XEM vs Bitcoin, let's discuss the future

Crypto
#1

There is little doubt in my mind that Bitcoin constitutes a solid high-quality worldwide payment system of the future that keeps innovating more and more. Centralization as it stands today leads to human beings being commercialized by big corporations with the side-effects of violating the individual integrity and sovereignty of people as individuals. Currently new banking laws in the EU have been introduced with which commercial entities can now look into your bank account, are we progressing towards an age in which human beings become nothing more than cash cattle for big entities or do we favor individual sovereignty and freedom by choosing a future of decentralization? So from a moral point of view decentralization of payments systems seems necessary, in addition to that bitcoin and other cryptocurrencies constitute payment systems 2.0 from a technological perspective, it’s more agile, fair, the participants decide its value etc. etc., the advantages are numerous. So in short, bitcoin has a bright future ahead of it I think.

However let’s fast forward a little bit into the future and presume that crypto currencies are no longer hindered by scaling problems or security problems, how does XEM currency stack up to Bitcoin as a method of payment and a store of value. One important aspect obviously is the ease with which the currency is being able to become integrated into the economies of the world, especially the internet-economy. Since bitcoin is built upon old technological foundations and NEM is built on new technological foundations I think NEM currently has an advantage here. Obviously there are way more resources and manpower being poured into the Bitcoin project and the quality of its fundamentals is high also. So in short, I think bitcoin will become a global succes anyhow, also especially because the US debt rising steadily, excessive amounts of dollars being printed to sustain the debts, easy acces for the Global South to participate in the world economy through crypto etc. etc. However NEM has very advanced capabilities from a technological perspective, hence the “smart assett platform” branding. This is tremendously important and I think from that perspective the Bitcoin ecosystem and the NEM ecosystem augment each other and they are not comptetitors. I see NEM as a userfriendly and easy-to-integrate high-tech popular platform with unique and advanced features that also fulfills the same role as bitcoin as a payment system and a store of value in Asia and hopefully also in the EU and US.

If currently the NEM project was still being overshadowed by the previous “leadership” of the NEM foundation aforementioned future would perhaps just be a utupia. You can have all the right ingredients but if you don’t have a cook who knows what to do with it nothing good will come out of it. That being said NEM community ought to be thankfull at least to previous NEM foundation for kickstarting things. That was the past however and currently NEM foundation has the best conceivable President ever, I can’t elaborate too much on that simply because I’d need multiple pages just to describe what I mean. But in short she is showing excellent leadership skills, making the right decisions, being transparents, putting the wellbeing of the entire eco-system above individual enrichment (which is necessary to succeed from a game-theory perspective) and all this in a very short amount of time with very few resources during very hard (crypto) times in general and hard NEM transition times especially.

Anyway I started this discussion because perhaps I wonder how other NEMbers feel about the future of NEM now? Till which extent do you digress with the aforementioned depicted future?

By the way, these are only my personal ideas, observations and opinions, this is not investment advice, crypto investments are risky, you should always do your own research :wink:

Cheerz

3 Likes
#2

I don’t expect elaborate PhD level feedback, anybody can say just about anything. It’d be nice to hear different perspectives regarding the future of NEM, and especially the public chain of NEM since that part of NEM has been relatively neglected compared to the booming private NEM industry.

Currently there seems to be a bias for the private chain industry within NEM since most people working for NEM make their living by selling private chain usage. This article makes a clear comparison between private chain and public chain applications;

Now as you can see from the article, public chains like Bitcoin and others DO have a lot to offer. There are also good articles online where the authors argue that only public chains are the future. So where is the truth in all this? Probably both will have useful applications and they will be a intertwined in a myriad of ways.

Now due to the upcoming Catapult update public NEM will be elevating to a new level with smart assett functionality, opening the door for a variety of public NEM use cases that have yet to be explored. I am very curious to see what comes out of it, hope there will be as much implementations on the public chain as there have been on the private chain.

Personally I think it’d be really cool if NEM becomes an industrial giant of blockchain applications but also delivers a wallet that can be used for investors to manage all their assets, especially with the supposed upcoming STO revolution. Stocks, precious metals, crypto currencies etc. it’d be cool if somehow it could all be managed inside the NEM wallet.

Ofcourse all this is potential, worst case scenario NEM will die, nobody knows what will happen, till then we can only speculate about what the future holds in store, hence I started this thread ;).

1 Like
#3

Hi Sky, Your argument is solid as far as it goes. Most people in the crypto space see the reason we need it, and that the technology is solid. However a central point you make is that NEM is second generation. Fair enough, but there are lots of second generation currencies. Its not compelling to follow an argument that compares NEM with Bitcoin because NEM either has to beat all the other currencies as well, or it has to be in the top x for adoption then there has to be space for more than x coins. We don’t know how many coins there will be left standing in 5 years time, because it depends on whether people adopt lots and interchange them, or close in on just a few, or one. I wish I could tell you the answer to that one, but its so hard to predict at this stage.

1 Like
#4

Hey Kev, thanks for your feedback. Generally I can totally relate with your point of view. However my intention with this topic is not to imply NEM is going to overtake bitcoin for that matter, they are totally different projects, but eventually any blockchain project is in some ways comparable to bitcoin. I do think however that NEM has strong unique, advanced and well-thought-out fundamentals so I hope that NEM will be back someday high up competing for the title “king of the Alts”, but like you said, it’s very hard to predict at this stage, perhaps this topic of mine was a little too premature since NEM is still in a growing phase and is therefore relatively fragile, that being said it’s nice to know that NEM has very good developers who also watch over the project and we have an outstanding President and other members of the NEM Foundation who are also very capable and hardworking plus NEM Ventures trying to bridge the gap between NEM technology and NEM mainstream adoption. TIll what extent they will be succesful nobody knows, but due to its unique properties I believe NEM has unique and exciting potential. (again not investment advice, investing in crypto/NEM can be very risky, always do your own research :wink: )

#5

You’re right, NEM is on track. I’m a hodler. It would be nice if I could be a user, but I have reason to be optimistic.

#6

Thanks for bringing up this discussion @Skyisthelimit725, I would be keen to look into the utilisation of the NEM public and private blockchain - especially the interoperability between both.

What you have highlighted is a very interesting point - the NEM wallet of the future needs to be robust enough to be able to handle the categorisation and movement of a variety of digital assets like stocks, previous metals, cryptos, property titles etc.

It should have an element of connectivity with the public and private chains that would be available on Catapult as it evolves,

If there was one particular area in the STO revolution / utility token / digital asset mass adoption worth looking into, which are do you think it would be?

I think the concept of ‘digital assets’ will be a common theme in the future. It will go beyond the use by the private and public sector to store archives of news, records and more. I would recommend having a look at this article to provide some insight and perspective - https://www.aspistrategist.org.au/protecting-our-national-identity-assets-is-a-matter-of-national-security/

#8

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