NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[wiser]

The hacker is still moving XEM from account to account, and eventually into exchanges - primarily onto Bittrex. He probably has stolen identities and whatever else necessary to create the accounts. Pretty good sign that he hasn't been busted.
Last I checked there was 70mil XEM remaining in his last wallet, with ~30mil still in exchanges.
Hopefully he dumps it all sooner, rather than later. I think we are all ready for thought of him still having XEM to be over with.

I think it's best if we all look at the bright side of this, whether or not the hacker gets away.
1. He crashed price, giving us excellent buy opportunities.
2. Drew much attention to exchange security, resulting in actions to strengthen it.
3. One could claim he played a robin-hood role of sorts, redistributing tax (fees) to us lowly plebes.
4. Proved NEM blockchain tech. - A. It can't or won't be manipulated by a big boss or a government. B. It can be traced, even when laundered, and even by average joes like myself. C. NEM chain can securely handle large volumes of transactions even without Catapult implemented yet!

Those are all excellent points, especially 1, 2, and 4. The "redistribution" was theft, plain and simple, and in a way he didn't just steal from Coincheck. He stole from all of us holding NEM, especially anyone who was in a position where they needed to sell for any reason (such as paying a bill) while the price is depressed due to his/her actions.

But with that said, this kind of thing happens in crypto, and we pretty much have to expect it for the time being.

[Big Naturals]

The hacker is still moving XEM from account to account, and eventually into exchanges - primarily onto Bittrex. He probably has stolen identities and whatever else necessary to create the accounts. Pretty good sign that he hasn't been busted.
Last I checked there was 70mil XEM remaining in his last wallet, with ~30mil still in exchanges.
Hopefully he dumps it all sooner, rather than later. I think we are all ready for thought of him still having XEM to be over with.

I think it's best if we all look at the bright side of this, whether or not the hacker gets away.
1. He crashed price, giving us excellent buy opportunities.
2. Drew much attention to exchange security, resulting in actions to strengthen it.
3. One could claim he played a robin-hood role of sorts, redistributing tax (fees) to us lowly plebes.
4. Proved NEM blockchain tech. - A. It can't or won't be manipulated by a big boss or a government. B. It can be traced, even when laundered, and even by average joes like myself. C. NEM chain can securely handle large volumes of transactions even without Catapult implemented yet!

Those are all excellent points, especially 1, 2, and 4. The "redistribution" was theft, plain and simple, and in a way he didn't just steal from Coincheck. He stole from all of us holding NEM, especially anyone who was in a position where they needed to sell for any reason (such as paying a bill) while the price is depressed due to his/her actions.

But with that said, this kind of thing happens in crypto, and we pretty much have to expect it for the time being.

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

[jacobwoods]

Hey everyone. I wanted to invite community members to Switchain. It's a newly revamped non-custodial exchange and a efficiency way to trade NEM. I'm brand new to the community and I wish everyone luck. Thanks!

[wiser]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

[raoulsergia]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

LOL the analogy sucks but I agre than NEM made it through the dark night
Many coins take years ... The exchange was great to refund the customers unlike some other shit exchanges which got hacked recently

Shows the difference between professionally run exchange like Coincheck and a shady job exchanges which are dime a dozen

[Big Naturals]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

LOL the analogy sucks but I agre than NEM made it through the dark night
Many coins take years ... The exchange was great to refund the customers unlike some other shit exchanges which got hacked recently

Shows the difference between professionally run exchange like Coincheck and a shady job exchanges which are dime a dozen

Yes, leaving newborn babies outside in the cold is horrible, but it did weed out the weaker ones, strengthened the gene pool, and made Sparta strong. Forget the analogy if it upsets you, but I fear too many cryptos with billions in marketcap are very weak, easily damaged, and beneath a thin veneer of 'decentralization' are actually highly centralised with unaccountable governance, multiple points of failure, and dependent on a few key people to keep things 'credible' for investors.

The recent wave of FUD and media scare campaigns is good if it weeds out the weak cryptos, and a mega hack is nothing compared to a full frontal government assault like a outright ban. Crypto needs to survive that if it's going to survive long term, and out of +1500 coins I only see 3-4 that would.

