This is kinda like that scene from Jerry Maguire
The PeerAssets Protocol (on Peercoin) Will Replace Peershares & Potentially Nu as Well. Come Join Us
Excuse me for caring about the financial success of friends that I’ve known and have been working with for the past 3-4 years.
I wouldn’t consider it proper etiquette to shill Peercoin in a Nu forum let alone make a dedicated Forum topic for it.
Anyways… Nushares are up 12% since the time of your tantrum, so keep doing what your doing.
This entire community originally came from Peercoin. If it was any other coin I was talking about I would agree with you, but most of us here have prior history together before Nu ever came along, so they know what I’m talking about.
I don’t care. There are more important things than price speculation.
But your worried about your brothers financial successes, aren’t you? If they would have sold and left for Peercoin when they listened to you they would have missed out on a 12% rise. Thats not exactly sound financial advice.
The reality of the situation on a broader scope is that Nubits has restored its peg. It’s doing what it was designed to do. Nushares trading volume has increased exponentially since the restoration and price has risen 68% in less than two months and continues to steadily rise. On top of these successes, there is STILL ongoing development with Nu thanks to some very talented developers. This can’t be said for half of the coins listed on Poloniex. I agree, Nu isn’t a perfect system and there are some things that need attention. But things certainly aren’t as dark and grim as some folks here like to make them out to be.
If you want to leave, go ahead. But try to do it with some dignity.
What I’m interested in and I believe others here are interested in is not day to day price speculation, but investing in something solid with a strong foundation and community, a coin that has its fundamentals and economic properties in order. I want to help create something real and lasting. This phony pump and dump culture filled with cloned networks that are full of hot air and marketing doesn’t interest me in the least. I want to support something that will last years to come.
Also, I did not ask anyone to sell their shares. I don’t expect anyone to sell at a loss when there is a good chance they will be able to sell higher in the near future. The people who I’m talking to most likely still own Peercoin, but just haven’t been active in the community for a long time because of their involvement with Nu. Even I said I would most likely hold my shares until later on after the new products have been sold and the NSR price is higher. However, I no longer view Nu as something with a solid foundation as I described above, and thus any gains will eventually be wiped out as the system collapses yet again.
I’ve been here since the very beginning and was one of Nu’s strongest supporters. Ask anyone here. I even put together Nu’s entire history for newcomers located on the docs page so they could quickly learn about the system and get involved. This used to be one of the most active forums in crypto. Now it’s a dead zone filled with alt Jordan Lee accounts. People no longer trust the creator or the system. Now that people have realized what Nu is, most of them have left it behind and moved on to other things without saying a word. They simply vanished.
I’m not keen on vanishing into the night. I want it to be known why I left. I cannot in good conscience continue to publicly support a system which has no solid foundation to continue pegging operations long-term. Without any kind of revenue stream, it is simply a matter of time before pegging operations run out of funds. Even a 100% reserve will slowly be drained over time without a solid revenue stream. It is simply not sustainable.
Introduce a real revenue stream that actually works and I’ll take back some of what I said. However, even with a solid revenue stream, Jordan’s controlling stake in the network can’t be ignored. No monetary system should have that much control in the hands of one person. Even if Nu had a perfect system and business model, its current share distribution now precludes it from being considered a serious investment, much less a trustless crypto network. It’s over for Nu.
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Well, I knew this from 2014, and I knew the crisis will come sooner or later, but I’m still here.
Untill you develope a hayek system, the B&C is still the nearest one to my dream.
For a coin, fixed supply is disgusting, both PPC and BTC are shit money although we can gamble/speculate on shit price.
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I cannot agree more.
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Couldn’t agree more. Problem with Nu is obvious.
I will follow Sentinelrv’s move.
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If not money, Peercoin can find its use as a way to host DAOs, which will give the network a whole new purpose. Also, I specifically asked our developer hrobeers if he thought B&C Exchange was possible to create as a DAO using PeerAssets and he said from my explanation of it, he couldn’t see anything that was impossible to do. So it should be possible to implement your Hayek Coin with PeerAssets.
Great, I’ll join you if you are going to issue a hayek type currency.
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Someone would need to figure out how to do it once the protocol is finalized. I know there was talk of it a couple days ago in chat, but I’m not sure of anyone yet that will try to focus on a project like that. All I’m aware of is that it should be possible to do.
I’ve initiated a discussion in a dedicated channel at https://peercoin.chat regarding a crypto coin ETF.
In the Peercoin forum is a post about it: https://www.peercointalk.org/index.php?topic=4751.msg44886#msg44886
It’s close to what I proposed here already. But the heads of Nu are too busy scamming people to even evaluate it thoroughly.
