oh i see. then there is a difference from ppc since one can get the whole pos nushare block or get nothing at all!
about nubits, then the “stake” in the wallet has no meaning?
Yes the stake label on the NuBits view will be gone in the next version. It’s a vestigial label at the moment.
Hi everybody! I have just know all the Nu scheme two days ago and I cant stop reading about it, it is fascinating to be honest.
I have a doubt hopefully you will be able to solve:
I understand that a Custodian receives newly minted NuBits when the Custodial Grant is approved. Then these NuBits are placed in exchanges to keep the $1 peg. If there is a demand of NuBits, this Custodian will receive, for example, BTC (if the NBT were sold for BTC).
Now my doubt is about how the custodian handles these BTC. I would think they should be used to create buy walls to help maintain the peg system. However, I have seen that some percentage of these BTC (which %? who decides this percentage?) become dividends to distribute between shareholders? Is not this somehow irresponsible? What would happen in the case the same people that bought NBT with their BTC decided to sell the NBT to get BTC again. There would be less liquidity, right?
let me know if I got this right or I am missing something.
Thanks!
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The percentage is decided by shareholders. Dividend rates are currently very conservative because the network is young and shareholders want to make sure that there is no danger of the $1.00 US peg slipping.
Drifting off course for a second, there is a concept of “aggregate demand” that is used in discussions on the forum and on our website in sections like https://nubits.com/about/price-stability that is useful to think about.
Pretend there is worldwide demand (over long periods of time, such as weeks or months) for 100 NBT. Also pretend there are currently 100 NBT in circulation as the active supply. Demand equals supply, and the peg is easily maintained at $1.00 US.
Day-to-day however, the demand might fluctuate slightly. Some days the demand might be 102 NBT, other days the demand might be 98 NBT. This is where Liquidity Provider Custodians are useful. They provide buy-side liquidity to purchase those 2 extra NBT when demand is only 98 NBT, and sell them when demand is at 102 NBT. LPCs in effect cancel out the short-term variance in demand that is not representative of the true aggregate demand, and help maintain the peg tighter at $1.00 US.
What happens if long-term aggregate demand declines from 100 NBT to 99 NBT, and the active supply remains at 100 NBT? This is a problem, because now long-term demand is less than supply. This is where parking rates are useful. They incentivize users to purchase that extra 1 NBT surplus supply, and it is a winning transaction for a user as long as they believe demand will eventually rise to 100 NBT or greater again. There are also two other ideas being discussed on the forum (variable transaction fees, and NBT-for-NSR burning) that will be able to reduce the active supply down to 99 NBT. These price stability mechanisms will work in combination to ensure the peg remains at $1.00 US as long as possible.
My main point is that in a fractional system, full reserves of USD are not needed. Right now the Nu network is holding a ratio of about 90% coverage on NuBits; banks in the US federal system often operate at 10% coverage. As Nu grows and discovers clever ways of implementing variable transaction fees and currency burning, the risk of a peg collapse will be reduced further.
Thank you so much for the reply
How is the percentage decided by shareholders? You mean by voting to a determined Custodian Grant proposal which includes this figure?
Is there any place I can check these rates?
When a custodian issues a proposal to the community for voting, the custodian must outline how they plan on using the NBT granted to them. Some custodians for example might develop a project like a mobile wallet, while others like @KTm will sell the NBT for USD to be used for a dual purpose of buy-side liquidity support and dividends.
KTm’s initial grant proposal (along with dividend payout schedule) is located in this thread: Proposal to Operate a NuBits Grant to Provide Early Stage, Dual-Side Liquidity and Shareholder Dividends . The proposal was successfully voted for by shareholders.
The Nu team has been hard at work on creating automated custodial reporting so that shareholders have a better idea of what the state of custodial funds are. We’re not quite there yet, but regular operations reports are released in threads like this: Grant Operations Report
I think today is a good day for taking this topic 
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Bumped for visibility. I noticed quite a few users who are logging in each day and not posting much (or at all). Hopefully everyone feels comfortable asking questions that may already be known, but if not, our community members can take the time to answer questions here.
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NuBits and NuShares concepts can be a bit overwhelming for the newcomers, but it is worth to get to know it better. Let us fast track you through all the information floating around here and on the website www.nubits.com
Bump
Does anyone have objections to pinning this thread globally? The scope of discussion on this forum can be fairly daunting for new NuShareholders and I think having this thread more easily visible would be helpful.
