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

[patmast3r]

I have a question:

The total coins will be 4 billion.

But whith or whithout forging?

Thanks

what do you mean ?

[MalteNXT]

reading part of the thread, i see that people are cotaminated whith the pump & dump scheme.

No one can really wait? It it so hard to do? The capitalism messed up the humans (and maybe some aliens between us   ).

 

[mrvegad]

I have a question:

The total coins will be 4 billion.

But whith or whithout forging?

Thanks

Forging doesn't create new coins, the translation fees are paid out in forging. There will only be 4 billion NEM.

[Parana]

I have a question:

The total coins will be 4 billion.

But whith or whithout forging?

Thanks

what do you mean ?

Maybe my english isn't that thing good...  

I mean there will be 4 billion coins ever or will be 4 billion coins + some coins that came form forging system (scheme or or any properly word )?

I remember that there was an indication of a forging system in devellopment plan.

That it. I think its more "understandable" now.

[Parana]

I have a question:
The total coins will be 4 billion.
But whith or whithout forging?
Thanks

Forging doesn't create new coins, the translation fees are paid out in forging. There will only be 4 billion NEM.

That was it. Thanks.

[utopianfuture]

Cross post to the asset exchange thread and I am truly sorry.

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

Dear NEM stakeholder community,

I apologize for making some of you disappointed but I decide to hold off the asset exchange listing for at least a couple of days until more information about NEM and its governance structure could be provided.

The reason for that is because I realized involving new investors is a qualitative change in NEM organizational structure and that needs to be handed with more transparency and disclosure. So far NEM has been conceptualized as a voluntary association in which stakeholders are participants and contributors to the formation of a new decentralized movement. In that conceptualization, I am comfortable in handling participant complaints with a simple refund suggestion. In that conceptualization, no one loses when he doesn't like what the development team is doing and can voluntarily withdraw. We as a team could also have the right to refuse certain participants who are deem not beneficial (sockpuppets for example). This phase has been dubbed "a call for participation" (it is not an IPO sorry) for these rationales.

This phase was over when the final stakeholder was published. No more stakeholders will be added. Now we are going to transition to a new phase in which investors can come in via  sales from the current stakeholders and public auction. I think they deserve to know more what future governance of the system will look like. So before investors are welcomed in, I would like to publish at least a preliminary draft of the Development Contract to the agreement of all current stakeholders. So the time during the asset exchange listing postponement will be used for that process. The process will include: the development team publishing a preliminary draft of the Development Contract; current stakeholders commenting and criticizing the Development Contract; majority of current stakeholders agreeing on the Development Contract and the rest requesting a refund and leave.

While I believe at this point the shares of the current stakeholders are theirs to control and technically asset listing is for the current stakeholder selling a part of his shares. However, we as a team cannot afford officiating the sale without performing our obligation in a full disclosure of what we plan to do with the development shares and development reserves. Hence, the postponement of the listing. I have been preparing materials for the Development Contract for a while and will be able to publish a preliminary draft very soon.

UtopianFuture     

[Emill]

Wow take all the time needed, decisions and outcomes affect the community so do not rush 

[helloge]

Cross post to the asset exchange thread and I am truly sorry.

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

Dear NEM stakeholder community,

I apologize for making some of you disappointed but I decide to hold off the asset exchange listing for at least a couple of days until more information about NEM and its governance structure could be provided.

The reason for that is because I realized involving new investors is a qualitative change in NEM organizational structure and that needs to be handed with more transparency and disclosure. So far NEM has been conceptualized as a voluntary association in which stakeholders are participants and contributors to the formation of a new decentralized movement. In that conceptualization, I am comfortable in handling participant complaints with a simple refund suggestion. In that conceptualization, no one loses when he doesn't like what the development team is doing and can voluntarily withdraw. We as a team could also have the right to refuse certain participants who are deem not beneficial (sockpuppets for example). This phase has been dubbed "a call for participation" (it is not an IPO sorry) for these rationales.

This phase was over when the final stakeholder was published. No more stakeholders will be added. Now we are going to transition to a new phase in which investors can come in via  sales from the current stakeholders and public auction. I think they deserve to know more what future governance of the system will look like. So before investors are welcomed in, I would like to publish at least a preliminary draft of the Development Contract to the agreement of all current stakeholders. So the time during the asset exchange listing postponement will be used for that process. The process will include: the development team publishing a preliminary draft of the Development Contract; current stakeholders commenting and criticizing the Development Contract; majority of current stakeholders agreeing on the Development Contract and the rest requesting a refund and leave.

