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

[Eadeqa]

I've added recent updates to the F.A.Q. thread.

hmmm...

Lets just hope the developers don't dump their 25% premine.

Premine is the wrong term. There is no mining and since all coins are created at one point in time there is no "pre".
Who in their right mind would harm a project - by dumping - after putting in countless hours of their free time?

BCNext

There is no evidence BCNext dumped to bring prices down. He simply disappeared and gave the project to CfB.

[Eadeqa]

It sounds like a lot but further ongoing development is not going to be cheap. Marketing costs an arm and a leg these days. Having looked around forums there is no end to people pissed that they have to keep parting with their own personal $$$ to pay for such.

There are two different things:

Developer's fund 10%
And development fund 25%

Total 35%

I am assuming developers will get the 10% at launch. If they start selling large chunk, the prices will come down. 10% is 400 million  Nem

The "development fund" is 25% for future use. ( that's 1 billion Nem)

Am  missing something here?

[mladen00]

It sounds like a lot but further ongoing development is not going to be cheap. Marketing costs an arm and a leg these days. Having looked around forums there is no end to people pissed that they have to keep parting with their own personal $$$ to pay for such.

There are two different things:

Developer's fund 10%
And development fund 25%

Total 35%

I am assuming developers will get the 10% at launch. If they start selling large chunk, the prices will come down. 10% is 400 million  Nem

The "development fund" is 25% for future use. ( that's 1 billion Nem)

Am  missing something here?

1 billion for dev founds
3billions to stakeholders (1000000 NEM for 3000stholders)

[lcharles123]

...
Finally, I would say relax, have some fun and wait for the Nemesis.
...

PS: NEM, NXT, NXTL, EXO > PoS Coins > BTC, LTC, other > Fiat Currencies

[makoto1337]

I've added recent updates to the F.A.Q. thread.

hmmm...

Lets just hope the developers don't dump their 25% premine.

Premine is the wrong term. There is no mining and since all coins are created at one point in time there is no "pre".
Who in their right mind would harm a project - by dumping - after putting in countless hours of their free time?

I plan to buy more NEM upon launch. That, and some MOON BOOTS.

[Eadeqa]

1 billion for dev founds
3billions to stakeholders (1000000 NEM for 3000stholders)

It's 400 million for developers stake.
And 1 billion for development fund.

Lets not forget BTC and Nxt that were collected during IPO (which was also pretty hefty amount). Add that to the development fund too.

Now I trust people involved in this that they won't dump that many coins and disappear, but if there was any other PoW coin where 35% were pre mined by developers it would be called outright fraud.

I would like to see more people in control of the 25% -- instead of just the initial developers. Maybe form something like various committees (marketing, development, social media, infrasture etc) and the funds split into those accounts.

I don't want to see just one person controlling the 25% and making all the decisions.

[makoto1337]

The team is working on this part time while we have our regular jobs as well. That being said, we are getting really close to have a stable platform that will form the testnet. I think people will be impressed by our work once the alpha is out.

I wouldn't go that far...
I mean from a normal's person/computer user POV, I don't think there will be much "on the outside" to be really impressed.

But as the saying goes, you don't judge the book by it's cover.

I think people will have a great time on the testnet. I think the average user will be pretty impressed with the client. I would go so far as to say that new users should wear diapers the first time they launch it.

[makoto1337]

It seems that some people don't understand the proposed distribution. From UP's letter (https://docs.google.com/document/d/1q-Ew6-ac_3NmWHxO2O0WivNOP7Wz9sghTYS2tPWqd8E/edit):

NEM would be created with the maximum of 4 billion unit divisible to 6 figure after zero. We plan to distribute 72% of the total to the community at the official lunch, all with a minimum contribution of promotional effort or donation. 3% will be auctioned to the public to raise money for the development fund. 25% will be reserved under control of the core development team in which 10%  is reserved for the core development team for their works in fully developing NIS and NCC to V1 blockchain specification. 5% is reserved for the extended development team for their works on  NEM promotion and NEM ecosystem. The last 10% is reserved for future development after the completion of V1 blockchain including further development of the ecosystem and special features to the core blockchain.

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

[TwinWinNerD]

It seems that some people don't understand the proposed distribution. From UP's letter (https://docs.google.com/document/d/1q-Ew6-ac_3NmWHxO2O0WivNOP7Wz9sghTYS2tPWqd8E/edit):

NEM would be created with the maximum of 4 billion unit divisible to 6 figure after zero. We plan to distribute 72% of the total to the community at the official lunch, all with a minimum contribution of promotional effort or donation. 3% will be auctioned to the public to raise money for the development fund. 25% will be reserved under control of the core development team in which 10%  is reserved for the core development team for their works in fully developing NIS and NCC to V1 blockchain specification. 5% is reserved for the extended development team for their works on  NEM promotion and NEM ecosystem. The last 10% is reserved for future development after the completion of V1 blockchain including further development of the ecosystem and special features to the core blockchain.

