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

[Conurtrol]

Ok

Just thrpwing some words out there which could replace 'foraging'

-yielding
-reaping
-Harvesting ( as we all know)
-garnering

Or NEM could make up its own term as appose to using a dictionary term

for instance

'NEMering'

I like Nemering, might just call it 'Nemming'.

Some unique word would be my preference.

I like Nemering as well, +1 some unique word will be better...

Nemering  would be a unique term, but it also is a city in Germany
http://www.strassenverkehrsamt.de/lokal/nemering-94571

We will make it the capital of the New Economy Movement and make our own flag

Once we become rich enough we will get our own army and air force too.

Bitcoin miners are firstly looking for reward blocks, and then secondly backing up the network.  The word "miner" is good because it shows that they are randomly trying to get gold (bitcoin).

But in our system people that run a node can't have their primary goal be to earn fees.  NXT has run into this problem.  From a economic perspective, forging in NXT is a losing game.  Most people that are not original founders of NXT will not earn enough fees from NXT to pay for electricity.  Why?  Because there are no block rewards, but instead only transaction fees.  

The main motivation behind forging/mining in NEM should be to protect our stakes.  As stakeholders, if we don't run nodes, then the network will fall apart.  I think a word for forging/mining in  POI system should emphasis, not the rewards from fees, but the fact that a person running a node is vested in protecting the network from attack.  

Something like "gating" or "guarding" is literally more what is happening.  

I like a word more like "backing" though.  As "backers" a person is "backing up" the network, but also getting NEM "back" as a reward.  Additionally, "backers" would be the "backbone" of the network.

Can anybody else think of a word that focuses on maintaining the network but also infers getting a reward?

+1. This is an important point to take in to consideration. If you call it foraging or harvesting then some people will be confused and possibly upset when they never get any Nem.

[howi53]

Ok

Just thrpwing some words out there which could replace 'foraging'

-yielding
-reaping
-Harvesting ( as we all know)
-garnering

Or NEM could make up its own term as appose to using a dictionary term

for instance

'NEMering'

I like Nemering, might just call it 'Nemming'.

Some unique word would be my preference.

Name of the nem client should be "NemWomb". And creating Nemcoins could be:
-YEANING
-CALVING
-LAMBING
-WHELPING
 

[phantastisch]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

[upekha]

whats the problem with harvesting?
sounds great to me at least!

[gimre]

Ok

Just thrpwing some words out there which could replace 'foraging'

-yielding
-reaping
-Harvesting ( as we all know)
-garnering

Or NEM could make up its own term as appose to using a dictionary term

for instance

'NEMering'

I like Nemering, might just call it 'Nemming'.

Some unique word would be my preference.

Name of the nem client should be "NemWomb". And creating Nemcoins could be:
-YEANING
-CALVING
-LAMBING
-WHELPING
 

there's only one thing missing on this list - twerking?

so how many nems have you twerked today?

[patmast3r]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

I can see why you are confused. You think NEM is another POS coin when it really uses a new algo called POI.
I'm guessing you think POW is perfectly fine right ?
About 400 tonns of CO2 per year of mining. That's not fine that's bullshit and it would be retarted to stick with the system when there are better options.

[Totem22]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

Technical wise, NEM could be a competitor to Bitcoin because:

1. an improvement in a core functionality: Proof of Importance instead of Proof of Work and traditional POS algorithm.
2. improvements in features: Bitcoin has been and always be very conservative when coming to new features. There are spaces open if users move beyond the simple currency functionality and want something else with blockchain.
3. Difference in design

I think you are very smart guy but many smart guys in tech do not fully grasp the dynamics of free market and competition. This article can help

http://marginalrevolution.com/marginalrevolution/2013/12/how-and-why-bitcoin-will-plummet-in-price.html

in short, if you are bullish about Bitcoin (to the point of world domination), you should also very bullish about its genuine competitors like NEM.

[instacalm]

Why would we need NEM ?    ...
(I'm also asking myself why we need NXT, but that is another story for another day.)

Why invent the car if one can go by bicycle, right? Technology moves on...

[Conurtrol]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

I can see why you are confused. You think NEM is another POS coin when it really uses a new algo called POI.
I'm guessing you think POW is perfectly fine right ?
About 400 tonns of CO2 per year of mining. That's not fine that's bullshit and it would be retarted to stick with the system when there are better options.

And meanwhile...it's been 45 minutes since the last Btc block. The Model T was great but wouldn't you rather have a Ferrari?

[phantastisch]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

http://marginalrevolution.com/marginalrevolution/2013/12/how-and-why-bitcoin-will-plummet-in-price.html

I disagree with this article , two points :

- Network strength , keeping the network secure is expensive , this is priced in.
- There are thousands of competitors now with better features, even trying to be fully anonymous. Do these free markets only work under the network effect or where are my cheap bitcoins ?

