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
@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.
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.
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