[Passed] Temporarily cap NBT supply with full reserve

[Sabreiib]

You rather prefer to have 100 NBT and with this proposal you end up having 10 NBT and given no certain revenue stream has been provided it will likely be 1 NBT in another 6 months. Bumping into the same wall twice? I have a problem with that and I haven’t even started talking about the promise to increase the peg without a revenue stream. Who do you think is going to pay for this?

Who gives you the power to decrease my balance? The last government doing such thing is Cyprus or Greek? What’s the response from the public?

I would not bump into the same wall twice, I"ll sell all my NBT and never come back if this motion passed.

[Cybnate]

I would not bump into the same wall twice, I"ll sell all my NBT and never come back if this motion passed.

Your response here point in a different direction…

@creon @Cybnate proposal sends out the information to freemarket that Nu can change anyone’s wealth as wish, while Jordan’s proposal impies that although Nu may make mistakes, but we are trying best to recover customers’ wealth, totally different, and this is serious business, not a naughty game! Jordan’s is obvious more responsible and healthy.

However I assumed that you refer to phoenix proposal in the thread. I’m not aware of a proposal from the alias JordanLee.

[creon]

For a small-medium exchange, one million USD trade volume per day is natual

I bet here and now 1 BTC with you that B&C will never reach this amount of trading volume. Again, you don’t understand how B&C works, you think it can be used like Poloniex but it can’t.

bring your nobel prize here to criticise Hayek.

I am not criticizing Hayek but your application proposals. You really have no clue what you are talking about in your posts and therefore you will get separated from your money sooner or later if you keep investing in this stuff, that’s a very basic rule in these waters here.

So I suggest you go since you have no NSR/BKS.

Then I also strongly suggest you don’t comment on any NSR related issue anymore since you don’t own any NSR. If you would do at least some research on the stuff you post, then you would figure out quickly that I contributed a lot to this community and this for free instead of taking an unknown architect salary.

Who gives you the power to decrease my balance?

You don’t even understand that there is no difference in this proposal and our proposal with respect to this. In both proposals your balance won’t be decreased as long as you wait long enough. In both proposals your effective balance will be decreased if you sell your NBT in near future. Here you just get 10 cent on the dollar you originally paid, in our proposal you lose 5 cent on the dollar every month as long as you don’t park. It takes over a year to reduce your balance to 10% like in this proposal (compound interest, elementary school).

I"ll sell all my NBT and never come back if this motion passed.

I hope you like the current price.

[crypto_coiner]

And btw, I just bring this idea up, I don’t own a single NSR and I also didn’t own any NSR when you threw all your customers

I am afraid – that statement is not verifiable, but humans are moved by economical incentives –
What is your incentive to hang in here then?

[creon]

but humans are moved by economical incentives

not all humans. I agree that greed is the strongest driving force in crypto publicity but these algorithms only exist because of people with entirely different motivations, so I am not alone.

What is your incentive to hang in here then?

To see what happens in those very unique game theoretical situations here.

[Sabreiib]

Then I also strongly suggest you don’t comment on any NSR related issue anymore since you don’t own any NSR

I have BKS, need to communicate with my debtors because BKS holders have 120,000NBT.

[cryptog]

I think 100% reserve is too much.
I would be much more comfortable with 50% reserve.

As for the temporary cap on the NuBits money supply, I understand why you d want to set it. Because you want to limit Nu’s liabilities as long as the peg is not restored.

But in any case, the reserve ratio question’s answer depends on the following question, I believe: Do we really want to still peg via NBT/BTC only?

I think this time we really need to develop ways to peg via NBT/USD too.

Maybe we can start with 50% peg via NBT/BTC 1), 50% peg via NBT/USD 2).
In each case, the necessary ratio of reserve should be different.
2) ratio should be typically much lower than 1) ratio since 2) is not exposed to BTC volatility.

As for the cap, in case we find ways to get revenues (and I think this time we must do so) (ex: NuCost API, some kind of burning mechanism to make NuBits holders pay for the privilege of using NuBits), probably we would not need to set a cap because the NuBits destruction would counterbalance the inflation, though I feel it would be safer to do so at the beginning, in any case.

[Sabreiib]

I bet here and now 1 BTC with you that B&C will never reach this amount of trading volume. Again, you don’t understand how B&C works, you think it can be used like Poloniex but it can’t.

Could you elaborate it? Why couldn’t B&C achieve one million USD trade volume per day??

[Sabreiib]

In both proposals your effective balance will be decreased if you sell your NBT in near future. Here you just get 10 cent on the dollar you originally paid, in our proposal you lose 5 cent on the dollar every month as long as you don’t park. It takes over a year to reduce your balance to 10% like in this proposal (compound interest, elementary school).

After your “burn” motion passed, If I just keep 100NBT in my local wallet and don’t park, 1 year later, how many NBT do I have? Only 10NBT??