EDIT: I’m globally pinning this topic since there doesn’t seem to be any opposition.
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During operation of blockchain download on my new mandatory NuBits wallet, this suddenly appears. Nothing was done to shut it down and windows was open and operating as usual. This just happend all of a sudden.
A box appeared reading…
This application has requested the Runtime to terminate it in an unusual way.
Please contact the application’s support team for more information.
After closing the first box a New box opened saying…
nu.exe has stopped working
A problem caused the program to stop working correctly. Windows will close the program and notify you if a solution is available.
Hi. I’m new and have some comments/questions.
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Looking at blockexplorer.nu it says the latest block is from three days ago (Sep 24 2015). Has nubits died? Or forked and blockexplorer.nu is on the wrong fork?
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A different block explorer (the one shapeshift links to) is this one: https://explorer.coinpayments.net/index.php?chain=17 But it seems to be on the wrong fork as of about a month ago. I found discussion of this hard fork on the forum. Has someone contacted coinpayments.net and/or shapeshift about it?
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I have managed to get the nubits wallet running on Tails (through a socks proxy), but syncing the blockchain isn’t working. I’ve run it overnight once and then a few times for several hours, but it hasn’t even gotten to block 100,000. Based on my estimates at the speeds I’m seeing it would take over 100 days to sync up. I’m not going to run it constantly for 100 days. Any idea why it’s so slow? Bitcoin-QT over Tor works fine for me.
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I’m technically capable enough of using createrawtransaction, signrawtransaction and sendrawtransaction, so I don’t actually need the whole blockchain to use nubits. In principle. In practice I created a transaction, signed it and sent it, but it hasn’t been confirmed – as far as I can tell without access to a block explorer with current blocks. Is there something like blockchain.info/sendtx to push txs onto the network without using the client? If there isn’t, then if someone gives me their nubits address I’d be willing to create and sign txs that include a 0.50 fee to their address. Then I could just post the signed raw tx as hex here and you could push it onto the network and get your fee.
Any answers and/or help would be appreciated.
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- The block explorer is frozen. We’ve got tech support on it.
- We hard forked around that time, so I’m guessing they never updated to Nu 2.0
- The Nu wallet is a pig. Nu 2.1 will reduce the resource usage a lot, we hope. 100 days sounds like a long ass time though (mine usually take something like overnight) so you might have something else wrong.
- Intense. Here’s a webwallet: https://nubits.mintr.org/
I think I know how to use the sendrawtransaction rpc command if you need me to.
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opened a new ticket with cp support
EDIT :
@Nagalim they say they are up do date with client :\
Hi Desrever, We are already running 2.0.1 version, thank you for updating us tho.
Thanks for the reply. I’m still trying to send my transaction. Now that blockexplorer.nu is working again it seems clear the original tx (with 0.01 NBT miner fee) wasn’t relayed. I made a new one today with a 0.25 NBT miner fee. I did sendrawtransaction, but I don’t think it’s being relayed either. Here’s the raw hex of the signed tx:
0100000073ef0a5601383f516bf04234cc81f88ce39941052e9ef550dc257f939d2ece851e4304fba4010000008b4830450220781ae935efcf9332f721e5f7ebfbe931dc7d2de0a2287a010f104832943f466902210096adcf0580dcd4fa08fa2ce29d4eeaef435caf436ee428684bdc240a67a705ac0141046327cd8ea127652e38e0b20d0849c1f16e555b0fb6138a954b27f090dc8882866014501b00e3217c2a84f06e2d033d4f1567323aeecccf454a5616fa48c3394fffffffff01fbf61c00000000001976a9140f40f83dd2cff9eb7a83379f458c4dd3d2c1a0f788ac0000000042
If some miner wants the 0.25 NBT, they can just put it in the block. If someone with a working node wants to help me out, please send the tx for me. If you see some reason why the tx shouldn’t be relayed, please tell me. Thanks.
413b64cd080e82bdca20461dcfcbd5c2d86237a2b5d7716393d19cd29b8f4c37
Did work flawlessly here with sendrawtransaction.
Edit: Btw, this isn’t a “miner fee.” Those coins are destroyed, nobody gets them.