Catapult Migration Frequently Asked Questions (FAQ)

Migration_Committee · November 13, 2019, 5:11am

Dear Community,

With the upcoming Catapult launch, we understand that there are many questions. The Catapult Migration Committee (consisting of Core Team, NEM.io Foundation, NEM Studios, and NEM Ventures) has extracted a list of questions and developed answers in an FAQ. Feel free to submit a request if you have any other questions.

Covered topics are as follows:

• Basic

• Exchanges, Speculation, Price Dump

• Governance, Decisions

• Legal, Privacy, Taxation

• Others

• Technical

• Token, Tokenomics, Nodes

https://support.nem.help/hc/en-us/sections/360007012931-Catapult-Migration-FAQ

garm · October 9, 2019, 12:51am

Thanks for the information.
It would be nice if you could go into more detail about this point :

"
19. QUESTION: What happens with NIS 1? Who supports it after catapult release?

ANSWER: There will be a plan in place to ensure that the NIS1 chain continues to operate. Primarily, it will be open-source and available to the community to further develop the NIS1 chain.
"

Thx

gentlemand · October 9, 2019, 1:17am

The time limit on claiming is alarming. That did not produce a happy result with some original stake claimants, though it was their fault, and it could get a whole lot more toxic from people who paid large amounts of good money for their XEM.

I know it’s their responsibility to keep abreast of developments but some people simply don’t do that. You can take the certainty of a fair number of XEM owners falling outside of this time period, no matter how lengthy it is, to the bank and cash it.

Beginning the properly decentralised phase with the possibility of that blowing up is a truly terrible look and could leave a permanent stain.

GodTanu · October 9, 2019, 10:47am

Is this a decision?

meyns · October 9, 2019, 1:42pm

The original stakeholders were given plenty of time to redeem their stake. It was even extended multiple times. Somewhere you have to finalize it, you cannot leave it open forever.
If you do not have time to check in once a year on a project you were invested in then that is your own fault. And besides that if you would have forgotten to claim your stake you could buy at market price and still be a multi-millionaire.

eddy · October 9, 2019, 3:05pm

11. QUESTION: So will the price for XEM and the new token be pegged?

ANSWER: No. It will be determined by the market.

price first day catapult 0.00000000 sat? 0.00$ ??

gentlemand · October 9, 2019, 3:18pm

You certainly can if it’s a fork. And since stakeholders had nothing on the line other than future unknown riches it’s less relevant than this set up.

If I remember rightly the stakeholder period was about 8-9 months in total.

In this case it would have to be several years. If not it’s going to be a source of eternal outrage.

meyns · October 9, 2019, 5:04pm

Catapult is not a fork, it is a new chain with new features. And yes it will at least be multiple years, but it is not determined yet

Gabor_Takacs · October 9, 2019, 9:13pm

QUESTION: The concern is that most people, after opting-in, would want to dump their XEM for FIAT. That would drop the prices of XEM before the end of the opt-in phase. Then whales would buy those dumped XEM and opt-in into the new network. What are you doing to prevent this?

ANSWER: There is no way to opt-in XEM twice as balances will be snapshotted at certain block height.

When you buy xem durring the opt-in period, how do you know it was opted-in or it was not?

meyns · October 10, 2019, 8:15am

Opt-in is for accounts and not for coins. You opt-in your account and the balance of that account at the moment of the snapshot will determine what you will get after the catapult launch.
Only the balance at the moment of the snapshot counts. So moving coins before or after the snapshot will make no difference of what happens at the snapshot.

I like the reallocation of the funds though

Skyisthelimit725 · October 10, 2019, 9:33am

Thanks for the extensive clarity regarding the Catapult migration.

When will the date of the snapshot be announced? I think this is a very important date seeing how NEM1 will continue to exist after Catapult migration, you can basically get two different platform tokens for the price of one as long as you buy XEM before the snapshot date.

Dima_zverev85 · October 18, 2019, 9:28pm

When will the date of the snapshot be announced?

simakki · October 22, 2019, 2:17pm

So quiet here. Where’s all the foundation members? All of the NEM Telegram channels, btt and Forum totally dead compared to 2016.

eddy · October 22, 2019, 7:04pm

This i think. All people goberment silent

LauraBKK · October 23, 2019, 10:08am

Not announced as of yet, we will let everyone know when the snapshot will happen once it is confirmed.

GodTanu · October 25, 2019, 5:03am

Japanese

https://support.nem.help/hc/ja/sections/360007012931-Catapult-マイグレーション-FAQ-

GodTanu · October 25, 2019, 5:12am

How do people who do not use NEM Wallet (Nano Wallet) opt in?
(Ex: mobile users)

janikjan · October 26, 2019, 7:26am

They download Nano Wallet and then do opt-out/opt-in if they care. It seems that defaulf option will be opt-in. So if you do not want to receive catapult tokens you need to do opt-out to do not receive them at Catapult launch.

GodTanu · October 28, 2019, 1:04am

What!? Do all mobile users need to buy PC to get XEM2 ? hahaha.

Pathetic.

janikjan · October 28, 2019, 5:28am

No, only if you care about tax optimalizations you need to manually opt-out that you do not want receive XEM2 automatically from start. Default behaviour will be that you will get XEM2 automatically and you do not need to do anything.