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

[TaunSew]

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.

How so?  Satoshi himself supposedly had a million Bitcoin back in 2011 when only around 6 million had been mined (15%+).  Read the Bitcointalk wealthy wallet threads.  Wallets =/= unique persons.  There's honestly only a few hundred people who control and dominate Bitcoin.

In contrast there is somewhere between 1500 to 2800 unique persons in NEM..  Granted the pareto principle is in effect here, supposedly a bit under 100 have dumped their stake already since they couldn't pass up $1.5K in 'effortless money'.  So if NEM ever goes to the moon then these dumpers will probably be the worst critics.

[1713961649]

1713961649

[1713961649]

1713961649

[xtester]

Back to digital world from the real world (in which my son Sebastian has been accidently killed)
It's just to relativize the problems and concerns of Nemsters

We are very sorry for your loss.

[xtester]

there's something happening on trello...

Let the game begin. 

[MrPortMan]

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.)

whats the total electricity bill annually to run bitcoin miners? how much co2 does that release? how much eletronic gear goes out of date every 6 months - 1 year for the purpose of doing pointless math just to create bitcoin? how much does it cost to replace or upgrade the mining equipment?

can you implement an asset exchange into bitcoin and run it in a client? can you implement a voting system into bitcoin? a digital goods store? a multigateway so coins can be traded in a trustless manner? can you integrate any features what so ever into bitcoin with out having to do a hard fork? after 5 years, have the devs figured out a way to do blockchain pruning? can you do 1 min conformatoins with bitcoin? can you build entire mmorpg's on the bitcoin block chain? can you build entire social networks on top of the bitcoin block chain?

hhmmm.

+1

NEM is the best cryptoplatform in the world!
Games & social networks will work on NEM cryptoplatform

[gimre]

there's something happening on trello...

Let the game begin. 

chance to hit the next block 10.66%

[xtester]

there's something happening on trello...

Let the game begin.  

chance to hit the next block 10.66%

Proof of Importance rocks!

[nxtvisa]

there's something happening on trello...

Let the game begin.  

chance to hit the next block 10.66%

Proof of Importance rocks!

sweeeet!

To buy more NEMstakes ? to be or not to be,this a question. 

[amytheplanarshift]

Hey guys I've been following Trello for a while and I have an account on there but I'm not quite sure how I can post to the NEM board on there. Do I need to contact someone to get added? (I am a stakeholder.)

[TaunSew]

there's something happening on trello...

Let the game begin.  

chance to hit the next block 10.66%

Proof of Importance rocks!

sweeeet!

To buy more NEMstakes ? to be or not to be,this a question. 

Perhaps the last opportunity to buy cheap as, if Alpha is very good, this is the calm before the storm.

[golpher]

Can no one give me a ballpark figure for the value of a NEM stake?

[Tompa]

Can no one give me a ballpark figure for the value of a NEM stake?

1 NEM stake is around 23000 NXT what is around $1.540

Edit: the above calculation was made when the post has been made! :-) It can change dramatically in next couple of days because of alpha.

[rockethead]

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.

First, where did you get the 156 number from?

Second, what makes you think that Bitcoin is ever so secure and not subject to cabal attacks? I hope you do realise that miners in bitcoin have reached asymptotic levels and in fact is on the decline. Have a look at this. The tipping point WILL happen with the passage of time.

http://www.coindesk.com/51-attacks-real-threat-bitcoin/

I need not say more. Good luck.

[rockethead]

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

Be my guess!

[TaunSew]

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.

First, where did you get the 156 number from?

Second, what makes you think that Bitcoin is ever so secure and not subject to cabal attacks? I hope you do realise that miners in bitcoin have reached asymptotic levels and in fact is on the decline. Have a look at this. The tipping point WILL happen with the passage of time.

http://www.coindesk.com/51-attacks-real-threat-bitcoin/

I need not say more. Good luck.

Isn't there also a threat in centralized nodes?  Someone like Bitpay could buy them all up and implement any change to Bitcoin they want.  They can easily make Bitcoin inflationary like Dogecoin.

[jabo38]

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

Well...... Higher than today.  We really just have to see how smooth it is, how well POI works, and a few other factors.

[jabo38]

2 more days!

[amytheplanarshift]

2 more days!

I really can't wait!

[BCFrictionless]

2 more days!

I really can't wait!

I am very excited,  folks!

[morbyboot]

Is it still possible to turn my stake into an asset I can trade a bit of it on the NXT AE?

If so, how?  The thread that handled that looks a bit strange (https://bitcointalk.org/index.php?topic=616467.1220).

I'm sure that NEM is a great idea and should hopefully shoot straight into top 10 in coinmarketcap.

[TaunSew]

there's something happening on trello...

Let the game begin.  

chance to hit the next block 10.66%

Proof of Importance rocks!

sweeeet!

AMAZING!!!!

Do I have to buy a magnifying glass from the Blackcoin developer to read this thread?