First, I want to introduce myself. I am a bitcoin and NXT investor, NEM stakeholder and relative newbie. I am writing this after thinking daily about cryptocurrencies for the last month and here are some of my reflections. To be clear about my political leanings and purpose, my thoughts here reflect a position that NEM should be made for the people, should have a high service, and if designed well then it can do this and will be desirable and successful, but would not be in the original stakeholders short term gain. In fact, a system can be designed to somewhat be against the original stakeholders, but in doing so would be very attractive to new people and the long term effects would be to make it successful. As a stakeholder, I would of course like to be able to make a good profit, but as an idealist, I see a real possibility to do something with NEM that can really change the world in a better way, and would rather see that done. The two do not have to be necessarily opposed in the long term, but it seems they are in the short term. This could set NEM aside from the common
Interesting discussion!
I agree with more of your analysis. Basically, the connection with the real world (so far, none of the coins excepting BTC has achieve this). At Trello board, there are several ideas to work on them. I am part of the Fair Trade initiative which, based on the 'social and egalitarian' character of NEMcoin, aims to use decentralized assets exchange to help farmers to trade their products without paying extensive fees to intermediates. It is still very preliminary but some ideas are being discussed.
The other point of your analysis is the distribution. As early adopter, I would like to get good profit on the relatively short-term but, I agree with you that this is not healthy for the movement and we should move to intermediate positions that, while keep a decent profit, can help to give value to the money.
Again, I think it is important to have good exchanges sites but in parallel to a more or less developed ecosystem. If we manage to create a 'flow of money' from trading exchange to trading merchants we will improve coin market capitalization, increase the value of the coin and give long-term sustainability.
Thinking loudly; one research area in which I also can help is to create simulation models of coin distribution. Then, we can have some sort of predictions about how can be the best way as we stakeholders should contribute to distribute the coin for a larger number of people (As you said 200.000 would be really a huge goal to achieve) in order to increase the coin value
It would be interesting to attract more people to this discussion. I will post a link in the BTC threat
Your points are very carefully thought and I agree with you. Thank you for your contribution!
Wow, nice post! Long reading for a non native speaker
I agree with most of your points, especially that it is important to get as many people as possible on board! And yes, we need an efficient, low energy forging algorithm that benefits the supporters of the network and services (most) beside the stakeholders. I like the idea of another IPO to bring new people in and we will need some kind of good marketing for NEM. Well prepared post, thank you, lets hope the developers will pick up the points!
I would love to see NEM beeing useful for a wide range of people, i wish i can use my account on my pc for online shopping and on my phone to buy a coffee in the city with a fast confirmation time. I dream to use it in other countries as well without the need to change money, all with low tx fees which will make micro payments possible. I could get paid in NEM and spend them at many merchants and shops. Lets give the power back to the average people, not to the miners who can afford huge mining rigs and waste energy.
Else i would like to see a decentralized voting system based on NEM where the accounts can vote on decisions/improvements/developments related to NEM.
Thanks SomethingElse!
Thank you all that have read the post and commented. I know it is veeeeeeery long, and I appreciate you giving it the time.
With more reflection, the ideas are becoming more clear in my head. Again, I am just a newbie, so if what I say isn
Great! The PoS
@SomethingElse
You have some very interesting ideas there. Long read, but must admit, full of substance.
It is mind-blowing how much potential the Nem comunity has. If we can find a way to synergically combine this immense wealth of talent, I think Nem will explode.
Keep up the great ideas!
Very well written. I heard about your post in bitcointalk thread.
Great read! You bring up a lot of interesting points, thank you for taking the time out to write it.
@SomethingElse:
Very good thinking.
Are you involved in the NEM development? Or are you at least talking to the dev people?
One of the best posts/essays I've seen on bitcoin and altcoins in a long time. I'm a NXT enthousiast to begin with, and will rally behind NEM as soon as possible.