Crypto Analysis Series - Part 7: New Economy Movement

reverseacid (56) in nem • 5 years ago (edited)

nem cryptocurrency nxt blockchain reverseacid

5 years ago by reverseacid (56)

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

carlgnash (69) · 5 years ago

What you laid out here is why I was excited about NEM a while ago, and used to hold it. You have left out a very important part of the story here though, which is that the previous NEM government council badly mismanaged funds, did not keep council members accountable for how they were using funds to "promote" NEM, and in many cases outright embezzled funds that were intended for advertising/promoting NEM and instead were used for yacht trips, etc. The NEM foundation used to work by a "regional head" model and there was little to no accountability for how the regional heads were spending the funds allocated them. By January of 2019 NEM was down to one month operating capital for the NEM foundation! The new council seems to be doing a bit better job, but this part of the story is certainly important to explain the drop in price relative to btc given the importance of investor confidence in the management team of a cryptocurrency. Some links (and in particular, read the comments from community members to get the unvarnished/unwhitewashed version):

https://forum.nem.io/t/nem-foundation-message-to-the-community/21753

https://forum.nem.io/t/nem-foundation-update-january-2019-part-ii/21643

$0.05

4 votes

[-]

devann (61) · 5 years ago

@carlgnash, yes, you are right that the misuse of the funds is an important part of the story. Certainly it has had an impact on the price of NEM.

Among the interesting projects that runs on NEM Blockchain is PundiX, which I thought will shine but seems to be not doing so well at the moment.

$0.00

1 vote

[-]

reverseacid (56) · 5 years ago

Hello @carlgnash

Excited were all of us, seeing NEM jump towards astronomical amounts. But since all bull runs end, NEM wasn’t any different.

Thanks for pointing out the discrepancy that has happened. I had a chance to look into the links you provided and was intrigued to know the details about the apparent scandal. But it’s good that it didn’t bring down the whole organisation.

Let’s wait and see what the future holds, and if the new people in charge are more accountable than the rest.

Posted using Partiko iOS

$0.00

[-]

stortebeker (68) · 5 years ago

About two years ago when I first started looking into cryptocurrencies, what you summed up here is about what I remember reading. I'm not from a tech background by any means, but it all seemed like a wonderful token with a great potential. Another thing I remember being mentioned is the Catapult meaning that the entire code was to be translated from ... here I'm not positive... html to C++ was it? Anyway, once Catapult would be launched, a price surge was predicted. I have no idea if it ever was launched, but I suppose in any case the price surge never happened. Still, I'm hodling my NEM, as I believe it to be a good coin. Thank you for verifying my belief in this post.

$0.04

2 votes

[-]

reverseacid (56) · 5 years ago (edited)

Hi @stortebeker

Yes, when I was looking into NEM, what seems like ages ago, I found huge potential in its capabilities. It’s direction towards business architecture was hugely attractive. But since the bull run, it seems the attention has died out.

Catapult was supposed to be a game changing introduction, but as you said, nothing seems to have gone their way. Maybe it’s the whole cryptocurrency market in general. We’ll have to wait and find out.

P.S. I’m still holding my XEM too

Cheers.

$0.00

1 vote

[-]

danielfs (57) · 5 years ago

Hi @reverseacid. Thanks for this great article. It seems that NEM has some good technical features to be a competitive blockchain. I'm not sure if it is an undervalued token. I'm afraid of its poor marketing and lack of transparency of founders. In some cases, premined tokens are not good signs for me.

$0.03

2 votes

[-]

reverseacid (56) · 5 years ago

Hello @danielfs

That’s a good take away from our article. Premined tokens in general are a sign of non-transparency. It’s seen by crypto investors as a sign of under the table dealings.

But in this case, one can be skeptical about NEM as it has shown considerable potential. Barring its apparent undervaluation, it has huge implications for the blockchain ecosystem.
Good day to you.

Posted using Partiko iOS

$0.00

[-]

akdx (66) · 5 years ago

Nicely written and a well organised article. You have provided very interesting and important information to us. Thanks for your contribution. NEM had done a great job and it seems that its future is bright. But, there are so many projects running currently in blockchain world that it is not sure what will be the future of such projects.

$0.03

3 votes

[-]

reverseacid (56) · 5 years ago

Thank you @akdx

It is our standing goal to provide concise and real ENT information to people who are not really exposed to it. With NEM, our goal was to make sure we are able to provide a brief overview of all the features without trying to explode anyone’s brain with information overload.

