XEM value is very low right now, just last year people were considering NEM potentially as a main competitor for Ethereum, currently it’s listed on the 18th place. NEM project is making extremely good process though, the eco-system is booming, although still in its early stages, I look forward to see multiple NEM projects listed on CMC with their value expressed in XEM tokens. However it seems like the foundation is neglecting to offer the positive prospects of the public chain usage and the value (not the price) of the XEM token, which is not a good strategy imho. I mean, sure all focus is on private projects and they are necessary and when they are running on NEM technology they will come up with XEM use cases I am confident. However a high price for XEM token means there is more funding available for new projects and thus increases the size of the NEM ecosystem. I hope that there will be some more positive sentiment and prospects for investors. Best case scenario I think would be if XEM became a corridor token between businesses, governments and financial institutions with the same workings as Ripple XRP token. The concept is very simple, if you want to exchange dollars for Yen for example the dollars get converted to XRP which then almost instantly gets converted into Yen. Technically this would always lead to a high demand for the XRP token and fluctuation of exchange rates would be limited if there is enough liquidity on the markets since such transactions take place within seconds. This saves businesses, governments and financial institutions a lot of money, energy and time, it will make the financial aspects of this world run much smoother than it currently is. I wonder whether NEM team is able to implement such functionality, It’d definitely belong in a “smart-assett platform” I think. Hope that beside NEM community members some of the NEM team members can shed their opinion on how they see things.
Nem team is very professional and Dynamic, we cannot hope for moons every day.
I never made a lot of money yet I am still exited to be a part of this freight train.
The team are courteous and wiling to venture into new grounds, that to me is something different.
They have a world approach which is indeed daunting, but imho the forefathers of this kind of invention.
I agree. However I think it would be nice though if there was more interaction between the NEM team and their investor community.These are correlated. I understand it’s important to build the eco-system and the team seems to have a lot of confidence in their project, but it’s also important to condolidate and expand this interaction for many reasons; higher price means more money for funding new projects (as previously mentioned), higher price means more enthusiasm thus breeding positivity and interactions with positive NEMbers (such as yourself) and a higher price thereby also means being able to muster more support for voting procedures such as the NEM Community Fund. A little more engagement with the XEM investors would be nice, like giving us a long term prospect of how XEM can be relevant, get some perspective and vision for the investors is enough in order to consolidate investor confidence. On the other hand NEM team is making so much progress all around the world and perhaps like you mentioned patience is all we need. Hopefully public Catapult release will be a game changer and significantly boost the enthusiasm and prospects of XEM investors. However, and I can’t stress this enough, investors need perspective! NEM is in a race and public NEM chain deserves more attention, perhaps it’s interesting if we can list some ways how XEM can be relevant in the near future, I’ll start;
XEM as a bridge currency for complex international business transactions requiring different different fiat currencies and smart assett features, thereby eliminating costs, energy, time and hassle (same model as XRP)
XEM as a utility token on the platform, all the benefits of public blockchain and crypto currency
XEM as a store of value simply because it’s the backbone of the platform, if hundreds of businesses, goverments and financial institutions use NEM (whether public or private) XEM automatically becomes a reflection of the platform utility and thus a store of value.
XEM as a tipping currency on social media platforms? Is this possible from a technological point of view?
XEM as a bank account, if XEM could instantly be converted into different kind of fiat currencies (most notably USD, Yen and Euro) inside the wallet then a XEM bank account offers many benefits for private individuals from an international point of view. For example if I want to import a car from the US into the Eurozone I can easily use XEM and my NEM wallet to carry out the operation without the usual hassle when it comes to converting one fiat currency for another.
XEM as a substite financial system in third world countries/the global South that are unable to implement their own monetary systems efficiently. Good examples would be Venezuela and Zimbabwe.
XEM as a reward/prize currency for multiplayer games as an extension of gaming platforms using the NEM platform (Xarcade?)
XEM as a prize currency for sports betting/gambling. Would be a NEMazing extension of the NEM platform to have betting/gambling companies building on top of NEM blockchain, providing full transparancy (one major issue with online gambling platforms).
Perhaps I am missing something, any input would be appreciated, how can XEM as a currency become truly unique. I remember not too long ago the ambition for XEM currency was to become a top 3 contender. I understand dual blockchains (public, private) like NEM and XRP first focus on private use cases to build use cases and an eco-system and THEN start thinking about public use cases, however we have a XEM community also. XRP is realising the importance of this I think and so they started stressing the importance of XRP as a decentral currency.
