Multiple Exchange Integrations Demonstrates Community Support for
World’s First Blockchain-Enabled Platform to Offer Fiat Currency
Tether appears to be nothing more than a coin labeled “us dollar” with the added wish of achieving a stable peg to $1USD. Almost no volume whatsoever and no stability.
Any data on the non stability?
All i see with nubits is a bunch of dudes creating money out of thin air. You put new nubits into existence and sell it for btc, thats all i see. And the only reason its working is that you say, hold the nubits!!! for more Interest!!! if demand gets low. Solving your short term problems but making it worse and worse in the future.
'll take my tetherUSD and cash it out to my local currency any time i need to, because its backed 1:1 by an audited establishment.
Yah, i mean, that’s a year old argument that’s been refuted a hundred times. Long story short, we’re maintained by the same thing that BitUSD is: shares in the company. We haven’t even offered park rates in months.
Enjoy your centralization though.
NuBits-for-NuShares burning and variable transaction fees are two major innovations that have occurred since you last visited the forum a year ago. Both are major improvements over the original design of NuBits. Nu continues to lead the way in maintaining the best decentralized US price peg in the world.
Then you should try to get a little bit more far-sighted
Although your post is quite provoking and being based on false assumptions, I take the freedom to answer you in a constructive way.
That’s what Nu does - just like central banks do.
The fiat issued by central banks is typically backed by the economies to which the fiat is tied to. This is in difference to the former gold standard model, which was due to the inability to spawn gold at will limited in its scalability.
NBT are backed by NSR. The value of the “bank” that issues this currency is what warrants the value of the currency - and that is more fair than what central banks do! They issue fiat and hold the society captive and liable for it. If the central banks mess up, the society pays for it.
If Nu messes up, Nu pays for it.
Fiat holders would be just as screwed as NBT holders in the case of “central bank default”. But as a lot of the fiat holders are part of the society that needs to pay the bill in that case, they are hit twice.
That’s much more fair with Nu. There’s only one more stable pegged crypto currency, that is designed on a similar economical concept: bitUSD.
Nu supports CNY, USD and EUR liquidity operations as well. And Nu supports not only the sell side, but the buy side. So you can sell CNY, USD, EUR and BTC for NBT and vice versa.
You should hope that this still works if you need to.
Tether is centralized and keeps the collateral as USD. Pray that these USD won’t get stolen by hackers or employees and don’t get frozen by the government of the land where Tether hosts the relevant bank account(s).
If you like crypto currencies because it’s so hard to regulate and confiscate them, you are dead wrong betting on Tether. You’d be wrong at coinoUSD as well. The latter ones might use blockchains for accounting purposes, but they are central entities directly connected to fiat.
There’s so many vectors to attack them.
If you are interested in a truly decentralized pegged crypto currency, there’s not much more than bitUSD and NBT which meet the requirements.
I can’t say how reliable the peg of bitUSD is after the switch to BitShares 2.0, because there has been no volume at exchanges and only two exchanges support bitUSD currently.
But I’d still rather use bitUSD than Tether or coinoUSD.
Choosing between NBT and bitUSD I end up with NBT because it has shown a tight peg for more than one year even under high pressure due to exchange defaults in February this year. Seeing that NBT is capable of handling daily transaction volumes in the millions (USD) makes me confident that NBT works as designed.
Especially if you look at the ratio between NBT supply and daily volume, you will recognize that NBT is a very good currency which is a very appreciated means of exchange.
thanks MoD. i learned one two things my self!
always a good opportunity to explain-promote NBT’s architecture to an accusation that reply with another accusation
Does anyone understand how Tether is able to publish $1 on CMC always during highly volatile episodes of ETH and BTC which appears to be their main trading currencies on Poloniex. Are they using a specific bot or did they make a deal with CMC or Poloniex?
It think it is worth investing some time/funds to change this as they will or are using it as an imo unfair marketing tool against us in case it is not a extremely smart bot they managed to develop.
Cmc chooses one of the two units on a pair to be the base. Tether is always chosen as the base, and so is assumed to have a stable price. The end result is that their numbers on cmc are meaningless.
We could push to have cmc falsely report our peg as perfect like they do for tether, but i actually like it better the way it is. Anyone can look at our cmc page and know there are no shenanigans.