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

[kelsey]

depressing when your importance slides   do exchanges build up a bs level of importance on the NEM network?

You don't need to be depressed.
In Poloniex's case, they use user's fund in harvesting less than 25%.
(More than 75% is stored in cold wallet, and do not harvest.)
This is less than ordinary nember's use of xem in harvesting.
Perhaps, ordinary nember's harvesting might become higher owing to their not-doing-harvesting-fund in coldwallet.  

no exchange should be gaining POS coins from users funds  

RIP NEM.  Make exchanges rich and they dump free coins.  

its worse then that if exchanges stake, also you and i send coins we get fees, on the coins we stake we earn (at this point it seems no matter what I do my fees will always exceed my stake earnings, hold my network importance goes down, move or use i get fees).

now exchanges can use our coins to earn, but charge us the fees for moving, HUGE win win for them LOSE LOSE for genuine holders, all the while the increase their network importance, further more ripping the users off who's coins they are borrowing  

Seems exchanges will eventually OWN NEM  

The largest NEM exchange Poloniex harvested only 66266 xem until now.
Is it much?
It's less than the trading fee I 've paid in Poloniex.
 Furthermore, Polo does not harvest at present.
http://nembex.nem.ninja/#/search/NBZMQO7ZPBYNBDUR7F75MAKA2S3DHDCIFG775N3D
Breathe fresh air and wake up from delusion of grandeur.

wtf delusion of grandeur have to do with it?

you're best reply is it isn't a big flaw because one particularly exchange at the point hasn't taken full advantage of the flaw, wow just wow  

there's very much a serious flaw in NEM if exchanges stake. also movements in and out of xchanges give them an unfair network advantage.

so what the net benifit, purpose to NEM? to replace the greedy fiat banks with greedy network participants?


ffs revise your math before going live  

[yshin365new]

<A> POI score is not in direct proportion[ratio] to amount of xem.
<B> The largest exchange Poloniex'
cold wallet NAHPYR2PHSZ5MGXKQSW3HFDMIXM36JBHDHCPXDQB occupies 3.61% of total xem
                This fund do not harvest from the beginning.
hot wallet  NBZMQO7ZPBYNBDUR7F75MAKA2S3DHDCIFG775N3D   occupies 1.16% of total xem
                Until now harvested 66266 xem. and not harvesting at present.
I don't know they stopped harvesting for the time being or decided to stop forever.
(Because, IMHO, they don't want small amount of harvested fees running the risk of being blamed as "they gain much profit from users' fund." "Exchanges might own NEM eventually".....)
I believe if nember understand this, there would be much less FUD.

[kelsey]

<A> POI score is not in direct proportion[ratio] to amount of xem.
<B> The largest exchange Poloniex'
cold wallet NAHPYR2PHSZ5MGXKQSW3HFDMIXM36JBHDHCPXDQB occupies 3.61% of total xem
                This fund do not harvest from the beginning.
hot wallet  NBZMQO7ZPBYNBDUR7F75MAKA2S3DHDCIFG775N3D   occupies 1.16% of total xem
                Until now harvested 66266 xem. and not harvesting at present.
I don't know they stopped harvesting for the time being or decided to stop forever.
(Because, IMHO, they don't want small amount of harvested fees running the risk of being blamed as "they gain much profit from users' fund." "Exchanges might own NEM eventually".....)
I believe if nember understand this, there would be much less FUD.

again it doesn't matter what the exchanges chose or chose not to do, the big issue is and its not just FUD, is there is a huge flaw which exchanges could if they chose to exploit.

i believe if everyone new this you'd have less members.

i'm doing an experiment with a small amount of xem and I am certainly not winning and there is no way i can, which means someone else has the edge, and once someone has an edge eventually they own the market.....simple friggin math which is beyond most people here.

the only replies i'll get is stop spreading FUD FUD FUD, the current exchanges only tested the exploit and is not fully doing it 

[yshin365new]

Dear @Kelsey.
Why don't you found your own exchange and conquer the NEM? 

[kelsey]

Dear @Kelsey.
Why don't you found your own exchange and conquer the NEM?  

because not all of us are here for the fiat, some surprisingly enough want to advance/create a true decentralised p2p currency. funnily enough with that goal in mind why would i want to enhance centralisation in cryptos; eg start an exchange.


why reply only at schoolyard level rather then debating the real issue.

[yshin365new]

Dear @Kelsey.
Why don't you found your own exchange and conquer the NEM?  

because not all of us are here for the fiat, some surprisingly enough want to advance/create a true decentralised p2p currency. funnily enough with that goal in mind why would i want to enhance centralisation in cryptos; eg start an exchange.


why reply only at schoolyard level rather then debating the real issue.

