Is XPM/TRC/FTC Delisting on BTC-E an Opportunity for NuBits?

Sentinelrv · January 19, 2015, 2:22pm

BTC-E has announced that Feathercoin, Teracoin and unfortunately Peercoin’s sister coin, Primecoin will be delisted on February 1st due to low volume…

https://btc-e.com/news/207

Is this an opportunity to get NuBits and NuShares on there? It seems that they’re opening up room for more popular cryptos with higher volume. Now may be the time to strike. We have the advantage of being linked with Peercoin, so maybe they’ll take that into consideration as long as we make them aware of it.

Submit a ticket on their support page: https://support.btc-e.com/

Also PM their profile on BitcoinTalk: https://bitcointalk.org/index.php?action=profile;u=33012

desrever · January 19, 2015, 2:35pm

Flood em with emails showing volume data! I did already

Sentinelrv · January 19, 2015, 2:37pm

I just added their support page to my initial post.

Yurizhai · January 19, 2015, 3:31pm

Finally movement from them after over a year. I’ve never gotten a response from BTC-E, so I think direct to the point images of volume and stability would be best.

tomjoad · January 19, 2015, 3:52pm

I just sent BTC-e an email as well. I hope others will consider doing the same!

Sentinelrv · January 19, 2015, 4:00pm

Here is my message to them. I tried to lean on our existing relationship with Peercoin. Please don’t copy it. Write your own message. I submitted a ticket on their website, as well as PM’ing their profile on BitcoinTalk here: https://bitcointalk.org/index.php?action=profile;u=33012

Sentinelrv":

Hi, I’m Sentinelrv of the Peercoin community. I’ve worked with lead developer Sunny King of PPC and XPM since early 2013. We noticed today your announcement about delisting Primecoin soon. While the delisting is to be expected, I just wanted to say that there have been rumors about Sunny King working on sidechain support for Primecoin behind the scenes, though we’re not completely sure if this is true since he hasn’t announced anything yet. That could raise demand for XPM in the future if true, but we understand if you need to delist it. Most of our community’s focus is on developing Peercoin.

Anyway, the main reason I’m sending this though is because I wanted to talk about a possible partnership with the Nu team. The Nu Network was developed by veteran Peercoin community members lead by Jordan Lee and is talked about a lot by Sunny King in his weekly updates. Peercoin core developer Sigmike is actually on both teams, so the two teams share development resources.

NuNet itself is Peercoin’s first DAC. Where Bitcoin and Peercoin fluctuate greatly in price, limiting their use as an actual currency, we had the revolutionary idea to split Nu into two units, a currency called NuBits and ownership of the network in the form of NuShares. This design allows the currency (NuBits) to remain price stable and pegged to the dollar. 1 NuBit = $1. On the other hand, NuShares are allowed to fluctuate in price based on the demand of the network. The $1 peg is kept by NuShareholders, who vote in a decentralized way to manage the supply of NuBits. We also have a system of bots (NuBot) that automatically buy and sell NuBits on various exchanges to help maintain the peg.

The project was only launched in September, but we’ve already seen massive growth. The trading volume of NuBits has been substantial, consistently over millions of dollars, even surpassing Litecoin several times. These high trade volumes are possible because of the $1 peg. It’s something stable and predictable that people can rely on in volatile times. Rather than trading into USD, people can trade into NuBits and immediately have the ability to move their money on and off the exchange in crypto form.

Using this $1 peg, Jordan Lee plans on replacing Bitcoin as the intermediary trading currency between cryptos. At that point, mainstream adoption should be easier than it has been for Bitcoin because of the stable value of NuBits. Once NuShares are strong enough in price, we also plan on introducing other products, such as a crypto pegged to the Euro or the Yuan. There are unlimited possibilities here and with these high trading volumes we’ve seen recently, I think we’re well on our way to success.

