Some Clarification

[akshaylamba]

Hi Every one

I am New to Nubit ,Before adapting Need some Clarification from the Team :-

1. How Does Minting or Mining Mechanism Work ,
2. What is the Maximum Extent that I can Mine.
3. Does Minting Depends on any Factors. and if I mine many coins ,Do I become Rich Enough to Spend this Without Working out Day and Night. Pls Explain.

[willy]

1. How Does Minting or Mining Mechanism Work ,

Proof of Stake. You will need to buy at least 10,000 NSR. Chunks of 10k will automatically try to find blocks after 7 days if your wallet is unlocked or “unlocked for minting only.” Please note, that in this 7 days your transactions “matures.” If you spend coins from the transaction partly (creating outputs), your maturity coinage will be reset. So just leave them

2. What is the Maximum Extent that I can Mine.

Every chunk of 10,000 NSR will give you a change to find a block.

3. Does Minting Depends on any Factors. and if I mine many coins ,Do I become Rich Enough to Spend this Without Working out Day and Night. Pls Explain.

If NuShares will become 1$ one day, a decent investment can make your living as you’re getting 40 NSR for every block found as reward. If NuShares will not reach 1$ in a foreseeable future: no, that’s unlikely Who can say for sure?

[Nagalim]

become Rich

If you buy NSR and stake it with your wallet (I.e. just hold it in you wallet without moving it) you will be able to add a vote to the system (every 10,000 NSR is 1 vote). This allows you to have a say in Nu’s future.
NSR has a dividend mechanism. This is because Nu is a business, unlike other crypto like bitcoin or peercoin. If Nu does well and makes a lot of money, some of that money can be distributed directly to shareholders (in the form of ppc currently, but we could just as well distribute bitcoin).
So, other than making more NSR by minting and hoping the NSR price goes up, by participating in the NSR voting process you can help Nu be successful such that you never even need to move the NSR to receive a reward in the form of other cryptocurrencies.

DISCLAIMER: There has not been a distribution in many months because Nu is still very young and has a long way to go before it reaches its full potential for profitability.

[Sentinelrv]

I’d also like to add that just like any business, it is up to the employees (in this case NuShareholders) to do the work necessary to put NuBits on the map. No dividends are guaranteed. If shareholders slack off then they’ll earn no profit. It is up to everyone to work together to solve problems and expand NuBits into new areas. I just want you to understand that there is some responsibility that comes with being a shareholder.

What I love about it is that people don’t need to be hired by an organization in order to earn profit. They simply need to own a stake in the network and work with others to make it succeed. Those who mint only though and don’t place votes are effectively voting against every single motion, which will negatively impact the network. So if you can’t find the time to follow really closely, it is suggested to subscribe to someone’s data feed for voting.

[akshaylamba]

Hi

thanks for your Reply…

1. what is the Price of 10000 NSR ,and from where shall I buy those.
2. Each NSR shall allow be to find a Block ,if I buy 30000 NSR ,then I am able to MINE 3 BLOCKs. Am I correct.
3. AM I getting some monetary Interest in keeping 30000 NSR for 7 Days unspent.if yes what is the %.
4. after keeping 30000 NSR for 7 days ,I am able to mine . What is the incentive structure for mining.

[willy]

1. https://nubits.com/exchanges/nushares-exchanges - pick one
2. Each chunk of 10k NSR will give you a chance to mint. Yes, 30k increases your chance to find a block. After a block is found, your shares will participate in the minting process again after 7 days, so it’s more of a consecutive process.
3. You’ll get 40 NSR for every block found… I think APR is around 2%.
4. 40 NSR reward, voting on grants and motions (one block = one vote) and thus supporting the NuNetwork.

[masterOfDisaster]

Hi,

• ad 1) have a look at https://nubits.com/exchanges/nushares-exchanges and pick an exchange of your taste
• ad 2) if you transfer 30,000 NSR to your wallet, they get split (unless configured differently) into 10,000 chunks giving you 3 times the chances to mine blocks, if that is what you mean by saying “mine 3 blocks”
• ad 3) your interest for keeping the NSR unspent is to have the chance to mint, which creates 40 NSR at the address that successfully minted a block. At average (with 40 new NSR per minute) the annual increase of NSR volume is expected to be around 2% per year.
• ad 4) collecting rewards (40 NSR per block), being able to vote, securing the network - things like that

Have fun!

[akshaylamba]

Exchange take place with respect to Digital Currency only or Can I exchange for dollars also.

[masterOfDisaster]

Very few exchanges currently have NBT/USD trading pairs. CCEDK is one of them.
You can deposit USD at CCEDK from a bank that supports Swift wire transfer.

At exchanges that have no NBT/USD pair, you can proxy buying NBT through the corresponding crypto pairs.
E.g. if there’s BTC/USD and NBT/BTS you can deposit USD, buy BTC and exchange them to NBT.

Converting fiat into crypto is still not very easy, but at least for fiat -> BTC there are some ways beyond exchanges.
Have a look at localbitcoins or Bitcoin ATMs.

[desrever]

Or you can easily buy NuBits with EUR @ https://bittylicious.com/

[Nagalim]

If you’re trying to buy NSR, you need to buy them on a crypto exchange, which basically means you need to be using BTC to buy the NSR. The alternative is to submit a bid for the NSR auction to Jordan Lee and you can submit the bid in whatever payment you want as long as you work out with him how to transfer that money.