Park Rates advertisement

[Chronos]

From http://www.investopedia.com/terms/p/ponzischeme.asp:

A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors. These schemes usually collapse on themselves when the new investments stop.

All else being equal, I don’t see a big difference between this definition and the high park rates being offered today. I do not condone this action.

[nmei]

Well - good point

Please don’t just don’t close a door and walk away. What is your alternative then?

[Sentinelrv]

A warning or notice would need to be made visible then to make sure potential parkers understand the whole situation and the risks involved. I think it would only be bad if we tried to hide these facts. They would need to decide for themselves based on the facts.

Also, @willy can probably edit the text on the page in case something needs to be added.

[jooize]

Isn’t the difference that Nu has a model not reliant long-term on continued investment?

[Chronos]

Isn’t the difference that Nu has a model not reliant long-term on continued investment?

There is some difference. But there is also some similarity.

What is your alternative then?

Nobody will like my ideas. But I think Nu is insolvent. Something like this:

• Announce and admit the insolvency
• Freeze all NSR and NBT markets
• Set a hard-fork date for the following:
  • All NBT is cut in half (by hard-fork destroying half of all NBT in all addresses)
  • All NSR is cut in half (issue NSR to double the amount in circulation)
• Then auction the NSR that was issued to raise capital to defend the new 50% peg.

This outcome might seem horrible, but I think that the entire network will fully collapse soon, and this action might save it.

However, I am not really involved in this, so you can ignore me if you wish.

[Sentinelrv]

If we have to edit or add text and links to the site, what exactly should be done? Also, should APR be removed in the calculator to avoid confusion like I’ve said in other threads? We could just have the durations listed in the drop down menu

[Sentinelrv]

Who has access to the NuBits Twitter account? @tomjoad, @CoinGame? Please advertise the park rates to our followers. I just looked and there hasn’t been any tweets since January. People need to know.

[CoinGame]

Nobody is managing the social media accounts right now I believe. It was supposed to be put up to a vote who would continue to maintain the accounts. I suppose now is a good time to find a new curator for the accounts if @tomjoad is no longer maintaining them.

[Sentinelrv]

I posted about the park rates on Peercoin’s Twitter…

Peercoin (PeercoinPPC)

[willy]

https://twitter.com/parkyournubits

[Sentinelrv]

@willy, have you seen my post below? We should probably stop using APR on the website and in advertisements and tweets…

Why are tier 5 and 6 (park rates and NSR sales) only being partially utilised?

Good example So APR is a kind of financial measurement tool then, which is helpful to compare rates from various sources, correct? If so, then APR can be helpful to different people and we shouldn’t remove it completely. However, we should reduce its significance in our advertising. I agree with you and @cryptog here that we should mainly advertise interest rates for single park periods. In reality, NuShareholders are only going to pay out NuBits for single park periods. Advertising 50…

What do you think?

[willy]

It’s what the users will be confronted with in the client.

It’s not good to advertise rate X and in the client it’s rate Y.

[Sentinelrv]

I guess it should stay then until we can change the client.

[mhps]

All else being equal, I don’t see a big difference between this definition and the high park rates being offered today.

The difference is that our business plan which is still credible goes way beyond parking.

But I think Nu is insolvent.

What if btc nosedives and nu got 1500 btc in its hand? Something doesn’t seem right if we only look at how many btc Nu has in hand. Nu’s pegging mechanism is designed to lose btc and gain btc in cycles. These tokens are like transmission fluid that keeps a machine running…

All NBT is cut in half

what is the point cutting it iin half. The token has no intrinsic value. Do you mean changing the peg to $0.5?

[Chronos]

@mhps Yes, that’s what I mean. I don’t really want to debate this idea, and some people will think it is absurd no matter what I say. I was asked for an alternative, and I gave it. This discussion is off-topic in this thread, anyway. Perhaps time will show if I am crazy.

[mhps]

So that you suggest an overnight devaluation. Without border police and government control of the banks that Cyprus had, this will not help much I suspect. Plus I think the valuation of the pegging infrastructure has most Nu’s worth, and lifts it way above insolvent line. Another strange thing of the Nu machine, besides using money as its transmission fluid, is using money for feul, and produce money as product. We shouldn’t use how much fluid/fuel it has to calculate its valuation.

[Sentinelrv]

These tokens are like transmission fluid that keeps a machine running…

Another strange thing of the Nu machine, besides using money as its transmission fluid, is using money for feul, and produce money as product. We shouldn’t use how much fluid/fuel it has to calculate its valuation.

The liquidity engine name really stuck with you, huh?

[Chronos]

Nobody will like my ideas. But I think Nu is insolvent. Something like this:

• Announce and admit the insolvency
• Freeze all NSR and NBT markets
• Set a hard-fork date for the following:
  • All NBT is cut in half (by hard-fork destroying half of all NBT in all addresses)
  • All NSR is cut in half (issue NSR to double the amount in circulation)
• Then auction the NSR that was issued to raise capital to defend the new 50% peg.

This outcome might seem horrible, but I think that the entire network will fully collapse soon, and this action might save it.

Wow, it’s only been two days since I wrote this. Things happen quicker than expected. Perhaps I already seem less crazy. I wonder how this idea will look two days from now. Maybe too optimistic instead of too harsh.

[Confucius]

The liquidity engine name really stuck with you, huh?

People’s metaphors here are also jacked up (or maybe spot on?). I mean, transmission fluid changes gears, if you’re trying to burn it for fuel, then the problem is, you put transmission fluid in your gas tank.

[mhps]

People’s metaphors here are also jacked up (or maybe spot on?). I mean, transmission fluid changes gears, if you’re trying to burn it for fuel, then the problem is, you put transmission fluid in your gas tank.

Might be off-topic but might not -

Liquid feul rocket engines often use the feul itself as the coolant and as the luricant of the turbopump. Since the feul tank can be highly presurized so the feul is also a hydralic fluid. Of course rocket engine is very specilized and cannot be a representative of all engines. But again Nu is also very specialized.