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

[Endorphinity]

I decided to keep this coin for several years. It seems to me that this is a strong project, which will soon be actively developed. In a few years, these coins will make me a rich man 

[nemwanderer]

I decided to keep this coin for several years. It seems to me that this is a strong project, which will soon be actively developed. In a few years, these coins will make me a rich man 

Rather annoyingly it's getting no hype when people talk about altcoins for 2018 etc etc. The bull case is that in a few months we see just how much traction it has gained with Japanese and other corporates, and unlike other coins which hold promise but no results, this one delivers credible use cases and partnerships.

IF that happens this one will go up 20x this year.

[ruletheworld]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

The suspicion is that the majority of the NEM funds lost actually belonged to the exchange, not the customers. So that might explain how they are able to make their customers whole.

[moli1]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

Yeah it seems very strange that how exchange owner will refund so much money?
Have they earned so much money with exchange? it is also their own fault, they should have maintained security that nobody could not hack exchange.
Now they will have to refund $425 million. Hope so after this incident they will secure exchange much better than before.

[Alohaboy?!]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

Yeah it seems very strange that how exchange owner will refund so much money?
Have they earned so much money with exchange? it is also their own fault, they should have maintained security that nobody could not hack exchange.
Now they will have to refund $425 million. Hope so after this incident they will secure exchange much better than before.

Big exchanges like upbit etc seem to make round above 300 mio+ a year. CC got a lot Xem themselves, so I think they can achieve that

[ruletheworld]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

Yeah it seems very strange that how exchange owner will refund so much money?
Have they earned so much money with exchange? it is also their own fault, they should have maintained security that nobody could not hack exchange.
Now they will have to refund $425 million. Hope so after this incident they will secure exchange much better than before.

Big exchanges like upbit etc seem to make round above 300 mio+ a year. CC got a lot Xem themselves, so I think they can achieve that

There's no official word from the exchange, but it seems that they are themselves a large holder of NEM and likely a significant % of the lost funds belonged to them, not the customers.

[aratalawrence]

Thanks to all for an answer.
It makes sense now.

[zoom_rich]

We might never know exactly what did lead to the loss of the coins from CC.

I know fungibility is one of the key facts in Crypto. But what are the actions right now ?

Sure the foundation could just do nothing and let the markets collapse when the hacker is selling, but how would that help anyone involved.

In a true decentralized way, there is no possibilty to just hardfork and move on like ETH did.

How I get it is, that the devs try to flag the accounts and make it at least harder to sell the stolen coins. They can just help sending those mosaics, but anyone could develop such a tool and send mosaics. Whether it helps the exchanges in the longrun is not in the hands of the foundation. But that´s a good thing. They can´t "solve" this issue, but doing their best.

I would love to hear your solution/way to do it better

The best (re)action "right now" is doing nothing.

Don't try to "help."  That is counterproductive.

Those who formerly had NEM on a vulnerable exchange deserve to lose their coins.  They are by definition weak hands for letting someone take their coins.

Helping them with convoluted, unworkable tainting nonsense only encourages them to make the same mistake again.

They need tough love so they learn a lesson, not indulgence so they learn to depend on bailouts.

The best thing is for the stolen coins to be redistributed into stronger hands.  The attacker has already taken the first step by helping himself to the weaklings' coins.

The next step is to sell them off and hope NEM is antifragile enough to survive and emerge stronger from the harsh lessons in security and fungibility.

The hacker or whatever must be rewarded for finding the vulnerability, or it will discourage others from pen-testing.  The mechanism for that to happen is for those with empty bags to pay the hacker to refill them.  The re-buyers will thus have more skin in the game and not be so greedy and careless in the future.  That goes for the exchange as well as its customers.

NEM devs and community must also work on making their coin fungible and their network permissionless and decentralized.

But they don't want to do that.  Every architectural and organizational governance design decision shows NEM is fully intended to be the vanity project of one Satoshi-wannabe guy.

If Bitcoin can recover from dozens of MtGoxes and be stronger than ever WTF is NEM's excuse for treating its users like little babies who must be mollycoddled and protected from the consequences of their poor decisions?

Look to Bitcoin's history for an example of leaderless governance and antifragility to emulate.  Look to Monero for an example of 100% fungible (IE cannot be tainted) coins moving through a permissionless (IE can't be evil) network.

