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

[nembit86]

Wow some of you people are fucking retarded, all I want to know is how the unclaimed stakes will be used.  

Well, the "developers" will decide how they want to "use" them (ahem, give it to their friends). This wouldn't be a problem if they didn't already have any development funds, but they started out allocating 25%. That's 1 billion nem, or 1000 stakes. With unclaimed stakes added, they intend to double that with the control of 2 billion nem. That's the "fair" distribution.

Eadeqa your supposed to be a "respected" member of the nxt community.. stop talking shit about nem as if nem has done something to personally harm you. i know you want to "fit in with the gang" and all but this is just lowering you to a bottom feeding troll destroying what ever respect you had.

grow up for god sake..

Oh the hypocrisy of someone from NXT preaching what is "fair". Lol. Hilarious. The FUD'sters are still coming out of the woodwork i see.

They're going to have to try harder than that.

NEM has broken the mold with it's distribution model, not perfect by any means but perfection is quite a difficult thing to strive for in such a FUD riddled market. The NEM dev's have done some exceptional work and I know it's only the beginning.

The great thing here is that there is a REAL sense that the devs mean business....!!!!!!!!

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[Kmonk]

Hi,

i dont want so start to talk again - what to do with unclaimed stakes -   but what do you think about this project?

https://www.cryptocurrency-bank.com/

We could invest with that fund into the 1st cryptocurrency-bank, this could be a huge thing in future and NEM would recieve constantly dividend, with this dividend could stabilize the NEM system.  The Fidor Bank is a good known Bank in Germany, couse it is a partner from the exchange bitcoin.de  the majority of Bitcoin user in Germany has a Fidor account.  It is a trustful bank,  and Kraken as exchange is also known for the most of the community.

Nem could be a big supporter for the first cryptocurrency bank ever and the CCbank for NEM, and its a real big promotion as well.

Lets think about the potencial in the future.

I suggested that as well
My idea was to become one of the partners and distribute the unclaimed to new customers of the first crypto oriented bank. That'd be quite awesome. Many new, real people that are obviously crypto interested. Won't get any better than that.

THIS!

That would be a Promotion for the eternity,  realy guys!!  this is the biggest chance for NEM,  you want a movement with the wides distrubution? and well known? you wont find a better opportunity for the next 10 years.

This Bank makes history.!

Is this bank based on fractional reserve banking? If Yes, That would be problematic with the philosophy of crypto currencies and especially for NEM.

Theoretically Cypto's can't be produced from thin air like fiat currencies can, so "fractional reserve banking" isn't possible.

Aren't Cyptp-currencies supposed to be about not needing centralised banks anymore?

What could this proposed Bank do that a individual NEM client couldn't?

Here's Fidor's published strategy statement:

We are a rule-setting, agnostic service leader audited by a federal regulation providing a banking home for the providers and clients of cryptocurrency related services.

"Agnostic service leader"?

Who's "federal" regulating body?

[TaunSew]

There is already fractional reserves among the Bitcoin and alternate exchanges and they are creating immense inflation.   At least a crypto bank fractional reserves would be leading to something more positive - like financing & credit, investment options or even consumer protection.

Myself wouldn't use such an institution unless I was ensured it was safe and the person running it was public and had legal liability (like imprisonment or fines) if it went bankrupt.  It would have to be compliant with regulatory laws in the sense that it would have to undergo external audits and publish reports every quarter or semi-annual.

This is an economical discussion not particularly well understood by most users of Bitcoin.  Our contemporary world economy and even national countries are largely ran on the premise of spendable IOUs.  If there wasn't spendable IOUs then velocity of money would likely slow to a crawl as nobody would be able to get financing, credit or capital for economic activities.

[Kmonk]

There is already fractional reserves among the Bitcoin and alternate exchanges and they are creating immense inflation.

I wasn't aware of this, can you please explain where they get this fractionally generated Bitcoin from?

[xtester]

There is already fractional reserves among the Bitcoin and alternate exchanges and they are creating immense inflation.

