Someone is trying to create a billion NBT

[Chronos]

Someone (or a group of people) are voting to create 1’034’240’000 NBT. They already have over 2% of the votes, so some major shares are behind this. See http://blockexplorer.nu/votes

Any thoughts?

[CoinGame]

We noticed this earlier. It doesn’t show up in the client if you run the getcustodianvotes RPC. We’re waiting to hear from Johny to see if it’s a glitch in the block explorer.

[Sentinelrv]

And this is why the current screening process and distribution of NuShares is necessary, to protect it from competitors and people who wish to crash the system on purpose.

I just hope that as the price of NuShares rises, that the majority of shareholders will vote the right way to protect their investment.

Intentionally voting the wrong way would not only cause the price of their shares to go down if the peg was lost, it would also prevent them from receiving dividends. Those are two reasons to vote correctly right there.

[Ben]

I’m not 100% sure that this is the same thing, but here’s one possible candidate to explain it. Use getcustodianvotes 42366 (or update it to the most recent block height) to see the record:

"BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC" : {
"4040000.00" : {
"blocks" : 234,
"block_percentage" : 2.34000000,
"sharedays" : 84890231,
"shareday_percentage" : 3.11270701
}

That appears to be a (first?) set of votes cast for the “strategic reserve” proposal. It’s very possible that the block explorer is having a problem decoding votes cast for multi-signature addresses, and that’s why both the address and the amount are so off.

[cryptog]

2% is not significant anyway.

[CoinGame]

This was confirmed to be an issue with the block explorer. It’s because the address is a multi-sig address. Johny is aware.

[Chronos]

2% is not significant anyway.

It’s 2% of the past 10000 blocks, so it grows over time. Once the attacker has been attacking for a week, this percentage is maximized.

Good point. Perhaps we should also display the percentage of blocks since the vote was first seen.

[irritant]

what would be wrong with creating the number of nubits equal to the amount of dollars available? Offer them for USD, make some rule they’re only used for the sellbuywalls, or some trickery, people use their NuBits happily ever after, maybe just half of the amount of usd if you think they will be around next to each other for a while still

probably a lot im missing here i just imagined about this a little bit, maybe someone can explain that it is not really a good idea

All told, anyone looking for all of the U.S. dollars in the world in July 2013 could expect to find approximately $10.5 trillion in existence,
using the M2 money supply definition. If you just want to count actual
notes and coins, there are about U.S. $1.2 trillion floating around the
globe.

[Chronos]

what would be wrong with creating the number of nubits equal to the amount of dollars available?

The problem is risk. Who would buy NBT, knowing that custodian(s) could flood the market with billions of NBT if they lose control of their funds?