Draft - Motion to create 1 unit of multiple pegged currencies

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.

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.

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

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.

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.

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…

Could also use USBit, JapBit, ChiBit, EurBit. It doesn’t pronounce greatly though and doesn’t have the Nu branding. Like Chibit though :smile:
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.

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

Did anyone consider Nu asset pegged to BTC?

1 Like

Then we lose stability :smiley:

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.

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

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.


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

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

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?

1 Like

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.

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.

1 Like