The future of NEM does look bright, only and only if NEM is able to sustain in the long run with timely updates and considerable number of collaborations.

Posted using Partiko iOS

$0.00

[-]

nurseanne84 (62) · 5 years ago

Okay, it seems like a lot of blockchain/ cryptocurrency tokens are popping up with various uses and specialization.And NEM is one of them. I just want to know: is it sustainable? on the long term, will it be practical considering that there are people out there who are continously developing their own block chain system? will it be adapted by the mass? if so, how will it be done?

$0.02

3 votes

[-]

reverseacid (56) · 5 years ago

Hello @nurseanne

You put forward some really good questions. Questions I should’ve addressed in the post myself.

On paper, the only things stopping NEM from sustainable growth is its ability to market and advertise itself. In the past, NEM has been seen to not be up to the mark, when compared to other competitors.

And when talking about adoption, I’m sure NEM will find it’s away in some use case or the other as we live in an era of capitalism. Nothing works without competition. And in that sense, completion is good.

Thanks for the valid questions.

Posted using Partiko iOS

$0.00

[-]

cloudblade (69) · 5 years ago

Good article, thank you share !

$0.00

1 vote

[-]

reverseacid (56) · 5 years ago

Thanks for the support @cloudblade

Posted using Partiko iOS

$0.00

[-]

crypto.piotr (70) · 5 years ago

Dear @reverseacid

I just had a pleasure to read your publication. It's not very "fresh" post and I wonder if you're still even checking comments ...

Anyway, solid read buddy. I must admit that I never heard about NEM before.

ps. Wouldn't you consider making your publications shorter? I really think that majority of people won't spent more than 5min reading (300-400 words). Your post is almost like a BIBLE :)

upvote on the way ...

Cheers,
Piotr

$0.00

1 vote

[-]

reverseacid (56) · 5 years ago (edited)

Hello @crypto.piotr

Thanks for the read buddy. Always a pleasure to hear your thoughtful comments.

About the freshness of the post, I apologise if it seems we aren’t interacting enough, but please do note that @ReverseAcid is a venture that the authors collaborate on, apart from their daily workload and personal commitments. It’s a hobby we enjoy doing. Since it’s not our full time gig (yet), we aren’t as engaging as we’d like to be.

Actually, this is the shortest I tried to make. My goal was to provide a concise and to the point post about the features of NEM, that is simple and understandable, without overloading with unwanted technical information. If I had made it any shorter, I would’ve missed out on a lot of info. And as some of the readers pointed out, I have already missed out a lot.

I’m sorry if it seemed long. Next time I’ll consider doing a TL;DR.

$0.00

[-]

originalathena (49) · 5 years ago

Thank you 🙏🏽 😊

$0.00

1 vote

[-]

reverseacid (56) · 5 years ago

You’re welcome @originalathena

Posted using Partiko iOS

$0.00

[-]

nathanmars (71) · 5 years ago

First time coming across

Crypto Analysis Series

Keep up the good work

$0.00

2 votes

[-]

reverseacid (56) · 5 years ago

It’s been running for 8 months now, @nathanmars. All links are provided.

Thanks for taking the time to reach out.

Posted using Partiko iOS

$0.00

[-]

jadams2k18 (64) · 5 years ago

Hello @reverseacid

It's a shame that from a market perspective, this project has gone down so much. People will probably recognize in the future that it is a good project and again gain followers and investors.

BTW...

In Conculsion

Fix this

Cheers

$0.00

1 vote

[-]

c-squared (60) · 5 years ago

This post was shared in the Curation Collective Discord community for curators, and upvoted and resteemed by the @c-squared community account after manual review.
@c-squared runs a community witness. Please consider using one of your witness votes on us here

$0.00

[-]

steemitboard (66) · 5 years ago

Congratulations @reverseacid! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You distributed more than 15000 upvotes. Your next target is to reach 16000 upvotes.

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

To support your work, I also upvoted your post!

You can upvote this notification to help all Steem users. Learn how here!

$0.00

[-]

machnbirdsparo (65) · 5 years ago

Thanks for the analysis. I am very interested in the future of blockchain reputation and identity management. Voice and Facebook are not the only ones dedicated to employing KYC for a popular app. I see reputations as falling right in line with all this.

$0.00

Crypto Analysis Series - Part 7: New Economy MovementsteemCreated with Sketch.

Crypto Analysis Series - Part 7: New Economy Movement