A little harsh, no? But your logic is damned sound. Harsh truths for a HODLer of my scale.

I’d like to see gentlemand’s response to this.

I do agree that the NEM team congratulating themselves on this is a bit ridiculous. But equally it isn’t their fault and they’re just trying to help. Remember that NEM is far more commercial a project than BTC and accordingly will have more sympathy and centralized governance you rail against.

What do others here think?

I just don't like the idea of not having compassion for those who lost their Nems. People will make human mistakes, especially when everything seems to be going good. It's not easy to lose money. But forget about crypto, the tone was like saying, "He was walking, got distracted because he noticed a full moon, a criminal saw his distraction, tripped him, landed face first and broke his face and got his wallet stolen. That's good for him for not paying attention, let the stronger one, the criminal that noticed his distraction have the money. He deserves it more."

What ideas you like or don't like have zero bearing on the facts of the matter.

Nobody denied that "people will make human mistakes."  The debate is about the best way to go forward given that completely obvious and undisputed fact.

Your cherry-picked analogy is idiotic.  Buying NEM because you are a greedy moonchild and choosing to keep it on an exchange is nothing like walking and being distracted.

Please try to stick to the actual highly technical subject matter instead of retreating into lazy, derpy generalizations and obviously misleading, self-pitying, irrelevant nonsense about victimology.

The topic of this thread is NEM and the reported hack of an exchange.  If you cannot participate in that discussion in a meaningful way, shut the hell up and listen to the adults talk.

Better yet, go read some Nassim Taleb and come back when you are ready to accept responsibility for your regrettable decisions instead of demanding bailouts and sympathy.

Your fragile little emotions are not important.  Nobody cares how you feel, especially when you mewl for "compassion" like a goddamn infant.  This is crypto, not day care.  Grow up and learn to function in the harsh realities of the real world.  Or perish.  Bitcoin doesn't care one way or the other, and neither do I.

Boy, you were triggered, I guess there must have been some truth to what I said. Fragile emotions you said? In my post I was strictly talking about having some compassion for people who lost their money, whether they had it on the exchange because they were trading, or because they used the exchange as a wallet. You're bringing up other stuff, when I'm simply talking about character and not having the attitude of "those who lost it are weaklings, and the hacker is the stronger one." I'm responding specifically to that, I can do that.

Especially a coin like Nem, which was originally created with the little guy in mind, and then evolved into what we see today.

[nemwanderer]

We might never know exactly what did lead to the loss of the coins from CC.

I know fungibility is one of the key facts in Crypto. But what are the actions right now ?

Sure the foundation could just do nothing and let the markets collapse when the hacker is selling, but how would that help anyone involved.

In a true decentralized way, there is no possibilty to just hardfork and move on like ETH did.

How I get it is, that the devs try to flag the accounts and make it at least harder to sell the stolen coins. They can just help sending those mosaics, but anyone could develop such a tool and send mosaics. Whether it helps the exchanges in the longrun is not in the hands of the foundation. But that´s a good thing. They can´t "solve" this issue, but doing their best.

I would love to hear your solution/way to do it better

The best (re)action "right now" is doing nothing.

Don't try to "help."  That is counterproductive.

Those who formerly had NEM on a vulnerable exchange deserve to lose their coins.  They are by definition weak hands for letting someone take their coins.

Helping them with convoluted, unworkable tainting nonsense only encourages them to make the same mistake again.

They need tough love so they learn a lesson, not indulgence so they learn to depend on bailouts.

The best thing is for the stolen coins to be redistributed into stronger hands.  The attacker has already taken the first step by helping himself to the weaklings' coins.

The next step is to sell them off and hope NEM is antifragile enough to survive and emerge stronger from the harsh lessons in security and fungibility.

The hacker or whatever must be rewarded for finding the vulnerability, or it will discourage others from pen-testing.  The mechanism for that to happen is for those with empty bags to pay the hacker to refill them.  The re-buyers will thus have more skin in the game and not be so greedy and careless in the future.  That goes for the exchange as well as its customers.

NEM devs and community must also work on making their coin fungible and their network permissionless and decentralized.

But they don't want to do that.  Every architectural and organizational governance design decision shows NEM is fully intended to be the vanity project of one Satoshi-wannabe guy.

If Bitcoin can recover from dozens of MtGoxes and be stronger than ever WTF is NEM's excuse for treating its users like little babies who must be mollycoddled and protected from the consequences of their poor decisions?

