This is interesting. I wonder if we could do something with this when it comes to marketing, like interview the guy about what it’s like to live on NuBits compared to living solely on Bitcoin. Is he using NuDroid to make all his payments in NuBits? It could show people that it is possible to live completely on crypto alone, while also maintaining the stability of fiat.
People already showed that with Bitcoin, the interesting part is that he went a step further with trusting his savings to a stable currency instead of a highly volatile one. Hope he has found out about NuDroid, that would make his life a lot easier.
I have big trust in the Nu network, but even though I find it brave to have all life savings in NuBits…
Also he has a wife and a child…That means a lot for NuBits.
With that background I need to ask:
do you believe this person has all his/their life savings in NuBits?
Would you say this is a sensible choice?
I very much like and adore the design of NuBits, but putting all eggs into one basket is rarely wise…
Yes I know. The main difference though as you pointed out is that a person living solely on NuBits would preserve the value of their money. That would make it easier and more predictable to live on NuBits compared with a volatile asset like Bitcoin, as long as the peg continued to hold.
That much is true, but is living on NuBits easier than living on a combination of fiat and NuBits?
I might be just not the right person for an “all-in mentality” so I better stop here instead of spoiling this impressive decision.
I have invited Marlon to share his view on the forum.
Marlon Koland -toldixxbeam- here.
To say that I live solely on NuBits would be inaccurate, as I need to have a constant inventory of USD and bitcoin to conduct my business. I simply utilize NuBits as a means of savings and is my primary option for dividend payments to clients through my business Augmentation Inc. I choose to do this for the obvious reason of volatility; it is the safest way to preserve shared equity. It is also convenient because Augmentation uses silver as a medium of exchange between bitcoin and USD, and with so much volatility between markets, the efficient way to track profits is in USD.
I have also had too many bank related issues to count regarding my nature of business, and I need to buy/sell bitcoin many times a day because the majority of my trading is hedged, so aside from using an exchange (which is difficult with banking issues), the easiest way to log and track income and expenses from business -as well as personal- is with an organized NuBits wallet.
That is not related to why I made that statement on Facebook though, that is just how I currently utilize NuBits.
I hope this does not infuriate any bitcoin fanatics reading this, but I want to openly acknowledge that I believe that bitcoin is NOT the future of currency; only the technology behind it is. The “future” is going to hold many options of crypto, giving the people the choice (ex. how silver, gold does with precious metals). People will always want some sort of stability, regardless of what that looks like, and regardless of if the individual decides to utilize it or not; it just needs to be there. I do not go without mentioning NuBits to anybody that I attempt to explain bitcoin to.
Feel free to ask any other questions,
Tks for accepting my invitation to join the forum and tks for the comment.
What s the size of the liquidity that you usually need each time you trade nubits if i may ask?
Welcome @toldixxbeam, Marlon, to the forum and thank you for sharing your experience with NuBits!
When I read that you were holding your life savings in NBT I was a bit puzzled, because despite all the love I bear for Nu and NBT I find it dangerous to have no diversification.
Now I understand better - at least I think I do.
You hold an amount of money in NBTthat is required to run your business, Augmentation Inc., right?
So rather your business related cash flow is based on NBT, than your private assets?
Which is still impressive, because it means your cash flow is based on a digital cryptocurrency based token that is pegged to the value of USD!
You have the stability of the Dollar and the convenience and security of a blockchain based crypto currency.
I congratulate you on your choice!
Imagine how easy it would be not having to convert between BTC and NBT hence and forth if customers or suppliers would use NBT!
I wonder why I don’t find a reference to NBT on https://www.facebook.com/toldixxbeam
Is there an issue making deals on https://localbitcoins.com/ and having payment in NBT?
Explaining NBT to those whom you attemt to explain Bitcoin to can make your life and their life easier if Bitcoin is meant to be used as means of payment.
If those are interested in Bitcoin as investment, telling them about NuShares would be the right move
@toldixxbeam Welcome. How did you discover NuBits? You appear to be using NBT exactly as we intended, so it is helpful for us to understand what messaging and/or websites helped attract you to our products.
I cannot agree more.
I hear about Nu on a youtube video, I can not really recall… This was about 9 months ago maybe? IDK. I followed it for a few months, and jumped right in. It was very easy to implement into my business module. I am by no means a “big fish”, my liquidity is around $500-1000/transaction, maybe 10k/week volume, if even.
What happened to the "Introducing NuBits " video?
Discussion on nubits, bitsusd and tether [jan, 8th]:
this, today on r/Bitcoin
Bitshares discusses again NuBits peg:
My vote is yes… we have the chance to crush our competition (Nubits) by implementing such a feature.
Pretty much Nubit’s only benefit is that they dilute Nushares holders to provide liquidity for Nubits, and I think we should level the playing field and do this ourselves with Smartcoins. However, the way you state it should work in your OP is flawed because it only helps people that want to buy Smartcoins at a reasonable price, and does nothing to ensure that they can sell them at a reasonable price. There is a reason Nubits puts up both sell and buy walls… if I am buying Smartcoins I want to be reasonably certain that I will be able to sell them close to parity. I think the way Nubits/Nushares provides liquidity is a much better way of doing it… by the use of elected custodians which are provided incentive by diluting Nushares. Each custodian provides their own funds for operating liquidity operations and is incentived by payments made from Nushares dilution.
from coinhoarder: “Pretty much Nubit’s only benefit is that they dilute Nushares holders to provide liquidity for Nubits”…
There is no such forced mechanism in Nu. The peg is maintained by liquidity providers that we pay in NuBits. If the peg is endangered the last resort is nushares sales (dilution) but before Nu uses Reserve (T4) and Parking (T5).