Requirement for harvesting for new people is now to expensive

General Discussion
#1

Hi,

After reading about Nem/Xem for 5 days I decided I want to join and harvest.
But with current market prices it’s just impossible to get to 10 or 20K within 2 or 3 years without being a millionaire.

People who joined early are harvesting now for a fraction of the cost that new starters must invest.
Is this the whole idea of Nem? Only early people get access to harvesting and others are screwed?
Maybe I misunderstood all the info I’ve read, but if not; then I feel discriminated just for joining a bit later.

I hope something will change regarding harvesting requirements so everybody get the same opportunity to join this community, and not just the first few.
Maybe lower the required Xem for harvesting in the near future to compensate for the increased market value?

For those who are Millionaire already -)
Please help me to get started: NDA6KU-CVAIPP-BRUYPD-LTC2HW-NXRMTX-RJHWT2-EKPJ

Regards, Duke.

#2

You’re talking about supernodes. Harvesting is less than $1,300 right now. It was as low as $900 on Sunday to setup harvesting. Waiting for the balance to vest is like watching paint dry…

2 Likes
#3

Thnx for the reply.

I exaggerate the first post about needed to be a millionaire, because you’re correct about the 1300 USD needed.
But who knows it could be that in 3 years from now you truly need to be a millionaire with these crazy markets.

I now realize the title for this post could be better formatted to reflect my concern.
Because my concern is not just the price to become harvester now, but the difference in price that somebody entering now has to pay versus someone who joined just a few weeks ago or in the future to come.

I’m a newby, so I hope I did the math correctly…
A few weeks ago 1 Xem used to be around: 0,003 USD (so $30 for 10K XEM)
Now it’s at: 0,13 USD ($1300 for 10K XEM)
That’s an increase of 43x the value !

And yes, off course the dev’s of Nem can not be responsible for market changes.
But they could (or stil can?) create a system where entry for this system is about the same in USD for everyone by making the amount of XEM needed for harvesting variable according to market value.

I just believe it’s important to give newcomers the same opportunity as the early joiners. and not charge them 43x the amount in USD for the same opportunity (and maybe even more in the future?)…

The same thing applies if XEM would be 0,000001 USD now… then you would have paid much more then me for the same opportunity. That’s just wrong in my humble opinion.

I surely hope it’s possible to make XEM needed for harvesting variable according to market value in the future. Or some other routine that gets rid of this unfair system.

Regards.

#4

i complain about this often and i’m vocal about it. You’re right but a few weeks ago when I joined, I paid $0.23-$0.15c. I’m an example of the issue too. It’s the price we pay. It’s a speculative investment at the moment. I lost. Supernodes are 3 million. So it could be worse?

There is no reason to give newcomers the same opportunity, when you go to the stock market, you do not get IPO price after its launched and actively being traded. Trust me, i feel the pain too. I happened to come in just after the peak. If you think the tech is good, you’ll hang around. I have my issues with NEM, but overall I’m supportive. The devs/business folks will decide. Listening to newbies coming in complaining about price is common from what I’ve seen, that and “how much will i make harvesting?” and “lost my xem” posts in my short time here. Trust the leadership to do what’s best, but verbalize your concerns. Otherwise we have to choose a different platform and I will say this isn’t the only platform but it does seem solid.

1 Like
#5

I agree that this system seems solid.
I also agree that someone entering on different stages in a project might pay more then those who put in some effort already. (but 43 times more in just a few weeks is insane!)

I do not agree to the comparison with stock market for the harvest threshold.
Although this is a coin with a value on a market. This market value should in my opinion not directly be charged one on one for some services. Especially if the project itself benefits from those services.
The market value is used for coins you own or trade and it would be easy to create another system (like variable XEM needed) for harvest or S-node thresholds.

I thought I’m helping not just myself but also the network by becoming harvester or supernode.
I’m the owner of some good Dell 19"rack servers but now this network will not benefit from my hardware because it became to expensive? While in the meantime some laptop in a shed runs as supernode now just because he came in early, that’s just crazy.

I think we (the newcomers to NEM) have to learn to adjust to this sort of static value’s. And maybe when the price drops to $ 0,000003 for 10K this post would get much more support from all “early harvesters” to change the system? :wink:

Thnx for the response, i’m gonna sleep some nights over this before I make decision to join.

One question: Is there some sort of profit calculator for harvesting ? Or is it just impossible to predict?