Very serious at light joke.

[sdersdf3]

depressing when your importance slides   do exchanges build up a bs level of importance on the NEM network?

You don't need to be depressed.
In Poloniex's case, they use user's fund in harvesting less than 25%.
(More than 75% is stored in cold wallet, and do not harvest.)
This is less than ordinary nember's use of xem in harvesting.
Perhaps, ordinary nember's harvesting might become higher owing to their not-doing-harvesting-fund in coldwallet.  

no exchange should be gaining POS coins from users funds  

RIP NEM.  Make exchanges rich and they dump free coins.  

its worse then that if exchanges stake, also you and i send coins we get fees, on the coins we stake we earn (at this point it seems no matter what I do my fees will always exceed my stake earnings, hold my network importance goes down, move or use i get fees).

now exchanges can use our coins to earn, but charge us the fees for moving, HUGE win win for them LOSE LOSE for genuine holders, all the while the increase their network importance, further more ripping the users off who's coins they are borrowing  

Seems exchanges will eventually OWN NEM  

You know, this whole issue wouldn't be as much of an issue if so many NEM holders - and crypto coin holders in general (this isn't unique to NEM) - weren't so quick to move their coins to exchanges to dump.

For a lot people here it really is all about getting BTC to get fiat and nothing more - crypto's only a means to an end (fiat). Any coin (including BTC) is just a temporary bus stop to fiat. Let's face the fact that this is the mentality, which is why exchanges have so much market power over crypto prices to begin ith, whether they stake or not (expect more to stake by the way as crypto trading volume continues to shrink on many of these exchanges and they look for ways to raise more revenue aside from trading fees)/

A ridiculous percentage of NEM ended up right on Poloniex after the initial distribution - lots of people raced to dump. I think it also reflects the low level of trust in crypto - lots of people have little faith that any of these coins retain their value for long and, judging from what we've seen in crypto the past two years, who can blame them?

[Lorenzo]

At Page 1 of NEMTechnical Reference:
    PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account's balance.


The words "is similar to" hide POI innovation.

It's true though. PoI is a modification of PoS that takes factors other than just your staked coin balance into account. The number of changes to the standard PoS implementations probably warrants it being put in a separate category but the basic idea was still born out of PoS.

depressing when your importance slides  do exchanges build up a bs level of importance on the NEM network?

You don't need to be depressed.
In Poloniex's case, they use user's fund in harvesting less than 25%.
(More than 75% is stored in cold wallet, and do not harvest.)
This is less than ordinary nember's use of xem in harvesting.
Perhaps, ordinary nember's harvesting might become higher owing to their not-doing-harvesting-fund in coldwallet.   

no exchange should be gaining POS coins from users funds 

It's pretty typical for exchanges to stake with their customers' funds. I believe most (if not all) major exchanges do this with coins stored in their hot wallets in order to get some extra profits on the side.

You know, this whole issue wouldn't be as much of an issue if so many NEM holders - and crypto coin holders in general (this isn't unique to NEM) - weren't so quick to move their coins to exchanges to dump.

For a lot people here it really is all about getting BTC to get fiat and nothing more - crypto's only a means to an end (fiat). Any coin (included BTC) is just a temporary bus station to fiat. Let's face the fact that this is the mentality, which is why exchanges have so much market power over crypto prices, whether they stake or not.

A ridiculous percentage of NEM ended up right on Poloniex after the initial distribution - lots of people raced to dump. I think it also reflects the low level of trust in crypto - lots of people have little faith that any of these coins retain their value for long and, judging from what we've seen in crypto the past two years, who can blame them?

I don't blame them. Looking at the all time charts for most cryptos on Coinmarketcap.com, you'll see that most of them look very similar. What usually happens is that the price goes up initially once the coin hits an exchange. Then what follows afterwards is a steady decline that tapers off once the coin is made irrelevant. People have come to expect this pattern for every new coin that's released so it has morphed into a self-fulfilling prophecy. Sometimes you might see a random pump or two in the middle but afterwards, the price usually continues to decline as before.

[kelsey]

when pointing out some way of gaming the system or how someone could advantage themselves over the other players the debate centers on whether or not people will take advantage of, whether its ok for them too, whether or not other cryptos have the same flaw.......etc etc etc

however we should not be having this discussion because for a currency to be accepted and adopted as an alternative to fiat, then it should not have such an issue period.

a currency needs trust FULLSTOP, [i mean bitcoin suppose to be a trustless system, but thats just another way of wording you can trust it because you don't have to trust a person/company/gov etc etc trust in this opensource code (and the math behind it) {ok this in itself is a whole other debate}].

you have to design a alternative currency in a way that it can't be exploited by any party FULLSTOP or there is no point.

