Friday, August 29, 2014

This Cryptocurrency Doesn't Want to Beat Bitcoin, It Wants to Beat the Economy

Hoping to level the economic playing field, a group called the New Economic Movement (NEM) aims to develop a thriving and open digital economy that's outside of the realm of current power brokers. Powered by its new cryptocurrency, Nemcoin, NEM says it plans on building a "new economy based on the principles of financial freedom, decentralization, equality and solidarity."

The brainchild of UtopianFuture, the pseudonym of the individual or people behind the 
cryptocurrency, Nemcoin and the NEM movement is very much in its infancy. Conceived in January 2014, Nemcoin's creation was partly a response to the perception that Bitcoin had gone mainstream, especially after  regulators began to signal their interest. UtopianFuture, as his name suggests, also professed the libertarian ideals that have found traction within the Bitcoin community.
Not much else is known about UtopianFuture, apart from organizational skills that helped him or her put together a team quickly, while also organizing thousands of stakeholders to join the fray. But UtopianFuture's ability to inspire and organize was soon overshadowed by revelations that he was controlling multiple BitcoinTalk accounts to attack other AltCoins. Soon after, he was gone.
NEM is a movement to create a new economy for the digital age.
None of this seems to bother Nemcoin's developers. In fact, Makoto characterized UtopianFuture's departure as planned. As with Bitcoin's creator Satoshi Nakomoto, UtopianFuture's sudden digital vanishing didn't cripple the movement. Too many people had already bought in.

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