Vision for NuNet ecosystem with stable, non-volatile Bitcoins and Peercoins for end users

I really like this idea Cybnate. I still personally view Peercoin as the future backbone currency but I can see the implementation of your idea providing a large amount of merchant acceptance without the merchants approval or awareness. This is really an idea that allows us to streamline merchant adoption and allow an immediate use case for NuBits. In the short-term, it will give us the merchant adoption of all cryptocurrencies while in the long term, give merchants more of a reason to implement NuBits, by volume alone. I don’t think people holding other cryptocurrencies will use this wallet but the people who are using NuBits will have a lot more buying power. I also don’t think this should be a collaboration. To be honest, I think other currencies will think this will help NuBits more than theirs, so they will not support it. It doesn’t matter. If this is made, it will give NuBits a considerable advantage. I would say this may even be disruptive within the cryptocurrency markets.
To add to your idea, instead of using shapeshift, make our own (or just buy shapeshift). This could be funded by the shareholders and provide revenues. This would provide lower middleman fees.
EDIT:(Actually after looking at the site some more, I think it may be easier to just use the service instead of taking all the development time/money to make our own.)

Great idea, Cybnate.

P.S. I absolutely love all the ideas coming out of these forums.

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dont know for sure, but, isnt the benefit for Bitcoin that merchants wont dump their BTC on exchanges? Now bitcoin adoption is reason why price is going down at times, i’ve heard, would exchanging them for NuBits prevent the sell pressure? guess maybe not… (yes i know i was out, still peaking here a bit :wink: )

Can we list NBT on shapeshift.io, it’s very convenient and NBT is perfect for the platform as a backbone currency.

Buy Coins Instantly No Account Needed
"I’ve been waiting for a service like this. Great job!" - Charlie Lee, Creator of Litecoin

@irritant, please provide that fried brain of yours with some rest :wink:
I think the sell pressure will be the same initially, but with increasing adoption which this will provide the sell pressure will decrease as less will be leaking to fiat.

@Hibero I do think there is a case for collaboration as it will provide Bitcoin or Peercoin end users with a stable crypto wallet. You can even argue whether NuBits would have a good deal as the Bitcoin ecosystem might profit more from increased adoption than NuBits, at least in the short term.

Agree, this is nice to have, but a bit off-topic.

Services like litebit.eu also provide instant buying of coins for most Europeans.
They both use bots buying and selling on a real exchange in real time. Only when the exchange they use supports NuBits we can be added. It is just a matter of time.

I may have misunderstood your idea then. Does the wallet hold the currency in NuBits and just transfers out as any crypto you like? If that is the case, the reason I thought that most users would dislike doing that is because a lot of people are using cyptocurrencies as a speculative investment. With this sort of wallet architecture, users are losing the speculative side and the other cryptocurrencies are losing holders. So I would think that only people that want to use cryptocurrencies as a form of stable currency will use it (in that case they would be using NuBits anyway). There are tons of people using crypto as an investment though. This does not take away from your idea. I think it is a great one, especially for NuBits. I just think that most other cryptos wouldn’t like it because it does not bring their networks value. I think it would actually hurt them because if people did use it, it would create more sell pressure on their networks because people would be holding NuBits i.e. selling their crypto for NuBits.

I consider your idea as NuBit’s killer app.

Of course, I may be wrong though. Just my opinion.

Yes the so called NuBex wallet (working name) holds the value against the US$ in Nubits of the incoming cryptocurrency as it converts it into NuBits and converts it back into e.g. Bitcoins or Peercoins when the user wants to spend.You don’t have to use this wallet, speculators can still keep other wallets. But for end users wishing to have a stable wallet while still being able to use all the Bitcoin services and merchants accepting Bitcoins they would benefit from using the NuBex wallet. It will bring value to Bitcoin’s infrastructure as suddenly more people will start using it. At the same time the usage and demand of Nubits will increase providing the NuNet shareholders real value.

I agree that in the long term (many years) NuBits may develop their own ecosystem, but personally I’m not sure if that investment would pay off especially when it already exists (Bitcoin ecosystem) and new systems with far more capital than we have may also emerge. But that discussion is probably good for another thread.

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This is a GREAT idea!, it even will increase the accessibility of cryptocurrencies in Non-Banked regions with Scratch cards businesses which will be much easier, cheaper and user friendly solution than the volatile currencies scratch cards, It can even give the Non-Banked people an access to the online cash with much lower fees and with no minimum deposit or bank account needed!

