Nem's slow death
Of course nobody truly knows what will happen, but at this point it's very likely that NEM will fall of the top ranking very soon. Interestingly enough, it was one of those platform projects that even though it interested me a lot, I never got around to getting involved with.
Just a few months ago it seems, they were dealing with adversity, when a hack resulted in millions of dollars in loses, but it seems like the "bad luck" for the NEM community is not stopping there.
As it turns out, the NEM foundation that pretty much does the development for the blockchain is weeks away from bankruptcy and as you might imagine, after that announcement, the token's valuation sank even further.
More lessons provided to the crypto community via the bear market. Reading how many tokens they were spending per month is crazy to me, especially because the results are not reflected in any way, or not in a way that is easy to perceive for anyone on the outside looking in.
I guess I'm reading about this and at the same time reflecting on Steemit Inc's choices and actions. It may seem heartless to say that the layoff was a good thing, but when put in contrast against NEM's current scenario, it seems like the right move, even if the decisions prior to it where the very mistakes that catalysed everything.
Within a month, we will see if NEM survives this fumble and mismanagement. Think about that, one month, that's it...
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I need to make a post about this too to share my opinion, since this whole topic is very complex but let me try to resume it...
First, decentralization means there shouldn't be a central organization or in this case "foundation" responsible for the progress and updates of the blockchain, it should be an open source project that everyone can help and contribute to the development of... There shouldn't be a central person like @ned or @dan, and them leaving the development of the blockchain should in no way affect the price... NEM for example can keep going as long as there are people that have nodes and people that develop it... look at BTC, satoshi left the project years ago, and imo he left to increase the decentralization of the project, the project is still going strong even without him, or maybe he is still in the project with a different name, nobody know...
Unfortunately people like to associate a product to a person, and the bear market is long from ending, NEM was just the first casuality, many more foundations, organizations, etc... will go bankrupt and without funding because of this bear market, we will probably have exchanges going bankrupt too, and we will probably see mass delistings of projects to save money... and imo this will make the whole market and the whole space a lot stronger!
If some projects "die" and are "delisted" we will remove the dumb people that weren't ready for a bear market from the space, when we finally go bull again we will see money flowing into the good projects, with solid teams, we will have "centralization" of money into the best projects, instead of the money flowing into 1000 cryptos, this will be really really good to the whole space... Even ledger is getting ready for a long bear market...
This is just my opinion ofc...
This sort of news will become common in the coming weeks as many more follow suit if they even announce it as many will just disappear. This is what I expect to bring the market to its last leg downward before a final consolidation and bottom. It can’t come soon enough in my opinion!
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Let's see what will happen to NAM. this bear market through lots of project is suffering from financial shortage , bankruptcy and all this stuff. and see how still it will go in next 3 to 4 month.
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You need to take big actions in order to survive on this long bear market. Many tokens will die even if the idea or the project was good in the first place. :)
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1 month. Maybe I still need to learn a lot about this crypto charts and price state prediction
Good chance to buy cheap. NEM Foundation is not NEM. Of course nobody knows what will happen but even if they run out of money it wont kill the coin.
Sorry, but why I must buy cheap project wich almost not work and don't have any changes on github?
You are right, but it's a very risky move... Very risky
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