So I have been reading more and more about NEM. I like what I see…so far (always have to be skeptical in crypto). However, I am not too familiar with NXT or the asset exchange where I can buy an NEMstake. I did read the welcome post, but have some questions listed below. Anyone who is willing to take the time to answer them would be greatly appreciated. Note:
- Looks like I can buy a NEMstake in BTC or NXT, correct?
- Which is the best method, in your opinion?
- Once I buy a stake, how is it stored? IS it just the contract? Is it in the form of a digital coin? Iif so, what wallet do I use?
- I just got my NEM alpha up an running. I need NEM to start harvesting, correct? If so, may I request some from a kind stranger? TDVTAT-4Q3AS5-WNKCPQ-LDS7OK-MBCVZP-BYGA5Z-HIAE
- The NEM that I see people receiving for alpha testing, is it 'real'? Or will it disappear/be obsolete when alpha is done?
I could probably go on with questions forever, and I am sure there are threads out there that contain answers to each question, but I am also sure they are spread out all over the forums. We all know how long some of the Bitcoin Talk threads can get!
Thank you in advance!
So I have been reading more and more about NEM. I like what I see...so far (always have to be skeptical in crypto). However, I am not too familiar with NXT or the asset exchange where I can buy an NEMstake. I did read the welcome post, but have some questions listed below. Anyone who is willing to take the time to answer them would be greatly appreciated. Note:
- Looks like I can buy a NEMstake in BTC or NXT, correct?
- Which is the best method, in your opinion?
correct.
you can use the official nxt client and buy nxt on an exchange to load your account with nxt in order to purchase. if you want to do that follow the link vicvegas has posted above.
but the easiest way to obtain nem I would say(especially if you have to buy nxt) is using secureAE.com. no need to download client etc. just set up an account, go to fund account and you can send bitcoin and they will fund your account with nxt which you then use to buy nem. they give a good price too very close to fees on bter.
they never store your passphrase or user name.
you can use your secureae login credentials to log into any other nxt client by combining the username and passphrase to create one passphrase which will grant you access to the account you created on secureae.com.
when it comes to brain wallets. id suggest using keepass to store all passwords. double triple check (before you send coins) that the passphrase you save opens the same account everytime to ensure you dont loose your coins. (and use a very very strong password, the nxt clients + secureAE create a strong one for you when you go to create new account)
- Once I buy a stake, how is it stored? IS it just the contract? Is it in the form of a digital coin? Iif so, what wallet do I use?
it's stored on your nxt account as a tradeable asset.
once you purchase nemstake it Will show up under "assets owned". you will be able to freely trade it at any time as if it is any altcoin on any exchange.
also this is a great site for checking prices etc with out having to log into your account. search you account and it will tally up what everything in your account is worth.
http://www.nxtreporting.com/?as=12465186738101000735
Thanks for the info. I will give this stuff a read and post back if necessary 
kodtycoon - when it comes to passwords I actually use an IronKey encrypted usb drive with a built in password manager. I love it and recommend it! They aren't cheap, but if you are interested here is the link.
http://www.ironkey.com/en-US/encrypted-storage-drives/250-personal.html
Thanks for the info. I will give this stuff a read and post back if necessary :)
kodtycoon - when it comes to passwords I actually use an IronKey encrypted usb drive with a built in password manager. I love it and recommend it! They aren't cheap, but if you are interested here is the link.
http://www.ironkey.com/en-US/encrypted-storage-drives/250-personal.html
damn that sound cool. thanks. when you said "noob" i thought i better mention about passwords just to be safe lol il take it you have that part covered ;) thanks for the link.
So I just opened my wallet in the NEM client. Some generous stranger sent me 50k NEM, which is great! But when I click 'start harvesting; I get 'error 700' which says: The provided account does not satisfy the basic criteria for harvesting. Mainly it is related to the amount of NEMs within the account. Harvesting starts with at least 10.000 NEMs.
What does this mean?
I am also having issues adding a key/encrypting the wallet. I read the beginner instructions but am still have issues. Can someone perhaps put it into their own words? Perhaps a different perspective will help…
Thanks!
So I just opened my wallet in the NEM client. Some generous stranger sent me 50k NEM, which is great! But when I click 'start harvesting; I get 'error 700' which says: The provided account does not satisfy the basic criteria for harvesting. Mainly it is related to the amount of NEMs within the account. Harvesting starts with at least 10.000 NEMs.
What does this mean?
I am also having issues adding a key/encrypting the wallet. I read the beginner instructions but am still have issues. Can someone perhaps put it into their own words? Perhaps a different perspective will help...
Thanks!
Harvesting starts 24hrs after you receive the NEM, your wallet doesn't need to be open for those 24hrs, once the NEM hits your wallet the 24hr countdown starts.
As for the key, others are having problems also, not sure if it is fully done, I will try to find out more info for you.
Perfect. Thank you!