I hope this idea to be realized soon and i wish i can help.

@teeneagle, I’m slightly confused by your response on my thread. How do you see scratch cards fit into this specifically?
Are you envisaging the combination of a NuBex wallet as I described it with NuBits scratch cards?

I see the advantage of the NuBits scratch card but I can’t make the link to my Nubex wallet vision, but that might just be my deficiency… Hope you can help me out to understand.

Ok,
Since:
1- Scratch cards seems to be the best solution to buy any cryptocoin in a Non-Banked society like mine “Egypt”, as the cost of creating a bank account and wire transferring fees are ridiculous (City bank is closing this month), the only available solution right now is localBitcoins.com and no matter how much you search you will not find a better deal than paying an extra 10% of the market price, and only bitcoin is available now, so Scratch Cards -If the government didn’t baned it or enforced ridiculous taxes on it- will be the best solution.

2- Its EXTREMELY hard to get anyone here to trust cryptocurrencies, so who would ever want to buy Bitcoins ? even that Nubits are not volatile but they have no reason to trust its stability beside they cant spend it any where yet, so who would buy a Nubits scratch card!

From 1 & 2: A business startup can -again if the government allowed it or they managed to stay underground- provide the public with the precious access to online services and goods A)with super simplicity if they accept Crypto, and B)easily enough if they don’t:

scenarios:

A) Customer go to the startup website fund his wallet with the scratch card code, enter the Bitcoin/cryptocoin address provided with the merchant and he is done!

the change Nubits will be theoretically small so he wont worry about keeping a dollar or two in his online wallet!

*Here the startup will provide a familiar interface with familiar local currencies with no need to worry about entering the mysterious world of Bitcoin or Nubit.
*The Startup will use Nubex as its back-end processor of the exchange, while the front end deal with the interface and the scratch cards infrastructure deals with the accessibility.

B) Customer go to the startup website fund his wallet with the scratch card code, enter the Bank account/paypal address provided with the merchant and he is done.

*Here also the startup will provide a familiar interface with familiar local currencies, with a lower fees than the regular or internet Banking systems and no accounts, minimum deposit or any extra complications.
*The Startup may not need Nubex for instance exchange since Nubits are already stable and they can liquefy them anytime to refund their usd fiat account to pay to the merchants when needed.
*However, if the Merchant accepts some sort of fiat that can be handled by the Nubex bot (e.g Perfect money) then the Nubex will be used exactly as it used in A).

= If Pitpay and other crypto payment providers succeeded, the B scenario will happen less often, which is better.

Benefits:
=Nubits market volume will increase as a new market will be widely opened with no fears and complications to draw it back, which means more profits for Nushares holders.
=Un-Banked people will be introduced to the Nunetwork as the reliable network that gave them the accessibility for what they couldn’t afford before, and Eventually they will start to use the Nubex themselves and even recognize Nubits as trustworthy currency they can accept localy.
=Peercoin also will be recognized as a trustworthy store of value for big and long term investments as it will be known as the dividend coin for Nushares, and more importantly it shares the same network and community.
=Scratch Cards Startups will benefit from selling Nubits(the fast and cheap access to all the online goods and services) even when people start to use Nubex themselves, until the community is saturated enough or others start to provide better deal.

At least that what i hope and i doubt that the Egyptian government will allow this to occur or being affordable, the good news that Nubex doesn’t have to do anything here to help but existing :slight_smile: , nor it will lose any thing if it succeeded or failed!

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i think it is a very simple idea that is powerful.
it seems obvious but i am surprised that i did not think about it.

now i am wondering about the difference with bitreserve or circle.

Thanks @teeneagle for expanding on this. I’ve got it now. It is indeed an interesting use case you have there, especially in countries like yours. Hope this is another good reason for developers to start working towards this vision.

The difference is that they are both central (like a bank) as far as I know. My vision is based on a wallet which is decentral. The remaining challenge is the instant exchange which is still central. And tThere are only two in existence as far as I’m aware, more may come spreading the risk further. What we really need is a decentral instant exchange.