While I believe at this point the shares of the current stakeholders are theirs to control and technically asset listing is for the current stakeholder selling a part of his shares. However, we as a team cannot afford officiating the sale without performing our obligation in a full disclosure of what we plan to do with the development shares and development reserves. Hence, the postponement of the listing. I have been preparing materials for the Development Contract for a while and will be able to publish a preliminary draft very soon.

UtopianFuture     

can you guys give a definite timeline about your project or any plans???

[Sportfreund1488]

My friend UP!

You disappoint degree many important people in the Nxt forum that can help us later.
Think about it and be taken back your decision!

[feina24h]

No Prob. we can wait more   Patience needed.

[utopianfuture]

NEM development contract (preliminary draft)


https://docs.google.com/document/d/19so-Jy3Gqw2KltZP-gaw3oFaHliN0OdtwZktOP4pCOQ/edit

[softtissue]

All right, give more time to the NEM team. 

[crimi]

Its not an additional distribution. Original stakeholder just get a token on the AE (if they want to) which represents their NEM stake. So they can already trade their NEM, although they have no real NEM yet. DEV-team earns nothing with this.

my fault - I did not understand enough

Why do you put so much effort into a post, but at the same time, fail to research any of the "facts"? By simply reading the info that has been provided, you would find your post makes MANY assumptions that are false. I would usually go into explaining which parts of a post are incorrect, however in this case i can just sum it up by saying your post is largely untrue.

Just thought it would be good to let you know this. Take another closer look, I think you will find the true facts surrounding NEM are very positive.

You stated above that you, "started to read posts". Again, my advice is continue reading them and get back to us and let us know what you think at that point.

I find it difficult to really follow this chaos - several threads, updates in the middle of 400 pages thread, homepage empty with links to BCT thread again... Someone said 35 people working on this? Who is responsible for marketing/informational side?

Wow that would be a large amount 10%. That is not better distribution than Nxt....... That makes no sence you collected Nxt from us, all NEM should be devided equally to all shareholders. How can we be not sure you playing pump and dump in the beginning with the 400 mio. I thought as well the point of Nem is additionally 'fair distribution'.

agree - why to take additional 10% of NEMs if you already collected 1 mil NXT? Maybe you should refund NXT/BTC after launch and divide this 10% into developers?

Also who will answer the question - what is the real progress? 35 devs - give us an answer please. Or maybe you just wait for NXT success and all bugs fixed to copy it?

--
supporter

It has been said before. No one needs to be involved. Refund are readily available for current stakeholders. So in what perspective are you complaining when you do nothing ?

Why should i not be surprised? Is it not allowed to be surprised? When i bought the stake, the info was 4000 stakeholder 4 billion Nem. I thought if there is less than 4000 stakeholder it will be equally devided. I thought this is a really great way to do it.

So in what perspective are you complaining when you do nothing ?

It is just fair to know that 400 mio going to the devs...... I was one of many that was disappointed about Nxt distribution. The math still doesnt work, will you proof of burn the rest? Its the same with darkcoin if you ask about the instamine at the first day people gonna hate you 4 ever.

Since you are an stakeholder, I would like to request you to ask for a refund if you feel so "surprised" and "unfair" about the distribution scheme. No one needs to be involved if he does not want to.

I was interested in Nem since you propose it at the nextcoin.org forum, so why should i change my mind now? Kind of feel sad that people want to talk people into giving up there shares... Man that was my first post here, it's like a hive of bees...

[utopianfuture]

Its not an additional distribution. Original stakeholder just get a token on the AE (if they want to) which represents their NEM stake. So they can already trade their NEM, although they have no real NEM yet. DEV-team earns nothing with this.

my fault - I did not understand enough

Why do you put so much effort into a post, but at the same time, fail to research any of the "facts"? By simply reading the info that has been provided, you would find your post makes MANY assumptions that are false. I would usually go into explaining which parts of a post are incorrect, however in this case i can just sum it up by saying your post is largely untrue.

Just thought it would be good to let you know this. Take another closer look, I think you will find the true facts surrounding NEM are very positive.

You stated above that you, "started to read posts". Again, my advice is continue reading them and get back to us and let us know what you think at that point.

I find it difficult to really follow this chaos - several threads, updates in the middle of 400 pages thread, homepage empty with links to BCT thread again... Someone said 35 people working on this? Who is responsible for marketing/informational side?