I wasn't aware of this, can you please explain where they get this fractionally generated Bitcoin from?

fractional reserve can still happen in cryoto. It just means the exchanges don't have enough of what ever currency to cover the mass withdrawal of that currency. They may be running in the red and took some deposits to stAy open with the intention of replacing it from future profit.

Here are some thoughts on that: http://coinbrief.net/credit-bubble-bitcoin-margin-trading/

[CryptoCurrencyInc.com]

Is it 8 Billion Nem coins divided to all the Nemstake holders?

[Kmonk]

fractional reserve can still happen in cryoto. It just means the exchanges don't have enough of what ever currency to cover the mass withdrawal of that currency. They may be running in the red and took some deposits to stAy open with the intention of replacing it from future profit.

This isn't the same as what most mainstream banks are presently practicing, Mt Gox being a good example of what happens when you're unable to generate your own Cypto's!

Here are some thoughts on that: http://coinbrief.net/credit-bubble-bitcoin-margin-trading/

Interesting article which emphasises the need for exchanges to maintain reserve ratios in excess of 100%, which is light years away from what Central banks allow now.

[TaunSew]

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.


MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other?  They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

[CryptoCurrencyInc.com]

Is it 8 Billion Nem coins divided to all the Nemstake holders?

no, 4b

Allright, is it 4 Billion Nem coins divided to all the Nemstake holders?

[TaunSew]

Is it 8 Billion Nem coins divided to all the Nemstake holders?

no, 4b

Allright, is it 4 Billion Nem coins divided to all the Nemstake holders?

Why are you phrasing a question in that particular way?   It was originally 3 billion coins divided amongst 3000 stakeholders, with another 1 billion for development / marketing.  What it is right now I'm not too certain anymore as there hasn't been a PDF written to explain the current breakdown.

[Kmonk]

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.


MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other?  They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

Impressive edit, my question still stands if you're able to answer it?

[EFFV]

Hi,

i dont want so start to talk again - what to do with unclaimed stakes -   but what do you think about this project?

https://www.cryptocurrency-bank.com/

We could invest with that fund into the 1st cryptocurrency-bank, this could be a huge thing in future and NEM would recieve constantly dividend, with this dividend could stabilize the NEM system.  The Fidor Bank is a good known Bank in Germany, couse it is a partner from the exchange bitcoin.de  the majority of Bitcoin user in Germany has a Fidor account.  It is a trustful bank,  and Kraken as exchange is also known for the most of the community.

Nem could be a big supporter for the first cryptocurrency bank ever and the CCbank for NEM, and its a real big promotion as well.

Lets think about the potencial in the future.

I suggested that as well
My idea was to become one of the partners and distribute the unclaimed to new customers of the first crypto oriented bank. That'd be quite awesome. Many new, real people that are obviously crypto interested. Won't get any better than that.

I agree, this is a great opportunity. 

[TaunSew]

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.


MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other?  They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

Impressive edit, my question still stands if you're able to answer it?

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer.  They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

[rockethead]

Hi,

i dont want so start to talk again - what to do with unclaimed stakes -   but what do you think about this project?

https://www.cryptocurrency-bank.com/

We could invest with that fund into the 1st cryptocurrency-bank, this could be a huge thing in future and NEM would recieve constantly dividend, with this dividend could stabilize the NEM system.  The Fidor Bank is a good known Bank in Germany, couse it is a partner from the exchange bitcoin.de  the majority of Bitcoin user in Germany has a Fidor account.  It is a trustful bank,  and Kraken as exchange is also known for the most of the community.

Nem could be a big supporter for the first cryptocurrency bank ever and the CCbank for NEM, and its a real big promotion as well.

Lets think about the potencial in the future.

I suggested that as well
My idea was to become one of the partners and distribute the unclaimed to new customers of the first crypto oriented bank. That'd be quite awesome. Many new, real people that are obviously crypto interested. Won't get any better than that.

I agree, this is a great opportunity.  

