Proposed usage for unclaimed / socks

General Discussion
#101


This is a good point. How about this distribution:

~ 10% node rewards
~ 10% silver coins
~ 10% unconventional marketing
~ 15% community fund with strict governance
~ 15% mobile app and NEM client
~ 40% future redistribution projects (sustainable loops)

This raises "unconventional marketing" to 10% of the unclaimed/sock stakes. That is pretty good I think and should give us some serious firepower.

Any thoughts?

Awesome. YAY!! ;D This certainly looks like a well thought out plan. Now we just need to wait until the launch to find out the unclaimed socks stakes :P
#102

i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.
#103



This is a good point. How about this distribution:

~ 10% node rewards
~ 10% silver coins
~ 10% unconventional marketing
~ 15% community fund with strict governance
~ 15% mobile app and NEM client
~ 40% future redistribution projects (sustainable loops)

This raises "unconventional marketing" to 10% of the unclaimed/sock stakes. That is pretty good I think and should give us some serious firepower.

Any thoughts?

Awesome. YAY!! ;D This certainly looks like a well thought out plan. Now we just need to wait until the launch to find out the unclaimed socks stakes :P


looks fantastic.. nem is going to have good funding across all the most important areas.
#104


i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all
#105

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all

Im not sure but you have to order a certain amount of silver coins otherwise they wont produce it.

If you don't like the silver coins, just sell your asset after you got it. No problem :)
#106



i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.
#107





i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.



The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?


Cost of bullion is the cheapest part of the coins. Minting custom coins at a mint like Perth is not cheap and international, insured shipping is much more than the cost of the silver.
#108

The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?

Let's not repeat what is already said:
https://forum.ournem.com/ideas/nem-silver-coin-for-all-stakeholders/msg10331/#msg10331
#109







i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.



The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?


Cost of bullion is the cheapest part of the coins. Minting custom coins at a mint like Perth is not cheap and international, insured shipping is much more than the cost of the silver.


OK you said in the other thread that the cost is 95 USD per coin. For 4000 coins that is 380000 USD

The price being charged is 139 USD. That is 556000 USD

The profit is 176000 USD

Or am I missing something?


there are not going be even close to 4k coins.. probably more like 2k..
#110

I would bet about 200 ppl submit their mailing address for those.  But hopefully I am wrong :slight_smile:

#111







i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.



The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?


Cost of bullion is the cheapest part of the coins. Minting custom coins at a mint like Perth is not cheap and international, insured shipping is much more than the cost of the silver.


OK you said in the other thread that the cost is 95 USD per coin. For 4000 coins that is 380000 USD

The price being charged is 139 USD. That is 556000 USD

The profit is 176000 USD

Or am I missing something?


As far as I know it was discussed that any extra money would go to Altnemo which would then use the money for other projects after the silver coins. 

I think the reality is the numbers or exact plans can't yet be exactly fixed until launch and a good marketcap is established.  For instance if NEM is only worth 1 million USD then the silver coin project would have to be canceled because there simple wouldn't be the funding to pay for thousands of silver coins.  Like wise if NEM gets to be worth 100 million, numbers will probably needed to be adjusted in the other way.  Until then, it is guesstimates. 

When it comes time to start collecting money for coins, I for one though would like to see a very clear and detailed plan of exactly what money will be going where and when and for what.  I think NEM needs that kind of financial transparency if we are going to be successful. 
#112








i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.



The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?


Cost of bullion is the cheapest part of the coins. Minting custom coins at a mint like Perth is not cheap and international, insured shipping is much more than the cost of the silver.


OK you said in the other thread that the cost is 95 USD per coin. For 4000 coins that is 380000 USD

The price being charged is 139 USD. That is 556000 USD

The profit is 176000 USD

Or am I missing something?


As far as I know it was discussed that any extra money would go to Altnemo which would then use the money for other projects after the silver coins. 

I think the reality is the numbers or exact plans can't yet be exactly fixed until launch and a good marketcap is established.  For instance if NEM is only worth 1 million USD then the silver coin project would have to be canceled because there simple wouldn't be the funding to pay for thousands of silver coins.  Like wise if NEM gets to be worth 100 million, numbers will probably needed to be adjusted in the other way.  Until then, it is guesstimates. 

When it comes time to start collecting money for coins, I for one though would like to see a very clear and detailed plan of exactly what money will be going where and when and for what.  I think NEM needs that kind of financial transparency if we are going to be successful.


