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

[luckygenough56]

nem makes me horny

[amytheplanarshift]

Oh my, this is exciting.

[dandruff1138]

Oh my, this is exciting.

I am confused, what is exciting???

[xtester]

Oh my, this is exciting.

I am confused, what is exciting???

There will be an announcement tomorrow. People are getting excited about that. 

[crackerhead]

Nice to see that one of the biggest "whales" is someone like jl777hodl

That word shouldn't be used, even with quotations, in the same sentence as NEM.  10 stakes is 0.0025% of the total supply of 4B.  When developers in many cryptos take up to 0.97% (97%) and other coins have individual whales taking as much as 0.3% (30%).

As pointed out that is his investment fund wallet.  I don't think he would appreciate us linking his private wallet.  He actually has a moderate amount of NXT himself and he doesn't own any NEMstakes.   His fund acquiring NEMstake was likely due to requests from investors.

I am very aware that holding 10 shares doesn't make him a "whale". I guess I should have clarified that a bit more.

I'm sure plenty of people own jl777hodl, since it's on atleast 1 exchange I know of, Poloinex. Isn't this a good thing? Now a lot more people pretty much have their own micro-share of NEM, if anyone is a "(word removed)", don't we want it to be the asset jl777hodl?

[xtester]

Here is a "full report" of the Nxt - bter story: http://www.enterstageright.com/archive/articles/0814/cryptocurrpbterjob.htm

It's a bit too long, but indeed, quite intriguing.

[crackerhead]

Here is a "full report" of the Nxt - bter story: http://www.enterstageright.com/archive/articles/0814/cryptocurrpbterjob.htm

It's a bit too long, but indeed, quite intriguing.

Just finished reading it! Very long, but not sure how you could condense 80 pages better than that 

[makoto1337]

Vitalik Buterin is nominated for the World Technology IT software award.

http://www.wtn.net/summit-2014/world-technology-award-finalists

Nice of GS to give one to their own!

NEM should create our own New Economy awards.

[makoto1337]

Another concern i'd like to express is this:

https://bitcointalk.org/index.php?topic=743599.0

I actually agree with the OP in this thread. Bitcoin is really unfriendly to micro-transactions especially after fee's and such. Is NEM going to take this into account?

Another is this:

https://bitcointalk.org/index.php?topic=743924.0

Which i also believe is very valid. Any thoughts on the above guys? It's another concern i agree with - because lets face it, mainstream media doesn't exactly have a track record of publishing accurate or truthful information.

Fees are something that need to be considered carefully, especially as the currency becomes more valuable.

Right now, what do you think of the fees in the alpha?

[makoto1337]

The one area where cryptos fail is in having natively txs clear in 6 sec or less, this removes any outside / thridparty centralization which can control the processing fees. As far as i know there is only crypto out there that has it which is in beta (and no im not saying which one as it doesn't pretain to NEM).

If there is a completely decentralized solution that clears tx in 6 sec please do say which one as I'd really like to take a look at it

Ethereum claims it can do it in 6s with their platform.

 Ethereum is in the conceptual phase and they are running an IPO, so they will say anything (and don't have to prove it) to get people to invest.

Actually the Ethereum IPO has been a let down to an extent.  They only had 4440 incoming transactions and 100 wallets (wallets =/= people) own like 45% - 50% of Ethereum according to a blog post I saw from Vitalik.  Wallets are not people, like if I wanted to invest $1 million $Fiat into Ethereum then I would do it in 5 to 10 wallets to minimize loss from a hypothetical wallet theft.  


Is 4440 really that impressive if NEM was able to get 3000?  The demand to become a stakeholder for NEM was such was that NEM could had done 5000 or even as much as 10,000 (a far bigger figure than 4400) stakeholders.  So it led me to conclude that there's actually very little demand or userbase for Ethereum.

  The number 3000 just made sense as it's a lucky number (and a round easy to remember number) and it was enough distribution to curb the influence of whales that we see in almost every cryptos.  

I don't even think a whale can occur in NEM due to how  it is structured.  There's only ever like 10-20 stakes for sale on the token exchange and someone buying 20 stakes does not make them a whale (although it's more then what other people have).   You need at least 200 - 600 stakes to become a whale and there simply isn't enough sellers at 20,000 - 100,000 NXT to make that happen. 

I am surprised that it went so poorly. I guess the price was too high.

[makoto1337]

My largest crypto holding is in a PoSV coin.    Nothing wrong with PoSV if you are a follower of the economic policies of Emperor Diocletian.  

I have been using PoI in the alpha and have written a preliminary draft of its' comparison with PoSV (for my own consumption) but I have not found an appropriate contemporary scholar and I may have to dwell pre-1920 (or check foreign languages) to find the appropriate one.

A somewhat upgraded version of POI will be out in a couple of weeks. It took awhile to complete (started it in June). That being said, the difference is not going to be that big.

Right now I am analyzing POI vs POS using the NXT blockchain data. I'll publish results when done.

[makoto1337]

What's this huge announcement about? https://twitter.com/nemcoin/status/501715461436764163

Mark Karpeles saw Makoto's tweet and he already replied.    Something about being accepted at Starbucks in the hidden code?!

LOL. I don't even follow Tux on twitter.

[makoto1337]

My largest crypto holding is in a PoSV coin.       Nothing wrong with PoSV if you are a follower of the economic policies of Emperor Diocletian.  

What is a posv coin?

Proof of Stake Velocity.  It is used in tipping coins.

ReddCoin right ? I think i read something about that. It sounds like the goal is similar to POI but the approach is different.

