Vision for NuNet ecosystem with stable, non-volatile Bitcoins and Peercoins for end users

@teeneagle, I’m slightly confused by your response on my thread. How do you see scratch cards fit into this specifically?
Are you envisaging the combination of a NuBex wallet as I described it with NuBits scratch cards?

I see the advantage of the NuBits scratch card but I can’t make the link to my Nubex wallet vision, but that might just be my deficiency… Hope you can help me out to understand.

1- Scratch cards seems to be the best solution to buy any cryptocoin in a Non-Banked society like mine “Egypt”, as the cost of creating a bank account and wire transferring fees are ridiculous (City bank is closing this month), the only available solution right now is and no matter how much you search you will not find a better deal than paying an extra 10% of the market price, and only bitcoin is available now, so Scratch Cards -If the government didn’t baned it or enforced ridiculous taxes on it- will be the best solution.

2- Its EXTREMELY hard to get anyone here to trust cryptocurrencies, so who would ever want to buy Bitcoins ? even that Nubits are not volatile but they have no reason to trust its stability beside they cant spend it any where yet, so who would buy a Nubits scratch card!

From 1 & 2: A business startup can -again if the government allowed it or they managed to stay underground- provide the public with the precious access to online services and goods A)with super simplicity if they accept Crypto, and B)easily enough if they don’t:


A) Customer go to the startup website fund his wallet with the scratch card code, enter the Bitcoin/cryptocoin address provided with the merchant and he is done!

the change Nubits will be theoretically small so he wont worry about keeping a dollar or two in his online wallet!

*Here the startup will provide a familiar interface with familiar local currencies with no need to worry about entering the mysterious world of Bitcoin or Nubit.
*The Startup will use Nubex as its back-end processor of the exchange, while the front end deal with the interface and the scratch cards infrastructure deals with the accessibility.

B) Customer go to the startup website fund his wallet with the scratch card code, enter the Bank account/paypal address provided with the merchant and he is done.

*Here also the startup will provide a familiar interface with familiar local currencies, with a lower fees than the regular or internet Banking systems and no accounts, minimum deposit or any extra complications.
*The Startup may not need Nubex for instance exchange since Nubits are already stable and they can liquefy them anytime to refund their usd fiat account to pay to the merchants when needed.
*However, if the Merchant accepts some sort of fiat that can be handled by the Nubex bot (e.g Perfect money) then the Nubex will be used exactly as it used in A).

= If Pitpay and other crypto payment providers succeeded, the B scenario will happen less often, which is better.

=Nubits market volume will increase as a new market will be widely opened with no fears and complications to draw it back, which means more profits for Nushares holders.
=Un-Banked people will be introduced to the Nunetwork as the reliable network that gave them the accessibility for what they couldn’t afford before, and Eventually they will start to use the Nubex themselves and even recognize Nubits as trustworthy currency they can accept localy.
=Peercoin also will be recognized as a trustworthy store of value for big and long term investments as it will be known as the dividend coin for Nushares, and more importantly it shares the same network and community.
=Scratch Cards Startups will benefit from selling Nubits(the fast and cheap access to all the online goods and services) even when people start to use Nubex themselves, until the community is saturated enough or others start to provide better deal.

At least that what i hope and i doubt that the Egyptian government will allow this to occur or being affordable, the good news that Nubex doesn’t have to do anything here to help but existing :slight_smile: , nor it will lose any thing if it succeeded or failed!

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i think it is a very simple idea that is powerful.
it seems obvious but i am surprised that i did not think about it.

now i am wondering about the difference with bitreserve or circle.

Thanks @teeneagle for expanding on this. I’ve got it now. It is indeed an interesting use case you have there, especially in countries like yours. Hope this is another good reason for developers to start working towards this vision.

The difference is that they are both central (like a bank) as far as I know. My vision is based on a wallet which is decentral. The remaining challenge is the instant exchange which is still central. And tThere are only two in existence as far as I’m aware, more may come spreading the risk further. What we really need is a decentral instant exchange.

I see. It makes sense.
In Circle (I suppose we have the same function in bitreserve), it seems that you can send USD to another account for zero fee and instantly…but how does it change from a normal payment processor online?..I mean it gets down to just transferring a certain amount from one register (my account) to another (the other account), within a big, single ledger, I guess. Not very Satoshi-like to say the least…
So yes it is totally centralized.
Now I am wondering about the usefulness of Circle, except being able to buy bitcoin with a credit card.
They say [We make using money instant, secure, and free. The way money should be.] as for their motto.

