Draft - Motion to create 1 unit of multiple pegged currencies

Sentinelrv 2015-03-12 00:43:36 UTC #20

This actually makes sense. I like it. So the naming would be setup as follows…

1. Nu or NuNet refers to the network itself.
2. NuShares refers to share ownership in the network.
3. NuBits refers to any pegged digital currency supported by the network.
4. NuUSD, NuYuan, NuEuro, NuYen, etc… refers to specific individual pegged currencies.

With this naming setup, whether you’re using NuYuan or NuUSD, every specific pegged currency would have it’s own individual name, but they would also all be referred to in a generalized way as NuBits. So for example, NuUSD would be considered a NuBit. NuYuan and NuEuro would be considered NuBits as well. As long as it’s a pegged digital currency supported by the Nu network, it would be considered a NuBit.

tomjoad 2015-03-12 02:19:26 UTC #21

@Sentinelrv Not quite what I had in mind, but very close. I agree with your first three points:

For the fourth, I would stick with “US NuBits”, “Chinese NuBits”, “Euro NuBits”, etc. Think of “NuBits” as interchangeable with “Dollars” in my previous example. It is the base unit that represents stability, with regional associations. Just like US Dollar, Hong Kong Dollar, Australian Dollar, etc.

I still think using the actual fiat terms like “NuEuro” and “NuYuan” are needlessly risky for our network. I could see scenarios where shareholders are accused of digital counterfeiting in some jurisdictions, which is not something anyone wants to face.

Sentinelrv 2015-03-12 03:12:15 UTC #22

Ah, I see. Sorry, I haven’t completely read this thread yet and just read your earlier points. It does make more sense to do it the way you suggested. It protects shareholders by diluting the association to specific currencies. It also takes the difficulty out of pronouncing some of the examples I posted.

Joe 2015-03-12 03:20:33 UTC #23

Saying US Nubit, Euro Nubit or Yuan Nubit does not roll off the tongue very well. I suspect in that case people would just shorten it to US Nu, Euro Nu etc… But that doesn’t quite ring as nice as Nu Euro, Nu USD, or Nu Yuan imo. Honestly, say all the versions out loud and give it another thought.

irritant 2015-03-12 03:43:25 UTC #24

what about UNU, ENU, and YNU? just some idea

JordanLee 2015-03-12 03:44:43 UTC #25

Shareholders should consider the legal problems of the Liberty Dollar. These were silver rounds placed in circulation in the United States. The indictments against its founder seem to indicate the US government objected to the use of the term “Dollar” as part of the currency name.

Joe 2015-03-12 05:11:52 UTC #26

Liberty dollar was US based right? I wonder if they would pursue a cryptocurrency which is not US based. Also due to the decentralized nature of crypto it would be fairly hard to shut it down as well. The fact that other “Dollar” currencies exist would lead me to say they wouldn’t try.

cryptog 2015-03-12 06:38:04 UTC #27

In that case BitUsd might have some issue in the US.

NuBit for NuUSD could be an abbreviation as dollar is an abbreviation for US dollar.

I would suggest NuYuan or NuRemibi, NuEuro, NuYen etc…

Cybnate 2015-03-12 08:54:24 UTC #28

Could also use USBit, JapBit, ChiBit, EurBit. It doesn’t pronounce greatly though and doesn’t have the Nu branding. Like Chibit though
Another option is that once I thought NU stood for New USD. Thinking in that line New Euro would be NeBits and New Yuans would be Nybits. But again pronunciation issues and what to do with the Yen as we already have the Yuan?

So I think I like the regional names Euro NuBit and Japanese NuBit the most by lack of anything better which is still recognizable.

Gilbert 2015-03-12 09:46:04 UTC #29

We do not need all currencies. We just need a currency converter with current rates.
Why should I save euro if the euro falls?
I just want to have security.
We’d better take a basket of currencies. For example, 1/3 dollars, 1 /3 gold, 1 / 3 Swiss franc.
If someone wants to pay something in its own currency, he chooses them, the currency converter calculates what that is in Nubits and then sends you the amount.
We should always adjust the currency basket.
1 Nu Dollar should be a curreny basket

peerchemist 2015-03-12 09:50:32 UTC #30

Did anyone consider Nu asset pegged to BTC?

cryptog 2015-03-12 10:08:50 UTC #31

Then we lose stability

peerchemist 2015-03-12 10:20:30 UTC #32

But we have NuBits, we dont loose anything.
Also, we gain stability to Bitcoin. It depends how you look at it.
We can easily release assent pegged to Bitcoin, which can be used to transfer value - in Bitcoin or to trade altcoins.

Gilbert 2015-03-12 10:26:02 UTC #33

The normal housewife does not understand and does not buy assets or btc.
We should remain understandable.

Sentinelrv 2015-03-12 17:47:15 UTC #34

In my opinion, one of the reasons why NuBits is so important and could eventually succeed over other cryptos is that it can provide something familiar to people, the digital equivalent of the fiat currency that they already use. This removes the need to do price conversions and makes using NuBits a lot more simple for the average person. However, not everyone uses the US dollar. The Yuan and Euro are the largest fiat currencies besides the US dollar. Therefore, they have an extremely large built in user base in China and Europe. The Nu network would gain the most benefit by supporting these two currencies compared with anything else.

An inflation resistant or basket currency does not come with the billions of pre-existing users that the Yuan and Euro have. They are important, but I don’t think they should come into focus until later in the future once we’re more established. At this stage in Nu’s life, I believe we should be focusing on supporting pegs for fiat currencies that already have massive use in the real world. Supporting the Yuan and Euro will impact NuNet more than anything else we could think of exactly because of the billions of people who already use them. Current users of the Yuan and Euro would find a pegged digital equivalent easier to use than Bitcoin because of the price familiarity and stability we provide them.

Also, I agree with both Tomjoad and Cybnate that regional names should be used. They may not be flashy, but they offer more protection to shareholders against governments.

Cybnate 2015-03-21 07:44:35 UTC #35

Is this on hold pending finishing the work for the open sourcing? Any time line when this motion goes up for voting?

Sentinelrv 2015-03-21 08:04:22 UTC #36

Yes, I was about to bump this as well. Any word?

mhps 2015-03-21 13:46:32 UTC #37

There are two kind of Yuans. One is CNY which you can get from banks in China, and used in exchanges in China. One is CNH which you can get from outside China, and used in exchanges outside China. Which one are we talking about?

Selling Yuan-pegged cryptocurrency in China is perhaps like poking in the eyes of POBC. I begs to be banned. But maybe there is no bad publicity?

Current volume

tomjoad 2015-03-21 17:02:51 UTC #38

I will try and post this on Monday. It doesn’t look like there are any additional comments at this point.

My intention was to do the CNY, unless a case can be made that CNH would be more useful. National-pegged NBT should be most useful to residents within the country itself I think.

crypto_coiner 2015-09-04 06:46:22 UTC #39

I would support such a motion - in terms of promotion, that would be very beneficial considering most of the bitcoiners are anti-dollar and think the yuan is backed by gold.