Helping the initial buy pressure on NuBits

[desrever]

How would a person prove it is themselves that parked coins?

Signing a message with their private key!

[CoinGame]

oh, duh.

[Ben]

Use the parking feature to prevent spam. Spam in public polls, spam in email, spam in transactions, spam in submissions . Let honest people “park” a small sum before submitting a proposal / vote / poll / email . Discourage dishonest people from submitting millions items.

I really, really, really (did I mention how much?) I like this idea. It got me thinking about a possible variation of this. Parking (the concept), not parking (to generate interest) is the key point. Writing an API that integrates the forums with the block chain using RPC is probably non-trivial, but certainly something that can be done. Tying that functionality to a generic “parking” action, that could have a variable “proof of park” based on the activity that you were trying to actively prevent abuse of would be awesome.

Here’s a very simple example that (probably assumes too much) :

1. Alice wants to propose a motion for something that would affect the network.

2. She visits discuss.nubits.com (or the more specific site, https://motions.nu), where she is instructed to park 25 NBT using a specialized duration called “proof of park, 3 months”.

3. From her Nu wallet client, Alice parks her 25 NBT and then returns to the motions site where she is able to sign a message with the private key tied to the address that contains the parked coins.

4. The motions site API validates that the “proof of park” obligation has been met, and unlocks a unique web form that Alice is able to fill out with her motion information.

5. Once Alice fills out the form, she can publish it and it will then appear on the forums. She can “claim” the motion with her forum user account to tie it back to her community reputation.

6. The motion can be discussed by the Community and if enough of the shareholders are interested in the proposal, they can vote for it using their clients. (In the future, they may be able to click on a link on the forums and actually launch their wallet client with the pre-populated motion vote ready to be cast…but that’s a topic for another conversation).

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It needs work, and I think I make a couple of assumptions about how it could operate that may not be in line with how the protocol is currently working, but I think it’s a starting point.

[desrever]

From her Nu wallet client, Alice parks her 25 NBT and then returns to the motions site where she is able to sign a message with the private key tied to the address that contains the parked coins.

on the upside, if she doesn’t own 25 NBT Alice needs to buy NBTs , starting using the client and proofing she knows at least how to use the wallet .

[desrever]

I see another use case for nubits which is very similar to 1).

But instead of traders, I see merchants. They also do not want to risk the whole revenue by keeping them in BTC. I had this dilemma myself with bitpay and I heard other merchants do have the same. Let’s use bitpay as an example, but the same apply with coinbase, coinpayments, etc. When you accept bitcoin for a product/service, at the end of the day you have a BTC balance. Bitpay lets you select a % to convert to fiat and put that into your bank.

See where I’m going?

I would love to have another simple option : convert to NBTs instead.

This will put huge buy pressure, especially if we can convince bitpay / coinbase and similar that this is a good idea .

[desrever]

The recent launch of lighthouse for BTC crowdfunding campaigns, just gave another user case for NuBits

Store of value for Crowdfunding campaign. Campaign makers and backers would probably benefit from having their initial offer pegged to usd for the period of the campaign .

[Cybnate]

The recent launch of lighthouse for BTC crowdfunding campaigns, just gave another user case for NuBits

Store of value for Crowdfunding campaign. Campaign makers and backers would probably benefit from having their initial offer pegged to usd for the period of the campaign .

Waiting for the day we will have a NBT version of Peer4commit. Will be the first to have funds stored there.

[Ben]

@sigmike can have that whipped up for you in 10 minutes, if it isn’t already deployed.

[sigmike]

I can build one quite easily. I’d have preferred to add support for multiple currencies in peer4commit, but that would take more time. So it depends how quickly you want it.

[sigmike]

It also depends whether this work is funded by the project or not.

[Cybnate]

Hard to tell regarding funding and priority, as I don’t have an overview of the priorities. I hope @JordanLee can provide some clarity on this. My opinion is that it is a one of the ways to potentially create some buying pressure from projects who want to set bounties, or projects looking for donations/crowd-funding for the period of the campaign.

And having ability to transfer a custodial grant directly into Nu4commit project adds to transparency and visibility of projects underway.

[Sabreiib]

International remittance requirement may be huge. i believe this is our first big business.

Tell those Mexican in US ASAP.

[Ben]

I’m about to open discussions - once we go live - with Alec Hahn from Bitcoin42.com. They’ve launched a line of ATMs and are starting in Mexico.

We’ve been talking about a Peershares offering that they want to launch, but we’ve been delayed a couple of times due to different projects we’ve each been working on.

Nice guy and really looking for ways to make people’s lives better with crypto.

[Sabreiib]

My Bitmessage could not send and receive in these days, it is said the system is being attacked by spam.

Why not just develop a Nubitmessage where people must spend a little Nubits to send message? This is a price of private.

[pennybreaker]

I’d like to suggest that we go ahead and vote on rate increase. 3% for 3 months, 5% for 6 months, 8% for 1 year, and 11% for 2 years, is about what I had in mind. Lets keep this thread active, though, because depending on demand, we may need to drop those rates fast.

[Sabreiib]

I think a interest rate is too high for 8% one year.

The more Nubits we produce via interest, the more potential sell pressure on market. People would be suspecious about our buying liquidity.

[Ben]

Very short term, early adopter rates.

[towel]

I think a interest rate is too high for 8% one year.

The more Nubits we produce via interest, the more potential sell pressure on market. People would be suspecious about our buying liquidity.

I believe you bring up an important point here and I’ve launched a discussion about something down that line here: Question about selling pressure aka the buy wall

Store of value for Crowdfunding campaign in BTC. Campaign makers and backers would probably benefit from having their initial offer pegged to usd for the period of the campaign .

This is a very good use case. We now for a fact that Eutherium for instance, has a whole lot of BTC and that they came out and said they would liquidate some of that to protect against volatility.

As a trader I constantly have to battle my fear of having USD on an exchange (and loose those money, should the exchange gox me) and having no-money available to take advantage of drop in the price. I’ve been using coinapults Lock feature to diversify some of this risk and have multiple trading accounts on multiple exchanges to further mitigate this risk. As a trader I would very much like to use NuBits so that I can park some of those on the short end of the yield curve and be liquid should the price of the coin I want to trade go down.

It would be nice if I didn’t have to switch between a whole range of apps to do this. I just want a widget or something on the exchange, where I can lock some of my coins as NuBits.

[towel]

NuBits realizing the wholly grail of decentralized trading!

Everyone talks about decentralized exchanges. But, they can’t be done, because someone has to have custody of the USD.

This was true until NuBits came along. Since 1 NBT is as good as 1 USD (actually even better since you can park it) and since NBT is a crypto currency, one could actually create a decentralized exchange that accepts no fiat, but accepts NBT which is as good as and even better then fiat.

I suggest that we create a decentralized exchange that use NBT. This way there will be a very strong demand for NBT and NuBits will sit at the heart of currency operations.

[desrever]

I like this. But it is not easy. We might want to get in touch with someone who is already working on decentralized exchanges and make a proposal. Any idea?