I am not so sure about "putting money NEM 's unclaimed stake in the bank" unless there is a clear benefit. Need to understand what they are trying to do exactly first. But working with them is certainly an option. However, bare as it is at launch, we have no advantage over another coin of similar offerings (i.e., similar offerings before V1). Hence, why would they consider to work with us until we have rolled out V1, which is a clear advantage over most cryptos.

But do not get me wrong. It is certainly an option that we need to look at. But until we have strong value proposition, we should think through how to make this a possibility.

At V1, I believe we can offer more and in fact be a decentralized partner that dovetails into their services and enable them to offer a more holistic set of services. This is what I see should be our aim rather than a passive partner handing out NEM coins. It is not much better than air drop. Consistent with air drop which I also advocate, it has to be done at the appropriate time and should only be done after V1.

[TaunSew]

Hi,

i dont want so start to talk again - what to do with unclaimed stakes -   but what do you think about this project?

https://www.cryptocurrency-bank.com/

We could invest with that fund into the 1st cryptocurrency-bank, this could be a huge thing in future and NEM would recieve constantly dividend, with this dividend could stabilize the NEM system.  The Fidor Bank is a good known Bank in Germany, couse it is a partner from the exchange bitcoin.de  the majority of Bitcoin user in Germany has a Fidor account.  It is a trustful bank,  and Kraken as exchange is also known for the most of the community.

Nem could be a big supporter for the first cryptocurrency bank ever and the CCbank for NEM, and its a real big promotion as well.

Lets think about the potencial in the future.

I suggested that as well
My idea was to become one of the partners and distribute the unclaimed to new customers of the first crypto oriented bank. That'd be quite awesome. Many new, real people that are obviously crypto interested. Won't get any better than that.

I agree, this is a great opportunity.  

I'm waiting until we have crypto banks as I would like to use them.   Real world credit is no different, they can't throw you into prison or chop your arm off just because you made a bad decision.  Now if you borrowed from the mafia they can certainty cement your feet and toss you into the river.


A good example here in cryptos is there is a lot of IPOs and assets, so starting a credit limit of say $50 or $100 would allow someone to invest into assets on asset exchanges or in IPOs and possibly make a good return and be able to pay off the interest.  This would allow the person to acquire a better credit score so they can borrow more and continue making those returns and everybody (the bank and the account holders at the bank) would make money from this.

Eventually as the bank gets bigger then so would the available credit.  As for people who can't pay their credit off - that's called bad debt and it's commonplace in this world.

[rockethead]

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.


MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other?  They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

Impressive edit, my question still stands if you're able to answer it?

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer.  They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

Although it is slightly dissimilar to fiat fractional reserve, yes the above is one way they can do "some fractional activities". But they can go full blown fractional reserve by issuing you an IOU which they can claim to be fully fungible with Bitcoin. This IOU can be a colored coin which can be transacted just like another crypto. NEM AE will be able to offer that. That will revolutinize crypto banking, for better or for worse!

[Kmonk]

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer.  They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

This has nothing to do with what I asked and you're failing miserably at trying to distract away from being incapable of explaining your earlier statements!

What times lights out in your basement?

[rockethead]

Theoretically Cypto's can't be produced from thin air like fiat currencies can, so "fractional reserve banking" isn't possible.

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Aren't Cyptp-currencies supposed to be about not needing centralised banks anymore?

Yes it is, but who is to stop anyone from attempting to centralize? That is the price for decentralization. You get freedom of will to do anything you want to do. Whether people will support is another story. As it is now, 7 B people support centralization while a miserable 2 million don't. It appears based on the very premise of 51% consensus, the name of the game for decentralized consensus, decentralization appears to be a great ideal at this point in time.

What could this proposed Bank do that a individual NEM client couldn't?

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Here's Fidor's published strategy statement:

We are a rule-setting, agnostic service leader audited by a federal regulation providing a banking home for the providers and clients of cryptocurrency related services.

"Agnostic service leader"?

