The Daily Decrypt

NuBits
#2

November 16, 2015: https://www.youtube.com/watch?v=VT-QN9eHNag

Our first appearance occurred today. What are everyone’s thoughts on Amanda’s pitch at the end? It’s different from the notes I provided her, but I’m fine with it as long as we come across as a credible, professional stable digital currency. Our logo at the beginning of the show looked great.

Unfortunately, the show mistakenly featured a new set of marketing lies from BitShares, which I believe was a result of TDD taking their statements at face value. Most journalists eventually realize that’s never a good approach with BitShares. It briefly focused on a recent article here: https://news.bitcoin.com/10-exchanges-now-proving-solvency-on-bitshares-blockchain/

The article stated:

Bitcoin.com (BC): You report that OpenLedger (CCEDK), BlockTrades, Poloniex, MetaExchange, Yunbi, BTC38, BTER, DACPlay, BunkerDEX and BANX are all currently “proving their solvency” via the BitShares blockchain. What does this mean?

BitShares: All exchanges in the BitShares Exchange Network keep their order books on the same BitShares blockchain, where everyone can see them. That means that I don’t actually give control of my assets to the exchanges and am therefore not exposed to exchange counterparty risk.

Each member exchange competes by providing a unique front end interface (web wallet), user training and support, and specialized products and services. But they all use the same back-end trading engine – the one inside the BitShares blockchain. (The same one any individual can use if they download their own BitShares wallet and bypass all the exchanges.)

But casual users can access their own funds via the custom web wallet provided by the exchange, which looks like the web interface of any familiar centralized exchange. No matter whether you use the web wallet of any member exchange or your own downloaded full wallet, you have access to the same blockchain.

I thought this sounded like nonsense, so I reached out to a senior-level contact of ours at Poloniex, who wrote back to me:

Nothing about that article is remotely accurate. The owner of Poloniex did confirm our cold wallet address with the BTS team, and it seems they’ve spun the information to mean “proof of reserves” and even that we are “running on Bitshares”. Poloniex is running its own trade engine, on its own dedicated servers. I apologize for the confusion.

So there you go. Day 1 of NuBits advertising with The Daily Decrypt just happens to occur on a day where BitShares has been caught (once again) over-promising and under-delivering their network. If you needed a contrast between our marketing approaches, you could hardly ask for a better contrast than today’s episode.

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#3

Good catch @tomjoad !!

#4

This type of info should really be investigated further by contacting the other exchanges. It goes to show that their marketing strategy is consistently based on lies, slander, and misdirection.

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#6

I definitely agree with and admire @tomjoad’s approach of not participating in a toxic back-and-forth fight sort of communication with BitShares.

However, if this is really going on—which can be damaging to the whole cryptosphere (though perhaps that’s being dramatic)—maybe it should be given attention somehow.

Regarding the episode, I think she presented us well! I keep reading we’ve kept the peg perfectly, but at around two minutes in the video NuBits ticked by at $1.01 and she said “almost exactly one dollar” at the end, which is fine, but what is technically correct? I assume CoinMarketCap is employed for data, but I’ve wondered this for a while. How quickly are the bots adjusting the walls according to Bitcoin’s fluctuations?

:nsr: :rocket:
:monorail: :nbt: $1.00

#7

most bot tolerances are ~1%. Deviation (how quickly they move the walls) is ~0.25% for most clients.

#8

I personally don’t like the “almost exactly one dollar”. It is not the message we want to transmit. I personally would not advertise technical aspects, tolerances and such to potential users.

The only thing a new user should know is that NuBits are “exactly one dollar”.

Edit: If someone needs deep understanding, he/she can come to take a look at the forums.

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#9

Amanda just posted a comment correcting the statement about solvency and orderbooks. :rose:

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#10

Our peg has been perfectly accurate at all times in the past. Specifically, there has always been buy orders and sell orders for NuBits open on public exchanges that center on $1.00, with a small spread, at all times.