I’m well aware that this crypto coin ETF is not the good money Hayek had in mind, but it’s less volatile than BTC, more volatile than USD and may retain more of its buying power than USD.
It could be a step on the way towards good money. May somebody make a better one!
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I do not see how peerassets would be able to avoid the centralization issue of Nu with NuBits.
Can u explain?
The centralization issue will still exist for a stable coin made with PA (though it can conceivably be improved, we’re discussing things like pseudo tokens but the 100% multisig reserve is a much simpler solution). The point here is that the centralization issue will not affect the underlying PoS security like it does with Nu. What’s more, it will be very easy to have multiple different PAs releasing different stable currencies in competition. I.e. Hayek money.
Remember, a single stable coin issuer cannot issue Hayek money. Hayek money requires an open market and people in competition to provide the most stable currency.
“rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes.”
Hayek money cannot be made by peershares, as the burden to create your own chain security is too heavy to produce competition.
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Hayek money can be issued by single company at first then followed by hundreds of competitors.
Look Bitcoin, after its success, hundreds of copy cats emerge.
And how many of those copy cats are truly secure? Not many I suppose. The benefit of using PeerAssets is that you don’t need to provide your own chain security, because Peercoin already does it for you. There are no security consequences if somebody was able to get 51% of the shares. The network could only be attacked if Peercoin itself was compromised. And DAOs would not have to pay lots of money to developers to update their protocols for security upgrades as that would be handled solely by Peercoin developers.
As Nagalim tried to point out above, all of this lessens the cost of creating and managing stable coin DAOs. With reduced financial burden, more competitors can get involved in this field, which could inevitably lead us to the best solution for Hayek stable currency.
We need to reduce the cost for people to get started though, because not everyone is a blockchain security expert and not everyone has the money to pay experts to manage blockchain security for them. Peershares is a dead end because it simply cost too much. PeerAssets makes it possible to significantly reduce the cost of getting started in this area, allowing for more competition from many different parties, which could over time lead us to the best solution.
Peercoin itself doesn’t need to be used as a currency as it’s not stable enough as you point out. However it can be used to cheaply host stable currency organizations on top of its network.
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I find it ironic that the same people that accuse Nu of being a “Ponzi” are now trying to lead others into a new, different “Ponzi”.
If Nu is a Ponzi, then all crypto is a Ponzi.
No one in crypto is your friend, we are all here for our OWN well being and survival. Human beings are selfish creatures. The sooner you realize this, the better off you will be. There is no “honest” crypto and there will never be. Thus is the nature of money. Keep this in mind when listening to anyones “opinions”
If you spend an extended amount of time following any coin, you will eventually see through the shiny facade and see the corrupted inner workings - this applies to ALL coins and ALL money. Show me a coin that is 100% free from corruption and I will call you a liar.
You make no sense. Nu can provide a valuable dollar pegged currency service, but the problem is that it currently uses customer funds in order to function. Liquidity operations slowly eat away those funds until there is nothing left and then the peg can’t be supported anymore because the money has run out. Then customers lose everything because we spent all their money supporting the peg for a limited time. Until a real revenue model is implemented, this is how Nu works. It will always end with the customer losing everything.
Other cryptocurrencies do not work in this way. There is no organization holding customer funds. The price of a crypto is what is because people have decided that is what it is worth through their buying and selling on the market. Cryptos that offer nothing but marketing will be pumped and dumped, while a crypto that offers real features and services that are actually useful to people will have a greater possibility of maintaining its value and possibly even increasing it over time as more people start to find it useful and use it regularly. This is no different than the services offered by a company and the rise of its associated stock price.
Of course humans are selfish. Everyone wants to get a return on what they invest their time and energy into. I’m not doing what I do for Peercoin just because I want to help change the world. I’m investing in a technology that I think is going to end up giving me a significant return in the long run. However there’s no reason why the technology I invest in can’t align with my other desire of providing valuable services to people and making the world a significantly better place.
What type of corruption are you referring to? Are you referring to Jordan Lee type scamming in other crypto communities or do you think people’s desire for money is fundamentally evil or something? I find nothing wrong with seeking wealth as long as people are doing it in an honest manner, working to provide something valuable for people and getting an appropriate return in value as payment for the service that was carried out. I know there is a lot of corruption and evil people in the world that are out to get you, but it is possible to conduct your business honestly if you want to.
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The entire purpose of hayek money is that there are several competing currencies and that the free market chooses the stable one. A single company cannot conceivably create a hayek currency themselves, it must instead be chosen by the invisible hand of the market. In order for it to be hayek there must be many currencies in competition, which is very very difficult to do if every one of them must maintain their own blockchain security.
“[Hayek] advocated the establishment of competitively issued private moneys.” Clearly, peershares is not a good platform for such competition.
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