I believe several of our team members have already contacted you, but I officially wanted to send a message to BTC-E myself on behalf of the Peercoin community to find out if we can extend our existing partnership to NuBits as well. We see great potential in a $1 pegged crypto. For once, we can call it a true cryptocurrency. If you’re interested at all in extending our partnership beyond Peercoin, please contact me at Sentinelrv@Gmail.com. You can also email the Nu team directly at info@nubits.com. It would be best to talk to each other first, so we can help you through the process of adding support. Our client uses 2 wallets for both NuBits and NuShares. We would also need to get our trading bots setup to help maintain the peg on BTC-e. Please get back to me if you’re interested. At the very least, thank you for continuing to support Peercoin as the original proof-of-stake crypto. Thanks!

Raythma · January 19, 2015, 4:03pm

Sentinelrv · January 19, 2015, 4:11pm

Posted on Reddit: http://www.reddit.com/r/NuBits/comments/2sy07g/delistings_on_btce_are_an_opportunity_for_nubits/

creon · January 19, 2015, 4:13pm

I doubt that BTC-e will install a closed source wallet that could potentially kill their whole system But its a very good idea to make them notice about NuBits.

masterOfDisaster · January 19, 2015, 4:25pm

I doubt that exchanges run wallets in unprotected environments and with anything else than a very limited rights context…
So they might not like it, but it can be handled that the Nu wallet is still closed source.
If they refuse to integrate NBT just because of the wallet being closed source it can be taken as a reminder to think about the motion to open source the wallet, again.

teek · January 19, 2015, 4:27pm

I contacted them a while back about it, no reply. BTC-e didn’t even catch the doge train, which i respect them for. For some reason though i feel they will add NBT, call me crazy.

masterOfDisaster · January 19, 2015, 4:33pm

@teek, you are crazy!

teek · January 19, 2015, 4:35pm

NBTUSD pair on btc-e is just what the doctor ordered…

creon · January 19, 2015, 4:41pm

That’s true, but even a short down time is extremely expensive for an exchange like btc-e. Furthermore I can imagine that they implement the interfaces to their engine directly into the wallet software, for various reasons.

This. Or we decide in a special motion that the code can be shared with BTC-e only (secured by an NDA of course).

masterOfDisaster · January 19, 2015, 4:44pm

Without a custodian at btc-e it will be an interesting test for the speed of arbitrage trading.
But maybe your doctor is right and the prescription includes not only a NBTUSD trading pait, but an announcement and some time to get a custodian ready as well.
On a different take you could ask why to put a custodial grant on such an anonymous exchange that btc-e is, though.

masterOfDisaster · January 19, 2015, 4:45pm

Whom will you hold accountable if that NDA gets broken?
Where is btc-e?
Who is btc-e?

I doubt that this motion would have a chance to pass.

creon · January 19, 2015, 4:46pm

Yeah right, they are pretty shady never got hacked so far though … Of course we would take that risk, you could include it in the proposal that we open source immediately on leak. I also think that you somehow can sue btc-e.

teek · January 19, 2015, 4:51pm

i’d take NBTUSD on btc-e in a second, i am pretty sure there is no problem with multiple custodians if nubot is running in USD as well… the problem is only with crypto pairs… is that correct @desrever ?

I’ve been trying to start my LPC for a long time as it was approved quite some time ago, but just hasn’t been working out… BTER still isn’t ready for multiple custodians as was originally proposed, and I just can’t take any exchange that lists XPY seriously.

mhps · January 19, 2015, 5:24pm

Forget NBTUSD on btc-e. Exchanges want TRADING volume. Back and forth frantic speculative trading, that is. NBTUSD is not for trading. It is a service, best installed on the page of payment processors and gateways, forext exchangers, etc. .

We need to have something like coinoUSD already has-- simple interface to enable buying with USD on egopay, OKPay, PerfectMoney … It’s a surprise that coinoUSD hasn’t given Nu a run for its money, so to speak.

desrever · January 19, 2015, 5:44pm

Very correct indeed