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Author Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs  (Read 2892623 times)
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January 30, 2019, 10:38:40 PM
 #38301

when the market comes around I see NEM gaining at a much faster rate than the rest

A lot of it will be when the market explodes again, and it brings in a ton of new blood, just like it has in other cycles, when the newbies look into which older coins they will invest in, NEM will seem a very good choice compared to most other older coins.
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January 31, 2019, 06:05:43 AM
 #38302

NEM Foundation - message to the community
https://forum.nem.io/t/nem-foundation-message-to-the-community/21753

Quote
NEMSecretariatOffice

Hi NEM Community,

It’s been about one month since the new council started, and a lot has happened. We are committed to transparency, so we are pulling back the curtain with some good news, some difficult news, and some major announcements.

Background

For the past two years, the structure of the NEM Foundation was a first-of-its-kind attempt to running a decentralized promotional organization in different regions around the world. The Foundation was trusted with making decisions for the NEM public chain and spreading its global adoption. In 2018, the Foundation tested the concept of decentralized regional leadership, allowing each region a great deal of freedom in how they operated as long as they were promoting NEM.

When the new council arrived on January 1, 2019, we opened the books and saw the results of 2018. We saw a lot of talented people who were working hard, but not aligned with the same goals. We saw efforts being duplicated, and inconsistent metrics of success. We saw very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month. In terms of running an effective organization, the existing structure failed. Maybe that didn’t seem like a big problem when the XEM price was high, but it’s a very big problem as we seek to sustain a viable organization in the ‘Crypto Winter.’

Reality

The XEM exchange rate has suffered catastrophic drops from this time a year ago, just as many other ambitious cryptocurrency projects have suffered, now the NEM Foundation is facing challenging budget decisions. We are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM ecosystem and development.

Good news

It’s clear to the council that we need to make swift changes from an operational standpoint in the interest of NEM users, investors, employees, developers, and partners. The council has been meeting multiple times per week since December (we convened before we were even official) and working around the clock across seven time zones to come to an agreement and do the right thing.

So here’s where we currently stand. We have completely rebuilt the NEM.io 5 Foundation’s operating structure and mission. We are hitting refresh and starting from scratch. This means a new focus under this new leadership and a NEM Foundation that truly exists to serve and support its powerful community.

The way we will do this is by transitioning from a promotional-focused organization to a product-focused organization.

New reality

The NEM Foundation has restructured to eliminate regional teams and replace them with newly created product-focused teams. All Foundation employees and contractors will now report to one of the seven product teams. The heads of these teams are Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer.

Each of these team’s leads will be responsible for reporting metrics and delivering ROI directly to the council and community to maintain transparency and accountability. All funds spent will flow through the head of finance and adhere to consistent accounting standards. The council will be focused on oversight and will not be directly involved in operations.

Major Announcement

In our new proposal, we are greatly reducing promotional spending and we are adding an aggressive set of goals for tech product features, developer tools, and programmers that will help make the NEM platform the best in the industry. We are also adding plans to be sustainable.

We are proposing a budget with a burn rate reduced by about 60% from its previous level. This will allow the Foundation to deliver ambitious results with responsible use of reserves. This budget is not yet confirmed, and there are more steps ahead before we have the funding needed for these plans.

The reality of having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold. This is painful since it hurts good people and partners, but the new council is aligned that we need to be transparent with what is happening behind the scenes of the NEM Foundation.

There are a lot more questions to answer, and we will share more information about all these announcements as soon as we can. But we felt the community should hear this news. We want you to understand the serious situation the NEM Foundation – not the NEM platform – faces and the drastic changes we are making and why we’re making them.

Good news

Now the good part. We can solve this. In the face of this bad news, there are amazing possibilities. NEM’s technology is still among the best for developers looking to build business applications, and our new focus is going to push us even further ahead in the industry. Our new features will unlock uses, ready in months, that partners have been asking for for years. Our partnerships and business development efforts will now have full transparency and ROI reporting. Our teams will be aligned on goals. Our Finance and Product Development teams will have plans on exactly how to maximize the benefits of the next bull market.

