So according to this article they may or may not be looking at Nu :
the white paper acknowledges similarities between the Cryptocurrency That Dare Not Speak Its Name and one of the design options that the Fed deemed worthy of closer consideration.
That’d be ‘flattering’
They may already be very aware of the network…
That tweet is from November. Look who it’s from.
I can only encourage the readers here to keep an eye on this thread - just in case…
so they could outcompete Nu with their funding if they copy the Nu design.
FED has tremendous amount of resource and we cannot win again FED at all.
The only weakness of FED is its monetary police which comes form Keynes, that’s why I disgrees with 1 USD pegging, I prefer anti-infaltion feature.
F A Hayek is on our side if we keep purchasing Power stable, otherwise I don’t think we have a bright future. Why do people trust a small private/centralized nubits system and ignore the huge FED’s cryptocurrency?
I’ve expressed this opinion several times that the blockchain tech is just surface tech and sooner or later those government will learn to how to utilize blockchain, they are never lack of IT programmers and finance experts, are they?
Three boxers in future
1)boxer one, government’s cryptocurrency with low cost and fast transfer features just like BTC/NBT. But the currency quantity is controlled by central banks.
2)boxer two. The Internet era gold standard with fixed supply, such as Bitcoin. But I don’t believe PPC can build up its own gold standard due to easily copied without hashrate protection. Hashrate of PPC has no contribute to security.
- boxer three. The Hayek coins with flexible supply to maintain purchasing power, this is the only way for Nubits IMO.
Attack government’s weakness, the flawed monetary theory! They dislike Hayek’s theory because it is just against their monopoly interest but not against the truth!
From the Nu white paper:
If successful it will induce the Federal Reserve to be more efficient and compete better, which will benefit nearly everyone and make our world much more peaceful.
In other words, if national governments decide to create digital currencies that offer benefits that exceed what is capable from projects like ours, it will be a success for humanity. If they don’t offer those options, stable-value digital currencies like Nu will rapidly gain adoption and popularity.
Goverments believe blockchain tech is a little bit immature, they will use this tech if they choose to, without any difficulty.
The real battle is between different economis theories, not among specific crypto coins.
From the white paper:
In the edge case that USD hyperinflation does occur, shareholders may at that time pass a motion to peg NuBits to another currency, commodity or basket of goods.
From what I understand, Hayek advocates private monies.
Nu is a private money.
If the current Age is on our side (which I think it is the case), private monies will be allowed.
Even if the FED creates their own pegged crypto currency, we can safely argue that a large portion of users will choose to use a private money because those folks would decide not to trust governments.
FED is also a private organization , and if a person distrusts FED’s USD, he/she probably hate NBT too because NBT is pegged to USD.
Hayek advocated for a purchasing power stable private currency while NBT value is controlled by FED,doomed to be inflationary, that’s a big disagreement.
- boxer one, inflationary currency, fiat
2)boxer two, deflationary currency, gold/BTC
3)boxer three, stable purchasing power currency
Inflation/deflation is the most important difference among them, so I guess Hayek dislikes NBT if he’s alive.
Imho, there is nothing that can prevent Nu to peg to an inflation-free value.
And let us face it, inflation of 2% is not hyperinflation so FIAT is still very useful if you live in a major economy.
I am not worried about hyper-inflation of FIAT. I think confiscation of deposits is much more likely as a possibility.
if governments fail to drive people’s deposits out of banks to stimulate economics, they will print more money. Don’t underestimate the people’s worry about devaluation of their hard earn money.
Every government, in spite of democracy or imperious, has enough incentive to OVER STIMULATE the economics because the bad result of over-stimulation will come years after their retirement. They are keen to enjoy the accomplishment of “temporary(e.g. 10 years)” high employment rate and economics increase rate and
Après moi, le déluge
After me, the flood