Wow that would be a large amount 10%. That is not better distribution than Nxt....... That makes no sence you collected Nxt from us, all NEM should be devided equally to all shareholders. How can we be not sure you playing pump and dump in the beginning with the 400 mio. I thought as well the point of Nem is additionally 'fair distribution'.

agree - why to take additional 10% of NEMs if you already collected 1 mil NXT? Maybe you should refund NXT/BTC after launch and divide this 10% into developers?

Also who will answer the question - what is the real progress? 35 devs - give us an answer please. Or maybe you just wait for NXT success and all bugs fixed to copy it?

--
supporter

It has been said before. No one needs to be involved. Refund are readily available for current stakeholders. So in what perspective are you complaining when you do nothing ?

Why should i not be surprised? Is it not allowed to be surprised? When i bought the stake, the info was 4000 stakeholder 4 billion Nem. I thought if there is less than 4000 stakeholder it will be equally devided. I thought this is a really great way to do it.

So in what perspective are you complaining when you do nothing ?

It is just fair to know that 400 mio going to the devs...... I was one of many that was disappointed about Nxt distribution. The math still doesnt work, will you proof of burn the rest? Its the same with darkcoin if you ask about the instamine at the first day people gonna hate you 4 ever.

Since you are an stakeholder, I would like to request you to ask for a refund if you feel so "surprised" and "unfair" about the distribution scheme. No one needs to be involved if he does not want to.

I was interested in Nem since you propose it at the nextcoin.org forum, so why should i change my mind now? Kind of feel sad that people want to talk people into giving up there shares... Man that was my first post here, it's like a hive of bees...

Did you read the disclaimers ? maybe it is time to read it 4 months afterward. I am pretty transparent about the plan forward. You can question if you want but don't assume information that is never there in the beginning. 

[Mrrr]

Good decision UF. Better to wait a couple of days more rather than to regret later.

[apullman]

Wow take all the time needed, decisions and outcomes affect the community so do not rush 

Holding off is a prudent decision.

[xtester]

Cross post to the asset exchange thread and I am truly sorry.

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

Dear NEM stakeholder community,

I apologize for making some of you disappointed but I decide to hold off the asset exchange listing for at least a couple of days until more information about NEM and its governance structure could be provided.

The reason for that is because I realized involving new investors is a qualitative change in NEM organizational structure and that needs to be handed with more transparency and disclosure. So far NEM has been conceptualized as a voluntary association in which stakeholders are participants and contributors to the formation of a new decentralized movement. In that conceptualization, I am comfortable in handling participant complaints with a simple refund suggestion. In that conceptualization, no one loses when he doesn't like what the development team is doing and can voluntarily withdraw. We as a team could also have the right to refuse certain participants who are deem not beneficial (sockpuppets for example). This phase has been dubbed "a call for participation" (it is not an IPO sorry) for these rationales.

This phase was over when the final stakeholder was published. No more stakeholders will be added. Now we are going to transition to a new phase in which investors can come in via  sales from the current stakeholders and public auction. I think they deserve to know more what future governance of the system will look like. So before investors are welcomed in, I would like to publish at least a preliminary draft of the Development Contract to the agreement of all current stakeholders. So the time during the asset exchange listing postponement will be used for that process. The process will include: the development team publishing a preliminary draft of the Development Contract; current stakeholders commenting and criticizing the Development Contract; majority of current stakeholders agreeing on the Development Contract and the rest requesting a refund and leave.

While I believe at this point the shares of the current stakeholders are theirs to control and technically asset listing is for the current stakeholder selling a part of his shares. However, we as a team cannot afford officiating the sale without performing our obligation in a full disclosure of what we plan to do with the development shares and development reserves. Hence, the postponement of the listing. I have been preparing materials for the Development Contract for a while and will be able to publish a preliminary draft very soon.

UtopianFuture     

Good call. I think this may be one of the most important things that differentiate NEM as a movement from all other projects: things are carefully planned and orchestrated as to develop in the best interest of the community and stakeholders. I also applaud the responsibility with which you handle all this matters. This has been a major asset for our project ever since the beginning, and I am confident it will remain that way.

[greentea]

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.

Nice way to handle this

[apullman]

What if a whale or shark buys a bunch of NEM on the AE or auction?
Depending on their motive, this may not good for NEM. I know our egalitarian distribution will not last in the long term (the Pareto principle is inevitable), but let's keep it out of the hands that will manipulate it in the critical short term.

[boestin]

I like the way things are communicated. No problems here for waiting a bit longer.

@Utopianfuture: We stakeholders could however use a 'rough' timescale.

Furthermore, if you need my assistance in helping you, or the devteam, you guys know where to reach me.