So I’ve been messing around with the NuPool setup and watching my balance slowly increase. The fact that I can run a bot to provide a service and get PAID BY THE MINUTE absolutely blows my mind. Based on some rough maths, the payout rate of the liquidity pools are better than mining and minting, I want to start this thread to discuss other potential ways for people to earn money on the Nu platform from running automated, network aiding services in a decentralised manner. I think if we can innovate ways for people to earn money from the network we will have a real leg up on other alts [not that we don’t already]
Edit: I am adding a link to a blog article I just published that talks about some of these things:
Really what we need are automated ways for the network itself to make money and collect small fees for whatever services we’re providing, but what you’re talking about is important as well, since people would come from all over to provide a service for Nu and get paid. That would gain us a lot of allies and defenders. Barely anyone knows about our liquidity pools yet, but that will change as more get added and the pool operators start to advertise them.
I think you’ll find B&C is going to offer some crazy synergy with regards to allowing users to run programs that support the network and make money. The service we provide (actual real market liquidity) is simply better and more useful than mining or minting, so it costs more and pays out better. Note that we still secure the network with minting.
@tylergillies how would you feel about accepting nsr instead of nbt for your liquidity work? Would you start minting the nsr, or would you sell it off?
I actually don’t own any NuShare at all. 100% of all my crypto is in NuBits. I’m not an investor. I’m just a bloke that loves technology and treats NuBits like dollars that are more liquid [you can send them across the internet]. I don’t mine or mint or any of that stuff, so I would probably want payout to stay in NuBits since that is what I actually use.
As soon as the Plunge GUI is working, I’m intending to post the new liquidity pool on more places. I think it is a bit too hard to setup for the uninitiated at this stage. Like the mining pools we need a very easy setup to increase participation.
We will compensate such a pair less (we are currently only compensating 1 nbt/fiat pair and it’s on ccedk, which includes a lot more exchange failure risk than usual, so the compensation is more about that than the hedging).
Ideally, NBT/USD compensation should be even lower than park rates, in my opinion, because you get money from volatility and you are in control of your funds at all times.
Please, always take advantage of anything the shareholders are doing that you think you can profit on.
I just moved my NBT over to Liquid Bits. Now I’m making 0.33% on my coins and no more hedge risk because I’m trading USD/NBT direct. I had to lower my rate to 0.12% on NuPool to get payment on my full amount of liquidity, this is much better.
CCEDK may or may not be insolvent. They got hacked and didn’t tell anyone about it, so that’s the risk you’re taking. I don’t hate them, I just have trouble trusting them.
Sure, go on strike. I’ll pay some other provider your share. You said yourself, it’s a good deal. If the freemarket says it’s not, then it’s not. Individuals should have small say in a decentralized system. Also, most LPC’s are shareholders, so you’d have to find a way to separate the shareholding LPC’s from the nonshareholding LPC’s and collude with them in a decentralized system. I don’t think striking is a big issue unless the compensation isn’t actually worth the risk.
Anyone interested in a good peer-to-peer model providing loans should have a look at this: https://www.harmoney.com/ . I just stumbled across it and it seems to get some traction. I’m not related to it in anyway. With a bit of imagination you can turn this model into something with investing and loaning NuBits. The verification of borrowers is probably the hardest part as it likely needs to be done locally.
But there is certainly money to be made in providing loans as discussed in earlier threads.
Is this our next project after the decentralized exchange?
From investor docs:
In addition, if the person is an individual, he or she must:
be a New Zealand resident (which Harmoney will verify through
the person having a New Zealand residential address and a bank account
with a registered New Zealand bank)
Also the thing about lending is that you’re lending, you have no access to the capital. One of the things I LOVE about the liquidity model is that I have 100% access to my capital at all times