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

[etm]

Hi guys,

What is the status on the initial distribution? What do we have to do to get our stake?

I guess we have to wait, but the most important thing is to stay alive. Because if not, no Nem. I really can't wait though, just to see how it all pans out.

[etm]

Speaking of death. Wouldn't a little bit of inflation be a good thing, for those loss coins due to forgotten passwords, death, etc?

What about something dumb like, after 120 years of an account not being in used, those coins get evenly redistributed to the rest of the people. It won't affect us.

[apullman]

More SMS is in the news.

37Coins Plans Worldwide Bitcoin Access With SMS-Based Wallet
http://www.coindesk.com/37coins-plans-worldwide-bitcoin-access-sms-based-wallet/

[fred.81]

Hi guys,

What is the status on the initial distribution? What do we have to do to get our stake?

(2) When will NEM launch?
V.1 of the blockchain will launch roughly June 2014. An alpha version of the client for testing will be released roughly May 2014...

Waiting patiently for the alpha 

[TwinWinNerD]

I am going to write a little analysis/summary of NEM soon. Is there an more uptodate "whitepaper" than this?
https://docs.google.com/document/d/1NhxTyi4Eo2D_1m1Ca8zvzQr0_RB0dgM2VuWXAIzcS-I/edit

[utopianfuture]

I am going to write a little analysis/summary of NEM soon. Is there an more uptodate "whitepaper" than this?
https://docs.google.com/document/d/1NhxTyi4Eo2D_1m1Ca8zvzQr0_RB0dgM2VuWXAIzcS-I/edit

NCC specification is out. Pm me for a summary.

[stormia]

Is it too late to get involved in this coin before launch?

[TauMuon]

Is it too late to get involved in this coin before launch?

There'll be an auction where you can bid for a stake soon!

[hotflame]

when the coin will release
what about the nxt exchange

[stormia]

Is it too late to get involved in this coin before launch?

There'll be an auction where you can bid for a stake soon!

Thank you. Very interesting coin and distribution methods. Wish I had seen this earlier.
Does anybody have a prediction as to what the winning bid price will approximately be for the first round? Based on the registration thread fund raising pricing (looks like 0.075 BTC per stake was the last price)?
Sorry for another question.

[makoto1337]

Is the NEM client C, C++ or Java?

I would like to see a C client that is far more secure than a Java one.

Also I'm not a fan of the Nxt client using 1.5gb ram on my machine.

Java. This is the feature rich client going out at launch but I think we could offer bounties for alternative clients, especially if the new one focuses on a specific customer segment such as a minimalist application client focusing on payment transaction only.

One thing that would probably really help would be a great android developer to make an app for us

[makoto1337]

Okay I am going to put out a teaser so everyone calms down a bit https://googledrive.com/host/0Bwfe5MzvbH9wc1ZkSGFUYjN6QnM/dashboard.html

Note: design has been improved so it would not be exactly the same (this is 1 and half month old version) ; in Alpha release all advanced functionality will be disabled.

Thank you Utopianfuture, this client looks very nice!!! 

That looks great, indeed! Now please, please hire some (more) staff to get this out asap;-)!

http://www.amazon.co.jp/The-Mythical-Man-Month-Engineering-Anniversary-ebook/dp/B000OZ0N6M

[Schwarzalbert]

NEM public auction explanation

---------------------------------------

155 NEM stakes will be put on a public auction (155 million NEM)

The auction will happen in Bitcoin blockchain and follow the multi unit auction format. http://en.wikipedia.org/wiki/Multiunit_auction

How does it happen if X stakes are put on the auction ?

1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
2. Each transaction to the escrow address will be considered a bid for 1 stake. Two transactions from the same address to the escrow address will be considered two separate bids.
3. The auction will last at least 24 hours (but less than 36 hours).
4. Bidders could monitor the bidding process in real time via Blockchain.info
5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes.
6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and lowest winning bid price minus the transaction fee and a service fee. Service fee is for the escrow service (for tallying and refunding the bids).
7. Example: there are 3 bids 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
9. The sending address of the winning bid will be the identifier of the owner of the won stake. Therefore the winning bid sender should later provide a NEM address to receive the share via a signed message from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.

