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entertheabyss on bitcointalk

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

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.


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.


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 [Withdrawn] Motion to create a new Tier 6 (Restricted Network Access) of liquidity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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The original stablecoin. Successfully running for 1+ year. Backed by on-chain collateral. Bitshares blockchain.

NuBits: 1 USD

Successfully run for 1+ year. Backed by fiat reserves held by DAO appointed custodians with no legal guarantee. NuShares blockchain.

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).

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Thanks for pointing to r/Stablit. Very interesting place for those who are interested in stable coins.


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."

"Is there any work being done on a decentralized exchange where traders could exchange Bitcoins for altcoins like NuBits that track the us dollar. "


On r/Bitcoin (8 days ago): Theoretical Discussion: Do You Think a Decentralized and Stable Crypto Currency Could be Created?

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.

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.

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.

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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its a darknet exchange that can only be accessed through i2p. How to use exchanged.i2p
however there are 3rd party inproxies you can use to access it. at the api works fine over inproxies.
~entertheabyss, who wants to get listed on as being an NBT exchange

No mention of NuBits, although the talk deals with pegging with the USD on the blockchain –

Streamed live on May 21, 2015

Have you heard of BitUSD?

It is a CryptoAsset that attempts to peg itself to the US dollar in a decentralized fashion. There is no counterparty risk and there are no IOU’s. It is backed by 300% collateral on the world’s first decentralized exchange - and also pays interest… this means is you can hold value in crypto.

BitUSD - along with Tether - together, are now being traded on (Erik Voorhee’s no account, no password crypto exchange).

Is this too good to be true? Will this be the killer app for bringing Bitcoin to the masses? How long has it been working? Has there been any hiccups? Is this the future of fiat?

12 posts were merged into an existing topic: Competing pegged currencies - bitUSD

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on r/bitcoin, nubits mentioned

JustAnotherBitcoiner 7 points 11 days ago

This is why we need an efficient decentralized crypto exchange. Will this ever happen?

BitcoinXio 3 points 10 days ago

It won’t happen as long as govt regulated fiat money is involved. For pure crypto to crypto exchanges, sure it’s already happening. But with people wanting to buy btc with fiat it can’t happen due to regulations/banks.

JustAnotherBitcoiner 5 points 10 days ago

You could use an altcoin like NuBits that is changing the supply after supply and demand to stay within the price of a us dollar. Since a NuBits is always is worth 1$ this would function like a token or store of value when prices are going down. Whenever you want to cash out to you bank account you could use a gateway service and pay a small fee and have your money in a bank account. This is better than having fiat involved directly with the exchange. Since a centralized bank would not make a decentralized exchange decentralized. Plus I want my bank to have as little to do with my bitcoins as possible.


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At 30:35, NuBits and hayek money mentioned:


On r/ethereum, nubits peg value recognized:

No, no, no, BitUSD has been horrible in holding their peg.

NuBits has had a perfect peg excluding high volatility periods in btc, so I’d rather recommend people look at what NuShares has done.

Source :