I think this motto applies much more to NuBits with your idea, @Cybnate

Cheap and easy access for digital payments for Non-Banked people with very consuming attitude like the people in my country have always been one of my interests, long before knowing about Bitcoin.

So forgive me for commenting again, but there is a couple of questions i wish to ask:

1- How would the blockchain handle the huge amount of transactions if Nubits succeeded in eliminating the volatility and went viral, would it go for Open transactions? will the Nubex work in this case also or another version of it will be needed “this will make developing nubex before OT seems like wasting time and resources”?

2- What if the scratch card startup Sold the 1 Nubit for exactly $1 with no extra fees to encourage people further more, would the Nushares holders like to give them the custody of new generated Nubits to sell them in the local Non-Banked market, for enough percentage of the Revenues to cover the costs and some profit margin for the startup company?

Some good questions again:

  1. There are limits to the number of transactions. Bitcoin currently has 0.5 transaction/second and can scale up without any changes to 7 transactions/second (source: Not sure what the NuBits limits are but I assume they are at least 10 times higher given the number of blocks is 10 times higher.
    So with 70 transaction/second we can go a long way. And I’m sure there are ways to optimise the protocol or as you say add supporting infrastructure as Open Transaction or side chains. So I don’t think this would be a restricting factor any time soon unless you just sold the idea to PayPal and they now want all their transactions in NuBits :slight_smile:

  2. That is a shareholders question. I assume when the startup company makes a margin, the shareholders do want a slice of that margin most of the time. That margin might be relatively small when there is a lot of marketing and positive exposure involved and large amounts of NuBits are being sold on a continuing bases.

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Selling 1 NuBit for 1$ means there is no profit margin at all, The idea here is some sort of partnership between the NuShares holders and the local reseller, he gets the custody of new generated Nubits, selling them in the local market and distribute the dividends as usual, only here the custodian will take his share according to his costs and the profit margin he suggested in his offer, Nushares holders will profit any way since these Nubits are generated with out any costs to fulfill the need of new market, Nushares holders can make similar partnerships with other custodians from all around the world to reach the whole Non-Banked people who will never be able to buy Nubits from online exchange.

Well i think i have to get some Nushares before its too late ! :smile:

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To consider an immediate role for Nu in the present “cryptocurrency ecosystem;” it is most useful as a hedge against fluxuasions in the value of of other cryptocurrencies (IE: Bitcoin ). <-- The main point of the NuBex Wallet Concept (, no?)

As far as reaching people with NuBex Wallet: it can be a feature on a (registration-less) website. Rather than an install-able exe, a web app can use an exchange API to trade users’ funds to secure their value with USD.

In fact, I should be spending more time programming and less reading the forum :-T

Is there a related bounty?

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Yes, the vision of the Nubex wallet is mainly about providing a hedge against volatility of other cryptos in a seamless way from the user perspective.

Conceptually I don’t se an issue with a webwallet providing this functionality, but technically it might be hard to make this work as you would have to talk to the exchange APIs. But I’m not a developer, so I might be wrong here.

There is no bounty at the moment, but if you think you are in a position to build this functionality right now, you might submit a proposal for a custodial grant to the shareholders. When you have proven credentials I’m more than happy to support you in submitting and advocating for such a proposal.

For those that are interested in solutions to realise the vision, you may want to check this out: In my opinion it is a kind of sidechain, not a full blockchain or other coin, which will work to transfer value between blockchains. Hopefully more details will be revealed soon. BTW It will be open source soon, like NuBits :wink:

From their website:

Our goal is to make every cryptocurrency autonomously part of a large
swarm of decentralized economic activity. We want to do this by enabling
every cryptocurrency user to create hybrid assets that interconnect
value systems and blockchains. The source code to make this possible
will soon be open source, non-commercial and freely available, in order
to enable the impartial establishment of the Internet of Coins.

Could this resolve volatility problem? Very interesting

Well, I see it as a potential tool for other cryptocoins to stabilise their crypto holdings with NuBits.

I am curious about shiftshape mechanisim, there is limit on amount of altcoin trade. I guess they just trade coins on exchanges.

Also doubt about “internet of coin”, what if the whole cryptocurrency cap. declines? The combined shit is still shit.

Yes, they do trade, but more likely on their own exchange. Their would be more liquidity when they would trade with other exchanges I suppose.

If all cryptocaps decline people will even more find their way into NuBits. The internet of coins just makes it easier to trade between blockchains regardless their value or system. Improving the flow of value or money is a good thing as it breaks artificial walls as exist in the Bitcoin ecosystem.