Welcome, newcomer! Ask questions here

[CoinGame]

You shouldn’t have to tell the client the username/password. But if you set the username/password and start the client you cannot change it. Try changing it back to the original values? If you want to change the username/password you have to delete all the files in your data directory (except for the wallet files of course, unless you want to help deflate the supply). When the client starts back up it will sync up again accept the new passoword/username. Maybe you don’t have to delete all the files, but that’s what I’ve done in the past when I change the password for testing and forgot what the original was.

[rodchi]

@Coingame Sorry, I’m a little bit confused. I have to delete all of the data files in Nu or in Peerunity?

[Liquid]

hi why is the premium different to the current interest rates ?

[CoinGame]

Are you converting the rate? Please see point #4 here.

[Liquid]

So how would you calculate it then ?

say 100 Nubits for 11.4 days ?

it says 0.01 NuBits interest because the 11.4 days at 0.500% is Annual percentage rate…

[CoinGame]

This calculator seems to work. If you enter how much you want to park as “load principal”, how many days you want to park as "days since last payment, and the APR in the “annual interest rate field” it will give you an idea.

100 NBT for 11 days says .02 premium from the calculator. This is rounding up because it only uses two decimal places. The client uses up to four. In the client it says .0172 NBT for 11 days at .5%.

[RobertLloyd]

Question: do we need to back up our Nu clients twice, once under the NuShares tab, then again under the NuBits tab? Or is only one back up sufficient, as it is the same block chain? Thanks

[CoinGame]

Yes. There’s a separate wallet for NuShares and NuBits. You have to encrypt them both as well. When you switch units the actions of the menu will apply for that unit. So if you encrypt your wallet on the NuBits screen only the NuBits wallet has been encrypted. Same with backups.

[CoinGame]

I just want to point out that rodchi’s issue was resolved. I didn’t leave him hanging. It was just easier to discuss over google talk.

[David]

Question: do we need to back up our Nu clients twice, once under the NuShares tab, then again under the NuBits tab? Or is only one back up sufficient, as it is the same block chain? Thanks

If you go to C:\Users\RobertLloyd\AppData\Roaming\Nu you’ll see both a walletB.dat (NuBits) and a walletS.dat (NuShares) file. These are the actual wallet.dat files you are backing up in the client.

And if you don’t see the AppData folder, you may need to select “show hidden folders” on your computer.

[rodchi]

Hi everyone!

I sent Jordan Lee two Bitmessage messages and a private message here requesting to help the Nubit community. I would also like to earn and/or buy some Nushares. He replied to my private message that user Ben has created a thread where he discusses some of the talents that the community needs. I can’t find it. Can someone please either direct me to the thread, or let me know what services the Nubit community needs that I can provide, and hopefully earn some Nushares?

Thank you!

[crypto_coiner]

How are NuBits created?
One case is when NuShare holders grant NuBits to custodians that pledge to use the NuBits in a particular way, such as raising funds for dividend distributions.

Doesn’t it mean to create money just to reward shareholders?
To which extent is it healthy, economically wise?

Generally speaking, though I understand that the whole system changes dynamically, which economics theory did the original authors subscribe to when they wrote the white paper?

[crypto_coiner]

Future plan include to develop other currency pegged the Yuan, Euro and inflation adjusted USD.
Would it be based upon the current block-chain? requiring yet another extension

[Ben]

Future plan include to develop other currency pegged the Yuan, Euro and inflation adjusted USD.Would it be based upon the current block-chain? requiring yet another extension

Yes, additional tokens would be carried using the same Nu block chain that we’re running today. Yes, it would require a new “currency” to be added to code so the support was there, but the system was designed in such a way that it can be added in a relatively straight-forward manner.

[crypto_coiner]

Thanks for your answer Ben.
That is mentioned at the end of the white paper:

After the initial release of Nu, it is possible that additional currencies will be added. Nu is designed to permit this with very few code changes. For instance, a new currency pegged to one euro per unit could be added. A currency where the peg rate is altered to adjust for inflation or deflation is also possible, creating a stable currency that retains purchasing power over the long term. The protocol enforces that each currency is not fungible with any other, meaning inputs and outputs must be of the same type and cannot be mixed. The same mechanisms used with NuBits (custodial grants and parking) will be used to stabilize the price of other currencies. Voting for custodial grants and parking yield curves will be completely independent of NuBits. Shareholders can simultaneously place votes for as many currencies as they like.

It should not require to create an auxiliary block-chain, unless there’s some bloat from the issuance of USD?

[Lako]

Hello! I am new to the NuBit community.

I have a question. Who exactly is doing the minting/proof-of-stake work? Who is securing the network, holders of NuBits or NuShares?

Is there a way where I can help support the network (like make a 24/7 node)?

Edit: Also, how do I buy NuShares? Can I get NuShares by minting or can I buy them from an exchange?

[masterOfDisaster]

Welcome aboard!

The block chain is secured by PoS/minting, like you found out.
Holders of NuShares do the minting.
Making a 24/7 node (that doesn’t mint) helps distributing transactions and sounds like a supportive idea!

If you are interested in becoming a NuShares holder, please look here:

Undistributed NuShares

and here:

NuShare price increase

[CoinGame]

sitting here typing out a reply and MoD snakes me…

hmph…

[masterOfDisaster]

C’mon old man, what else did you expect?
The next one is for you, I’m off

[Lako]

Thank you for answering my question. I have a few more.

In the whitepaper, the author comments on the shareholders of NuShares doing certain things like voting and such. But how do we know that the shareholders will increase the interest rate in a time of need? How do we know the shareholders will grant more NuBits when necessary? What is the incentive for the shareholders to help the network?

Also, how are shareholders making money (what is the benefit for them?)? When they mint, they only make 40 nushares more, and the nushares have no value. When do they get paid the dividends?

Also, how do we know that the custodians will help the network? What if they run off with the money?

Is there a transaction fee when people send their Nubits to someone? Is there a network fee?

Lastly, what is the benefit of me buying Nubits? I pay more money and spend more time to actually buy NuBits than actually paying for an item with regular USD. Meaning, when I buy NuBits from an exchange, I still have to pay a 0.2% fee; when I use USD I don’t need to pay a fee. Can you explain to me a scenario when NuBits would be useful?

Sorry for asking a lot of questions. I am just a little skeptical of how the Nu network works.