This are my 2 coins and concerns on NEM situation. Warning-kinda bad english ahead: PLZ READ DONT TAKE THIS AS CRITICISM!

General Discussion
#21

nem_curious Your #8 is based on current traffic. I believe the devs have in mind when Nem is highly adopted and people use it everyday, POI will work much better. Say one person uses Xem for everyday purchase he will very likely have higher POI than someone with higher balance but not use it at all. Same with harvesting, when there is enough traffic to go around there will be more for harvesters.

1 Like
#22

Interesting thread.
We are happily using XEM here in the tech capital of Malaysia - Cyberjaya. I even pay in at least one local restaurant using it. I pay interns and freelancers in XEM. Once people tried out the easy of NanoWallet they donā€™t want to go back to any other (more complicated or slower) solutions. The mobile wallet is being improved and I canā€™t wait to get its update soon ā€¦ because yes, the UI of the iOS version today - disappoints (said politely :wink:).
I am glad XEM is relatively stable and independently holding its USD value recently even though BTC and other Alts had their ups and downs.
For developers NEM is the only really ready&easy to use solution which you can build on with minimal Blockchain (-programming) prerequisites.
Looking forward to get developing the LuxTag 2.0 on Catapult next month. I saw its features and it blew my mind.

Disclaimer: I am working for LuxTag, a NEM-based startup. I am with NEM since early 2016.

2 Likes
#23

I dream that I can buy coffee or pay for dinner with the help of NEM:relieved:

1 Like
#24

@awu25

Great. Believing that something will work the way you want in the future is not really that different from believing that you will win a lottery.

Please show me mathematically (with formulas and proofs) how with any traffic and any amount of transactions you can boost your POI two times in comparison to your pure POI based on your stake. BTW, you do know that only transactions that are above 1000XEM contribute to your POI? How many times per day do you pay 220$ and higher with your real money in a single payment?

The same is for the harvesters: think how many transactions per day will you need to have a reasonable reward for a harvester in that one minute. With 1000 tx per minute and each tx of 1xem you will expect to get 500xem per year. But how many BTC will you expect to get from 1000 tx per minute in BTC.

#25

All I am saying is thatā€™s what they have in mind. If they have to pick a design assuming it will stale or be adopted I think they are doing the right thing. I think itā€™d be a bad idea to design to accommodate current traffic that will require another fork later to adjust the design for high traffic, that just add more development time and shows they donā€™t believe in their own project.

Also I think their focus shouldnā€™t be on harvesters but on ease of adaptation. Price and harvesting rewards should be the last thing in their mind.

2 Likes
#26

I hope that everything is in order with the fact that I will send an answer to Lon Wong, which he contributed to the group in the telegram, here.

1 Like
#27

add:

1 Like
#28

Well, POI might have its issues and drawbacks but it is a proven way to secure the network. And it solves the mining Problem. Im not even sure what the number two coin with pure PoS is, but NEM is by far the number one coin not utilizing mining.

I am currently harvesting with 20000 XEM, yes the return is not very high but i am also having no additional costs. Still far better than the return rates at my local bank. Its also far more than just 1 Block in half a Year and over 60% of all blocks have tx fees now.

I think not having big companies directly tied to NEM is only a plus in the short and long term development. Things wont move as fast or might be as shiny as some other coins. But there are many open source projects that have less funding than NEM and still produced results that are used by all the big companies.

There are always places where a closed ecosystem like the TUI booking system makes sense. But overall IT has shown that global standards and open systems are the way to go forward.

2 Likes
#29

i just wanted to know how likely it is:

i did not say that these companys will or will not do so.
and i am totally fine with the response on hiring methods

i am happy about the discussion.

#30

this is great i wish we would be that far in the EU: and that is what i am hoping for.

#31

@TheoRettisch

I am currently harvesting with 20000 XEM, yes the return is not very high but i am also having no additional costs. Still far better than the return rates at my local bank. Its also far more than just 1 Block in half a Year and over 60% of all blocks have tx fees now.

Can you please share your stats. I am curious for how long have you been harvested with your 20k XEM, how many blocks have you harvested and how much XEM this resulted in?

BTW, it is very unfair to compare very high risk asset (crypto) gain to a very low risk asset gain (bank). If you will compare it to a way lower risk investment but still no low risk you will get the following: your 20k XEM will give you approximately 58 Microsoft shares. Each share gives you 0.4$ dividend quarterly. So risking almost nothing (in comparison to crypto) you will end up with 90$ per year just from dividends. Have you earned 410XEM from your 20k XEM harvesting in the last 1 year?

#32

when adoption will rise so will the fees and the harvesting

#33

@nem_curious you get nothing without investing in equipments in all other high risk coins

#34

I share a lot of similar concerns about NEM. This is a good discussion. Personally, I donā€™t find the response from Lon very encouraging as someone whoā€™s promoting the brand. Vitalik, Da HongFei, Charlie, etc seem very approachable/accessible when it comes to promoting the tech.

The technology is promising, but as a brand ambassador I donā€™t know if it works. You can tell from the response and the Q&A that it seems governments and academics are the core people trying to be recruited. When developers should be recruited. Even in the response, it has a bit of a condescending tone. Hopefully, catapult will reinvigorate the coin and more devs will be recruited.

To answer above question, iā€™ve been harvesting 11.9k NEM and received 38 NEM over 2 months in 3 blocks, every few days my harvesting gets deactivated and i have to find another server on nemspace. I originally had 20k but Iā€™ve lost a bit of faith in leadership and reduced my holdings when the price was higher. I saw they like the blue ocean strategy, but for development thatā€™s like a lack of vision imo. Perhaps its not, who knows. In any case, Iā€™ll be watching to see how things go.

#35

Where is this Q and A?

#36

catapult is not the only development

some Developed for NEM

NanoWallet (Namespace, Mosaic, Editable MultiSig, Voting ) : https://nem.io/install.html
Apostille(Notirization) : in the NanoWallet
Landstead(Passport and Land registration): http://landstead.atraurablockchain.com/
Luxtag: http://luxtag.io/
NEM Voting(Voting on the NEM Blockchain): in the NanoWallet
NEM Authenticator: https://goo.gl/PC6ohS
NEM IoT Proof of Concept: https://gitlab.com/nikhiljha/ionem/
NEM Library: www.nemlibrary.com
NEMInventory http://nemventory.nem.today/
Catapult: coming this year (private chain with 4000 tps)

#37

How can I learn Nem?
pop some links please.
Maybe some tutorials.
Cheers

#38

All links work. What links are you talking about?

#39

Like if your new and you want to learn Nem.
The BlockChain and the code and things of that nature.
Thanks

#40

https://forum.nem.io/c/guide
if you have any technical questions, you can ask them in this section or in the telegram channel
https://forum.nem.io/c/technical-discussion