Look to Bitcoin's history for an example of leaderless governance and antifragility to emulate.  Look to Monero for an example of 100% fungible (IE cannot be tainted) coins moving through a permissionless (IE can't be evil) network.

A little harsh, no? But your logic is damned sound. Harsh truths for a HODLer of my scale.

I’d like to see gentlemand’s response to this.

I do agree that the NEM team congratulating themselves on this is a bit ridiculous. But equally it isn’t their fault and they’re just trying to help. Remember that NEM is far more commercial a project than BTC and accordingly will have more sympathy and centralized governance you rail against.

What do others here think?

I just don't like the idea of not having compassion for those who lost their Nems. People will make human mistakes, especially when everything seems to be going good. It's not easy to lose money. But forget about crypto, the tone was like saying, "He was walking, got distracted because he noticed a full moon, a criminal saw his distraction, tripped him, landed face first and broke his face and got his wallet stolen. That's good for him for not paying attention, let the stronger one, the criminal that noticed his distraction have the money. He deserves it more."

What ideas you like or don't like have zero bearing on the facts of the matter.

Nobody denied that "people will make human mistakes."  The debate is about the best way to go forward given that completely obvious and undisputed fact.

Your cherry-picked analogy is idiotic.  Buying NEM because you are a greedy moonchild and choosing to keep it on an exchange is nothing like walking and being distracted.

Please try to stick to the actual highly technical subject matter instead of retreating into lazy, derpy generalizations and obviously misleading, self-pitying, irrelevant nonsense about victimology.

The topic of this thread is NEM and the reported hack of an exchange.  If you cannot participate in that discussion in a meaningful way, shut the hell up and listen to the adults talk.

Better yet, go read some Nassim Taleb and come back when you are ready to accept responsibility for your regrettable decisions instead of demanding bailouts and sympathy.

Your fragile little emotions are not important.  Nobody cares how you feel, especially when you mewl for "compassion" like a goddamn infant.  This is crypto, not day care.  Grow up and learn to function in the harsh realities of the real world.  Or perish.  Bitcoin doesn't care one way or the other, and neither do I.

Boy, you were triggered, I guess there must have been some truth to what I said. Fragile emotions you said? In my post I was strictly talking about having some compassion for people who lost their money, whether they had it on the exchange because they were trading, or because they used the exchange as a wallet. You're bringing up other stuff, when I'm simply talking about character and not having the attitude of "those who lost it are weaklings, and the hacker is the stronger one." I'm responding specifically to that, I can do that.

Especially a coin like Nem, which was originally created with the little guy in mind, and then evolved into what we see today.

Agreed, enough of this, it's time to move on.

[snos-boss]

I think there is a great prospect of growth here. Good luck to you guys!

[Bit Gobblin]

I decided to keep this coin for several years. It seems to me that this is a strong project, which will soon be actively developed. In a few years, these coins will make me a rich man 

You are right !

[Geenstijl]

It is very unfortunate that this coin was at the center of a big scandal involving a theft and a well-known exchange. I hope this situation does not negatively affect the reputation of this project.

[tbandy]

Recently many people are talking about the privacy of the coin excuse my ignorance but who really needs that ?
Hackers, money laundering people, high jackers,tax evaders who else ?
But an honest person in my opinion does not pay much attention to that, like I said is just my opinion

Open your mind bro, private transactions for legal payments are needed everyday - business' paying wages, expenses want those to continue being private, people want to keep their medical expenses private, what food they buy, what charities and political groups they support, all should be private. Privacy is a human right, BUT, that doesn't mean ALL blockchains neèd to be private, for some purposes transactions need to be public.

I think you're right I haven't seen this from your perspective   

[drewid]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

Yeah it seems very strange that how exchange owner will refund so much money?
Have they earned so much money with exchange? it is also their own fault, they should have maintained security that nobody could not hack exchange.
Now they will have to refund $425 million. Hope so after this incident they will secure exchange much better than before.

instant cost savings in a corporation, come in the form of layoffs.  however, that news will never be reported ,since its an internal company matter.

[atracom]

I have this super-ability to invest a couple of bucks into coins that will be compromised the next day

[wiser]

I have this super-ability to invest a couple of bucks into coins that will be compromised the next day

LOL. So, whenever you buy a coin, you can post what you bought and where, and we'll stay away

No seriously, sorry to hear you lost some of your coins. It's rough when it happens. It is unfortunately rather common at this stage in our industry. Hopefully things get better.