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

NEM is going to be as big as NXT, according to dev team. Nice 3,000,000 USD salary for the team. I'm not judging, I think you guys deserve it, and I am looking forward to the first public beta!

[Eadeqa]

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

Ok, then I was wrong about 35%. It's 28% plus all the BTC and Nxt collected during the IPO

I hope there is auditing and public record on how the 18% plus IPO money is used.

[utopianfuture]

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

Ok, then I was wrong about 35%. It's 28% plus all the BTC and Nxt collected during the IPO

I hope there is auditing and public record on how the 18% plus IPO money is used.

There was no IPO  How many times do I have to say that. Otherwise, feel free to comment as I am working on a more detail version of development fund governance.

[utopianfuture]

It seems that some people don't understand the proposed distribution. From UP's letter (https://docs.google.com/document/d/1q-Ew6-ac_3NmWHxO2O0WivNOP7Wz9sghTYS2tPWqd8E/edit):

NEM would be created with the maximum of 4 billion unit divisible to 6 figure after zero. We plan to distribute 72% of the total to the community at the official lunch, all with a minimum contribution of promotional effort or donation. 3% will be auctioned to the public to raise money for the development fund. 25% will be reserved under control of the core development team in which 10%  is reserved for the core development team for their works in fully developing NIS and NCC to V1 blockchain specification. 5% is reserved for the extended development team for their works on  NEM promotion and NEM ecosystem. The last 10% is reserved for future development after the completion of V1 blockchain including further development of the ecosystem and special features to the core blockchain.

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

NEM is going to be as big as NXT, according to dev team. Nice 3,000,000 USD salary for the team. I'm not judging, I think you guys deserve it, and I am looking forward to the first public beta!

Since average donation for 1 million NEM is about 0.05 btc. You can say development team salary is=0.05 *400=20btc. Now if we somehow get 3 million in the future, it is only because we make a nice gift of close to 10.000$ for every single stakeholder. But that is huge IF and actually we don't think about it at all because I am sure it does not just depend on core developers. If stakeholders want to have that nice 10.000$, they will probably have to work a bit too.

The nice thing about allocating 75% of NEM (not 72%) to the community on the launch is that we effectively give up the majority control of the network. We will bring in something worthwhile but from that point forward, NEM's progress will depend greatly on the community's involvement.

[makoto1337]

It seems that some people don't understand the proposed distribution. From UP's letter (https://docs.google.com/document/d/1q-Ew6-ac_3NmWHxO2O0WivNOP7Wz9sghTYS2tPWqd8E/edit):

NEM would be created with the maximum of 4 billion unit divisible to 6 figure after zero. We plan to distribute 72% of the total to the community at the official lunch, all with a minimum contribution of promotional effort or donation. 3% will be auctioned to the public to raise money for the development fund. 25% will be reserved under control of the core development team in which 10%  is reserved for the core development team for their works in fully developing NIS and NCC to V1 blockchain specification. 5% is reserved for the extended development team for their works on  NEM promotion and NEM ecosystem. The last 10% is reserved for future development after the completion of V1 blockchain including further development of the ecosystem and special features to the core blockchain.

100-72 = 28% reserved for building NEM.

10% is our salary and the remaining 18% is going towards building the ecosystem and future infrastructure for NEM and marketing.

NEM is going to be as big as NXT, according to dev team. Nice 3,000,000 USD salary for the team. I'm not judging, I think you guys deserve it, and I am looking forward to the first public beta!

Since average donation for 1 million NEM is about 0.05 btc. You can say development team salary is=0.05 *400=20btc. Now if we somehow get 3 million in the future, it is only because we make a nice gift of close to 10.000$ for every single stakeholder. But that is huge IF and actually we don't think about it at all because I am sure it does not just depend on core developers. If stakeholders want to have that nice 10.000$, they will probably have to work a bit too.

The nice thing about allocating 75% of NEM (not 72%) to the community on the launch is that we effectively give up the majority control of the network. We will bring in something worthwhile but from that point forward, NEM's progress will depend greatly on the community's involvement.

Yes, 75% will go to stakes. Sorry for missing that!

[dwma]

I am skeptical about bitshare economic model. I don't think the way they peg bitusd arbitrarily to $ could work in practice. Lending business is pretty difficult to do with bitcoin because of its deflation nature so i am interested so see if anyone can come up with a viable model.     

Briefly why do you think it might not work?  I have my own concern but just wondering what yours may be ?

[Chris001]

Its going to be $10000 per stake or more I think.

10% between all the developers is more than fair.

Maybe Im wrong, but if im right, that 15% is going to do some serious damage when it comes to promotion.