Yes but there's exponential decay / coin aging and then interest.  It is not viable mechanism for a free market crypto currency but PoSV would be the choice mechanism for a government controlled crypto currency.

The whole point of crypto currencies, in my opinion, was to get away from $Fiat inflation and yet PoSV introduces a comparable equivalent to $Fiat inflation.

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

[DarkhorseofNxt]

My largest crypto holding is in a PoSV coin.       Nothing wrong with PoSV if you are a follower of the economic policies of Emperor Diocletian.  

What is a posv coin?

Proof of Stake Velocity.  It is used in tipping coins.

ReddCoin right ? I think i read something about that. It sounds like the goal is similar to POI but the approach is different.

Yes but there's exponential decay / coin aging and then interest.  It is not viable mechanism for a free market crypto currency but PoSV would be the choice mechanism for a government controlled crypto currency.

The whole point of crypto currencies, in my opinion, was to get away from $Fiat inflation and yet PoSV introduces a comparable equivalent to $Fiat inflation.

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

Does fiat has expiry dates?

[Jaguar0625]

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

Does fiat has expiry dates?

No, but fiat has inflation.

[TaunSew]

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

Does fiat has expiry dates?

No, but fiat has inflation.

An expiration date would not work as people would just turn it into a game of musical chairs.  We already see this to an extent in $Fiat where very few people anymore keep more than $10K in the bank - their savings goes straight into into their home or a retirement fund which is backed by physical assets or equity.

[makoto1337]

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

Does fiat has expiry dates?

No, but fiat has inflation.

Fiat bills can get moldy and destroyed over time, too. That is kind of what the prof was getting at.

Anyway, stealing money from everyone is NOT a good economic system. That being said, minor inflation is good in crypto to replace coins that are lost due to people losing private keys, etc.

[TaunSew]

My largest crypto holding is in a PoSV coin.       Nothing wrong with PoSV if you are a follower of the economic policies of Emperor Diocletian.  

What is a posv coin?

Proof of Stake Velocity.  It is used in tipping coins.

ReddCoin right ? I think i read something about that. It sounds like the goal is similar to POI but the approach is different.

Yes but there's exponential decay / coin aging and then interest.  It is not viable mechanism for a free market crypto currency but PoSV would be the choice mechanism for a government controlled crypto currency.

The whole point of crypto currencies, in my opinion, was to get away from $Fiat inflation and yet PoSV introduces a comparable equivalent to $Fiat inflation.

I recently talked with a local economics prof about cryptos and he was saying that coins need to expire if not spent, so that people will stop hoarding and spend money ....

The first modern depression in the world was caused through a lack of velocity.
http://en.wikipedia.org/wiki/Panic_of_1893#Effects

This is probably what would happen if a pure PoS coin were to replace $Fiat in use.  There's no incentive for anyone in a PoS coin to spend their coins and thus you end up with hoarding.

[rockethead]

The one area where cryptos fail is in having natively txs clear in 6 sec or less, this removes any outside / thridparty centralization which can control the processing fees. As far as i know there is only crypto out there that has it which is in beta (and no im not saying which one as it doesn't pretain to NEM).

If there is a completely decentralized solution that clears tx in 6 sec please do say which one as I'd really like to take a look at it

Ethereum claims it can do it in 6s with their platform.

 Ethereum is in the conceptual phase and they are running an IPO, so they will say anything (and don't have to prove it) to get people to invest.

Actually the Ethereum IPO has been a let down to an extent.  They only had 4440 incoming transactions and 100 wallets (wallets =/= people) own like 45% - 50% of Ethereum according to a blog post I saw from Vitalik.  Wallets are not people, like if I wanted to invest $1 million $Fiat into Ethereum then I would do it in 5 to 10 wallets to minimize loss from a hypothetical wallet theft.  


Is 4440 really that impressive if NEM was able to get 3000?  The demand to become a stakeholder for NEM was such was that NEM could had done 5000 or even as much as 10,000 (a far bigger figure than 4400) stakeholders.  So it led me to conclude that there's actually very little demand or userbase for Ethereum.

  The number 3000 just made sense as it's a lucky number (and a round easy to remember number) and it was enough distribution to curb the influence of whales that we see in almost every cryptos.  

I don't even think a whale can occur in NEM due to how  it is structured.  There's only ever like 10-20 stakes for sale on the token exchange and someone buying 20 stakes does not make them a whale (although it's more then what other people have).   You need at least 200 - 600 stakes to become a whale and there simply isn't enough sellers at 20,000 - 100,000 NXT to make that happen. 

I am surprised that it went so poorly. I guess the price was too high.

The latest number of incoming transactions for Ethereum is 8020 and they raised about $13.815 million. The average transaction is about 3.5BTC.

On that basis, can we, a community of 3000 raise that much? We'll know, come the crowdsale. And we need only one tenth of it, or about 0.7BTC each! :-)

[TaunSew]

PoI should address some of the concerns of velocity in PoW and PoS.  I know from reading the NXT forums that many people were disappointed that they couldn't stake much of anything.


 Bitcoin had velocity in the sense that anyone who needed Bitcoin (but had no $Fiat) could had CPU mined.  It's different now that the only way to profitably mine is through a Bitcoin ASIC factory (with immense electrical costs and overhead) and many of these are owned by people who already have excess $Fiat and capital.

Of course this velocity argument is sort of flawed in its' own way.  Someone in a developed country with a $500 - $1000 computer arguably is not as desperate for money as someone in rural Kenya..  this could be a dichotomous example as there likely have been urban Africans who have mined Bitcoin and/or alternates but later had to stop as they couldn't do it profitably when CPU mining was replaced by GPU and later ASIC / Scrypt.