We have seen NuBits quoted at 0.99 or 1.01 frequently. This is because NuBit trades are mostly denominated in Bitcoin, and there is no consensus on the Bitcoin price, even in a particular moment. Our liquidity providers use an average Bitcoin price based on live data from a number of exchanges. If you use different exchanges or a different weighting to calculate the Bitcoin price, then you will conclude NuBits are slightly off the $1.00 mark. For example, suppose our liquidity software assesses the Bitcoin price at $300. The price for NuBits are set in Bitcoin satoshis, centered exactly at $1.00, with the presumption that Bitcoin is $300. But imagine that Alice believes Bitcoin is $303. She will perceive NuBits to be $1.01. Imagine Bob believes Bitcoin is $297. He will say NuBits are $0.99. Our liquidity providers, Alice and Bob will all agree that a NuBit is 0.003333 BTC in this scenario, while simultaneously claiming that a NuBit is either $0.99, $1.00 or $1.01.

Therefore, what many perceive as a slight drift in the NuBit price is merely a result of NuBits being priced in Bitcoin and the disagreement about the current price of Bitcoin. NuBits have always been pegged at $1.00 when the BTC price liquidity providers use is accepted as valid.

I don’t think it is fair to say NuBits have ever been any price except $1.00.

Edit: While we won’t be able to create consensus about the Bitcoin price, we can and should promote our own view of the Bitcoin price. This could be done by providing historical NuBit price and exchange information that uses the Bitcoin price calculations that our liquidity providers use.

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[Discussion] Liquidity operations - a paradigm shift
#11

many people will compare NBT with tether. Tether seems to be always exactly1$ with a “flat line” in CMC’s graphs.
but tether is centralized!

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#12

People who compare NBT with Tether and don’t find the difference will learn it the hard way if the Tether exchange or bank accounts get frozen, confiscated, etc.
Except for bitUSD there’s nothing that is decentralized, open source and pegged (to USD). I’m not sure about the peg of bitUSD since BitShares 2.0 was launched, because there’s no volume on external bitUSD markets…
But all other attempts to deal with pegged crypto currencies are either centralized (coinoUSD, Tether) or closed source with unknown level of decentralization (“Ideal Reserver, MØ”).
NBT is at the moment just the best pegged currency on the market!

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#13

today the show is on the homepage of r/Bitcoin @ https://www.reddit.com/r/Bitcoin/comments/3u0mm1/when_i_saw_that_those_4_drone_whistleblowers_had/

our logo is bright up there .

Good timing @tomjoad :lollipop:

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#14

I simply love how this weeks episode outtro was presented. Great work.

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#15

@tomjoad, maybe the intro could be improved a bit. I noticed the intro to this video mentioned us, but all the info was put at the very end. Many viewers might not make it to the very end to see our ad, so I think we need to take more advantage of the intro. I was thinking rather than just saying our name, she could add in our tagline as well, which gives out some information about what NuBits is, without having to go into explanations. For example…

“Today’s episode is brought to you by NuBits, the world’s best stable value digital currency”

I know the tagline is going to be changed, so I used best instead of first. That is still a very short intro, but it’s a lot more descriptive. People will now know what NuBits are without having to wait until the end of the video to see the ad. I also added the word value in there because I don’t think stable by itself is descriptive enough. Stable can mean other things as well. What do you think?

#16

I vote for a more direct message

“Today’s episode is brought to you by NuBits, the stable value digital currency”

Again if someone wants to know more, the homepage is on the image.

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#17

“The Daily Decrypt Joins the LTB Network”
— https://letstalkbitcoin.com/site-news

Episode #37 sponsored by B&C Exchange.
Episode #38 sponsored by NuBits.

I’m not sure about adding more in the beginning (assuming we could decide). I like how not in your face it currently is.

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#18

Unfortunately this is how the show sells its advertising space: a brief mention at the beginning, and then a more detailed bit at the end. Requesting more time would be breaching our agreement. I do agree it would be nice to have our tagline, but I also like that “brought to you by NuBits” sounds less like an advertisement without it.

#19

Would displaying the tagline with the logo work?

1 Like
#20

I’ll send Amanda a message and see what she thinks. Good idea.

#21

I am the encryption NBT, I am stable, I am convenient, I speed.

#22

I love the latest special of The Daily Decrypt.

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