Then its going to just turn into a snowball.

And that snowball is going to roll down the hill so damn fast its going to hit investors right in the face, and money is going to come flying out of their pockets!!

This is when NEM will have the momentum and the power to do something special and give the power back to the people.

NEM has the leadership, design, resources, community, and philosophy necessary to execute its plans. NEM actually has the chance to reach its goals. And those goals are groundbreaking, refreshing, and ambitious. NEM reaching those goals will change the world. There's more than $10,000 at stake!

[hamiltino]

Its going to be $10000 per stake or more I think.

10% between all the developers is more than fair.

Maybe Im wrong, but if im right, that 15% is going to do some serious damage when it comes to promotion.

Then its going to just turn into a snowball.

And that snowball is going to roll down the hill so damn fast its going to hit investors right in the face, and money is going to come flying out of their pockets!!

This is when NEM will have the momentum and the power to do something special and give the power back to the people.

NEM has the leadership, design, resources, community, and philosophy necessary to execute its plans. NEM actually has the chance to reach its goals. And those goals are groundbreaking, refreshing, and ambitious. NEM reaching those goals will change the world. There's more than $10,000 at stake!

10,000 per stake = 22BTC each.

22BTC * 4000 stakes = 88000BTC marketcap

Valuation = 40Million

You are saying it will have a market capitalization more than Dogecoin with their massive community.

That sounds way to optimisitic for a client that doesn't really add anything revolutionary to the table. (innovative yes)

Lets just settle at 10BTC per stake so we don't get disappointed.

[BitcoinForumator]

10 BTC sounds good but to be honest I wouldn't sell it for that. Not even 22.

[patmast3r]

Its going to be $10000 per stake or more I think.

10% between all the developers is more than fair.

Maybe Im wrong, but if im right, that 15% is going to do some serious damage when it comes to promotion.

Then its going to just turn into a snowball.

And that snowball is going to roll down the hill so damn fast its going to hit investors right in the face, and money is going to come flying out of their pockets!!

This is when NEM will have the momentum and the power to do something special and give the power back to the people.

NEM has the leadership, design, resources, community, and philosophy necessary to execute its plans. NEM actually has the chance to reach its goals. And those goals are groundbreaking, refreshing, and ambitious. NEM reaching those goals will change the world. There's more than $10,000 at stake!

10,000 per stake = 22BTC each.

22BTC * 4000 stakes = 88000BTC marketcap

Valuation = 40Million

You are saying it will have a market capitalization more than Dogecoin with their massive community.

That sounds way to optimisitic for a client that doesn't really add anything revolutionary to the table. (innovative yes)

Lets just settle at 10BTC per stake so we don't get disappointed.

What exactly are you refering to by "client" ? You do realize that NEM is about more than just a new fancy client right ?
Also who decides what is revolutionary ? In the end I guess history will decide but POI could very well be revolutionary - time will tell.

NXT has a similar market cap to DODGE so it's very possible that NEM can reach that as well.

[mladen00]

10 BTC sounds good but to be honest I wouldn't sell it for that. Not even 22.

+1

I think we are better than Dodge, and we dont have coin yet


Nem will be biggest altcrypto, bye bye LTC

[hamiltino]

Its going to be $10000 per stake or more I think.

10% between all the developers is more than fair.

Maybe Im wrong, but if im right, that 15% is going to do some serious damage when it comes to promotion.

Then its going to just turn into a snowball.

And that snowball is going to roll down the hill so damn fast its going to hit investors right in the face, and money is going to come flying out of their pockets!!

This is when NEM will have the momentum and the power to do something special and give the power back to the people.

NEM has the leadership, design, resources, community, and philosophy necessary to execute its plans. NEM actually has the chance to reach its goals. And those goals are groundbreaking, refreshing, and ambitious. NEM reaching those goals will change the world. There's more than $10,000 at stake!

10,000 per stake = 22BTC each.

22BTC * 4000 stakes = 88000BTC marketcap

Valuation = 40Million

You are saying it will have a market capitalization more than Dogecoin with their massive community.

That sounds way to optimisitic for a client that doesn't really add anything revolutionary to the table. (innovative yes)

Lets just settle at 10BTC per stake so we don't get disappointed.

What exactly are you refering to by "client" ? You do realize that NEM is about more than just a new fancy client right ?
Also who decides what is revolutionary ? In the end I guess history will decide but POI could very well be revolutionary - time will tell.

NXT has a similar market cap to DODGE so it's very possible that NEM can reach that as well.

No i am saying that their is no reason for the average bitcoiner to choose to use nem over bitcoin. Only way for that to happen imo is price stability. Also the average bitcoin user doesn't care if its POW. POS. POI only the technically minded care.

Hey i would love to see nem beat nxt, but just assuming it will, creates expectations that can lead to disappointment.