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

[Simakki]

To calm this discussion down.
We are discussion the option to redeem stakes longer than we had planed and even after launch but for a fee as solix suggested.
Meaning the longer the people fail to redeem the fewer NEM they get. What they don't get goes into development, marketing and whatnot.
It will not be a year. Are you guys delusional ? I'm sorry i don't mean to be disrespectfull but that's pure insanity. A year ? What value could those people  be to NEM if they only care to check in every year ?

Seems like a good compromise - would also suggest putting the deadline (the deadline before the fee starts being applied) in the title and OP of all NEM threads. Make it as hard as possible for those who don't claim to ever say they were treated unfairly, didn't know and couldn't have known without digging through tons of NEM posts/threads.

patmast3r your idea sounds like an OK compromise. These people who forgot about their stake could bring a lot of value to NEM. Can you imagine the story about the guy who forgot his stake and was a millionaire (or it if was worth 10K + USD)? Just like the really early Bitcoin millionaires who forgot about their coins We want to make NEM something positive and I believe this includes giving people positive experiences like discovering they are rich from their old, forgotten NEM stake! Personally I would support a year or more - as by my logic if someone has purchased something (a NEM stake) it does belong to them - no matter when they decide to claim it.

I fear a negative backlash when "Joe average" goes to redeem his forgotten NEM stake and discovers he has nothing! Ethically it is wrong. Compare this to the stories of the early Bitcoin adopters who forgot they had some coins stashed away and made hundreds of thousands / millions in fiat. When NEM becomes huge this will bring down a shitstorm upon NEM if old early adopters can't claim their stakes - you have all been warned

If anyone here is worried about early NEM adopters claiming their stakes and "cashing them in" you are showing that you don't believe the NEM ecosystem can handle some sell offs in the future, and therefore don't really believe in the potential of NEM

EDIT: This is the last I'll say on the topic - but when NEM is huge and all the old early supporters come out to claim their stakes don't blame me when NEM crashes and burns from a public backlash, instead of rising even higher from all the awesome stories of the old adopters who are now NEMilllionares Your thinking is backwards and NEM will suffer because of it.

I see where you are coming from but I think you're forgetting that those funds could be used for spreading NEM further or funding great projects. If we go with 1 year they'll just sit there for one year not aiding anyone.

We need to close that unclaimed stake dilemma ASAP and focus to the launch and marketing efforts

[jabo38]

Important announcement

We are very pleased to announce that Phase 1 of the official NEM redemption process starts now. Patmast3r will begin sending the tokens via PM on bitcointalk as of tomorrow.

Please check the following link for detailed overview of the whole redemption process(Phase 1 and Phase 2):

• https://medium.com/@xtester/nem-redemption-process-f90db6b10eef

Phase 1 Redemption Guide



Note: A special thanks goes to Patmast3r for preparing things and to amytheplanarshift for the simple and useful infographic.

Bumping for people just coming in. 

These are the instructions to redeem your stake. 

NXT Asset Exchange NEMstake holders don't do anything right now, just wait for further instructions. 

[abofj]

+1   to psybits's post 

The possible negative backlash can cause probs to NEM image.
Also the positive feedback is possible (like psybits wrote): if some poor guy finds from his old computer the info to claim the stake.

If it is possible to reserve a month extra time to claim the stake after the launch, then what does it require more to reserve a year?
Does it cause more risks or does it bring just more work to nem dev team?

Are the names of already claimed public? Must it be public or can it be secret... In that way it could make the stealing of an unclaimed stake more difficult.

[Eadeqa]

I see where you are coming from but I think you're forgetting that those funds could be used for spreading NEM further or funding great projects. If we go with 1 year they'll just sit there for one year not aiding anyone.

You already have 25% development funds. Why do you  25% more?

Lets rename nem to ripple as 50%+ will be controlled by the "insiders" (for development, of course, what a joke).

 

[patmast3r]

+1   to psybits's post 

The possible negative backlash can cause probs to NEM image.
Also the positive feedback is possible (like psybits wrote): if some poor guy finds from his old computer the info to claim the stake.

If it is possible to reserve a month extra time to claim the stake after the launch, then what does it require more to reserve a year?

Is it really so hard to understand that we'd like to get this over with and work on more important things ?

Does it cause more risks or does it bring just more work to nem dev team?

It's more work and for the time those funds just sit there unused when they could be put to good use.