[Anon136]

any particular reason the price is going up? is it on any sort of news?

[rigel]

wtf delusion of grandeur have to do with it?

you're best reply is it isn't a big flaw because one particularly exchange at the point hasn't taken full advantage of the flaw, wow just wow  

there's very much a serious flaw in NEM if exchanges stake. also movements in and out of xchanges give them an unfair network advantage.

so what the net benifit, purpose to NEM? to replace the greedy fiat banks with greedy network participants?


ffs revise your math before going live  

I think the biggest problem is people trusting so much exchanges.

If everyone leaves his coins at the exchange, no matter what algorithm we are using, the exchange will be the strongest player.

The solution is not changing the algorithm, it is developing a p2p exchange and educating people.

[kelsey]

yes rigel a proper usable functioning p2p exchange is the way forward and i'd go as far as saying is a crucial element in keeping cryptos on the decentralised path.

[sdersdf3]

wtf delusion of grandeur have to do with it?

you're best reply is it isn't a big flaw because one particularly exchange at the point hasn't taken full advantage of the flaw, wow just wow  

there's very much a serious flaw in NEM if exchanges stake. also movements in and out of xchanges give them an unfair network advantage.

so what the net benifit, purpose to NEM? to replace the greedy fiat banks with greedy network participants?


ffs revise your math before going live  

I think the biggest problem is people trusting so much exchanges.

If everyone leaves his coins at the exchange, no matter what algorithm we are using, the exchange will be the strongest player.

The solution is not changing the algorithm, it is developing a p2p exchange and educating people.

The problem is bigger than centralised exchanges - it's the fact that people dont have confidence that most cryptocoins will hold their value. For any currency to retain and grow in value, people need to hold on to it. Otherwise, it ends up like the Argentinian peso or Venezuelan bolivar - with or without p2p exchanges.

[TaunSew]

any particular reason the price is going up? is it on any sort of news?

Dumpmast3r taking a fiver before he dumps the price back down.   

[NorrisK]

any particular reason the price is going up? is it on any sort of news?

The white paper was released and probably the fact that the price was way too low. Especially when compared to the asset price now that things get delivered.

[TaunSew]

NEM still only top 25, even dumb $hitcoins are beating it.   

Like Monero is a fork of Ducknote (Bytecoin), probably a fork of NEM vould be more successful especially if ran by somebody who knows how to hustle and market.

[Lorenzo]

yes rigel a proper usable functioning p2p exchange is the way forward and i'd go as far as saying is a crucial element in keeping cryptos on the decentralised path.

There has been talk of P2P exchanges for a while but so far, none have caught on. Most of it still seems to be confined to theory at this stage with few, if any practical examples to show for it.

Like Monero is a fork of Ducknote (Bytecoin), probably a fork of NEM vould be more successful especially if ran by somebody who knows how to hustle and market.

Monero wasn't a fork of duckNote (now rebranded as DarkNote). Rather, both coins were forked directly from Bytecoin. A NEM clone probably wouldn't be very successful. NXT has had a few clones and most of them have failed despite the fact that NXT also has the added disadvantage of (percieved) unfair distribution and lack of marketing skills.

Additionally, NEM still has the unfair and incorrect perception of being a NXT clone despite having had an original codebase for quite some time now. A NEM clone would be viewed by many as being a clone of a clone.

[makoto1337]

NEM still only top 25, even dumb $hitcoins are beating it.   

Like Monero is a fork of Ducknote (Bytecoin), probably a fork of NEM vould be more successful especially if ran by somebody who knows how to hustle and market.

Should fork NEM and create a coin called MEN. Will appeal to 3.5 billion people and go to da mooooooon 

[kauppalahti]

I heard it has been confirmed that patmast3r is Utopian. Seems logical. There is no way UP was just going to disappear.

I heard the same and i dreamed that you will
sell your XEM with exchange of my natural gas.
If i have dreamed about it, it have to be true.

sure

[mixmaster]

Exchanges don't increase their importance score if people move unvested funds there. And usually people send their funds there to sell it, so it gets send out unvested again. If you read NEM Technical Reference (http://blog.nem.io/nem-technical-report/) you should understand that this is not helping the exchange's importance score.

I don't know why people use exchanges as wallets. That is just risky and has zero advantages.