NEM/XEM

Discussion in 'Digital Currencies' started by ParanoidAndroid, May 5, 2017.

  1. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    Is anyone in NEM.

    It's been a massive rise of late to number 7 in the t op 10 market cap ratings. Between it and the remainder of the 10 there is daylight and its increasing on ethereum classic at rate of knots. Now less than 17 million betweeen it and Ethereum classic.

    If you have 10k or more NEM you can set up a nano wallet which automatically harvests more NEM rather than needing to be mined.
     
  2. Altima

    Altima Well-Known Member Silver Stacker

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    I thought you needed way more than that to be a node (3 million?). I would buy NEM but I think I have missed the boat on this one.

    I'm currently with ARK (forging) and PIVX (staking) and they give me tokens in return.
     
  3. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    I think it's 1 million to node but only 10k to harvest. From what I understand harvesting occurs by using you nano wallet whereas to set up a node a different platform is required.

    I think you can find the info on their website nem.io

    I'm only in a small amount, just over 10k. I'd forgotten about it until I was going through my bookmarks and saw the bittrex account. I only bought as a speculative about a year or so ago for a few ethereum. About $40 from memory. The depressing side was seeing my transfer history back then. I had several hundred ethereum and now only a handful. Oh well.
     
  4. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    NEM just took out E.classic for market cap. Dash is firmly in its sights now for a top 5 position.

    These last few weeks have seen a crazy run.
     
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    I looked at NEM briefly but didn't really understand the appeal. Can anyone explain to me what the main point of difference is between it and others in the top 10?

    It sounded similar to PIVX in that you had both masternode and proof stake earnings though they just use different terminology. I didn't see any other real scalability or transaction features though.
     
  6. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    Altima, you were right. Its 3 million to set up a node but 10k to harrvest.

    BuggedOut, some features are its transaction speed, apparently up to 4000 per second. Also harvestin is low cost and can even be done while offline so it'smore economically viable.

    Here's a link that may answer some of your question about any additional benefits behind NEM.

    https://www.nem.io/faq.html
     
  7. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    I'll have a look at the transaction speed stuff to see what the technical advantage is there (if any) though I really don't get the harvest payout model. If you are getting rewards while offline then you are really providing ZERO value to the network, so it's just money for nothing. For those already critical of master nodes and proof of stake incentives this looks very ponzi-ish.

    At least MNs and POS add security and features to the network so they deserve some incentive.

    What am I missing here? NEM is way under the radar so it's not being driven by hype...?
     
  8. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    After reading a bit more maybe they are pushing more into the platform space next to Ethereum. That might explain some of the recent price action but it all depends on who or what is going to build on top of it.
     
  9. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    If you Youtube some videos there are a few good ones explaining the technical aspects (better than I can) that are not pump style vids.
     
  10. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    Now closing the gap on Dash. Once it's top 5 there will probably be even more money into it simply due to being in that group.

    Who would have thought this a week or even just a few days ago.
     
  11. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    Just reached the 1 billion dollar market cap club.
     
  12. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    Now positioned 4th in the total market cap for Cryptos.

    Hard to imagine it knocking out any of the top 3 as there's daylight between 3rd and 4th, as there is from 5th and the rest.
     

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