USD Tether's market share is not a result of an active or large community

Phoenix 2017-03-18 21:39:54 UTC #1

Early in Nu’s history there was the sense that Nu needed a large community to succeed. Time has demonstrated that having so many participants who didn’t understand the system may have been a problem.

Here is an interesting post about USD Tether:

https://www.reddit.com/r/CryptoCurrency/comments/604pnt/is_tetherto_usdt_dead/

I am certainly not implying that Tether is dead, nor do I believe that. The point to be made is that they have captured their considerable market share without much of a community. Similarly, it has become clear that Nu only needs investors and a small group of working professionals to achieve success.

It appears marketing efforts directly on exchanges was key to their success. I suspect Nu would also do well to focus on marketing through favorable listings on exchanges. This isn’t being done right now. I may need to make time for it myself, but I have plenty of other demands and it is outside my skill set.

Is anyone interested in attempting to create partnerships with exchanges? We offer free liquidity at 1% spread or less, on a coin that pays 25% interest on a period of 6 months. It should actually be quite easy to market NuBits.

Cybnate 2017-03-19 03:04:39 UTC #2

Why is it not being done then? No incentives, maybe? Is it the first thing we should invest in to drag us out of the mud?
Incentives cost money (shares or NBT). Why would anyone not owning significant amounts of shares take the risk and effort to persuade an exchange? It is easier to hope and wait someone else does it. Just playing advocate of the devil here.

We also shouldn’t forget that Tether’s model is quite different. They provide 100% backing of every dollar. They closely work with exchanges and it appears their profit model is based on the fees from volumes on exchanges not just selling coins as Nu does. Volumes on exchanges wouldn’t create a profit for Nu, so the only model which would work is to share the fees with an exchange where high volumes can be traded. The B&C exchange was a great candidate for that but development has been stopped. I don’t see NU working that closely with another exchange and sharing the fees resulting from volumes. That would require trust and known entities something which is not Nu’s trademark currently.

So some repositioning might be needed or B&C exchange needs to be built asap imo.

Sabreiib 2017-03-19 03:05:00 UTC #3

It seems Tether is supported by a real company registered in a certain country. Yes, this is one of ways to success. You can follow Tether by revealing your ID in real world and set up a company to do such business, and prepare for the success or failure in real world.But if you remain secret behind TOR, I don’t think Nu will be big because seldom people trust a hidden person on internet.

Time has demonstrated that having so many participants who didn’t understand the system may have been a problem.

I guess the problem is Nu’s founder cannot design an easy system which doesn’t demand high understanding/skill. Please look at Satoshi’s design in 2008, most participants in early days don’t need to know the deep mechanism of blockchain technology, they just turn on the computer and begin to mint with CPU/GPU.

It is mainly Nu founder’s fault for Nu today’s situation, he/she is not smart enough as Satoshi. Even there is no “augeus event”, and “master of disater” sell NSR at once in 2016 June crisis, and the NSR price always remain there, Nu can only retrieve around 1/3 of money back via selling NSR without issuing more, this is systematic problem from the Nu’s designer.

Phoenix 2017-03-20 01:43:18 UTC #4

As always, anyone can make their own deal that includes incentives with shareholders or perhaps make deal with myself, as an expedited option. I am not expecting anyone to do it for free, just hoping someone will take the initiative to seize the opportunity. Perhaps something that unstructured is too intimidating.

In regard to revenue from exchange operations, I don’t see any important differences between NuBits and Tether. We get a revenue from our spread (ranging from 0.7% to 1%). We have made favorable deals with exchanges in the past, such as reducing trading fees for our liquidity operations accounts. We probably aren’t in a position to get those discounts right now, but we have in the past, and there is no reason to think it couldn’t happen in the future.

Nagalim 2017-03-20 02:38:54 UTC #5

I feel like you arent aware that bitfinex (one of the largest btc exchanges) and tether are inextricably united, far beyond simple trading fee discounts.