[Tompa]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

in one word - progress

NEM started as an idea to improve what has already been on the cryptocurrencies market. If you look at BTC - it is greatly outdated crypto from many perspectives: distribution, PoW (seriously, why does a global system for payments needs daily electricity like London? - and totally useless except for BTC), slow etc, but it is "established", proven, familiar, first. Challengers are stepping up. Will it be NXT? maybe. Will it be NEM? who knows now, but that certainly doesn't exclude trying and improving.

Have you tried using NXT? I get cringes when thinking of running the Armory for my btc to be sent. Don't you see how important AE (Asset exchange) is? what it offers? it is like asking why do we need computers(NXT) when pen and paper(BTC) work already. and NEM has a potential to be even better than NXT.

It baffles me that people don't understand progress. Don't you have some drive to improve something, make something faster, more efficient, better adopted, more fair, nicer, easier etc?

Alpha client for NEM is going to be as good if not even better than what NXT offers now. That is a great accomplishment. Try getting your siblings to use NXT from scratch or BTC. It is not easy. There is much what can be improved. NEM is trying to accomplish that.

NEM is far away from another me-too coin, or some other coin that is just a clone with something little different (NHZ).

NEM is totally new code, new people, new community, new goals etc. It is exciting, sexy and very popular so far! :-)

[instacalm]

- Network strength , keeping the network secure is expensive , this is priced in.

Yes, you nail it, keeping the Bitcoin network secure is very expensive and energy-intensive. Keeping NXT/NEM network secure is neither expensive nor energy-intensive.

Since Bitcoin was released in early 2009 it has set the standard in the cryptocurrency field. Until today its Proof of Work mining system is the most popular and frequently used model of assigning value of digital currencies. With Bitcoin's staggering rise in popularity over the last five years its network has grown to such massive size that it has become impossible for the average user to mine and large-scale, energy-intensive mining operations have taken over, GHash.io now having accumulated 51% of all hashing power. Its energy demand and resulting real-world environmental costs lead to the critical question of whether this extremely energy-hungry system is sustainable -- while more secure and energy efficient technologies are available. In the energy-hungry world of today, Proof of Work is not a smart and sustainable choice.

[Thingamajig]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

Technical wise, NEM could be a competitor to Bitcoin because:

1. an improvement in a core functionality: Proof of Importance instead of Proof of Work and traditional POS algorithm.
2. improvements in features: Bitcoin has been and always be very conservative when coming to new features. There are spaces open if users move beyond the simple currency functionality and want something else with blockchain.
3. Difference in design

I think you are very smart guy but many smart guys in tech do not fully grasp the dynamics of free market and competition. This article can help

http://marginalrevolution.com/marginalrevolution/2013/12/how-and-why-bitcoin-will-plummet-in-price.html

completely agree with this. that article especially; it expresses my view spot on.

Another reason im not hopeful about bitcoin is the PoW model. Anyone who thinks the bitcoin gravy train can continue on a PoW model is just kidding themselves. same for any PoW coin.

in fact, it wouldnt surprise me if bitcoins current valuation is artificial anyway. the fact that bitcoin is not only horded by a minority, but also its hashing power is too, just demonstrates how "centralized" it is and, if anything, makes it just as bad - if not worse - then FIAT, as these parties are far more anonymous to begin with.

[Totem22]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

http://marginalrevolution.com/marginalrevolution/2013/12/how-and-why-bitcoin-will-plummet-in-price.html

I disagree with this article , two points :

- Network strength , keeping the network secure is expensive , this is priced in.
- There are thousands of competitors now with better features, even trying to be fully anonymous. Do these free markets only work under the network effect or where are my cheap bitcoins ?

New algorithms like POS, POI could be promising in cutting down the cost for security. I am not a tech expert, but imo at this early stage it is biased to declare that only POW will work.  

The key point is that "supply-side arbitrage has not worked its way through the value of Bitcoin". Bitcoin organizational model is a puzzle to solve well and it takes times for people to figure out the new decentralized organizational model.

Bitcoin will keep its hold on crypto world for a foreseeable future due to the network effect, specifically efforts from ecosystem players such as Coinbase, Bitpay, Gift etc. but I don't think it is impenetrable, even though  it take a lot of efforts and creativity though.

[instacalm]

algorithms like PoS, PoI could are be promising in cutting down the cost for security

[phantastisch]

There is one thing that i'm asking myself.

Why would we need NEM ?

It is absolutely blowing my mind , that there are people who think NEM will be their Bitcoin Rocketstart into wealth.

Why ? Because this time there a new people as Stakeholders ? Because the System is new , developed from the ground up and with another chance for catastrophic bugs or failures ? Is there really a need for another POS Coin ?