[ruletheworld]

It is very unfortunate that this coin was at the center of a big scandal involving a theft and a well-known exchange. I hope this situation does not negatively affect the reputation of this project.

To the contrary,

• It got a lot of publicity, and a lot of people who didn't know about NEM now know about NEM. Note that the hack had nothing to do, e.g. with NEM's shortcomings. It was the exchange that was hacked, not NEM, so the publicity isn't in bad light for NEM.
• The response from the exchange and NEM foundation has been swift. The community was kept up to date on many aspects. The foundation helped the exchange in all ways it could. The damage was limited.
• The NEM foundation was quick to reject any hard fork proposals. This is the right direction, and when it comes to it, will help distinguish NEM from ETH for instance
• The customers will be made whole, and presumably will go and buy back NEM on exchanges

Look on the bright side

[nzminer]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

I honestly dont know how they found the funds, but in saying that, a huge percentage (at least 300M XEM) is theirs.
Perhaps the amount of XEM held by the members was alot less than we think?

[Alohaboy?!]

Tokyo-based cryptocurrency exchange Coincheck said today it would return about 46.3 billion yen ($425 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.
That amounts to nearly 90% of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.
Coincheck said in a statement it would repay the roughly 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

It's kind of crazy that an exchange has so much money to pay back a theft like this..

I hope that money comes from early holdings of the owners and not trading fees, otherwise it goes to show how much these players are making (and even worse, how this was not invested into improving security).

I honestly dont know how they found the funds, but in saying that, a huge percentage (at least 300M XEM) is theirs.
Perhaps the amount of XEM held by the members was alot less than we think?

might be possible yes. So they would have to come up with half of the money or so. Maybe they will make everything public to restore the trust of the user to catch the falling knife in some extent

[revelacaogr]

Japan’s Financial Regulator Responds To Coincheck US$530M Hack

https://coinjournal.net/japans-financial-regulator-responds-coincheck-us530m-hack/


Japan’s Financial Services Agency (FSA) plans to take administrative actions against hacked cryptocurrency exchange Coincheck after the company announced the loss of 523 million units of NEM cryptocurrency (about US$530 million) from a hack.

The FSA suspects that a lack of proper security measures allowed hackers to steal a record haul of cryptocurrency on Friday, according to a report by Nikkei Asian Review.

The regulator will issue a business improvement order to Coincheck later on Monday and order the company to strengthen its safeguards to prevent a recurrence, Japan’s chief cabinet secretary Yoshihide Suga told a regular news conference.

The theft is said to be the biggest-ever losses of cryptocurrency to hackers. Coincheck halted withdrawals and trading in all cryptocurrencies on Friday, except bitcoin, and said in a statement that it would return the stolen money to the roughly 260,000 affected users. According to the announcement, the refund will be done using the company’s own capital. No date has been set yet for the payments or for a restart of trading on the platform, Coincheck’s chief operating officer Yusuke Otsuka told reporters.

Tracking the stolen funds

NEM Foundation interview Coincheck hack
NEM.io Foundation vice president Jeff McDonald interview with Inside NEM, Youtube
The NEM.io Foundation‘s vice president Jeff McDonald said in a statement on Sunday that the organization was “working on solutions to do the most we can to help Coincheck and also ensure the NEM community is protected.”

“We are currently reaching out to exchanges and exploring three different options,” McDonald said. “We also have a full account for all of Coincheck’s lost NEM cryptocurrency (XEM) on the blockchain. At this time, the hacker has not moved any of the funds to any exchange, nor to any personal accounts of NEM community members.”

The foundation said it was developing an “automated tagging system” to follow the stolen funds and tag any account that receives the tainted money.

In an interview with Inside NEM, McDonald said that when the stolen funds were moved out of Coincheck it appeared that the funds were stored in a hot wallet that had an exposed API and probably an exposed private key.

Coincheck should have used NEM’s multi-signature contract and cold storage to secure the funds, he said.

McDonald added that a NEM hard fork was out of the question. “A hard fork is not an option. The NEM protocol worked exactly as it was designed to work. It’s a terrible thing but I think if the funds were going to be returned that it would have to be the hacker returning the coins to Coincheck,” he said......