Why so?
Was not sure so asked lol.
Spoke to Ronny over at Open Ledger if I could do that via his platform and this was his reply
Ronny Boesing
7:45 PM (4 minutes ago)
to me
Nbt and nsr have been integrated into openledger already as opennsr and opennbt. After fork open.nbt etc and idea is really to enable nbt to be traded on platform just as any other one with the advantage that nbt is stable
I would love to arrange for nubits users to get validated and with same account on ccedk as on OL get their account funded directly to opennbt from let’s say usd
Or nbt to open usd for that matter
Not sure we need to wait for the kyc on openledger if we can arrange this already in ccedk
Sent from my iPhone
Far from messing anything up, it would actually allow shareholders to allocate more resources to fiat liquidity provision, which is likely to be much less expensive than BTC liquidity provision. This is a benefit for shareholders. We should constantly be striving to increase the number of “on-ramps” to make converting fiat to NBT easier.
These are proxy assets that have no guarantees for redemption on the platform should a negative event occur. They are not real NuBits, nor are they backed by our network in the same way. They are fake NuBits.
B&C Exchange will be a much more desirable decentralized exchange because it will allow direct trading of NuBits with other cryptocurrencies.
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Will it allow exit and entry by Fiat?
This is very important. Seconded 100%.
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This was discussed in “Method 3” in Enable easy selling/buying Nubits with e-currency USD
It is encouraged and as long as you don’t ask the shareholders for money, you can set whatever exchange rate.
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@tomjoad just so you know, some guy on bitcointalk said he pmed you about getting his exchange listed on our website.
I haven’t received a PM here. Could you point me in the right direction?
entertheabyss on bitcointalk
https://bitcointalk.org/index.php?topic=1274789.msg13166074#msg13166074
I’m not sure where he sent the message, but that’s good to hear he’s interested.
Has anyone used that exchange before? We should have first-hand accounts of using the exchange prior to adding it to nubits.com.
I hope in January of 2016 to have a platform set up to allow people to enter and exit NBT via fiat including debit/credit cards. I will try and offer several currencies.
I wont be asking shareholders for funds.
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Today on r/ethereum : What’s the status of StableCoins? When can we expect these to go live?
NuShares has had a well pegged USD stablecoin in Nubits for over a year.I dont care who makes a stablecoin that people can trust, be it Makercoin, Nushares or someone else. Thus I would encourage these different projects join their forces if possible.Afaik Tether has centralized reserves so thats a different kind of animal and will probably be better with themselves. BitUSD on the other hand has had lots of trouble keeping their peg stable.
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NuBits mentionned in the Maker glossary:
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Just now on r/stablit
An improvement over nubits in some ways, but it still seems like liquidity shocks are a huge risk. There’s a Nu proposal to deal with it: slow everyone down via capital controls so people have time to settle down and figure out what new rate will create balanced buy/sell liquidity! [Withdrawn] Motion to create a new Tier 6 (Restricted Network Access) of liquidity
Neither utilizes the key insight of bitUSD which is nearly eliminating collateral risk and guaranteeing buy-side liquidity by making individuals leverage their privately owned shares to issue the token. I’d bet that one day Nu will require LPC’s to lock up NSR to get custodian grants, and require them to pay back the nubits to unlock them…
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BitUSD: 1 USD
The original stablecoin. Successfully running for 1+ year. Backed by on-chain collateral. Bitshares blockchain.
https://bitshares.org/
NuBits: 1 USD
Successfully run for 1+ year. Backed by fiat reserves held by DAO appointed custodians with no legal guarantee. NuShares blockchain.
https://nubits.com/
USDT (Tether): 1 USD
Successfully run for 1+ year. Backed by fiat reserves held by centrally appointed, audited custodians with legal guarantee. Requires KYC. BTC blockchain (ETH coming later).
https://tether.to/
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Thanks for pointing to r/Stablit. Very interesting place for those who are interested in stable coins.
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NuBits, mentioned as reference in the mechanics model of Maker (Dai)
"The mechanics of the Dai Alpha are similar to NuBits, the second oldest stablecoin. "
The DA is the name we give the Dai economy when it is first launched a couple of weeks from now. As the name suggests, it’s an early and less secure version of the full system, that goes live with the goal of allowing public testing and integration by the community, as well as being useful for some economic activity (such as decentralized ETH daytrading).
The mechanics of the Dai Alpha are similar to NuBits, the second oldest stablecoin. The most important part of the system are the custodians, similar to NuBits these are centralized, trusted entities that are entrusted by the community to receive newly printed (“fresh”) Dai to sell off for cryptocurrency such as ether or bitcoin, which is then converted to fiat reserves and held to allow the custodians to maintain the 1 SDR peg in the future. Functionally, the peg will be maintained using a single “pegger contract” on Ethereum that buys and sells Dai in large volumes, at a high spread. The high spread is necessary for guaranteeing the economic viability of maintaining the Dai Alpha peg, which is important to ensure its stability.
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"NuBits has successfully proven that it is possible to create a stable crypto-currency. Imagine that the design of Ethereum had been based on a stable coin (tracking say the dollar / euro) which would be used to pay for transactions and a separate share token that is used to stake out consensus."
Source: https://www.reddit.com/r/ethereum/comments/3m3kul/wild_idea/
"Is there any work being done on a decentralized exchange where traders could exchange Bitcoins for altcoins like NuBits that track the us dollar. "
Source: https://www.reddit.com/r/Bitcoin/comments/3w5kju/decentralized_exchange_is_it_possible/
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NuBits, mentioned several times:
Oh, btw, nuBits is doing exactly what you proposed. It takes the FED way and uses liquidity bots to enforce the peg.
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BitShares-based BitUSD is probably the best known one, and it’s definitely not dead and works as advertised.
NuBits is another one and it works as advertised too.
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BitShares and NuBits are just two of the failed experiments I was talking about. BitShares are worth nothing. NuBits’ parking interest failed, so they adapted the system: now they mint NuShares and use them to buy up NuBits. As a result of the hyperinflation this caused they are now in the process of re-denominating NuShares such that 1 new NuShare = 10,000 old NuShares.
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Not theoretical, check out /r/nubits. Currently it tracks a USD, but there’s nothing stopping it from tracking, say a basket of goods.
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This lead me to this
NuBits has seemingly modeled the US Fed’s open market operations, despite the fact that
decentralization is incompatible with the highly-coordinated-and-credible activities of the FOMC (which enjoys almost-perfect investor-confidence as a result of being “the unique
leader”). Moreover, they seem to have chosen the disastrous Prompt 1 of “competing feed providers”.
The piece is generally thought provoking. (although written in Jan 2015)
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