Thank you for your words, your clarity in speaking with the community and responding to hundreds of messages in the forum one by one and to each message in the Telegram chats, I admire you, you are Nem and what we needed to see the light after the darkness of 2018. I will continue to support you and be one of the members with the most support for the team. Greetings from Spain. All for Nem. President @Inside_NEM goooo gooo.
3 Likes
Maybe we should make Xem a stable coin, take a loan for development or find a large investor, and the coin holders will receive a reward at harvest. Release your stock exchange, and earn commissions, sell blockchain solutions by industry, etc. Sorry for the oldies. The community is hard, but everyone hopes for the best …
1 Like
Thank for the response, and being available to answer the community queries.
-
So does that mean in January 2017 when the price was circa $1, the foundation were spending $9M per month? Or in January 2017 was the burn rate 405,000 XEM per month? Assuming $405K is required per month for the foundation.
-
What return of value was the 9M XEM per month providing if that was the case, or was it all spent on first class flight tickets / 5 star hotels etc to conferences etc…
-
Were there any policies in place on what was acceptable to claim as an expense, or was it all a gravy train?
-
For the community fund request will there be a POI vote (which was ignored) or is this only for foundation members who signed up by paying $50 to vote on like the presidential election?
I suggest the future focus should be on product development and business development, marketing can naturally come when the product is ready.
Overall I actually see this as a positive sign. While it’s regretable that it’s caused a lot of stirr and FUD (crypto media is FOX News level bullshit) I think the mere fact that we know about all this stuff now shows that the right people were elected.
I’m still not convinced by nem’s technology but I’ve been around since almost day 1 and this may be the most competent leadership I’ve seen so far.
I hope Alex sticks around and I hope that the new product focused approach will bear fruits.
I am of course massively dissapointed in the previous administration but why dignify those people by wasting more thoughts on them…let’s move on and right the ship.
4 Likes
Council is doing what it needs to do.
Thanks for update.
Your making the hard business decisions that should have been made already.
Sad to see the state of the balance sheet we are at and high level, educated, experience, responsible, accountable people should have foreseen this happening or at least have this as a risk that need to be mitigated.
Anyways, nothing happens crying over spilled milk.
New Council is stepping up to the plate and doing what they said they will do, bring change!
1 promise they are already keeping too is, communicating with the community, this it itself will separate the true community from the trolls and fuders.
True community members appreciates honesty and constant communications. The real people will stay and other will join just because of this level of morality.
All other will leave, which is fine. A team is only as strong as it’s weakest link and trolls, fuders, price riders are all weak and have no loyalty, time to see who is who…
Nem is bankrupt,
i think @Inside_NEM is a victim too, because she didn’t know about the bankruptcy before the presidency.
as i said before(nem_is_dead), Nem is dead.
now i have more than 100k nem that has no value! the only response from community is: “that’s it!”.
catapult is just a software, it can’t make a miracle.
Nem needs Big-Whales, but sadly whales do not like Nem, at least not anymore. 
There is no bankruptcy.
1 Like
I am disappointed.
$405,000 a month burn I would rather spend on development than marketing since there is nothing to market!
3 Likes
This all feels too easy to me. I know Alex and others are working hard to salvage what they can and they’re taking the brunt of the backlash against the Foundation but that is what the job entails. It is not a personal attack but it comes with being part of the council.
Everybody is too easy to forgive. I’m getting the sense that everyone is ready to sign over another $7.5million with a shrug and a comment of “spilt milk” or “its all in the past”. There is a sentiment that “now this has happened we’ll be onto great things”.
I think much harder questions need to be asked here.
The Bitcoin Foundation was not a great success. The decisions of the Litecoin Foundation and it’s impact is often called into question. The NEM Foundation was wasteful and in a month it could be dead.
We need to ask whether it is worth saving.
I don’t want to single anyone out but when I scroll down the NEM.io/about/foundation/ page I see people I’ve never heard of, or I see the names of people who have made questionable (maybe even underhanded) decisions.
Do we want to have these people attached to NEM in an official capacity? The core team, and I would hope the community also, have a great responsibility to weigh up these questions.
I see no pitch from the Foundation to the community to justify their existence. I see no demonstration of the value they produced and why they should be kept around for the future. Sure there were a few lines or a paragraph or two but I want to see more.
There is an opportunity for greater reform here. Reform that is not in the hands of an organisation that created this situation and not in the hands of an organisation that has a conflict of interest when considering its reforms.
We can have bargaining table where the core team, community and Foundation figure out the correct way forward together. In a direction where we find more suitable candidates with technical backgrounds that can bring real value to the ecosystem
However I have a sinking feeling that a proposal is going to be submitted to an overly busy core team while the community is left in the dark. That sooner or later it will be accepted and then we will be back to business as usual with a troll box Telegram channel, a spam filled subreddit and an empty forum.
6 Likes
You are right, but give the folks a chance, while they seem to have discovered the way out of the tunnel.
What will unbung NEM is an open source public chain. If it had been an open source public chain from launch lord knows how much further along it would be.
The NIS chain can’t be mined and it can’t be developed. That killed off a huge percentage of the potential audience before it got going.
There was talk of a separate group working on public Catapult. Those plans should’ve continued while the election was eating itself, even more so now.
Accelerating that was pretty much the only reason for the foundation to turn voters on. I’m sure they can put something together. A dedicated group could do it faster with more focus.
If this group was rolling this foundation drama would be a drag but not much more.
As an investor I have watched NEM go from being a sleeping giant that was being recommended as a good buy , being called the Ethereum killer to this obscure train wreck today … where is NEM being mentioned by the IMF or scores of YouTubers … NEM has been fading into obscurity for quite some time… bottom line if you don’t have a product for business that you can go out and present to the world you will be a total loss in the history books!!!
Where is a finished product that businesses will highly seek out to be a part of … are you better than all competition…
And you have plenty of it ! …
Businesses don’t care about anything but their bottom line… CAN NEM produce a product/service that solves problems ? If you don’t have developers that are capable of this … you ARE dead !
I wish you much success !
1 Like
1 Like
The new Foundation works to empower the entire NEM ecosystem, contribute everything we can to accelerate the launch of CATAPULT, supporting all the collaborators and having our product ready for sale.
In this process we will generate unconventional marketing strategies, business development with companies and governments and we will build a profit generation plan.
Always focused on the benefit of the community and that our project fly very high and put NEM in the place where it has always been.
2 Likes
Me too. At the same time, we’ve solved for many of the problems we’ve encountered so far and the new Council has been transparent the whole process communicating with the core devs, Tech Bureau, our teams and the community. I don’t blame you for being disappointed. But I do hope that you give us a chance to show you what the new vision for the Foundation is – one without regions and one that is product-focused, revenue-driven and community-oriented.
Thanks, Vistar.
4 Likes
where is jabo 38??
jabo 38 will know what happen
do the vote asap(NEM Foundation I mean to solve the problem that YOU HAVE MAKE)
also do the roadmap at these month and tell us about catapult these month
also I am stakeholder lot time before Lon Wong and Alex
and I help nem at the start a lot
so I want to know when original stakeholders will take rewards from silver coin found?
also Alex what was your awards that you had at your previous works?
you are good or you simple fired from your previous works and come to NEM because not have anything else to do
we need answers!!
I am civil engeering