in crypto it seems.

However I don't see evidence on the page 11 you mention of the existing coin being connected to this announcement.
I see that the company and tech is involved, but not that the coin is.

I'd love to find out that I'm misunderstanding the announcement.  Am I?

[Cesar22]

NEM now also beneficially mentioned on RT:

https://deutsch.rt.com/wirtschaft/36630-rennen-um-digitale-zukunft-geldes/

[kelsey]

Too bad every positive comment on this forum has to be countered with scepticism, trolling and FUD.

Looking at this :http://www.reuters.com/article/dragonfly-fintech-idUSnPn1Ptv6F+91+PRN20151216
And this: http://dragonflyfintech.com/static/DF_Paper.pdf
In the paper; look at page 11. It appears to me that NEM is somehow involved... 
 

I agree people are often unfairly negative in these forums.  Many teenage boys in crypto it seems.

However I don't see evidence on the page 11 you mention of the existing coin being connected to this announcement.
I see that the company and tech is involved, but not that the coin is.

I'd love to find out that I'm misunderstanding the announcement.  Am I?

I don't think you are, these guys have been using the same BS connection to pump Xem for awhile, and I'm an Xem holder, but you get labelled a troll spreading FUD if you point out the obvious.


sooner or later it'll leave alot of sorry bagholders imo