Are the names of already claimed public? Must it be public or can it be secret... In that way it could make the stealing of an unclaimed stake more difficult.

https://chain.nem.ninja/stakes/registered

[abofj]

patmaster: Is it really so hard to understand ...

Well, then you just prioritize ur work, do not read postings which irritate u soooo much and make those more imp th.
Can u explain why a year brings more work than a month? Isnt claiming automated?


When reading ur response it is not hard to understand why u do not see the psychological issues of negative and positive feedbacks. It can be seen from the way u treat others.
Imho, u shud go to some study course about PR, and get stripped of non friendly words (delusional, etc) and teutonic arrogance, and learn to not take everything so personally, eg. this posting . Remember we all are ur friends and fellow nemsters
   

[Parana]

There's been a significant drop in the value of the coin since this discussion opened up.

are you being serious?

38 k nxt to 34 k nxt... seems normal to me.

Speculation is speculation!! There is no time for this

 

[crimi]

I see where you are coming from but I think you're forgetting that those funds could be used for spreading NEM further or funding great projects. If we go with 1 year they'll just sit there for one year not aiding anyone.

You already have 25% development funds. Why do you  25% more?

Lets rename nem to ripple as 50%+ will be controlled by the "insiders" (for development, of course, what a joke).

 

In pos coins its nice to have 50 % of the stake? 

[snappa4ever]

If we have bought on asset exchange we wait? Is this correct?

[Parana]

patmast3r your idea sounds like an OK compromise. These people who forgot about their stake could bring a lot of value to NEM. Can you imagine the story about the guy who forgot his stake and was a millionaire (or it if was worth 10K + USD)? Just like the really early Bitcoin millionaires who forgot about their coins We want to make NEM something positive and I believe this includes giving people positive experiences like discovering they are rich from their old, forgotten NEM stake! Personally I would support a year or more - as by my logic if someone has purchased something (a NEM stake) it does belong to them - no matter when they decide to claim it.
I fear a negative backlash when "Joe average" goes to redeem his forgotten NEM stake and discovers he has nothing! Ethically it is wrong. Compare this to the stories of the early Bitcoin adopters who forgot they had some coins stashed away and made hundreds of thousands / millions in fiat. When NEM becomes huge this will bring down a shitstorm upon NEM if old early adopters can't claim their stakes - you have all been warned
If anyone here is worried about early NEM adopters claiming their stakes and "cashing them in" you are showing that you don't believe the NEM ecosystem can handle some sell offs in the future, and therefore don't really believe in the potential of NEM
EDIT: This is the last I'll say on the topic - but when NEM is huge and all the old early supporters come out to claim their stakes don't blame me when NEM crashes and burns from a public backlash, instead of rising even higher from all the awesome stories of the old adopters who are now NEMilllionares Your thinking is backwards and NEM will suffer because of it.

Imagine one year is gone after launch... and there are something around 95% of stakes there unclaimed.

What to do whith this stakes?

Looks like its better do the final decision now. Imagine one year ahead from now: imagine one stake means 50 k U$$ (hypothetically).  The price of the coin will fell faster than a meteorite.

Why? People put money in Nem. No one will afford to let money invested in Nem while lets say "new coins are ariving to the market" (unclaimed stakes). basic rules of market pricing. The more it has, less it is valuable.

 

[patmast3r]

patmaster: Is it really so hard to understand ...

Well, then you just prioritize ur work, do not read postings which irritate u soooo much and make those more imp th.
Can u explain why a year brings more work than a month? Isnt claiming automated?


When reading ur response it is not hard to understand why u do not see the psychological issues of negative and positive feedbacks. It can be seen from the way u treat others.
Imho, u shud go to some study course about PR, and get stripped of non friendly words (delusional, etc) and teutonic arrogance, and learn to not take everything so personally, eg. this posting . Remember we all are ur friends and fellow nemsters
   

How could claiming be automatied for a year ? It could be "automated" right now by putting everyone into NEMESIS. After that it's manual work.
Even if we were to figure out a way to automate it forever and a way to tell everyone about it when they already missed the first call. I wouldn't sleep well knowing there is 1 system holding many millions of NEMs just waiting to be broken.

[Parana]

If we have bought on asset exchange we wait? Is this correct?

Yes sir.

2nd mass.

For now just the first investitors will claim the stakes. This investitors are in the first and second threads.

 

[lovely89]

Regarding the unclaimed stskes, has anyone suggested a dutch auction with proof of burn? Or equal distribution of them to all holders of nem on a specific date and time.