Baffles me and makes absolutely no sense in my mind...

(I'm also asking myself why we need NXT, but that is another story for another day.)

Technical wise, NEM could be a competitor to Bitcoin because:

1. an improvement in a core functionality: Proof of Importance instead of Proof of Work and traditional POS algorithm.
2. improvements in features: Bitcoin has been and always be very conservative when coming to new features. There are spaces open if users move beyond the simple currency functionality and want something else with blockchain.
3. Difference in design

I think you are very smart guy but many smart guys in tech do not fully grasp the dynamics of free market and competition. This article can help

http://marginalrevolution.com/marginalrevolution/2013/12/how-and-why-bitcoin-will-plummet-in-price.html

completely agree with this. that article especially; it expresses my view spot on.

Another reason im not hopeful about bitcoin is the PoW model. Anyone who thinks the bitcoin gravy train can continue on a PoW model is just kidding themselves. same for any PoW coin.

in fact, it wouldnt surprise me if bitcoins current valuation is artificial anyway. the fact that bitcoin is not only horded by a minority, but also its hashing power is too, just demonstrates how "centralized" it is and, if anything, makes it just as bad - if not worse - then FIAT, as these parties are far more anonymous to begin with.

- Network strength , keeping the network secure is expensive , this is priced in.

Yes, you nail it, keeping the Bitcoin network secure is very expensive and energy-intensive. Keeping NXT/NEM network secure is neither expensive nor energy-intensive.

Since Bitcoin was released in early 2009 it has set the standard in the cryptocurrency field. Until today its Proof of Work mining system is the most popular and frequently used model of assigning value of digital currencies. With Bitcoin's staggering rise in popularity over the last five years its network has grown to such massive size that it has become impossible for the average user to mine and large-scale, energy-intensive mining operations have taken over, GHash.io now having accumulated 51% of all hashing power. Its energy demand and resulting real-world environmental costs lead to the critical question of whether this extremely energy-hungry system is sustainable -- while more secure and energy efficient technologies are available. In the energy-hungry world of today, Proof of Work is not a smart and sustainable choice.

Well there are issues with the POW Model regarding its effects on ecology and network security but if NEM sees a stronger adoption we will see its impacts with new nodes using up resources and some clever hackers might find security issues too.

Leads me to another question :

How is POS/POI not more centralized ? Give 156 Stakeholders a Stake for small money instead of giving people the chance to get them in a continous period ? Even if the stake to claim with PoW gets smaller over time isn't this a fairer approach even if you want to reward the risk takers ? I am sure there were more people grabbing a Stake in Bitcoin early than in NEM.

[li_ink]

algorithms like PoS, PoI could are be promising in cutting down the cost for security

Good point.

[golpher]

What is the likely price of a NEM stake after the proper release?

[Totem22]

Well there are issues with the POW Model regarding its effects on ecology and network security but if NEM sees a stronger adoption we will see its impacts with new nodes using up resources and some clever hackers might find security issues too.
Leads me to another question :
How is POS/POI not more centralized ? Give 156 Stakeholders a Stake for small money instead of giving people the chance to get them in a continous period ? Even if the stake to claim with PoW gets smaller over time isn't this a fairer approach even if you want to reward the risk takers ? I am sure there were more people grabbing a Stake in Bitcoin early than in NEM.

There are a few more stakeholders than that, the most conservative number is at least 1000 unique users i think (even with all the sock-puppet controversy). Read the population statistics. The theory is that after the initial distribution, new users can continuously come in via exchanges and multipool. It is actually very similar to POW cost-wise but without the waste energy.

[instacalm]

new nodes using up resources

Nodes use very little resources compared to mining operations and are easy to set up and maintain.

some clever hackers might find security issues too

Same about Bitcoin and any other open source software. Naturally issues/bugs are coming up, then recognised and fixed.

How is POS/POI not more centralised ?

There's no way to control and manipulate the market in a way one can (possibly) control PoW/Bitcoin.

Give 156 Stakeholders a Stake for small money instead of giving people the chance to get them in a continous period ?

People have the same chance to acquire PoS coins by buying, just like BTC but without requiring (now centralised) mining to secure the network and generate new coins.

Even if the stake to claim with PoW gets smaller over time isn't this a fairer approach even if you want to reward the risk takers ?

No, as those who operate large mining operations control the network there is not much fairness(hard to define indeed) left. Not to mention Bitcoin distribution, its numbers are known to be - ironically - worse than distribution of major FIAT currencies.


I'm not talking about NEM in particular here as it has not yet launched. Please see NXT for real-world example.

Neither am I against Bitcoin, it has its place & it has founded this groundbreaking field of technology in the first place.