Positive changes are happening so fast, we have never seen anything like this before. So we hope you’ll take away confidence and excitement for these improvements and the great things the NEM Foundation can do in partnership with you, our community. Because more than ever, the community owns NEM. And above all, we are trying to uphold the trust placed in us and do the right thing for the community.

Message to the community and staff

A message to the community, you are the bedrock and stronghold to the NEM blockchain platform. With the new council, the last thing in our minds is to let you down and the first thing in our hearts is to ensure that we focus on Catapult, sustainability, and NEM Foundation governance reform.

A message to the hardworking staff and loyal team members, words cannot describe the difficult decisions we had to make to come to this point. We are only one month old as the new council, and to face the facts of where we stand is horrific. We cannot apologize for the past decisions before we came into leadership, but we want to let you know that there is hope for the future.

Final message

We are optimistic about the future of the NEM Foundation under its new council. With a laser-focus on our mission-critical goals, we are positioned to remain an industry leader through this ‘Crypto Winter.’ The upcoming launch of Catapult will revolutionize blockchain’s future, and we are grateful for your support in the next steps of this journey. Expect to see us rise from the dust of this Crypto Winter and have a laser focus on our mission-critical goal which is the launch and commercialization of Catapult, our latest technology update that will revolutionize blockchain’s future.

Three things to expect:

        Expect to see more enterprise adoption utilizing Catapult.

        Expect to see more public and private chain transactions when Catapult launches

        Expect to see stronger leadership, solid governance and more service to the community, partners and the world as we hope for a brighter future.

We know the community has high expectations, we will work our best to meet these expectations to the best of our abilities.

We have one final message for all. The NEM Foundation you knew before is gone. The new proposal will clearly outline a significantly new approach and mission. We exist to serve and support the community responsibly.

We are a new, leaner, product-focused, revenue-driven, community-oriented organization. Thank you.

Opinions?
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January 31, 2019, 06:13:42 AM
 #38303

https://www.coindesk.com/nem-foundation-layoffs-xem-crypto

Good to see some action, and honesty about the situation!
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January 31, 2019, 08:12:57 AM
 #38304

If my pockets were not full of XEM I would not look into XEM until it will start new uptrend.  Why? We were waiting for CATAPULT 3 years already and product was overexposure. Massive money loundering, spending and etc brings PREMINED coin to BANCRUPCY. Joke??? How it is possible?
They are speaking that much money was spent to marketing, but I did not see it at all. Marketing companies that I see was just an IDIOT idea: be a basketball club investor with a not working project…
 How old are u retards to do such a moves?
XEM must be the one of the most disappointing coins in top crypto industry, except ETC scammers.
Thanks good I am trader and I will leave this train on a first “train station” but until catapult will not be fully functional do not think about INVESTING into XEM.
Just my 2 cents.
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January 31, 2019, 08:53:10 AM
 #38305

If my pockets were not full of XEM I would not look into XEM until it will start new uptrend.  Why? We were waiting for CATAPULT 3 years already and product was overexposure. Massive money loundering, spending and etc brings PREMINED coin to BANCRUPCY. Joke??? How it is possible?
They are speaking that much money was spent to marketing, but I did not see it at all. Marketing companies that I see was just an IDIOT idea: be a basketball club investor with a not working project…
 How old are u retards to do such a moves?
XEM must be the one of the most disappointing coins in top crypto industry, except ETC scammers.
Thanks good I am trader and I will leave this train on a first “train station” but until catapult will not be fully functional do not think about INVESTING into XEM.
Just my 2 cents.


