Quote from: Starfleet.Intelligence on May 26, 2014, 12:09:09 PM

Quote from: utopianfuture on May 25, 2014, 12:02:07 PM

Cross post to the asset exchange thread and I am truly sorry.

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Dear NEM stakeholder community,

I apologize for making some of you disappointed but I decide to hold off the asset exchange listing for at least a couple of days until more information about NEM and its governance structure could be provided.

The reason for that is because I realized involving new investors is a qualitative change in NEM organizational structure and that needs to be handed with more transparency and disclosure. So far NEM has been conceptualized as a voluntary association in which stakeholders are participants and contributors to the formation of a new decentralized movement. In that conceptualization, I am comfortable in handling participant complaints with a simple refund suggestion. In that conceptualization, no one loses when he doesn't like what the development team is doing and can voluntarily withdraw. We as a team could also have the right to refuse certain participants who are deem not beneficial (sockpuppets for example). This phase has been dubbed "a call for participation" (it is not an IPO sorry) for these rationales.

This phase was over when the final stakeholder was published. No more stakeholders will be added. Now we are going to transition to a new phase in which investors can come in via sales from the current stakeholders and public auction. I think they deserve to know more what future governance of the system will look like. So before investors are welcomed in, I would like to publish at least a preliminary draft of the Development Contract to the agreement of all current stakeholders. So the time during the asset exchange listing postponement will be used for that process. The process will include: the development team publishing a preliminary draft of the Development Contract; current stakeholders commenting and criticizing the Development Contract; majority of current stakeholders agreeing on the Development Contract and the rest requesting a refund and leave.

While I believe at this point the shares of the current stakeholders are theirs to control and technically asset listing is for the current stakeholder selling a part of his shares. However, we as a team cannot afford officiating the sale without performing our obligation in a full disclosure of what we plan to do with the development shares and development reserves. Hence, the postponement of the listing. I have been preparing materials for the Development Contract for a while and will be able to publish a preliminary draft very soon.

UtopianFuture

Dear UP and community,

I think this is the right decision!

Offering tokens on NXT AE is a good idea, however it enables investors with big money to accumulate a large number of tokens/NEMcoins. We have seen a lot of times, distribution is the key factor to a successful launch of a coin. I dont have to tell what "happened" with NXT and Qora and others... and these coins still "suffer" from the distribution topic. Listing on the AE will disturb the equality of the distribution of NEMcoins. People soak up all the stakes because they have BIG money and couple of weeks later they sell for 10x-100x the price? Average Joe has no possibility to enter the market. No thanks.

So I think it is essential to public concrete development plans, features of the coin, marketing intentions FIRST and BEFORE putting anything of NEM on the market to trade. So every stakeholder has the chance to judge if he holds onto his stake based on FACTS and not on rumors. I pledge to only offer AE tokens after presenting the full potential of this coin, maybe alpha release.

I personally dont like to see AGAIN 10% holding 90% of all the funds. With DEVs presenting the potential and features of NEM a fair and reasonable price and marketcap should emphasize before going to any kind of market. If investors soak up all NEM, they should pay the "real" price and not make any kind of big bargain.

I tend to agree. It seems NEM launching on NXT AE could be a bit of a hasty move.