Yes, these are just guidelines. The final numbers of unclaimed/sock stakes are not known yet and also the future marketcap is not known. The funds will be used in accordance with these guidelines in as transparent way as possible.
#113

yes, it smells…

#114

The silver coins are not 10% of NEM, but 10% of the unclaimed and sock stakes. The cost is $130 or $135 per coin, so the cost is known and everything is transparent.

Buying the coins is a compromise between the following 3 goals:

1) giving something back to original stakeholders,
2) redistributing NEM to new people (stakes will be sold off to pay for the coins),
3) giving money to support the NEM ecosystem

It's also what was chosen by the stakeholders after months of discussion.

#115









i dont like the 10% for the silver because i want crypto for my money, not silver...thats something i said here many times and i think it will be ignored...

but a question regarding the % values:
what if (who knows) nem price increases fast to... hmm, lets say 100m$ marcetcap? do you still stay at the 10% for silver then and buy silver for millions of $? or is the 10% a maximum and you stop after (4000 - unclaimed stakes) silver coins?

Pretty sure only 4000 silver coins will be the cap. This is the only option which makes sense(4000 stakes-4000 coins). If NEM price increases hugely then 4000 silver coins will be ordered and the rest of the XEM will be put into some other use like development or marketing.

istn the target to buy a silver coin for each stakeholder? So why should we buy coins for the unclaimed stakes? And if we buy them who gets these coins? I think the maximum amount of stakes should be (4000 minus unclaimed stakes) or 10%, what ever is reached first.

P.S. and again, i dont like the silver idea at all


Yes, the coins are for the stakeholders, not the unclaimed/socks. Target is to buy about 2000, as I recall.
If the price of NEM goes to da moon before we buy the coins, extra stakes will be put into the unconventional marketing fund.



The altnemo website says the price of the silver coins is .6 BTC.
At todays BTC price that is about 139 USD for a one ounce silver coin. 
The price of silver today is 16.45 USD per ounce.

Are we really going to pay 8.5 times the price of silver for a one ounce silver coin?


Cost of bullion is the cheapest part of the coins. Minting custom coins at a mint like Perth is not cheap and international, insured shipping is much more than the cost of the silver.


OK you said in the other thread that the cost is 95 USD per coin. For 4000 coins that is 380000 USD

The price being charged is 139 USD. That is 556000 USD

The profit is 176000 USD

Or am I missing something?


As far as I know it was discussed that any extra money would go to Altnemo which would then use the money for other projects after the silver coins. 

I think the reality is the numbers or exact plans can't yet be exactly fixed until launch and a good marketcap is established.  For instance if NEM is only worth 1 million USD then the silver coin project would have to be canceled because there simple wouldn't be the funding to pay for thousands of silver coins.  Like wise if NEM gets to be worth 100 million, numbers will probably needed to be adjusted in the other way.  Until then, it is guesstimates. 

When it comes time to start collecting money for coins, I for one though would like to see a very clear and detailed plan of exactly what money will be going where and when and for what.  I think NEM needs that kind of financial transparency if we are going to be successful.


Is it really worth paying someone several tens of thousands of dollars to distribute a coin to those who may not even want it?

Isn't fair distribution out the window if we are distributing ten percent of nem to one person?

What happens to the value of nem when that person needs to liquidate nem to cover costs?
Would it not drive down the value and cost a stakeholder far more than any value in that silver coin?

What happens to the silver coins that are not distributed?


The silver coins will be used to make backed assets, which are then fungible as a silver-backed digital currency. The current plan is to put the unclaimed coins in a vault for long-term storage, as long as the silver-backed currency is being used.
#116

XEM is not a currency which is backed by silver. If you own XEM , it is not guaranteed that you can get a defined amount of silver for it.

You could say that the NEM silver assets itself are a "currency" which is silver backed…

#117

I didn't vote you down…

#118

Who cares, one of the trolls downvoted me to -17, so what? :wink:

Back to topic, you think its ok like this now or do you still think this should be done different in any way?
We are planning to create a document with all the relevant information about the silver coins. But I don't know how long that will take us… Everybody can help by providing central questions which we then try to answer in the document.

#119

what i dont understand is why dont you ask stakeholders fiirst and let them chose if they want a asset or xem? so everyone gets what he wants and is happy…

if your answer is that most would chose xem - so you have your answer. if most decide for silverasset is ok too. everybody gets what he wants…

#120

or even better, give all stakeholders xem only. and if someone wants silver asset he can buy. oh, wait… thats not possible because noone wants silver and would buy.

selling my silver asset will not be possible because price will fall massive - everybody wants out after distribution…