These are the only two fair distributions imo.

[makoto1337]

nice places don't have gunshots.

you're right, machetes don't cause gunshots.

Machetes can stop gunshots, though

[nottrulyevil]

Regarding the unclaimed stskes, has anyone suggested a dutch auction with proof of burn? Or equal distribution of them to all holders of nem on a specific date and time.

These are the only two fair distributions imo.

Yes, those two options have been suggested but for various reasons been rejected. An equal distribution would create tons of problems (how to handle those who've sold on the NXT AE etc.) and the stake holders already have enough NEM (NEM need to be spread).

Burning the NEM is in my option still an acceptable solution but it has also been rejected.

Jyrvalor posted an imo great proposal (although not sure how, and if it should/can be implemented).

https://forum.nemcoin.com/index.php?topic=2501.msg6395#msg6395

[abofj]

patmaster: How could claiming be automated for a year? ...

Ok... I thought that a month or a year would be just a parameter in NEM system, but obviously I dont know enuh  

i understand ur and some others concern about keeping coins for nothing a year
but cud there still be some kind of "interest" which cud be paid for a late-claimer? For example if NEM uses his coins for a year for develop and marketing etc, and then he comes back and claims his stake, then he is given ** something ** ..  at least he cant blame that NEM took all of his fortune


 thx for ur response

[jabo38]

Regarding the unclaimed stskes, has anyone suggested a dutch auction with proof of burn? Or equal distribution of them to all holders of nem on a specific date and time.

These are the only two fair distributions imo.

Yes, those two options have been suggested but for various reasons been rejected. An equal distribution would create tons of problems (how to handle those who've sold on the NXT AE etc.) and the stake holders already have enough NEM (NEM need to be spread).

Burning the NEM is in my option still an acceptable solution but it has also been rejected.

Jyrvalor posted an imo great proposal (although not sure how, and if it should/can be implemented).

https://forum.nemcoin.com/index.php?topic=2501.msg6395#msg6395

It is a really good idea.  It is the exact middle ground between redistribution to all the stakeholders and using the coins for development.  It also puts the power firmly in the hands of the community down to the micro level as to how and when the coins are spent. 

[makoto1337]

Do you really want the number 4 billion?  4 means death in a lot of cultures.

It's true.
Especially in China, 4 is the worst number.
It equals to the 13th Friday in Western.

Edit/I basically agree to investment fund.
But it may have a problem of a lawsuit by stakeholders who did not receive coins in the future when NEM value is incredibly high.
Burning them erases this problem in advance.
Burning them will prevent this probable lawsuit and also result in investment fund increase in the end.(by the scarcity of NEM and high value of each NEM.)

I don't like the number 4 billion, tbh, but people will start to burn NEM, etc, after launch, so there will be less than 4 billion.

[makoto1337]

To calm this discussion down.
We are discussion the option to redeem stakes longer than we had planed and even after launch but for a fee as solix suggested.
Meaning the longer the people fail to redeem the fewer NEM they get. What they don't get goes into development, marketing and whatnot.
It will not be a year. Are you guys delusional ? I'm sorry i don't mean to be disrespectfull but that's pure insanity. A year ? What value could those people  be to NEM if they only care to check in every year ?

Seems like a good compromise - would also suggest putting the deadline (the deadline before the fee starts being applied) in the title and OP of all NEM threads. Make it as hard as possible for those who don't claim to ever say they were treated unfairly, didn't know and couldn't have known without digging through tons of NEM posts/threads.

If it does come to that I'll probably let the spambot loose one more time on all not registered people.

I'd probably spam the non-registered people every week from now on.

[makoto1337]

To calm this discussion down.
We are discussion the option to redeem stakes longer than we had planed and even after launch but for a fee as solix suggested.
Meaning the longer the people fail to redeem the fewer NEM they get. What they don't get goes into development, marketing and whatnot.
It will not be a year. Are you guys delusional ? I'm sorry i don't mean to be disrespectfull but that's pure insanity. A year ? What value could those people  be to NEM if they only care to check in every year ?

Seems like a good compromise - would also suggest putting the deadline (the deadline before the fee starts being applied) in the title and OP of all NEM threads. Make it as hard as possible for those who don't claim to ever say they were treated unfairly, didn't know and couldn't have known without digging through tons of NEM posts/threads.

These people who forgot about their stake could bring a lot of value to NEM.

笑