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Offline bytemaster

NuBits is structured like a Ponzi Scheme [BLOG POST]
« on: January 13, 2015, 05:21:26 PM »

http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

The primary purpose of this post is to introduce anyone interested in NuBits to BitUSD with a clear comparison.

Edit by testz: Change subject to reflect blog subject, the link stay as is.
« Last Edit: January 15, 2015, 04:29:47 AM by testz »
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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline donkeypong

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #1 on: January 13, 2015, 05:40:50 PM »
I think you could have explained it fairly (as you do) without using the Ponzi label (which is unnecessarily sensationalist). To me, that implies fraud beyond the design of NuBots. It imputes some dishonest intentions. I'd prefer to believe that the NuBots people are honest, even if it's a flawed design that relies on IOUs. Aside from that criticism, the article is well-written.

Offline nomoreheroes7

Re: NuBits is a Ponzi [BLOG POST]
« Reply #2 on: January 13, 2015, 05:45:23 PM »
I think you could have explained it fairly (as you do) without using the Ponzi label (which is unnecessarily sensationalist). To me, that implies fraud beyond the design of NuBots. It imputes some dishonest intentions. I'd prefer to believe that the NuBots people are honest, even if it's a flawed design that relies on IOUs. Aside from that criticism, the article is well-written.

Agreed.

sumantso

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #3 on: January 13, 2015, 05:47:07 PM »
Stan better stop everything and camp fulltime at BTCtalk now.

The Peercoin community is big and fairly mature and this looks like an attack on them. Its not going to go down well and will probably hurt us. Still, if we can get our army in full force and get big discussions going it will introduce BitUSD to a larger audience who might be interested in a safe heaven with Bitcoin collapsing.

Offline mike623317

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Offline btswildpig

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #5 on: January 13, 2015, 05:49:04 PM »
I think ponzi scheme is different from a doom-to-fail-project-from-the-start  ......

Nubits maybe the latter due to the mode . But ponzi means intention to defraud .
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline Ander

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #6 on: January 13, 2015, 05:49:11 PM »
I want to urge you to take this down as quickly as possible, because I believe it will greatly hurt us.

1) The original Nubits is a ponzi thread in our forums resulted in us looking very bad, and then looking really really dumb later on while BTS went down and NuShares went up.

2) There have been/soon will be modifications to NuBits to allow supply to also be burned if needed.  This was the missing piece of their puzzle and makes it not a ponzi anymore.  (It makes it more similar to bitUSD, though obviously there are differences).


I see this as yet another move by us that shoots us in the foot and gives us bad PR and drives away investors.

PLEASE stop attacking NuBits like this.  Attacking our competitor in this way makes us look very, very stupid.

Its painful to watch the PR blunders continue.
Thanks.
« Last Edit: January 13, 2015, 05:50:49 PM by Ander »
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Offline Ander

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #7 on: January 13, 2015, 05:52:47 PM »
Seriously, please take this down before bitcointalk goes back up and someone links to this and everyone hates on us again.
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Offline Akado

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #8 on: January 13, 2015, 05:55:06 PM »
PLEASE stop attacking NuBits like this.  Attacking our competitor in this way makes us look very, very stupid.


NuBits and any other crypto. We should focus on BitShares only. Even though I believe this wasn't written with a bad intention, people won't care and will see it as an attack. We shouldn't really go out like "BitShares is better than X and Y", we should just focus on our development and later on do the marketing and let the product speak by itself. But only everything is ready. It's too soon to go out like that on the other projects.
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Offline bytemaster

Re: NuBits is a Ponzi [BLOG POST]
« Reply #9 on: January 13, 2015, 05:56:27 PM »
I will revise it. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline btswildpig

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #10 on: January 13, 2015, 05:56:58 PM »
I want to urge you to take this down as quickly as possible, because I believe it will greatly hurt us.

1) The original Nubits is a ponzi thread in our forums resulted in us looking very bad, and then looking really really dumb later on while BTS went down and NuShares went up.

2) There have been/soon will be modifications to NuBits to allow supply to also be burned if needed.  This was the missing piece of their puzzle and makes it not a ponzi anymore.  (It makes it more similar to bitUSD, though obviously there are differences).


I see this as yet another move by us that shoots us in the foot and gives us bad PR and drives away investors.

PLEASE stop attacking NuBits like this.  Attacking our competitor in this way makes us look very, very stupid.

Its painful to watch the PR blunders continue.
Thanks.

Professional PR suggestion :

Change title to "What is Nubits?"
Delete the word "ponzi" from all over the article .
Compare them to those centralized banks .
Predict what their downfall would be .
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline davidpbrown

Re: NuBits is a Ponzi [BLOG POST]
« Reply #11 on: January 13, 2015, 05:57:18 PM »
Sometimes it's important to take a stand.. you just have to pick your fights. I don't see anything wrong with challenging them on the facts but ponzi is fraud so, need to be especially careful. So long as the principal representation from both sides stick to the facts, it could even be useful to hammer out what is good practice and dismiss other random offering that might try the same. In the event it does become a slanging match, then we need to resist moving away from the fact. It's also important not to humiliate the opponent and when in error it's important to be gracious in defeat. I think it's a good post.
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Offline Gentso1

Re: NuBits is a Ponzi [BLOG POST]
« Reply #12 on: January 13, 2015, 05:59:30 PM »
I think you could have explained it fairly (as you do) without using the Ponzi label (which is unnecessarily sensationalist). To me, that implies fraud beyond the design of NuBots. It imputes some dishonest intentions. I'd prefer to believe that the NuBots people are honest, even if it's a flawed design that relies on IOUs. Aside from that criticism, the article is well-written.

Agreed.

Also agree.


Offline arhag

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Re: NuBits is a Ponzi [BLOG POST]
« Reply #13 on: January 13, 2015, 06:02:54 PM »
I think you could have explained it fairly (as you do) without using the Ponzi label (which is unnecessarily sensationalist). To me, that implies fraud beyond the design of NuBots. It imputes some dishonest intentions. I'd prefer to believe that the NuBots people are honest, even if it's a flawed design that relies on IOUs. Aside from that criticism, the article is well-written.

I agree.


Also...
Quote
Unlike the NuBits custodian, the BitUSD short seller is forced to cover their position while they still have 200% reserves.

You keep repeating the 200% margin call limit statement. This is not what is in the current code! I repeat, this is not what is in the current code. Please correct it to 150% in all future writing.

And, if you intended the margin call limit to be at 200% (which I hope you do because I think that makes more sense), then please correct the code.

Offline mint chocolate chip

Re: NuBits is a Ponzi [BLOG POST]
« Reply #14 on: January 13, 2015, 06:06:09 PM »
When/if Nubits does crash, the bagholders cannot say they were not warned.

 

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