New here, but couldn’t we bring up NBTs value by cutting the number in circulation. If that is the case, then couldn’t we offset and prevent over-inflation by encouraging the burning of NBTs.
As an example, a casino could be built which rather than taking profit, burned the excess Nubits. Plus, if NBTs are the only currency accepted, it might have a clam-like effect seen with justdice.com as people pour money in to nbt to gamble on the site.
We could also brainstorm other ideas, websites, and services which either entirely burn proceeds or take some profit and burn the rest.
Selling NuBits to be burned is absolutely the best and easiest way for the network to start generating profit right now without needing any further development of the client. Whoever figures out the right implementation for a such service wins big.
I think any such service would need to support all cryptos (more than just NBT at leaat) to attract users. It could have beneficial terms for NBT though so that repeated users make the switch and start the burn.
Really, we just need to build these things and then figure it out as we go. If we can increase the number if transactions by a fraction of a percent, we’re winning. If we can add some burn to that, even more so. Then use what we learned from that first try, rinse and repeat.
Those linked repos can easily be forked and converted to use NBT. We need to get an ecosystem going. I urge anyone who feels up to it to give it a go.
Peerbet is for fun project for Peercoin community. It’s goal is fun, so I have no plans to extend the functionality or add other currencies. It was made from ground up in just 4 days, and that is what I am most proud of .
If you enjoy the site, please use it with Peercoin and make sure you use the wallet and not the exchange!
Just over a year ago I’ve tried to kickstart a betting site that would use the NuBits. However back then there was not much interest from NuBits community. Now if I would do such a thing again, I would not try to use NuBits as it would handicap the project from start and make the potential investors vary of it.
Times change, water under the bridge now.
I’m sorry that there wasn’t the interest you needed to get the idea fully off the ground. I thought it was a good one.
Unfortunately issues at the time took focus away from building the demand for NuBits and decentralising liquidity provisioning became the main focus of Nu. That needed to be done so wasn’t the wrote no decision. It was the wrong decision to focus solely on it though.
I do hope that Nu will one day be at a place where t is considered foremost for such products and services.
Maybe a nubits lottery. We accept entries in all currencies (namely btc) and convert it to nbt at the current exchange rate, straight up the buy book. Winner takes 50 percent of the pool the rest is burned. Through this processes we drive nbt purchases by supporting the buy side and simultaneously reduce the circulation number. We can drive publicity branding as the first/most legitimate/insert anyour other superlative crypto lottery. And because people are more habituated to accepting lotteries without ethical concern than they are casinos, we avoid the backlash that can come with other forms of gambling.
@woolly_sammoth has laid out the ground work for a way to purchase NuBits and a burn service API. It would compliment any other projects that require NuBits to be provably burned.
Thus sounds like a good service idea. @CoinGame is right, I’ve been putting the scaffolding around some ideas. So far I have a service that can generate an HD wallet but split the private key in two so the two halves can be stored separately. I also have a second service that can link up with OK pay and allow users to purchase NBT. I’m currently working on a NBT block parser for the first service so that it can notify of new transactions are o a monitored address. I then need to add the burn commands and the job tracking and auditability to the second service.
Both services are fairly rough at the moment while I put the groundwork in.
I’d definitely be interested in adding the lottery functionality. Sounds like a good way to get some positive interest in Nu and also burn some NBT.
I’ll be tied up with the current work for a little while yet but if you could think about the potential workflows for a user using the lottery, it’ll make it easier to finally code up.
.