Wow, an actual article dedicated to NuBits! Haven’t seen one of those in a long time. Great to see people are taking notice! I’m not sure if I agree with this part though…
Is the Nu protocol the answer to all our monetary economic prayers? Absolutely not. First, it would not seem to meet the robustness standards of a “real monetary rule,” as outlined by George Selgin. Unlike the automatic (if crude) supply protocol of bitcoin and most other cryptocurrencies, the NuBits supply protocol depends on voting NuShareholders. Second, it can — by definition — be no more stable than the dollar. Widespread adoption of NuBits would provide no refuge from the Fed’s monetary mismanagement.
We will soon have Euro and Yuan NuBits as well, not to mention SDR NuBits, which could possibly act as a refuge from irresponsible central banks. It might even be possible in the far future for Nu to release a currency which isn’t dependent on any central bank, one which acts as its own currency without needing to simulate or track the value of something else already in existence.
Yes. I know @tomjoad isn’t the marketing manager anymore, but he’s still part of the community, so I was wondering what he thought about it.