Take XMR for example, all it would take to have it crumble into a pile of dust would be news that Ricardo Spagni was on his knees in a South African prison servicing other inmates after being arrested on trumped up charges if anonymous coins were ever banned, and remaining XMR dev team would vaporise into thin air. Same for Z-cash with Zooko Wilcox, if he gets called into the FBI for a chat, Z-cash goes in the toilet.

In a few years crypto will likely be a battleground, with key people getting arrested for SEC violations and people will do jail time for some ICO abuses. When that happens only the Spartan coins will survive, and even a 500mil hack will look like a smack on the bum, not a night outdoors for a newborn. It's coming guys, WAR

[CryptoSporidium]

Take XMR for example, all it would take to have it crumble into a pile of dust would be news that Ricardo Spagni was on his knees in a South African prison servicing other inmates after being arrested on trumped up charges if anonymous coins were ever banned, and remaining XMR dev team would vaporise into thin air. Same for Z-cash with Zooko Wilcox, if he gets called into the FBI for a chat, Z-cash goes in the toilet.

In a few years crypto will likely be a battleground, with key people getting arrested for SEC violations and people will do jail time for some ICO abuses. When that happens only the Spartan coins will survive, and even a 500mil hack will look like a smack on the bum, not a night outdoors for a newborn. It's coming guys, WAR

Colorful language but point well made, public devs of anonymous crypto currencies is definitely a point of failure, that's why I prefer BBR::Zoidberg & KMD::jl777 in many ways to XMR and Zcash, as those guys are both anonymous and world class devs, and you still get the same basic tech as XMR & Zcash but with plenty of extra features.

edit, I see today TPTB are recycling 'child porn on the blockchain' , soon we'll hear news of terrorists using XMR and/or Zcash and that's when public devs will get squeezed for supporting terrorist organizations if they refuse to de-anonymize transactions, which would be complete BS but still enough to get someone behind bars to set an example

[Alohaboy?!]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

that's really rough but reminds me of the movie 300  . Anyway I really share your point here. In the end it could really help the project since the distribution will be on a larger base after selling the stolen XEM ( since most of the stolen ones did belong to coinchecks itself) and the publicity is something which really could help longterm. I just hope the hacker dumps the rest and we can start rising again

[Arvydas77]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

LOL the analogy sucks but I agre than NEM made it through the dark night
Many coins take years ... The exchange was great to refund the customers unlike some other shit exchanges which got hacked recently

Shows the difference between professionally run exchange like Coincheck and a shady job exchanges which are dime a dozen

The recent wave of FUD and media scare campaigns is good if it weeds out the weak cryptos, and a mega hack is nothing compared to a full frontal government assault like a outright ban. Crypto needs to survive that if it's going to survive long term, and out of +1500 coins I only see 3-4 that would.

Take XMR for example, all it would take to have it crumble into a pile of dust would be news that Ricardo Spagni was on his knees in a South African prison servicing other inmates after being arrested on trumped up charges if anonymous coins were ever banned, and remaining XMR dev team would vaporise into thin air. Same for Z-cash with Zooko Wilcox, if he gets called into the FBI for a chat, Z-cash goes in the toilet.

In a few years crypto will likely be a battleground, with key people getting arrested for SEC violations and people will do jail time for some ICO abuses. When that happens only the Spartan coins will survive, and even a 500mil hack will look like a smack on the bum, not a night outdoors for a newborn. It's coming guys, WAR

That is the point why legendary "Satoshi Nakamoto" is anonymous. I tend to agree with you that anonymous cryptocurrencies will be shutdown during next few years. It poses too much risk for political stability and the best way is to arrest developers.

[pfrtlpfmpf]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

that's really rough but reminds me of the movie 300  . Anyway I really share your point here. In the end it could really help the project since the distribution will be on a larger base after selling the stolen XEM ( since most of the stolen ones did belong to coinchecks itself) and the publicity is something which really could help longterm. I just hope the hacker dumps the rest and we can start rising again

Seriously, i´m not for the hacker, he´s an asshole, but i believe there´s no such thing as bad publicity ! When Michael Jackson fumbled kids, what did we do ? We bought more of his LPs. It´s crazy. I know.

