[NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread

[hydkyll]

Question - is there any feasible way to simplify a digital currency, in terms of the number of decimal places that it is calculated to?

One of the larger issues that I see regarding the possibility of mainstream adoption of any digital currency is the fact that it's too complex. I don't think the average person wants to keep track of their currency to so many decimal places. "I own 103.01933485 NEM" sounds very complicated. "I own 103.01 NEM" is much more palatable, I think.

Maybe I'm way off - just a newcomer's perspective though.

The position of the decimal point is of course completely arbitrary. One way to counter this issue is to introduce subdivisions (as is currently being discussed here). So, 103.01933485 NEM -> 103019334.85 µNEM (with mabye a nice name for µNEM).

The other way to get rid of too many decimal places is to issue more coins and thus avoiding the need of divisibility.

(The core issue here is that the value of NEM will most likely vary extremely between the initial distribution and later times. DOGE, for example, took the approach of simply producing an extremely huge amount of coins. There are currently 50,000,000,000 DOGE and only 12,000,000 BTC. However, all those Dogecoin are only worth $62,000,000 whereas all Bitcoins are worth $8,000,000,000. So as 1 DOGE is only worth $0.0013, you won't have to deal so much with decimal places there because 1 DOGE already represents a sufficiently small amount of value.)

[1714079666]

1714079666

[opticalcarrier]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

[patmast3r]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

AM ?

[randombit]

Make it easy,

Whats about 1NEM = 1000 Nembit
                   1 Nembit = 1000 Nemos

It sounds good and its easy to remember.

( and no dont meant any fish with ))
 

[patmast3r]

Make it easy,

Whats about 1NEM = 1000 Nembit
                   1 Nembit = 1000 Nemos

It sounds good and its easy to remember.

( and no dont meant any fish with ))
 

I like Nembits. I don't like Nemos...that's just too associated with that fish.

[hydkyll]

Nakamoto is a bit long, I will admit, but it is only 1 syllable more than satoshi.
Naka could work as well. This would just be 中. This is also the short country name of China (中国). 中 could be the currency symbol. It is already in unicode...

新 means "new" and is pronounced the same in Chinese and Japanese (xin/shin). That character is also in unicode!!

I like Naka so while we pay a homeage to Satoshi Nakamoto it is somewhat different from bitcoin's naming tradition. We could have the currency symbol at the same time. One stone kills two birds.

So 1 NEM= 1 bitcoin; 1 naka= 1satoshi.

I like naka too.  Satoshi is too long a name for common use and is also too small a value to have any practical relevance (1 BTC = 100,000,000 satoshis) but 1 NEM SHOULD NOT = 100,000,000 naka.  It is very important to have a unit that has a useful value that is not too high so you are using a bunch of decimals but is not so low like a satoshi. 1 NEM = 1000 naka?

I also support Naka. And I agree that it should not be the name for the smallest subunit but rather the everyday unit.

So let's say if 1% of the world population uses NEM, there should be on average around 100,000 Naka for each person. (Maybe someone can think of a better metric?)

Now, if there are 4 billion coins and 1 NEM = 1000 Naka, there are 57,000 Naka for everyone in the 1%. So I think this works.

[patmast3r]

I can't get used to naka....the more often I hear it the more it appauls me...

[utopianfuture]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

Cfb should join (help) NEM since he is one of the early stakeholder (check the list). But NEM would not restrict itself to be a NXT's AM (arbitrary message).

[upekha]

what about:

1 nem = 1000 nemin
1000 nem = 1 nemax



I also like NemBit^^.

[patmast3r]

We could also go for binary prefixes. I don't really like it but just to throw it out there

1 NEM = 1000 mibiNEM
1000 NEM = 1 kibiNEM

or how about 1 NEM = 1000 ecos ?

It's not exactly mindblowing but I didn't want to ciritize people without actually coming up with at least some suggestions.

[upekha]

I'm putting up a forum in a couple hours using really high quality forum software, hopefully we can all mitigate there.

that would be cool!

[TauMuon]

Why not just stick to what people are used to?

