Lack of commitment to development is our biggest threat now

[ChrisS]

I have no capacity as a developer, only some ideas. Ideas are not development but obviously what to develop is the more important that the development.

What ideas do we have? We should prioritize the importance of the ideas.

We have got to get the money velocity up. A NU ecosystem has to be developed. The general economy is an impossible target. The first target market that comes to mind a crypto-currency developers. There are now thousands of coins, tens of thousands of developers. We not get paid in nu? But, I don’t think the value of paying developers in Nu is strong enough. An Employer/Contract Payment Management System, something to add value on top of the utility of NuBits.

We have the utility, we have to begin to scale value.

[masterOfDisaster]

motion of selling BKC in an antiinflation way,

This is an intriguing idea!

You can adjust the sell price per BKC to have it maintain its value compared to USD.
Remark: because BKC is announced to be sold at $1, it’s the USD inflation that needs to be tracked.
Customers of BCE don’t need to complain, if the tx fees get adjusted downward when BKC receives the inflation adjustment.

Say once a year the sell price (e.g. bkc_rate_new = 1.02 * bkc_rate_old) AND tx fee (tx_fee_new = tx_fee_old / 1.02) get adjusted by the percentage of the inflation rate, everything stays the same BCE wise (for BCE customers), but BKC has 0 inflation compared to the outside world.

There are of course reasons to continually adjust the tx fee. I don’t expect it to be static over the course of a year.

Effectively it’s merely a declaration of intent to remove inflation from BKC and to adjust the sell price maybe once a year.
The correction of the tx fee together with the adjustment of the BKC sell price would have no effect on the continuous tx fee adjustments.
It would be a neat marketing stunt!

And while deflation in currencies can have drawbacks such as hoarding instead of lending, this is no issue for BCE, because BKC get consumed by transactions.
Those who buy BKC for using BCE don’t care how high the tx fee is in BKC - they calculate in USD anyway.
Those who buy BKC today to keep them are happy, because at the end of the year they have lost nothing to inflation!
It doesn’t even require liquidity operations to make this attractive, all it takes is some patience for the “BKC hoarders” - BKC get destroyed. If they need to sell their BKC they will eventually be successful!

Maybe I confused myself, but if I’m not too far off, count me in!

[ChrisS]

Brilliant idea, the 1992 dollar peg.

But hasn’t the government changed the rules of the CPI since 1992, probably a couple times? We would have to do it to our standards.

[ChrisS]

What aren’t BKC NuBits?

[masterOfDisaster]

What aren’t BKC NuBits?

Nope.
Current status is that BKC will be sold at $1 just as NBT are sold at $1.
While NBT are guaranteed to be bought back by Nu at $1, BKC only get sold by BCE - there’s no liquidity operations like at Nu.

[crypto_coiner]

Between 1000 and 2500?

[NEW] Poll: How many BKS do you own?

The goal is to get some hints on the topology of the distribution of the BKS among the BlockShareholders. As the security of the network depends on a fair distribution! Inspired directly from [NEW] Poll: How many NSRs do you have? Less than 10 Between 10 and 50 Between 50 and 100 Between 100 and 300 Between 300 and 500 Between 500 and 1000 Between 1000 and 2500 Between 2500 and 5000 More than 5000 0voters Show results Note: between A and B means (higher or equal to A) and (lower tha…

[zoro]

I have the impression that Satoshi made all those Austian guys looking like monkeys eating bananas upon a tree!
We need to start thinking of new ideas, out of the box and leave those guys rest in peace!

[masterOfDisaster]

I have the impression that Satoshi made all those Austian guys […]

You realize that Bitcoin is inflationary as long as there’s a coinbase reward?
…unless the BTC rate compensates the new units, for which there’s no mechanism in place to warrant that.

As there’s no mechanism in place to adjust the BTC rate, let me focus on the units in circulation.
The inflation rate isn’t high and it will get lower over time - the next halving is near.

But I seriously doubt that Bitcoin will survive until it’s truly no longer inflationary.
It’s an economic train wreck waiting to happen that can only be prevented by chance (rising BTC price), but not by design.

[…]like monkeys eating bananas upon a tree!

Trying to chime in this style:
these monkeys might unload some poo on Bitcoin from where they sit

I haven’t spend much time with the Austrian financial school, but I admire F.A. Hayek already.
Please read e.g.
“Denationalisation of Money The Argument Refined.pdf” or the epub version “Denationalisation of Money The Argument Refined.epub” (links taken from here),
before you call “Austrian guys” monkeys…

[zoro]

You know, i wasn’t talking about BTC specifically. I see Satoshi as the father of crypto economy.

[masterOfDisaster]

I see Satoshi as the father of crypto economy.

And Bitcoin was a good start!
Yet Peercoin was even better.

It still needs refinement if you want to have currency like features.
Being able to fully control the supply is necessary (PPC already has a built-in way to remove PPC!).
This control of supply was achieved by Nu.

The more I think about it, the better I’d like to have a product that is anti-inflationary.
I don’t mean to replace (US-)NBT. I rather think of a separate product that follows Austrian economics.
…I need to read more about that.

It looks like there’s some evolution going on
BTC -> PPC -> NBT
but there’s still room for improvement.