Regards,

#6

lol its true, may be some one can give me :wink:

Need i have 30 NEM need proxmtry 9,8K just wanna up my Vested balance If i can mine i will give back

hope some one can help

This my NEM wallet : NBTV4Z-ULZMNP-E5JGB4-I53UR4-RCGZIB-YMRG3H-2EGL

#7

That won’t work. :wink:

You have to keep at least 10k XEM in your account as vesting is working both ways.
If you add new funds to your account then the vested amount will increase and the same will happen if you remove funds from your account.

#8

I think you could try Local Harvesting with whatever Vested balance you might have if I am not mistaken.

As to the OP, I can definitely relate to how you feel, I only recently jumped on the the blockchain myself and currently as a student ( and pretty broke at that ) I wont’t be in a position to acquire any significant amount of NEM any time soon and I fear that by the time I might be able to, the price of NEM will be n-Times higher and we get left behind. With
That said, I am with NEM for the good or bad, as I believe in their technology and Dev team.

btw - if anyone feels generous and feels like sharing few NEM’s, that’d be much obliged :blush:
ND32DU-5KWREB-ABULOF-OK2JSH-H3UBAR-56SHYH-OYIM

#9

I’ve been buying 50-100USD worth here and there. I paid around .09-.14 per XEM. I shelled out a bit over 1k XEM for the dimcoin ICO, now I have about 2k left.

I’ll buy some more during the traditional weekend crypto dip lol.

Changing the limit now to benefit us latecomers is unfair to those who came before and took more risk when the platform was younger.

Just my opinion.

2 Likes
#10

Even though I’m one of the early birds I wouldn’t be against lowering the required limit for running a node. I don’t know what the technical consequences would be though.

I can say however that you are not going to harvest a lot of blocks with less than 10k XEM.

1 Like
#11

i just finished up vesting and started harvesting, all the good supernodes with the traffic are full. I’m on one of the nodes that i guess receives little traffic. Been a few days 0 blocks. I think this is the reason the limit is high. There is not enough transactions to support all the nodes. There aren’t enough applications. The fees are still too high (unless they changed it). So too many nodes, not enough traffic. When the system actually gets used, then its possible harvesting will be profitable. Right now, nada, it just locks up xem.

#12

@Duke
Interesting topic, i was also shocked how fast NEM went up, i do believe in the concept and the team looks solid so i got me 10k at 0.16-0-17 cent so still a high price. But that is the nature of the game.
If i want to buy Apple share i cant ask for the price it was at 10 years ago. Same applies here. Its unfair but thats the market we are in. The price was even higher a while back so now its sort of ok.

I started vesting myself and it seem to take like 88 days for 10k to get vested so its a long long wait. Next i need to find a node to join.
@ikeo_net1: If what your saying is true then it wont be profitable anytime soon. I also got 10k just so that i can harvest in the future and dont get tempted to sell :smiley:
I believe NEM has a bright future so when people start using it more we get more fee reward + NEM price will rise.
Imagine if NEM reaches 1 dollar or 2. Not that many people will be able to invest (including me). So i would say its still a good time to join.
Like all Crypto this is a gamble, NEM might be successful or fail but the gain ratio looks promising to me at this point.

ps. i love the Japanese culture, i know they are smart and dedicated people. So they give it their best shot :slight_smile:

1 Like
#13

Ceck this vesting calculator
http://samesake.com/xem/harvesting-calculator/
You should get little bit more xem so you dont have to vait 88 days.

#14

Thanks for the link, that was actually what i used to calculate. If i start with 0 it says 88 days. I have now 1,935 vested so it says 86 more days.
As i understand i dont get any XEM during the vesting right?
Once all is vested i have to join a pool for harvesting. Maybe i misunderstand this?

#15

put higher value to “With a xem balance of” field

every day 10% of UNVESTED balance turns to VESTED balance.
If you want 10000 vested and you have 10000 in your account, it will never reach 10000 vested.
If you want 10000 vested and you have 100000 in your account, it will reach 10000 vested i 1 day.

#16

I dont follow, the calculator says 88 days. I put 0 as vested. Is that wrong you mean?
I have exactly 10,189 and 1,935 are vested now.
I know that the more XEM i have the faster they get vested but what i understand is you can harvest with a bit over 10k. Is that wrong?
Also another question, during harvesting, does it mean that the “Importance” of my wallet/XEM increases? I read that the more a person uses the XEM the more “Importance” his wallet gets. Not sure what it means exactly. For me XEM are like long term investment, i’m not going to buy and sell with them. Atleast not for now. Maybe once the price goes up…