Who's "federal" regulating body?

They claim they want to deal with cryptos, doesn't matter whether it is Bitcoin or shitcoin. That will be left to be seen.

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

[LemonAndFries]

On a different note:

This is from one of the skycoin devs, it was such a good read I had to share it with other people (if you like it, share it and spread the knowledge):

(out of context)

.................

Bitcoin took the form it did (a single large, global world internet currency) because of mining. Only the coin with the most hashing power can be secure. Bitcoin ended up being radically different than the intention many people had for cryptocurrencies. Bitcoin is still a stepping stone to the next stage. Bitcoin is priming the pump. Almost all the mined coins are pump and dumps. A very few of them are very innovative however.

There are groups of people of various sizes and they want to start their own digital currencies. They have looked at Bitcoin, but they cannot afford enough mining equipment to make it work. As soon as mining is eliminated and unnecessary, the landscape will change. You will see a lot of "community currencies", towns, websites and smaller groups like American Indians on reservations issuing their own coins. Every private Bitorrent tracker will have their own coin. You may even see companies begin to issues currencies to customers and suppliers.

These coins will be more local and relevant. Most of them will fail, but a few will make it. These coins are going to be inter-operable from day one. It wont matter if a merchant accepts Dogecoin or Litecoin or Bitcoin, whatever you have in your wallet will convert over at the spot price and users will not even think about it. Merchants may choose to hold profits in one currency and users may have a completely different set of currencies they hold. It will be a two-sided market.

There will not be a "litecoin ATM" or a "Bitcoin ATM", it will just be called an ATM. As routine transactions become automated, income, debt and credit will start to creep in. Very few people right now have income in Bitcoin and the things you can buy with Bitcoin are still limited, but that will change as we go into stage two.

Stage three will probably be an attack on the idea of currency itself. Bitcoin is a small technical achievement. Regulators can handle it. Libertarians were screaming and making scary noises about how "revolutionary" and "threatening" Bitcoin was and the regulators calmed down when they realized that Bitcoin is same as cash or gold. Its just another commodity. Bitcoin is not any more "threatening" than someone trading a gold ETF back and forth between two accounts. Governments will just put some reporting requirements on it and make sure they get their tax money when you buy anything.

Stage three is already laying the technical foundation for computer mediated systems of exchange that are radically and conceptually different than anything that has existed. Look at Ripplepay and the idea that money itself is just credit and debt. In Ripplepay money transcends its origin as a commodity and becomes a system of contracts and relations in a network. The role of money as a commodity inevitably becomes separated from the role of money as a unit of account.

Technology is enabling the creation of new objects, with new properties and relations that no previous object had. To own a gold bar is to possess it. To transfer ownership you physical move the bar into the possession of someone. In Bitcoin, "ownership" was transformed from its physical form, to knowledge. The "owner" of the Bitcoin is the one who "knows" the private key to authorize transfer of the Bitcoin.

If a coin is secured by two public keys, held by two parties and one party publishes the private key for their public key, the other person and now only that person can authorize the transfer of the coins. The "ownership" has changed without the coin having even moved. Merely the state of knowledge in the world has changed, without even touching the blockchain and yet the Bitcoin has changed hands.

Bitcoin would need a 2 trillion dollar marketcap to even represent one percentage point of global wealth (the foundation of security provided by the mining process will be severely threatened before we get there) . The end game is not 2 million dollar clone-coin pump and dumps. It is systems of exchange that will represent single or double percentage points of global assets and financial wealth. The correct investment horizon is probably five to twenty years.  In the excitement of two new coins launching every day, people are forgetting how far off the end goal is and underestimate the sacrifices required to get there.

[Kmonk]

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Point taken, but are there any colored coins in use now that can be traded for fiat?

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Banks aren't needed to store Cypto's, surly all that's left is credit, which I'm sure can be organized privately by individuals once contracts are attached to transactions/blockchains.

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

Deutsche bank: fifteen shades of fraud

On a different note:

Good read, thanks.