NEM always had the best trinkets though... and beautiful offices. Who needs Catapult when you got all these people globetrotting around the world, staying at the best hotels, good restaurants, big presence at all the conventions. The party never ends... till it does.

https://www.cryptoninjas.net/2018/07/06/nem-malaysia-opens-doors-to-new-nem-blockchain-center-in-kuala-lumpur/
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January 31, 2019, 11:17:29 AM
 #38306

nem guys thought the hossais not over, wrong !!. I'm disappointed with this project, today we have over 10% dropping ...
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January 31, 2019, 11:29:34 AM
 #38307

Opinions?

It's an interesting exercise in collective intuition.

Basically every regular moan - Catapult isn't advancing, all the council is doing is opening blockchain centres filled with their mates, ProximaX was Lon Wong's middle finger bail to NEM itself - all turned out to be true.

The one bright spot is that this council has confirmed this and is doing the tricky stuff to address it. Imagine where it would be if this council had been in place for a couple of years.

Either way it's not exactly a jolly development.

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January 31, 2019, 12:28:46 PM
 #38308

"The XEM exchange rate has suffered catastrophic drops from this time a year ago, just as many other ambitious cryptocurrency projects have suffered, now the NEM Foundation is facing challenging budget decisions. We are in a tough spot like many others in this space. It is our duty to act quickly to ensure the longevity of the NEM ecosystem and development.

The reality of having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold. This is painful since it hurts good people and partners, but the new council is aligned that we need to be transparent with what is happening behind the scenes of the NEM Foundation."

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January 31, 2019, 01:22:20 PM
Last edit: January 31, 2019, 01:32:56 PM by sam_ti_dyatel
 #38309

Guys, you can express displeasure with these scammers here https://twitter.com/Jaguar0625

comment from Jaguar0625
"Yet more drama from the foundation that has no impact on the actual development 🤷‍♂️.
hint: most developers don't work for the foundation"

How devs relate to foundation? The second one is for marketing only?

"There's religious fervor around all of them — some people seem to think these are the crusades and this is a holy war being fought."
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January 31, 2019, 01:59:44 PM
 #38310

Uh... "almost the same".. are you nuts? One year ago it was 80 cents a coin, today its $0.047 a coin.

"Lets take random time gaps and claim blah blah."
It's steady and stable, in a decline so far but it has been a stable decline in price. Not a crash like you are trying to suggest.

"Random time gaps" aren't so random. One year, the point being argued was an exactly one year time frame.

Prices go up and down all over the place, NEM stays almost the same. Interesting actions I would say.

Sorry, this is simply not true. Year ago, 1 NEM was at 12000 sat, now it's about 1300 satoshis. As BTC is 4-5x lower than before a year, it means ~ 40x decrease. And as we were on #4-#5 position year ago, now we're at #18 and constantly falling further. Maybe it's (the position on CMC) just means that here are more projects now, that are more interesting / overhyped / whatever ... despite of this or that, it's sad at all.

You haven't kept an eye on the USD price apparently. Again, it's almost the same.

Falling from 80 cents to 5 cents isn't "almost the same" regardless of how you spin it.

It fucking crashed. Not that the underlying tech isn't great and there isn't tremendous room for growth, it is, and there is. However, NEM, like most coins, was way too high one year ago, and came crashing down with every single other coin.

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January 31, 2019, 02:35:51 PM
 #38311


Falling from 80 cents to 5 cents isn't "almost the same" regardless of how you spin it.

It fucking crashed. Not that the underlying tech isn't great and there isn't tremendous room for growth, it is, and there is. However, NEM, like most coins, was way too high one year ago, and came crashing down with every single other coin.

Suddenly today crashed even more!
What to do now? Panic buy or panic sell?!  Huh

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January 31, 2019, 02:42:16 PM
 #38312

Guys, you can express displeasure with these scammers here https://twitter.com/Jaguar0625

comment from Jaguar0625
"Yet more drama from the foundation that has no impact on the actual development 🤷‍♂️.
hint: most developers don't work for the foundation"

How devs relate to foundation? The second one is for marketing only?

