Isn’t it better then, just send to these legit stakeholders ~ 1 mio XEM (for each one), instead of silver coin(s) ?
LOOK WHAT MAKOTO AND JABO38 TELL FOR THESE PROJECT
now why then do not tell the same
and freeze the project
i think that they must sent at original stakeholder 1m XEM for each silver coin simple and easy
any updates on this project?
How is the process going?
Thanks
I remember reading about this project a long time ago, did the remaining coins get spent on the silver coin?
I also read someone suggesting that only stakeholders with X amount should receive XEM coins. This would be a really bad press for XEM imo, giving coins only to the richest members.
Maybe something charitable with the coins can be done?
As far as I know the project is somewhat in hold. I prefer the idea to make this coins happen and somehow reward original stake holders, who has not sold their belongings.
It could be something like original shareholders will get a special batch of silver-coins with 10k-100k inserted to them. Those would become collectible items in future. An as far as I know if the people will cash-out those coins it will drop the value of that particular silver-coin for sure.
It could be a huge pr for XEM to make some event and invite people to redeem their coins personally.
I suggest the project leaders contact: https://denarium.com
I don’t understand why you would reward stakeholders who have not sold NEM but not those who have.
We need stakeholders to buy and sell and use NEM, otherwise would it not just be an empty network of no activity?
The crypto community also reacts negatively to coins where a smaller number hold the majority of the wealth, I’m not sure splitting the reserve of coins between the richest accounts is a good idea.
I still have a decent portion of my XEM remaining, but I wouldn’t want to receive XEM and have a stakeholder who sold all of theirs not, even if it did mean I would get more.
Maybe 50% goes to the stakeholders and 50% to charities voted on by stakeholders? Giving millions of crypto to charity would be great publicity and would probably increase the market cap and offset any sell offs that would come from the 50% distribution to stakeholders.
1 Like
If this is viable, I could offer to help with this project. I have a few resources I could reach out to who could help with guidance. You also have the option of poured, pressed silver, or perth mint. If its already been done, please disregard.
There is some conversation about this issue In Bitcointalk XEM topic. And it seems that some people are not happy with how this silver coin thing will be solved.
Should some dev or nemster take a look of that and give some answer. That could be bad PR for such a great project.
Hi all, the subject of the silver coin fund came up in the Telegram group Nembria 2.0 and I thought I’d post here with some numbers and information that came up when discussing the topic.
Firstly, some seemed to think that all of the XEM from sockpuppets and unclaimed NEM stakes were put into the “Silver Coin Fund”. This is not true, all of this XEM was put into the “Sustainability Fund” of which 9% was allocated to the “Silver Coin Fund”. The breakdown for the “Sustainability Fund” can be seen here in the Final Development Contract Notice: https://docs.google.com/document/d/1TKTIakxUEotmTN4Et80EI7d-8XifgFZ4aBUGAukgLfY/edit#heading=h.xchkdqowarsb
9% of the “Sustainability Funds” equates to 211,885,438.63 XEM or $42,765,473.73500879 at current XEM price.
According to this update regarding redemption numbers there were 2,840 NEMStakes at launch, minus 494.5 sock puppets and 572 unclaimed stakes leaves 1873.5 NEM stakeholders.
$42,765,473.73500879 / 1873.5 = $22,826.5138778158 per NEM stakeholder currently in the “Silver Coin Fund”.
Expectedly there are a lot of differing opinions on what should be done with this fund. Most seem to agree that the silver coin idea is oudated, some think the funds should be re-allocated to another use, some are of the opinion that they are entitled to their share of the 9% allocation.
A few interesting points:
The Final Development Contract Notice states:
"In order to reassure the community that the development team does not have unbound control over the direction and use of these funds, it is hereby declared that these funds shall be reclassified and shall be lumped into a fund defined as the Sustainability Fund. This fund will not be operational, until late redeem/reclaim procedure is finished.
The Sustainability Fund will be divided into sub funds with cosignatories being members of the development team and/or its trustees and/or selected community members."
This would indicate that the NEM Foundation / Dev team may not have the authority to repurpose the funds.
People have mentioned that the initial idea was for one 1oz Silver coin or something similar and therefore there would be funds left over. However the contract does not seem to stipulate the size or number of distributed silver coins.
Others have made the point that funds spent benefitting the NEM blockchain will support and help everyone. People have countered this arguement by stating that the NEM Foundation / Developers / Core likely have hundreds of millions of dollars at disposal given the size of the rest of the sustainability fund, the marketing fund, the operational costs funds, the pre V1 fund and the post V1 fund.
I thought I would collect all of this information and post it here, hopefully this will stimulate a discussion which will help achieve a resolution for how to spend the silver coin allocation.
2 Likes
Good summary. 
And I’d leave this fund where it is as long as there is no real good idea what to do with it.
Thanks for the summary.
I followed the talks in telegram nem channel, silently. Not so much people are talking or questioning about, but think the interest is bigger than it seems. Good suggestions are still missing. I will tell when I have one.
In the end, a final solution should be confirmed by stakeholders, please.
Is this being voted on or is it going to happen? And how does one be able to vote in the nem community?
In the interest of ensuring all stake holders got their due stake, wouldn’t it make sense to now hire an independent auditor to review the sock-puppet elimination process, and award stakes for anyone who unfairly missed out? It isn’t in the interest of having a well distributed coin to consolidate a large portion of it, when more people could share in some of the benefits which longtime NEM holders have recognized since the beginning.
And I still would like to see the silver coin idea go forward. There is plenty of XEM set aside available for it, and putting some XEM into silver has always been a cool idea.
There’s a voting feature in the Nanowallet, although I don’t know enough about it to know if it could be useful in this regard. If votes are weighted on PoI, then the Devs who hold the most, would likely overrule the rest of the community anyway.
So I just invested in nem this year would I be eligible for the silver coin or would it be for longterm holders? I do believe in the nem project but just started investing in crypto this year.
It was only ever intended for those who got an original stake. It wouldn’t be possible to give one to everyone else, however when a group purchase for the coins is made, others could probably buy one.
Oh okay. Makes sense. Wish I had bought NEM back then 
This issue goes way back to process of distribution of nem stakes. Back then, there was an idea to use some of funds from unredeemed stakes and sockpuppet accounts to create silver coin. Vote has not even been proposed yet.
There are rules for comunitty vote and devs can not vote with community funds. The vote is transparent and addresses of community funds are known, so everyone would see that they did. It is also possible to filter only votes from addreses of original stakeholders.
Whoever operates the “Rich List” on NemNodes has one fund labeled as the Silver Coin fund. Good point about Devs not being permitted to vote with community funds.
I’ve seen over the years people complain on forums like this one that they missed the arbitrary deadlines to claim the stakes they paid for. Now that NEM is so much more valuable, it’s understandable they’d want to follow up with attempting to claim, and on the other side of the coin (pun intended) it’s understandable that the gatekeepers might want to limit their access. I think there’s greater benefit in sharing the wealth NEM has consolidated, since consolidated wealth runs counter to the New Economy Movement statements original stakeholders signed up to support. And there’s no fairer way to distribute some of that wealth than to original stakeholders who were for either legitimate, or mistaken reasons denied their claim. It would be trivial for NEM to hire an auditor to review the claims process, and the accounts denied, and any appeals that may have been rejected by the gatekeepers.
There are several untouched stakes, and it doesn’t do NEM much good to have that XEM sitting around like Satoshi’s huge pot of Bitcoin. It would do us all good to have it in circulation and in active use day to day.