Perhaps I am just being impatient?
Becoming a “Top 3” crypto is not a worthy ambition. The easiest way to do that is to keep the circulating supply low (reduce supply), which is what XRP and most of the 2018 ICO’s did. It’s dishonest and unnecessary. XRP is basically a scam, don’t compare it to NEM. Developers and businesses don’t chose a blockchain based upon it’s CMC ranking.
Most of your points revolve around XEM being a tool for decentralized payments, but it is much more. It has:
- Multisig Protection for wallets
- Mobile wallet opensource
- Decentralized payments
- Smart contracts (aggregate payments)
- Theoretical up to 1000 txps on public chain
- Allows creation of tokens on the fly and without any coding
- Allows digitalization and notarization of assets in a trustless way
- SDK’s available in numerous coding languages and open source
- Numerous fiat on/off ramps
It will take time for people to figure out all the benefits of NEM. Shout it out in your community, people are generally very impressed when they take the time to have a look. Ways that it is relevant to the future are the same reasons that any blockchain is, just NEM is more advanced than most.
XEM currency is a security measure to protect the blockchain from spam, that is all. Of course having a higher token price would benefit NEM, but that higher price requires significant investment in market making teams, media and market manipulation. NEM chose instead to invest in the tech. The product is unique in the space in it’s maturity and flexibility. As a value investor and a developer, I support that strategic decision.
I think people don’t seem to realised that the market is 100% manipulated. 100%. Tokens are not rising and falling because of their base worth, they do so because professionals are hired to pump the price. This a complete fact, i know it first hand. In my business we even hear when a project has hired a well known pump team. NEM doesn’t hire pump teams. Would you vote for the NCF to spend 2 million on a pump team to raise the price briefly?
Thanks for your input, however I think your post illustrates the point I am trying to convey here; we need a VISION regarding the public chain. On the one hand you point out how awesome XEM is awesome and much more than a decentralized payment system yet on the other hand you are saying “XEM currency is a security measure to protect the blockchain from spam, that is all”. This is quite a contradiction. My point is that XEM has all the ingredients to become an awesome currency with the awesome features you mentioned.
What other blockchain platforms are doing is their responsability and should not affect the succes of NEM or XEM as a currency, only within the NEM project itself lies the future of the NEMberian people. Investors made it possible for NEM to organize countless conferences, travel all around the world, have luxury dinners, build partnerships, get well paid jobs etc… Don’t you agree that investors deserve at least a vision and roadmap in return? Don’t get me wrong, even without it I am confident NEM will do fine and there will be XEM use cases we now can’t even possibly think of, however I don’t like potential being sqaundered especially in this highly competitive blockchain environment.
I think what you are talking about it akin to stock buybacks by publicly traded companies. From that angle, there it does make sense if it is properly managed.
There needs to be more amazing apps for NEM. Overall, NEM has to be simple to use and there needs to be a reason for people to carry it. Maybe integrating it with governmental, business or organizational structures would bring more people to it, however the entrepreneurs and developers need to get to creating more applications and attracting more attention to the project.
Articificially creating a higher price is lame and market manipulation, I agree with corporal Glegg that such an attitude should be avoided. What I am talking about is creating real value by implementing real use cases.
We have seen a flood of good news surrounding NEM, no wonder NEM is the highest ranked crypto blockchain project out there according to RISE. However if some of you are wondering why the price is not going up with all this good news I think it’s because a blockchain project is not a company per se and cryptocurrencies are not like stocks. With Ripple we have seen the price of XRP not reacting from all of the banks that are using their technology the last year, why? Because XRP usage and Ripple technology are not necessarily related. Only now when XRP usage becomes an issue we see the price of the token rise again. I think it’s exactly the same thing with NEM. We see tons of awesome partnerships however they don’t necessarily require XEM usage and thus the price of XEM stays down. What we saw the last bullrun was dumb speculation money, mainly from China, inflating the entire market and it didn’t matter whether the token had real value or not. The next wave will be smart money and investors will be more specific I think, they need to have perspective and real utility becomes an issue.
Will NEM team wake up and realise that the public chain deserves equal attention? I truly hope that NEM Foundation announces that they will set up a committee that will discuss public NEM use cases and will advice partnering projects on the ways public NEM can benefit their cause. If such an announcement would be made the Catapult release would truly be a sweet release and investors would have a lot of confidence I think.