[zoro]

I need to read more about that

…and then go beyond that
and become the man that made Satoshi look like an ape

[Hyena]

IMO, the USNBT,YUANNBT should not exist at all

Yes, I don’t like multiple pegs either, it makes everything more complicated for everyone, even for the end users.

Why not just keep this one currency known as NBT and peg it 50% to USD and 50% to gold? This way if USD enters hyperinflation the rise of gold against USD will compensate.

[huafei]

Current status is that BKC will be sold at $1 just as NBT are sold at $1.

why not use NBT as BKC?

[masterOfDisaster]

Because BKC are issued by BCE and NBT are issued by Nu.
These are two co-operating, but independent DAOs.
Why would BCE want to generate revenue for Nuby using NBT?
That makes no sense.

[Sabreiib]

Totally agree!

BTW, when inflation or deflation occurs, neither BKC borrower nor lender get loss, because their buying power remain same. Would you mind your money buying power doubles per unit but your quantity halves?

“Ticket scalper” are everywhere in this world, if we harness them, the liquidity they providing by sell/buy below offcial BKC ceiling price is the most healthy liquidity, last for ever as long as B&C operating well and none expenditure from B&C shareholders at all.

And I strongly suggest BKC pegged to 1$'s buying power in 1992. Reasons below:

1. If we peg BKC to 1$ initially in 2016, some central bank haters may think BKC is just another USD token.

2. If we peg at 1.7USD(can be discussed further), curiousness will arise in cryptoworld. Why BKC pegged to such interesting number? The price is the best ads in this field after all.

Hayek spend his whole life fighting against “big brother”, and fortunately he saw his predict of USSR’s crash; unfortunatey he didn’t see his good money dream coming ture. Anyone wanna issue private money will be put into prision.

However, Satoshi’s blockchain tech makes his dream feasible, Hayek died, but never his theory. We memorize him by pegging one USD buying power when he passed away in 1992. Good money is late for Hayek, but not late for saving the world from toxic FIAT!

I guess this will make Hayek fans (many liberalists in crypto world) touched.

[Nagalim]

Bkc is not pegged. Bkc is not pegged. Bkc is not pegged.

Increasing the price that we sell bkc is good for us and bad for bkc users. It is not anti-inflation, it is a profit tactic. There is a phenomenon whereby the bkc market price pulls away from the sell price. If we try to sell at too high a price, the market will pull away and we’ll lose money. By increasing the sell price, we would be increasing the chance of the market pulling away from us. We make pennies but lose the dollar.

[Sabreiib]

Bkc is not pegged. Bkc is not pegged. Bkc is not pegged.

Untill some of us setup Nubot and go.

We don’t need rewards from B&C company, we are ticket scalpers, we buy low (such as 0.9-0.95), sell high (0.99), this world is never in short of ticket scalpers. As long as B&C operating normally, people belive that BKC will consumed up sooner or later after B&C stops issue new BKC. Or those ticket scalpers believe their 0.99 order will be fullfilled sooner or later.

BKC liquid providers will increase like virus if this business is profitable.

Increasing the price that we sell bkc is good for us and bad for bkc users. It is not anti-inflation, it is a profit tactic. There is a phenomenon whereby the bkc market price pulls away from the sell price. If we try to sell at too high a price, the market will pull away and we’ll lose money. By increasing the sell price, we would be increasing the chance of the market pulling away from us. We make pennies but lose the dollar.

I guess you have been financially abused by FED for so long that when the fair treatment comes to you, you feel quite unease. If you hoard 1000$ value BKC in 2016, it’s your right to have 1200 value in 2025, because the buy power remains same.FED and Keynes has successfully washed your brain, it’s time to wake up.

Shareholders can easily decrease the tx fee on B&C exchange as they wish, if we peg BKC to 1000$ and lower tx fee to 0.001 of BKC charged per transaction, the fee remain stable.
Since the ticket scapler build the BKC buy wall, what are you worrying about?

[Sabreiib]

More, my friend has more than mine. We are big BKS shareholders.

[Nagalim]

Again, that’s not called pegging, it’s called trading. Think about the nsr/bkc price, it will be volatile, and there will be money to make off trading. That’s not much different from ltc/btc though, with traders keeping prices fixed within a margin via arbitrage. Pegging requires a commitment to the price beyond the margin of arbitrage and is resistent to market forces. Traders tend to take advantage of those forces, and can create destructive volatility.

B&C will most likely do its best to keep reserves to keep solvent during times when BKC is volatile and they aren’t selling from bank. In those times it will struggle to pay developers without share dilutions. They will take a lot from the concept of Nu’s FLOT, but will hold a smaller reserve because they lack the need for liquidity operations.

[masterOfDisaster]

Whats bad at selling BKC with a price floor that’s being adjusted according to inflation (rate up) as long as the tx fees are adjusted at the same time (fee down)?

Say once a year the sell price (e.g. bkc_rate_new = 1.02 * bkc_rate_old) AND tx fee (tx_fee_new = tx_fee_old / 1.02) get adjusted by the percentage of the inflation rate, everything stays the same BCE wise (for BCE customers), but BKC has 0 inflation compared to the outside world.