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Offline fuzzy

NuBits
« on: September 18, 2014, 09:50:32 AM »

Quote
"The NuBits project needs people/entities with substantial funds available to them to conduct automated exchange operations on an ongoing basis. No capital gains or losses are possible within the scope of the needed trading activity. Your funds will not be passed to anyone working on the NuBits project. You will need to deposit funds in your own account at an exchange and run a trading bot we will provide. Your principle risk will be exchange default. You will be compensated a negotiated rate for this risk. You will not be in a position to fill this role unless your net worth is well into the six figures USD or higher. Full details about the role you may fill and the NuBits project itself will be given to qualified candidates. Persons/entities that fill this role will be eligible to purchase shares of our venture immediately."
- Jordan Lee

http://www.peercointalk.org/index.php?topic=3190.0

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Offline nomoreheroes7

Re: NuBits
« Reply #1 on: September 18, 2014, 10:21:48 AM »
Lol I hate the "pump wait" time going on here...I want to know what the hell it is already!! And if it can actually compete with Bitshares...that quote you provided sounds a bit odd to me. What is it telling us??

Offline CoinHoarder

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Re: NuBits
« Reply #2 on: September 18, 2014, 10:34:39 AM »
Lol I hate the "pump wait" time going on here...I want to know what the hell it is already!! And if it can actually compete with Bitshares...that quote you provided sounds a bit odd to me. What is it telling us??

It sounds like BitsharesX heavily laced with counter party risk to me... maybe I am wrong. I was expecting Nubits to be a much better solution than this. I was expecting something similar to what Nxt did.

Offline liondani

Re: NuBits
« Reply #3 on: September 18, 2014, 10:37:37 AM »
Quote from: David http://www.peercointalk.org/index.php?PHPSESSID=ch1ed8ifjtqares72ba8gh5rk1&topic=3190.msg30030#msg30030

Quote
The nature of financial investment is that risk is commensurate with reward. It's a basic tenant of investing. NuBits is a very highly speculative venture to be sure, and the corresponding potential impact and profit aligns with that.

This particular aspect of our system however does not have capital gains and losses risk, only exchange default risk, as stated by Jordan above. Part of the difficulty in explaining this is that NuBits' design is unique and novel, and represents a new way of thinking about cryptocurrencies. The purpose of our trading bot is quite different than what is commonly expected of existing trading bots.

So, the nature of the design of our trading bot and NuBits system means that your scenario of an "unforeseen bug or external interference" is not likely.

In regards to seeking traditional venture capital; Jordan is in a better position to answer, but my understanding is that we are aiming for as decentralized a system as possible. Aligning ourselves with VC would compromise that goal. We also are not conducting an IPO, which rules out Peershares.

The nature of this position requires a high amount of liquid assets for reasons that will become apparent when our final design is released.
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Offline liondani

Re: NuBits
« Reply #4 on: September 18, 2014, 10:50:28 AM »
are they using our plan B ?   :P
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38PTSWarrior

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Re: NuBits
« Reply #5 on: September 18, 2014, 11:15:23 AM »
I think to use the word Nu is not a good choice. It is the opposite of fresh, isn't it? Not in 2014. 

Offline mf-tzo

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Re: NuBits
« Reply #6 on: September 18, 2014, 11:19:16 AM »
I don't have much experience to comment about Nubits but there were other attempts in the past from altcoins that claimed to be able to deal with cryptocoins volatility using bots and failed big time. If I remember correctly it was aircoin? Maybe this is something completely different but any attempt to control POW cryptocurrencies volatility with trading bots doesn't end good.

Again maybe I am wrong and this is something completely different. In any case even if I wanted to learn and invest in it there is no way I would sell my BTSX for anything else.. Maybe PPC go to $3-$5 but eventually the dump is very likely to happen very fast..

Be carefull. This might be a good oportunity for PPC holders to finally get out of their long term holdings...

Other than that PPC - XPM will always be in my hart and I have very much respect for their community. They were the only coins that I got involved and didn't experience any dumping for a long time..

Offline fuzzy

Re: NuBits
« Reply #7 on: September 18, 2014, 11:26:42 AM »
Quote
We will make the trading bot open source at the same time we release full project details to the public so there won't be any mystery about how it functions.
- Jordan Lee

Sounds similar to something Dan has recently talked about in one of the hangouts. 
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Offline luckybit

Re: NuBits
« Reply #8 on: September 18, 2014, 01:30:20 PM »
Quote
We will make the trading bot open source at the same time we release full project details to the public so there won't be any mystery about how it functions.
- Jordan Lee

Sounds similar to something Dan has recently talked about in one of the hangouts.

It's been known for a while that bots can automate the process of maintaining pegs. Dan in his original whitepaper had automation as a core axiom. I don't know why more focus isn't on automation but I suppose there are more fundamental concerns.
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Offline nomoreheroes7

Re: NuBits
« Reply #9 on: September 18, 2014, 01:46:54 PM »
Quote
We will make the trading bot open source at the same time we release full project details to the public so there won't be any mystery about how it functions.
- Jordan Lee

Sounds similar to something Dan has recently talked about in one of the hangouts.

It's been known for a while that bots can automate the process of maintaining pegs. Dan in his original whitepaper had automation as a core axiom. I don't know why more focus isn't on automation but I suppose there are more fundamental concerns.

Do you mean to say that Bitshares is planning on possibly implementing a bot to maintain the peg as well? That could be seen as trying to copy Nubits' technique at this point in the game...

Offline toast

Re: NuBits
« Reply #10 on: September 18, 2014, 01:50:25 PM »
were you expecting traders to maintain the peg by hand? lol..
« Last Edit: September 18, 2014, 01:52:59 PM by toast »
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline sschechter

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Re: NuBits
« Reply #11 on: September 18, 2014, 03:31:48 PM »
were you expecting traders to maintain the peg by hand? lol..

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Offline yellowecho

Re: NuBits
« Reply #12 on: September 18, 2014, 09:55:22 PM »
"To bot or not to bot.. that is the question"

Why not just add an in-client toggle that turns on the trading bot?  Descriptions and prompts could alert the user of the additional risks using it.
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Offline bytemaster

Re: NuBits
« Reply #13 on: September 18, 2014, 10:59:29 PM »
All trading bots carry risk on the operator.  Bots can only automate processes people can do by hand.

The economic incentive needs to be sound.   If you rely on bots to perform then it is fundamentally broken. 

If a low net worth individual is unable to use the same strategy then it is broken. 

With nubits, buy the rumor sell the news
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Offline CoinHoarder

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Re: NuBits
« Reply #14 on: September 19, 2014, 02:16:55 AM »
All trading bots carry risk on the operator.  Bots can only automate processes people can do by hand.

The economic incentive needs to be sound.   If you rely on bots to perform then it is fundamentally broken. 

If a low net worth individual is unable to use the same strategy then it is broken. 

With nubits, buy the rumor sell the news

I agree. It seems BitSharesX remains the superior solution compares to Nubits, and Nxt Dex/CoinoUsd. Peer coin got pumped x2 its value on this news... I bet it gets dumped right back to where it was a few days ago.

 

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