sorry if this has been asked before.
is it possible to have a dex between nubits and nushares inside the wallet?
a motion is needed about this?
sorry if this has been asked before.
Forgive my ignorance, but what is a dex?
EDIT: Ah, a distributed exchange, perhaps?
a decentralized exchange between nubits and nushares?
seems nice idea
yes, that is the idea
It is a good idea.
- Drives demand for NBT, because investors use NBT to buy NSR
- Keeps NSR in wallet for minting, instead of helping centralized exchanges mint
- Keeps NSR safe from centralized exchange failure
- Trades are atomic within a single blockchain, so cross-chain tech is not needed
Other blockchains (example: NXT) have an asset exchange build into the blockchain, so it’s clearly possible. Thoughts?
I have suggested the enforcement of trading Nushares only with Nubits through the Nu client at my Imagine Nu:2020 reply to back the Nubits with the expected demand on Nushares then:
Conceptual or not, I’m confused by the concept of only allowing NSR to trade through a decentralized exchange. How is that remotely enforceable? Are you proposing that NSR can never leave the client?
At first I was LOL and then I was hmm…
…what if the only way to send NSR was through the decentralized exchange for NBT? I must be crazy.
EDIT: I’m crazy.
If you can explain to me how that would be technically feasible, I’d give it its proper due, but I can’t come up with a realistic solution.
Will may be it won’t work i am not sure, but Nushares are not meant to be used as a currency to tip with or to trade for services or commitment.
So why not pairing every Nushares transaction with Nubits reverse transaction based on the price determined by the sender in order to be included in a block? the only way to get around this is to set the Nushares price to Zero i think!
Still the centralized exchange can offer trading Nushares for other currencies and assets, to their speculators who are not planning to actually withdraw Nushares for voting, but rather the exchange sells them for Nubits and then it can be transacted to the speculator own client.
Edit: Setting the price to zero may be solved with the Nushares holders actively voting on the minimum price, this of course a Controversial idea, but anyway i can’t see a reason to worry about the whole thing before the demand on Nushares is enough to consider it as a lifting force for Nubits if its only purchased with Nubits.
I’m trying to follow, but I’ll be honest, I’m having a real hard time. Can you model it out for me? In your mind how are the values equated, and how does this system scale?
I am glad you are interested in the first place, but i am not a technical expert as you are so i’ll try to do my best.
The main purpose is to support the Nubits demand using the Nushares demand, may be enforcing the trading through Nubits is not practical or too complicated that it doesn’t worth it, but here is what i think:
In order to enforces the Nushares-Nubits trade -at least as an intermediate exchange- we have to prevent sellers from transacting Nushares for No Nubits, this as far as i can think can be achieved by:
1) Pairing Nushares and Nubits transactions :
Alice tries to purchase 10,000 Nushares from Bob, Bob opens the Send tab in his Nu client and input Alice’s address, 10,000 Nushares and the amount of Nubits he demands.
When this transaction from Bob to Alice reaches a minting client, it will not be included in the block unless there is another transaction from Alice to Bob with the same amount of Nubits demanded.
Still Bob can demand Zero Nubits from Alice so he can sell his Nushares for Alice’s Bitcoins directly, this is less granted deal, but If Bob really needs Bitcoins or he is a centralized exchange that wants users to be able to withdraw their Nushares, he will have the incentive to do this, so how to prevent him from doing so? :
2) Minimum Nushares price in Nubits :
If the Market price of the Nushares have been around 1NBT +or- 0.05 , then its safe to enforce a minimum price of 0.5 NBT for every Nushare, that any transaction with a price less than 0.5 NBT won’t be validated.
So Bob ( the trader or the exchange) can’t send Nushares without Alice paying at least 50% with Nubits, this will definitely incentivize Bob to demand a proper price.
The Minimum price can be determined either through Nushare holders actively voting every 60 blocks or so, Or obtaining the price information automatically from the Nu decentralized exchange using the last selling orders.
Both of the previous methods have their cons. and may be manipulated and needs further investigation.
I can’t discuss right now the impact of the existence of this minimum price on the market Psychology, but i am interested to hear what you think about it.
Ok now every direct transaction in Nushares has to be a legit trade, what about Exchanges?
As for Nu dex, it will act like in NXT or Bitshares and the transactions will be subjected to the same validation terms previously discussed(Paired transactions and minimum price).
On the centralized exchanges ; As Nushares can only be traded not simply transferred, Bob wouldn’t be able to deposit his Nushares nor could Alice withdraw her Nushares, Still the exchange can offer BTC/NSR or any other trading pair than NBT/NSR for their speculators, just by changing accounts balances and the credit over their own Nushares that they buy from the Nu dex and may distribure dividends according to users virtual Nushares balance, but i cannot find any profit for the exchanges so it probably won’t do it and that’s fine.
i don;t follow Raythma, maybe i am too stupid
but nevertheless, a dex is for the best since you don’t have to trust any centralized exchange.
and in the future, more assets or coins can be exchangable inside this NU dex