[Passed] Temporarily cap NBT supply with full reserve


#21

What good is a peg at any rate, if there’s no revenue with that the costs and debts can be countered?

Realize it: the peg is gone.
Use this opportunity.
You can make changes that would seem unthinkable with an intact peg!

You need to create reliable ways to generate revenue first.
Then you can try to figure out what peg can be afforded (at what level, how tight)

And for god’s sake, start with an accounting and get control over the financial situation!
That sounds like you are running after a shadow that’s called “liquidity engine”, although you don’t know how to fuel it.
Do you want to run a business or chase dreams?


FLOT BTC Operations (buy side)
#22

Anyone willing to publish a build with these modifications? @woolly_sammoth? @desrever?


#23

What for?
Where’s the revenue from having any peg?
You need revenue, before you can have a peg that anyone believes in.


#24

The motion re-establish the peg at $0.10 (a26f6661ced949166227019f0ee64afe98f7e6b0) already has 12% support among the last 100 blocks.


#25

@Phoenix
I as a major LP before will not sign up to this insanity. This is how we dove off the deep end before.

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein

We need a plan.

  • Revenue
  • Accounting
  • A model of how liquidity will actually “work”

Thus far NBT/NSR debt equity swap is the only thing I will sign up to.


#26

Wouldn’t the NSR sales (for NBT purchase) required by FLOT when the Standard is less than a certain threshold meet the definition of a debt/equity swap? That is a central part of my plan.


#27

No. Because, no offense but NSR is no equity right now. There is no market - and we cannot build a future on a hope that there will be one.

Give us actual revenue first. Then we can talk about liquidity.


#28

This multi-identity thing is really fascinating, I wonder how many JL alts there are around, I have several in suspicion. Speaking of which, how do prevent sybil attacks of those anonymous signers in B&C again?

Here is the deal: I modify both software packages for free, if you

  1. Bring back MoD, which most certainly requires an apology
  2. Publish any imaginable number about funds, how much, are they locked up, where are they (who is Angela btw, lol) or whatever our new accounting specialists @nmei and @ConfusedObserver can think of.
  3. Come back with your real account and use your skills to take part in existing proposals for revenue streams

Want this 10 cent Nubit? Tomorrow evening you have the software if above points are fulfilled by @JordanLee.


#29

A 10 cent peg will destroy Nubits. Its literally like pouring gas on your burning house saying “well I can build it again” instead of salvaging the frame work.


#30

Since the NuBit price is presently around 50 cents, why not re-set the peg at 50 cents?


#31

“Why choose a low peg? We aren’t playing the market to our advantage by cutting the value short. Why don’t we wait and see where nbt stabilizes and work to support it there instead of cut its value by more than half to rush a pegged position immediately.” <-- Exactly, this was my point earlier.


#32

@PoP who are you?

All I can tell is that Pop disagrees with Phoenix. This identity sleuthing had better not get more interesting than actually saving Nu. :stuck_out_tongue:


#33

@pop and @Phoenix

You both joined hours ago and both act like alter egos of @JordanLee. Welcome to Nu.


#34

Guys, for the love of god don’t waste any more of your money trying to protect Nu. This project had so many flaws that even if you restore the peg, it is going to be lost again.

B&C was needed before even Nu was launched, otherwise trusting someone with your shares, NBT or Bitcoin is very dangerous. No USD reserves or some sort of collateral of another currency, means certain collapse of the peg.

If you pay people in the very same pegget asset (NBT), by making it out of thin air creates a downward pressure that cannot be stopped. Selling your own shares has a limitation. How much dilution will you take?

  1. Nubit and NuShares holders don’t have to have the same interests. Especially in such an illiquid market, Nushares were already worth pennies. Someone could buy them OTC for nothing. The 2-3M market cap was just an illution,
  2. Peercoin and hence Peershares have many fundamental problems in the way they work and that is a very big problem. There is a reason POS isn’t considered great, let alone POS 1.0…
  3. Moving to the shares themselves, what happens in case someone manages to control all the shares? Do you think that it is really that hard for someone to find and hack the biggest Nushare holders? What if an exchange gets hacked and many of the shares get lost?

DAOs can’t save stupid people. People were still managing funds and there was a lot of trust involved. Those share buybacks was the most insane thing I’ve seen in my life… You spent more than 300.000$ buy back your own shares, thinking everything is fine. And if that wasn’t enough, you had BTC in BTER… The community handled this very badly, but what can you do about it? Nothing. If it wasn’t this, it would had been something else.

The park rates were a terrible idea all along. First of all, mainly community insiders new about it and not many people outside did. But then even if you restored the peg for a few days months, then these people would want to sell their NBT, only that this time they would have way more NBT to sell. 20-30%APR even for 3 months should be considered a scam and you should be ashamed if you supported those rates. This would even scare people that have their brains in their heads…

I am surprised you survived that long and any blame of JL towards the liquidity providers is bullshit. The rewards were too high anyways and following the BTC price was a big mistake. Rather than creating FIAT gateways you were stuck with altcoin exchanges… It would be so much better if people could trade Nubits in Bitfinex etc, but there is a reason they couldn’t and there is a reason why they can trade Tether and not Nubits…

Bitcoin was made in order to remove the burden of FIAT, it wasn’t made in order to bring FIAT into the blockchain. There are many fundamental problems with Banks, Central Banks etc and that’s why even Tether isn’t secure. Anything involving a lot of human trust and touch in it, is inherently extremely dangerous.

I feel sorry for your losses and people will say I am spreading FUD, but the ship is sinking right in front of your eyes. There is nothing sadder than watching people trying to rescue an unsalvageable ship.

PS If you want to blame someone, first blame yourselves for believing this crappy project and then blame JL.


#35

@ChrisS and @Chronos Im new here. Here is my OP w/ savior proposition :wink: : Burning Nubits via gambling, apps, and more

I enjoy saving projects. A contrarian investor if you will .


#36

Can you elaborate your thoughts on this please?


#37

I don’t know much about Peershares, but I guess they use the same model as peercoin.

Blackcoin is one of the coins that solved this with its POS 3.0. In their whitepaper they address the problems.

Some articles against POS are here. Bitfury wrote a 26page paper comparing the two. Page 9 talks a bit about peercoin and then they go on about the attacks.


http://bitfury.com/content/5-white-papers-research/pos-vs-pow-1.0.2.pdf


#38

If I remember correctly the stake modifier in PPC was planned to be changed to the one in blackcoin, but that’s about it. But also DPOS didn’t prove as particularly elegant so far. On the paper Casper looks best to me, or in general the idea of uncles such that you have to bet on forks. But this has yet to be proven to work that well in reality.

But considering the consensus algorithm to work sufficiently well, I don’t see any problem with the peershare template itself, so I would also be curious what you mean by that. Maybe it is not useful, but using the coinbase in blocks of PoS coin as voting mechanism is in my opinion correctly implemented by the template.


#39

and next will be $0.01?


#40

The Bitfury paper explains a lot. There are less attacks for DPoS than any of the rest. I agree, Casper will be the best.

What is sufficient for you? Small scale and everything works well. If Peercoin was going to be adopted by the masses, it would be doomed.

At the moment I see it as Casper>DPoS(BitShares,Lisk)>Blackcoin>NXT>Vericoin>Novacoin>Peercoin