What is NEM?
Since their website does a pretty bad job at telling you what NEM is, I’ll go ahead explain it to you. NEM is a cryptocurrency and blockchain project that grew out of Bitcoin forums, started by a user called UtopianFuture in 2014. They released their first stable version in March of 2015, and will soon release a new version called Catapult in late 2017. The cryptocurrency circulated by NEM is called XEM. Currently a XEM coin costs around 12 cents, with 9 billion coins in circulation and a trading volume of around 2.2 million. They also have an awesome mobile wallet, which sets them apart from some other cryptocurrencies in my mind.
Who’s working on it?
There is no reference to the team on the website, which is usually a huge red flag for me. If they weren’t among the top currencies on the market right now, I’d be worried about this. The only real, accessible reference to their team is hidden at the bottom. It’s a link to this article, which pretty much just clarifies that Makoto Takemiya doesn’t actually work there. I mean, come on.
After some digging, I found out that the current director of NEM in Japan is also the CEO of one of Japan’s largest cryptocurrency exchanges, Zaif. They’re hitting the Japanese market hard and it’s showing some awesome results. It is currently #2 to Bitcoin and is being traded on many of the major platforms. This is huge because Japan is BOOMING the cryptocurrency market right now. They’ve pretty much legitimized Bitcoin as a currency, and with NEM as number two, things are looking awesome.
What’s their social like?
One of the most important things about a cryptocurrency is its user base, and NEM’s got a pretty active one. Without an active community, your currency isn’t worth anything and isn’t really going anywhere. They have a fairly active forum on their website, with a ton of active posts per day. They also have a pretty active Reddit, which is awesome.
If I were running this project, I would want more activity on things like Facebook and Twitter. They do post every other day-ish, which is an improvement over others in this developer heavy market. I see so many projects that don’t even bother with Facebook or Twitter. The other thing I’m missing with NEM is a Youtube channel. With a website that is so full of developery language, I’d love to see a Youtube channel with some walkthroughs. This would make the product so much more user friendly and accessible. There are tons of people with big money who won’t buy your product because they don’t understand it.
So, do I buy it?
Yeah, absolutely. It’s a great coin and I really think it’s going places. Keep in mind that I’m a betting kind of guy and buying it would be a bet for you too. I have no way of knowing what’s in the cards for NEM in the future.
What're your thoughts on Nem?
As always, be careful out there in these turbulent waters!
COIN FOMO