-------------------------------------------

There will  be 10 stakes offered in the first test-run auction in about 2 weeks or so (it will be held on Saturday-Sunday frame) and we plan to offer regular auctions every week until close to the official launch.

Let me know if you want to be the escrow for the auction, you should follow all the above rules but being able to set the service fee yourselves. The entire service fee will go to the escrow and he will hold the fund for the winning bidders until NEM officially launch.

Hey Guys

Your Guro UtpianFuture will play with you another few months
Do you find it normal?
as long as you want you can hold out for?

Launch is never or, when all have fled or died.

So another couple of months NEM auction stakes, I laugh my limp.

congratulates your guru for his great performance

Guru you are kidding king of people

@NEM-Multi -Where is your problem? If you want to troll then I can say to you no-one here is interested in!

In case you're a stakeholder- when you don't like your stake then ask utopianfuture- I'm sure he will pay you out and thats it.

[li_ink]

NEM public auction explanation

---------------------------------------

155 NEM stakes will be put on a public auction (155 million NEM)

The auction will happen in Bitcoin blockchain and follow the multi unit auction format. http://en.wikipedia.org/wiki/Multiunit_auction

How does it happen if X stakes are put on the auction ?

1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
2. Each transaction to the escrow address will be considered a bid for 1 stake. Two transactions from the same address to the escrow address will be considered two separate bids.
3. The auction will last at least 24 hours (but less than 36 hours).
4. Bidders could monitor the bidding process in real time via Blockchain.info
5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes.
6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and lowest winning bid price minus the transaction fee and a service fee. Service fee is for the escrow service (for tallying and refunding the bids).
7. Example: there are 3 bids 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
9. The sending address of the winning bid will be the identifier of the owner of the won stake. Therefore the winning bid sender should later provide a NEM address to receive the share via a signed message from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.

-------------------------------------------

There will  be 10 stakes offered in the first test-run auction in about 2 weeks or so (it will be held on Saturday-Sunday frame) and we plan to offer regular auctions every week until close to the official launch. (open Alpha should be released before the auction)

Let me know if you want to be the escrow for the auction, you should follow all the above rules but being able to set the service fee yourselves. The entire service fee will go to the escrow and he will hold the fund for the winning bidders until NEM officially launch.

Wow, that's very great.

I will let my friends know this auction, maybe they are willing to participate in it.

[3LEM3NT]

Is it too late to get involved in this coin before launch?

There'll be an auction where you can bid for a stake soon!

Thank you. Very interesting coin and distribution methods. Wish I had seen this earlier.
Does anybody have a prediction as to what the winning bid price will approximately be for the first round? Based on the registration thread fund raising pricing (looks like 0.075 BTC per stake was the last price)?
Sorry for another question.

I expect everyone to be very impressed with the alpha. So 2 to 3 BTC.

UP can we also start the logo selection process. This may also show more progress for those that are antsy.

NEM is also starting to get a lot of attention. The logos should all be the same in all channels. Good time to update those with the official logo.

This IMHO should be done before the auction and the tokens.

[utopianfuture]

Update on the issue of Token Issuance. https://bitcointalk.org/index.php?topic=616467.0

[Jaguar0625]

Is the NEM client C, C++ or Java?

I would like to see a C client that is far more secure than a Java one.

Also I'm not a fan of the Nxt client using 1.5gb ram on my machine.

What makes you think that C client would be "far more secure than Java"
(P.S. I professionally work as C++ dev)

I also work professionally as a C++ dev. Java was chosen because it enabled the fastest time to market. If the community wants an alternative client after V1 is finished, there's nothing that would stop the community from funding that effort.

[TwinWinNerD]

I have added NEM to my analysis spreadsheet. It did very good and the only 2 categories it scored low, are impossible to get higher without a launch/beta.

We will see great things from NEM!

Take a look at my analysis here: https://twitter.com/TwinWinNerD/status/468934733205098496

[TwinWinNerD]

As always, if you feel that some information is represented incorrectly, just add a comment on the spreadsheet! Thanks

[softtissue]

Update on the issue of Token Issuance. https://bitcointalk.org/index.php?topic=616467.0

UP, thanks for your efforts.