[jelin1984]

the hacker go the coin from 1$ to 0.30$  thats it nothing else

[pfrtlpfmpf]

the hacker go the coin from 1$ to 0.30$  thats it nothing else

thats just temoporally, whait and see 

[Angel Di]

Very sadly of course to watch it. From outside it seems that in such a way at all there is no protection against hackers, probably for them there are no borders and there are no fences, so can happen to anyone. I hope everything will be adjusted and the trust of community will be regained to this project over time.

[denetci]

Jeff McDonald gives a talk on how the NEM blockchain can be used for Social Impact in Gangnam, Seoul
https://twitter.com/NEMofficial/status/976366252275806210?s=19

Gangnam is notorious in Seoul for being the area that is home to the richest people in Korea. It's like giving a talk in Beverley Hills.

[suky321]

Interesting open letter to banks:

https://hackernoon.com/an-open-letter-to-banks-about-bitcoin-and-cryptocurrencies-b0c7ef9b7c62

[leoinker]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

[wiser]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

Thanks for the update. That is good to know.

I agree with what others have said about how coins whose goal is anonymity are going to be weeded out. They just won't work with KYC laws. The smart coins are recognizing this, coming to terms with it, and even embracing it, and that's a good thing. DMD Diamond recently made a statement to that effect. And DNotes, which is about to launch its version 2.0, is also fully embracing regulatory compliance. Being a holder of NEM, I'm very glad to see NEM taking that route too.

[KloNEM]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

Leoinker, could you please show us these addresses of the "Coincheck ghost" ? I'd like to see dropping his funds at "on-line monitoring" [and of course I'm curious, what will be the impact of price level, immediately after he'll be done with selling].

Anyway, many thanks for all your clean, exact and optimistic posts, sophisticated talks and argues with some trolls here as well. I highly appreciated it (and not just me, I'm pretty sure) ! So -- thanks, and please still post as much bright news as possible ;-)

[leoinker]

Hacker Wallet addresses:

Main one being drained: NBEAUKXJLBJXXTPXN2OPIX3LZQWWZA56IQO2P5S3
One that's been static: NDABPHWFPH7KL5FADCW66V4GYLVXHKYQIPWL4G2B

edit/
The obvious implication that most assume is that at the of the end of dumping, we would see a price increase. Seasoned traders agree, and are planning for it.
The price point the hacker is dumping at is ~3300 sats. These same traders are buying in that range. - But I am sure many will dump somewhere along the line as price increases. However the effect short term traders have, should be like a drip in comparison to the hackers flood.

And thank you to whoever all has donated!  
/edit

2nd edit/
I feel like it's important to correct and clarify some things I shared in the past. Most importantly the issue of catapult release.
Mostly due to language barriers, I made a mistake in my assumptions. I've since been corrected by some within NEM foundation.

Lon Wong said catapult source will be released this quarter. However, he was meaning the mijin source - which DOES run on catapult code. Mijin is a private chain. It's primary use is for businesses to use an in-house chain that can communicate with the main NEM public chain.

Additionally, I was told that Lon may have meant by the end of the 4th month, which would be April. I guess we will find out soon enough!
This is still great news! It will make it much easier for businesses to use mijin and likely the main NEM chain as well. It should draw the attention of large enterprise seeking to improve their current in-house operations.

Mijin chain can reduce operational costs for many businesses by a significant degree. - No need to take backups, no need for extensive hardware, no need for elaborate security software, amongst so many things! Even things we might not consider right away - like a business no longer having a need for file-cabinets, thus saving on floor space, time spent finding paperwork, loss of documents, etc.

With all that said. Catapult implementation on the public chain is unlikely to occur before the 3rd quarter, which begins July 1st. However, don't bank on this exact date, as it will most likely require more time. At the same time, I wouldn't wait until then to plan an investment in NEM.

Even with the current state of NEM, we have great advantages over other smart-asset blockchains, including Ethereum. Many smart asset chains aren't even a functional product yet, and most don't expect to be this year.
/2nd edit

[NorrisK]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

I'm actually quite amazed that the market has absorbed so much NEM in such a short time and "only" dipped by as much (way too much ofc) as it did.

This really means there is solid backing behind NEM and not some silly day traders that cry about dumps.

Tell me any other coin at this moment that could absorb 5% of the total supply in just over a month the way NEM did (keep in mind, this % is actually much closer to 10% or more if you take into account the NEM foundation holdings and other perma holders since start).