The foundation's job is to spread use of the public NEM chain.

The developers aren't paid by the foundation or employed by them. The idea was that the foundation would liaise with the developers and together they would work on pushing the public chain.

What started off NEM's run of disaster and/or change was the developers calling out the foundation for doing nothing about bringing the public Catapult upgrade forward.

https://forum.nem.io/t/foundation-faq-core-dev-perspective/20363

It's been downhill since then. The only bright spot has been the change of foundation leadership who are committed to Catapult however they've also discovered the money is largely gone.


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January 31, 2019, 03:54:43 PM
Merited by gentlemand (5)
 #38313

If the Dev hadn't called up the foundation in that post, the old members of the foundation would have carried on as they were and things would have been a lot worse.  In my opinion it was a positive thing and a change of foundation is what was needed.  Drastic changes now have to be made to make the foundation more streamlined and future proof.  Short term pain for long term growth.

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January 31, 2019, 03:55:53 PM
 #38314

If the Dev hadn't called up the foundation in that post, the old members of the foundation would have carried on as they were and things would have been a lot worse.  In my opinion it was a positive thing and a change of foundation is what was needed.  Drastic changes now have to be made to make the foundation more streamlined and future proof.  Short term pain for long term growth.

It's definitely positive long term. Shame it had to come to that though and there'll be more short term shit sandwich to eat.

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January 31, 2019, 04:10:13 PM
 #38315

Get rid of the foundation, crowdfund a marketing team and help the developers still on board.

It's obvious the foundation is just a low effort scam grab cash.
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January 31, 2019, 04:11:58 PM
 #38316

If the Dev hadn't called up the foundation in that post, the old members of the foundation would have carried on as they were and things would have been a lot worse.  In my opinion it was a positive thing and a change of foundation is what was needed.  Drastic changes now have to be made to make the foundation more streamlined and future proof.  Short term pain for long term growth.

It's definitely positive long term. Shame it had to come to that though and there'll be more short term shit sandwich to eat.

Indeed, in fact everything will be on the long-term path and very minimal possibility for a profitable short term, especially with the situation in almost all altcoins like today.
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January 31, 2019, 04:15:18 PM
 #38317

Why the foundation doesn't come on bitcointalk and explain this?

They just pushed this idiotic idea of a "foundation" onto us without consulting those of us who started with NEM.

If foundation doesn't want to leave, then let's show them what can be done. A doxxing would be in line, until they relinquish power to the developers. The developers are the real shot callers here, not some business major with 2 years of experience running fast food restaurants.

/End rant
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January 31, 2019, 04:15:57 PM
 #38318

The newly elected president of the NEM Foundation, Alex Tinsman, told CoinDesk Wednesday the Singapore-based NEM Foundation now intends to submit a funding request to the NEM community fund for 160 million tokens (worth roughly $7.5 million), money that would be used to rescue the organization.

It will be different this time i'm sure
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January 31, 2019, 04:21:49 PM
 #38319


Falling from 80 cents to 5 cents isn't "almost the same" regardless of how you spin it.

It fucking crashed. Not that the underlying tech isn't great and there isn't tremendous room for growth, it is, and there is. However, NEM, like most coins, was way too high one year ago, and came crashing down with every single other coin.

Suddenly today crashed even more!
What to do now? Panic buy or panic sell?!  Huh

Well, let's admit it: competition in the crypto space is brutal. Without any real catalysts to encourage broad speculation in the marketplace, NEM (like anything else) will have to depend on increases in real-world adoption to gain any positive traction. However, if and when another strong bull market manifests itself, then it will likely be one of the prime recipients of a capital injection.

Basically I don't know and your guess is as good as anybody's.

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January 31, 2019, 04:23:26 PM
 #38320

Get rid of the foundation, crowdfund a marketing team and help the developers still on board.

It's obvious the foundation is just a low effort scam grab cash.

That is an option as an alternative to funding the foundation with the community fund.

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