Can someone please tell the true story then? Is CMC manually changing the supply each week or is CMC not taking our chain data properly.
Yah, so pheonix is just mad for some reason. This is indeed the reason. Tether is created via the omni protocol and given to bitfinex to distribute. When this happens, cmc registers it as a supply increase because it is done on-chain (the bitcoin chain). Because they do this in chunks, the supply on tether has steps, easily visible on coin market cap. Nu also does something similar, and cmc used to register the same way. However, at one point Nu issued 10 times the amount of circulating NBT and then lobbied coinmarketcap to manually reduce the supply. Since then they have not updated it because Nu was super unclear how it wants cmc to report the supply. This does have to do with transparency and partnerships like I said. It’s interesting that pheonix called me a liar without offering any alternative.
In any case, cmc is not going to manually update the supplyon a regular basis. Even if pheonix thinks this means they “hate the Nu project”.
Also, interesting that sophisticated and technical content is not useful here.
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I’ve had a look at the form for submitting alterations to a coins supply on CMC. They allow you to provide a URL that gives up to date coin supply data. We have that data in the block explorer so I will put up an API endpoint that provides the data for Nu in their preferred format and submit it to them. Hopefully it will allow them to automatically update the supply information from now on.
When NuShare holders vote to create new USNBT, CoinMarketCap (if they run a daemon) can immediately see that increase in total supply. Then to determine circulating supply you need to know Liquidity Operations’ exchange balances and which addresses to exclude.
How does CoinMarketCap know the circulating USDT with Tether? Does the Omni protocol let Tether specify which USDT are not yet issued or are quarantined?
@Nagalim: I will revisit this later to make sure, but what are you talking about? Your posts in this thread read entirely like an agenda to make us look horrible. I used to respect you (seriously). Hopefully, I’m just not making sense of it because of my fever.
What is a buddy buddy system?
They have been updating supply numbers on request multiple times over the year.
at one point Nu issued 10 times the amount of circulating NBT
Was that back in 2014?
lobbied coinmarketcap to manually reduce the supply
Unless you have something to show me, this just sounds outright hostile! Do you really mean to say that Nu ‘persuaded’ CoinMarketCap to update supply to meaningful numbers? Circulating supply figure is misleading if it’s not updated manually. Are you saying the total supply figure was made static to hide creation of new currency units?
Im saying cmc used to report on-chain nbt, increasing automatically when new nbt came about via grants. Then it was lobbied to be manually changed, and it has since been rarely updated, except when lobbied for a manual change again. Tether never did this. The circulating number is the one used for marketcap calculation, so it is the important one and the one im talking about. Im sorry if it offends you when i talk about how the past happened.
Buddy-buddy means a close relationship. Did you not know that your top competitor has a very tight bond with one of the biggest bitcoin exchanges, and distributes new tokens through it? Cause it really sounds like you all are just totally ignorant of how tether works.
I feel like maybe you think lobbying is a bad word? It’s not intended that way, lobbying means attempting to influence someone’s behavior. Asking to change the number, regardless of whether the new number is correct or not, is ‘lobbying’ for the change.
As for how it is calculated, you take all on-chain tether (1.25 bil), subtract the usdt that was quarentined on-chain (30 mil), and subtract an addition number corresponding to the bitfinex issue address 1NT… (50 mil). The result (1.17 bil) changes when the on-chain tether changes. This is clearly distinct from Nu, and I just wish you could understand that more basic fact so you could see how having a partnership for token distribution affects this dynamic.
Did you want me to link to an explorer or something? I’m not sure why I have to prove this to you, but here you go:
I’ve spoken with CoinMarketCap. They have accepted the API for calculating the total supply of USNBT and have said that a similar endpoint for displaying the Circulating Supply would be of use to them too. I suspect a similar API is the likely source of then automated Tether values. I will work on that today and submit it to them.
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Here’s where the authorized but not issued amount is:
You can see the freeze txns in the first link i showed. So maybe cmc uses an API for convenience (we can’t know one way or the other), but both the total and the circulating supply of tether is 100% derivable from the blockchain. Not so with Nu.
Your overall tone was negative, and am I the only one to read your post as implying that? Perhaps.
Yes, I used to respect you. You’ve contributed for a long time. Explanations rather than insults has been my usual expectation from your posts.
I still don’t see how this explains or describes what you’re suggesting. How do we know the amounts to subtract? Where are those numbers taken from? What says “quarantined” in the chain? It did sound to me that Tether did similar to Nu in their quarantine.
CoinMarketCap shows different supply figures depending on how the coin works.
- Circulating Supply
- Total Supply
- Max Supply
Bitcoin has Circulating Supply and Max Supply since it’s only regulated by mining rate and the hard limit at 21,000,000 BTC. NuBits and Tether have Circulating Supply and Total Supply because both regulate supply by authority. Total Supply for both is all existing units. Circulating Supply has to be determined using data points that can change, at least for NuBits. How does Tether define its Circulating Supply?
I don’t see what that block explorer link should tell me.
What does the Bitfinex connection have to do with calculating supply?
Where can I learn what those freeze transactions mean?
For Circulating Supply in NuBits we have to track on-exchange balance. Is that the benefit you’re talking about with a close relationship? Still don’t see how that could perfectly mirror the order book, but we may not need to be that exact. I just want to understand your points. I indeed do not know everything about our competitors.
Liquidity Operations is almost entirely out of USNBT. This grant is on its way to pass, yet I will request another grant in preparation.
I mean, im not really into the whole being insulted constantly here thing. You’ll have to do your own research. I laid out the facts with proof, I’m not going to keep trying to convince you when y’all are so hostile to me. Maybe one day you’ll actually take the initiative to learn how your top competitor works and why they’re so successful.
Did I or we insult you? Sorry. I don’t know what more to say regarding our topic. I don’t understand your explanation.
Facts and explainations are not looked upon kindly here.
I stand by that at least your first posts read like that. Then I try to understand your point. I still hope to see it explained. I’m curious to know others’ perceptions. I find it unjustified to say that we’re not welcoming actual facts and explanations. What isn’t welcome is wild speculation with conclusions and simply repeating that NuBits is terrible.
You are so off-base I don’t even know where to start.
Here we have a thread where you are all blatently wrong about the basic functions of your chief competitor, and you still refuse to show even a lick of modesty.
Whatever, this conversation is not worth having.
That’s what I have often felt the last year, but I dig into the complexity of untangling people’s strange posts anyway.
Surprised to hear that. Will hope someone else advices me if it should concern me.
This passed a while ago.