Hi there! So you just learned about NuBits and want to know more?
As you may have grasped already, we are introducing quite a few radical innovations in the crypto-financial space.
The first time I read the whitepaper, I remember being amused. At the same time I’ve been scratching my head over it a few (many) times. I had so many questions to ask. We acknowledge that it can take some time to digest the mechanisms behind the Nu network. Nu is much more than just another anon or a new mining algorithm
So please, use this thread to ask all the questions you want. I am sure that our community will make its best to point you in the right direction.
In the meantime, welcome onboard, in the name of Nu Team.
Hi Puck, welcome. Yes there is. Proceeds from the sale of NuBits generate a revenue which will be distributed to NuShare holders in the form of Peercoins. This creates a buy pressure on Peercoins. Perhaps you will be interested in reading this thread
Q2. Perspective of Control Theory: One can view Nubits as a control system. There is a target set point (1 USD / Nubit), and a control mechanism to keep that target by offering interest or creating new units.
Control theory is rich with systems having oscillatory behavior around the target point. This happens because actions taken to correct an undershoot (price below 1 USD) creates an overshoot (price above 1 USD) on the other side. The control system takes further action to kill the overshoot which results in an undershoot, and so on.
Does you have analyses of how large such oscillations could be and timing effects that create such oscillations?
Control theory question in plain English: Lets say the price falls to 0.8 USD. Now Nushares holders need to alter the yield curve to stimulate price rise. They take time to agree on a new regime, and the effects of the new regime are felt after a time lag. During that time lag, price has moved and the new regime actually results in an overshoot on the other side (greater than 1 USD). The same cycle repeats. What prevents such oscillatory behavior?
Which leads to:
Q3. How is Nubits better than a USD Ripple gateway? A gateway could be a public company with shareholders. No volatility risk, no yield curve adjustments required.
Why should I, as a customer, prefer Nubits over a Ripple gateway?
Hey .My question concerns the peercoin comunity.Is there a direct plus side for peercoin holders.Dividents all?Because much hate toward Nubits frm this side as its cause a big Hype and now confusion.Maybe this is not a NUBIT’s concern but it should be.But a negative attitude in exchanges toward NUBITS is prevalent.
I just purchased Nubits at Ccedk.com. I tried to withdraw them to my Nubits wallet (64 bit Linux build). CCEDK told me that the withdrawal was not approved. I tried this 3 times, and got the same message 3 times. The I fully read the terms of service, and it said that new accounts are not allowed to withdraw for 48 hours. I logged off of CCEDK, shut down my computer, and did other things. A little while later, I logged into CCEDK, and it shows my Nubit balance as 0 (it should be about 1460 NBT, so I am in a bit of a panic). I have already submitted a ticket. Has this ever happened to anyone else? I suspect that they will resolve it soon, but I would feel a lot better if someone tells me that this is no big deal.
Nubit is not mined like traditional currencies, so what does it mean that minting is stopped because my wallet is locked? I encrypted both Nubits and Nushares, as I always do with any wallet. Each time I log in, I enter my passphrase to start minting. This is annoying. Am I losing anything if I choose not to unlock it for minting?
I read the whitepaper, and most of it makes sense, but here is my question. I understand that the entire goal is to keep the price at $1 per Nubit. As price tries to go above $1, each Nubit holder gains Nubits in proportion to their Nubit holdings (stake). Will this show up in my wallet automatically? I can exchange this stake (or any of my Nubits for that matter for Peercoin by exporting private Peercoin keys, is that correct?
NuBit and NuShare addresses are completely independent of one another, correct. If you send Nubits to a Nushare address, then the coins are lost forever, correct? and vice versa?
When you only have NuBits you are not loosing anything. Only NuShares owners want to mint to obtain additional shares and for the voting.
The goal is indeed to keep the price at $1 per NuBit. The price won’t rise as there will be a buy/sell wall always offering to buy or sell NuBits for $1. Any proceeds from the sales will go to the NuShares holders as dividends. The dividends to NuShares holders will be distributed in PPC by the custodian as agreed in the custodial grant. Hope that makes sense
They are completely different and you can’t send NuBits to NuShares addresses or vice versa because they have different addresses so the wallet will return an invalid address message when you try.
Hope you recovered from your 0 balance shock. That is not great, but I understand that it is all sorted now. At least their support works well.
Q: I understand that minting is done by holding NSR to gain more NSR. Is there value in holding NBT though? If I hold NBT, will i get more NBT over time or is the minting process purely NSR?
Okay, I am learning a lot. I’ve played with the Linux 64 build of the Nushares/Nubit client for a few hours now. Everything is working great, and I have already bought some Nubits. Right now I have the Nubit/Nushares client running, and the latest Peerunity client running. I tried to export the Nushares Peercoin keys to the Peercoin client but I got this error message:
Error: You must set rpcpassword= in the Peercoin configuration file:
/home/myusername/.ppcoin/ppcoin.conf
If the file does not exist, create it with owner-readable-only file permissions.
I shut down the Peerunity wallet, and I created a file in the .ppcoin directory named ppcoin.conf, and I only put two lines in it:
rpcuser=user
rpcpassword=password
I restated everything, but I got the same error message. Do I need o set the username and password to actual values? How would the Nubits client know what the rpc username and password are?
Hmm, not sure if I can help here as I don’t have the Linux client. I think you need to add server=1 to be able to accept JSON RPCs. Then it should work from what you show, although you really should change RPCuser and RPCpassword anyway and not publish it in the forum.