I see. It makes sense.
In Circle (I suppose we have the same function in bitreserve), it seems that you can send USD to another account for zero fee and instantly…but how does it change from a normal payment processor online?..I mean it gets down to just transferring a certain amount from one register (my account) to another (the other account), within a big, single ledger, I guess. Not very Satoshi-like to say the least…
So yes it is totally centralized.
Now I am wondering about the usefulness of Circle, except being able to buy bitcoin with a credit card.
They say [We make using money instant, secure, and free. The way money should be.] as for their motto.

I think this motto applies much more to NuBits with your idea, @Cybnate

Cheap and easy access for digital payments for Non-Banked people with very consuming attitude like the people in my country have always been one of my interests, long before knowing about Bitcoin.

So forgive me for commenting again, but there is a couple of questions i wish to ask:

1- How would the blockchain handle the huge amount of transactions if Nubits succeeded in eliminating the volatility and went viral, would it go for Open transactions? will the Nubex work in this case also or another version of it will be needed “this will make developing nubex before OT seems like wasting time and resources”?

2- What if the scratch card startup Sold the 1 Nubit for exactly $1 with no extra fees to encourage people further more, would the Nushares holders like to give them the custody of new generated Nubits to sell them in the local Non-Banked market, for enough percentage of the Revenues to cover the costs and some profit margin for the startup company?

Some good questions again:

  1. There are limits to the number of transactions. Bitcoin currently has 0.5 transaction/second and can scale up without any changes to 7 transactions/second (source: https://en.bitcoin.it/wiki/Scalability). Not sure what the NuBits limits are but I assume they are at least 10 times higher given the number of blocks is 10 times higher.
    So with 70 transaction/second we can go a long way. And I’m sure there are ways to optimise the protocol or as you say add supporting infrastructure as Open Transaction or side chains. So I don’t think this would be a restricting factor any time soon unless you just sold the idea to PayPal and they now want all their transactions in NuBits :slight_smile:

  2. That is a shareholders question. I assume when the startup company makes a margin, the shareholders do want a slice of that margin most of the time. That margin might be relatively small when there is a lot of marketing and positive exposure involved and large amounts of NuBits are being sold on a continuing bases.

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Selling 1 NuBit for 1$ means there is no profit margin at all, The idea here is some sort of partnership between the NuShares holders and the local reseller, he gets the custody of new generated Nubits, selling them in the local market and distribute the dividends as usual, only here the custodian will take his share according to his costs and the profit margin he suggested in his offer, Nushares holders will profit any way since these Nubits are generated with out any costs to fulfill the need of new market, Nushares holders can make similar partnerships with other custodians from all around the world to reach the whole Non-Banked people who will never be able to buy Nubits from online exchange.

Well i think i have to get some Nushares before its too late ! :smile:

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To consider an immediate role for Nu in the present “cryptocurrency ecosystem;” it is most useful as a hedge against fluxuasions in the value of of other cryptocurrencies (IE: Bitcoin ). <-- The main point of the NuBex Wallet Concept (, no?)

As far as reaching people with NuBex Wallet: it can be a feature on a (registration-less) website. Rather than an install-able exe, a web app can use an exchange API to trade users’ funds to secure their value with USD.

In fact, I should be spending more time programming and less reading the forum :-T

Is there a related bounty?

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Yes, the vision of the Nubex wallet is mainly about providing a hedge against volatility of other cryptos in a seamless way from the user perspective.

Conceptually I don’t se an issue with a webwallet providing this functionality, but technically it might be hard to make this work as you would have to talk to the exchange APIs. But I’m not a developer, so I might be wrong here.

There is no bounty at the moment, but if you think you are in a position to build this functionality right now, you might submit a proposal for a custodial grant to the shareholders. When you have proven credentials I’m more than happy to support you in submitting and advocating for such a proposal.

For those that are interested in solutions to realise the vision, you may want to check this out: http://internetofcoins.org. In my opinion it is a kind of sidechain, not a full blockchain or other coin, which will work to transfer value between blockchains. Hopefully more details will be revealed soon. BTW It will be open source soon, like NuBits :wink:

From their website:

Our goal is to make every cryptocurrency autonomously part of a large
swarm of decentralized economic activity. We want to do this by enabling
every cryptocurrency user to create hybrid assets that interconnect
value systems and blockchains. The source code to make this possible
will soon be open source, non-commercial and freely available, in order
to enable the impartial establishment of the Internet of Coins.

Could this resolve volatility problem? Very interesting
http://internetofcoins.org