[Mark]

@Sabreiib, when @creon appeared here on our forum for the first time we had troubles and he developed a solution that works until now and even he did this without any compensation.

@creon will save Nu for the second time.

@Sabreiib, what did you did for Nu?

Edit:typo

[Sabreiib]

I suggested Nu to find a decent revenue from 2014, and I had given out some model to avoid high expenditure, but seldom are interested in it, and after nearly 2years, you return to the original point with tons of debts.

BtW, could you image BTC miners vote to decrease BTC holders’ balance? This kind of motion cross the red line. Just my two cents.

[Mark]

@creon’s proposal is simple, brilliant and works.

What is your proposal? Please, explain something that works. (Without suggestions to find … and bla, bla, bla.)

[Sabreiib]

My proposal was there in Sep. 2014 :

Feasible profit model discuss

He said NuBits is a ponzi, we need to clarify our profit model. This is really important. I'll tell out one of mine 1) Custodians provide 100% reseve by puting all his/their FIAT income from selling NBT into building up buy walls. 2) Make profit from charging transfer fee. For instance, custodians sell wall is 1.02$ and buy wall at 0.96$, this assures Nu has profit after exchanges taking off their own transaction fee. 3)If profit is enough, we peg NuBits or other unit to 1$ buying p…

Have you ever noticed?

[Mark]

My proposal was there in Sep. 2014 : https://discuss.nubits.com/t/feasible-profit-model-discuss/272 Have you ever noticed?

I don’t see big difference from current model?

And most important, I like automation. I hate to be dependent of people’s decisions.

[Sabreiib]

My proposal was “100% reserve, spread pegging and pledge NSR to borrow NBT”. That was in 2014.

Of course if B&C’s revenue is quite big, 60-80% reserve is also OK.

[crypto_coiner]

@creon will save Nu for the second time.

Thats all relative.
That s certrainly not the kind of wording I will use
Even if @Sabreiib might not be as clear as others I appreciate his participation in the discussion.

[Sentinelrv]

I bet here and now 1 BTC with you that B&C will never reach this amount of trading volume. Again, you don’t understand how B&C works, you think it can be used like Poloniex but it can’t.

Could you elaborate it? Why couldn’t B&C achieve one million USD trade volume per day??

I believe Creon is talking about the fact that B&C is much slower than a normal exchange due to the use of a blockchain. That may be true, but it’s really built for people who prefer security of funds over speed of trades.

@Sabreiib also believes there may be a way to make B&C use off-chain instant trading, but I don’t completely understand how it works.

[creon]

Could you elaborate it? Why couldn’t B&C achieve one million USD trade volume per day??

Because it is too slow for hedging or even moderate frequency trading, which is where most volume is produced. That plus the cumbersome actions that are required to use it (e.g. buying BKC beforehand on an actual exchange).

If I just keep 100NBT in my local wallet and don’t park, 1 year later, how many NBT do I have?

Really? You can’t do the math? Its 100 * (1 - X)^12 with X being the burn rate. So assuming the burn rate to be 10% per month, then after one year you would have 28.24 USD left if you never parked them. With JLs proposal you will have 10 USD at day one. Its really surprising that you have no issue with denominating 1 NBT to 10 cent (which mean decreasing the balance of all holders by 90%) but see a big problem with asking for a fee for usage time (now 10% per month, ideally around 1% at most).

My proposal was “100% reserve, spread pegging and pledge NSR to borrow NBT”.

Spread is not a revenue model because your own customers will compete with you (i.e. if you provide NBT at 3% spread then people will come and offer a lower spread as long as it is profitable).

Borrowing is exactly what a coinage dependent fee realizes. Borrowing without any blockchain relation will require a lot of legal work and risk assessment and your post there clearly didn’t give any of those and further doesn’t describe any method to actually do it.

That s certrainly not the kind of wording I will use

me neither and I also don’t want to play anyones Commander of Liquidity.

[Phoenix]

When I see a plan for revenue that doesn’t include NSR, I’ll vote for a peg.

So your plan is to defraud NuBit holders of their value unless some one else comes up with a plan you are unable to characterize except to say that it has to make money? You think this is helpful?

Sheer stupidity. You betray NuBit holders. Some shareholders and even more liquidity providers thought they could betray and destroy NuBit holders and emerge in fine shape. The stupidity of this attitude amazes me. The system was well designed to place NuShare holders and NuBit users in the same boat. If NuBit holders sink to the depths, so will NuShare holders. NuShare holders, you have lost 85% of your equity value as you have abandoned NuBit holders. The only way up is to start supporting your currency while boldly rejecting all who wish to destroy NuBit holders.

Have you had enough of experimenting with destroying NuBit holders, or would you like to continue sending the NuShare price to zero? Can you not see the effort has been disastrous?

[creon]

JL, nobody gives a shit anymore about anything you say. Better post those fund addresses and pass the coins over to someone responsible.

Also, you should know that officials are already looking for you.