1 NEM = NEM
0.01 NEM = Penny / cent
1,000 NEM = Grand / Thousand
1,000,000 NEM = Million

I don't understand the need to invent new words when there are perfectly good ones already!

Also, I doubt we'll ever need to go below a 0.01NEM, that'd be worth a very small amount of money.

[upekha]

.. to make it short n easy:

1mio NIM = 1k NEM = 1 NAM

(could be mistaken for another currency though)

[Xpedite]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

I guess I need some more info about this AM thing. What is the practical use of this? 
Can someone please explain this to a newbie
I have little knowledge of these extra features of NXT...

[patmast3r]

Why not just stick to what people are used to?

1 NEM = NEM
0.01 NEM = Penny / cent
1,000 NEM = Grand / Thousand
1,000,000 NEM = Million

I don't understand the need to invent new words when there are perfectly good ones already!

Also, I doubt we'll ever need to go below a 0.01NEM, that'd be worth a very small amount of money.

I'd be fine with that.

[WildCats]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

Cfb should join (help) NEM since he is one of the early stakeholder (check the list). But NEM would not restrict itself to be a NXT's AM (arbitrary message).

Why not issue honorary stake in NEM to people who deserve it and/or could potentially be helpful?  I think we should give BCNext some stakes in NEM because NEM probably wouldn't exist without him.  Regardless of what he chooses to do with it, he deserves it and if he decided to be supportive of NEM that would be a very good thing.

Better for people who are able to contribute to have stake then someone who bought a stake in NEM for their Grandma who's not even really interested.   I don't know that one stake for CfB would be enough incentive.  People like to see those who work hard, take risks, and contribute to be rewarded.  Of course probably no distribution is perfect.

[patmast3r]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

Cfb should join (help) NEM since he is one of the early stakeholder (check the list). But NEM would not restrict itself to be a NXT's AM (arbitrary message).

Why not issue honorary stake in NEM to people who deserve it and/or could potentially be helpful?  I think we should give BCNext some stakes in NEM because NEM probably wouldn't exist without him.  Regardless of what he chooses to do with it, he deserves it and if he decided to be supportive of NEM that would be a very good thing.

Better for people who are able to contribute to have stake then someone who bought a stake in NEM for their Grandma who's not even really interested.   I don't know that one stake for CfB would be enough incentive.  People like to see those who work hard, take risks, and contribute to be rewarded.  Of course probably no distribution is perfect.

BCNext will join NEM if he wants to. If he doesn't no number of stakes will make him. Word is he doesn't really care about the money.

[utopianfuture]

whatever model we choose - I suggest we try to run it on top of NXT via AM; this architecture is BCNext's actual goal for NXT. CfB has stated he would consult for free for someone attempting this

Cfb should join (help) NEM since he is one of the early stakeholder (check the list). But NEM would not restrict itself to be a NXT's AM (arbitrary message).

Why not issue honorary stake in NEM to people who deserve it and/or could potentially be helpful?  I think we should give BCNext some stakes in NEM because NEM probably wouldn't exist without him.  Regardless of what he chooses to do with it, he deserves it and if he decided to be supportive of NEM that would be a very good thing.

Better for people who are able to contribute to have stake then someone who bought a stake in NEM for their Grandma who's not even really interested.   I don't know that one stake for CfB would be enough incentive.  People like to see those who work hard, take risks, and contribute to be rewarded.  Of course probably no distribution is perfect.

Did you see  NXT honarary stakes issued for Satoshi Nakamoto, not accounting for authors of multiple crypto class codes bcnext took from ? Open source community is all about borrowing ideas, codes and building upon each others works. That type of progress keeps on going for the benefit of mandkind.
Not that I think bcnext not deserving some NEM, but he could buy in too given 50 million nxt stack he is sitting on.

[play4ce]

wow, this project seems promising!
looking forward to the release
any dates yet?

[patmast3r]

wow, this project seems promising!
looking forward to the release
any dates yet?

Yesterday a dev plan was released however there is no ETA for the release of v1. We're still in the fundraising phase.