NuBits

[sschechter]

the idea of a stable cryptoasset token and tying the price point to a fiat currency isn't a novel idea.
Edit: typo

Neither is printing money to bailout investors of an elaborate Ponzi scheme 

[Mtinie]

A major reason that Peershares (announced in late September 2013) was developed was because it was a stepping stone to Nu. When I joined the team back in February of this year, Nu was already under development. The NuBits annoucement wasn't made until we were close enough to a completed protocol that we were able to begin major network testing.

Daniel Larimer certainly qualifies as a forward-thinker but the idea of a stable cryptoasset token and tying the price point to a fiat currency isn't a novel idea.

Edit: typo

[CoinHoarder]

Doing some research into Nubits this afternoon...

It is funny how Dan tells them (Sunny and Jordan) his pet project in a chat on May 8th (bitUSD) and Nubits was announced on June 5th.. less than one month later. No wonder BM has acted the way he has towards Nubits... I'm certain he believes it's flawed, but the Nubits community has been giving him crap for being "hostile" or "unprofessional". You know what is unprofessional.. when another community reaches out to you to see how you both can help each other out and you go copy their idea, albeit with a flawed implementation... but still THAT is hostile and unprofessional...

http://www.peercointalk.org/index.php?topic=2794.0
http://www.peercointalk.org/index.php?topic=2923.0

Nubits did not copy the idea of BitUSD,it's nothing like BitUSD at all.

I realize this, they couldn't copy the implementation of a US dollar pegged asset (bitUSD) without a lot of blow back from the crypto community... people calling them copy cats or whatever. So they design a different system with the same goal in mind of a dollar pegged cryptocurrency. The chat is ironic is all I'm saying, as it was done a month before they announced Nubits... maybe they were planning Nubits since before they heard about BTSX and bitUSD, but I somehow doubt it and think bitUSD likely led them to idea for Nubits. Seeing as though Dan was talking about bitUSD since at least 2013.. I know it was the first time I ever thought about a dollar pegged cryptocurrency... watching his video.. https://www.youtube.com/watch?v=5BV55IrZi7g

[xeroc]

Oh .. yhea .. can remember .. afair it's been a IRC chat of some kind ..

[CoinHoarder]

nice find .. didn't know they reached out to dan

I believe it was "theFuzz"s Beyond Bitcoin developer hang out that got them together for the chat.

[xeroc]

Doing some research into Nubits this afternoon...

It is funny how Dan tells them (Sunny and Jordan) his pet project in a chat on May 8th (bitUSD) and Nubits was announced on June 5th.. less than one month later. No wonder BM has acted the way he has towards Nubits... I'm certain he believes it's flawed, but the Nubits community has been giving him crap for being "hostile" or "unprofessional". You know what is unprofessional.. when another community reaches out to you to see how you both can help each other out and you go copy their idea, albeit with a flawed implementation... but still THAT is hostile and unprofessional...

http://www.peercointalk.org/index.php?topic=2794.0
http://www.peercointalk.org/index.php?topic=2923.0

nice find .. didn't know they reached out to dan

[CoinHoarder]

Doing some research into Nubits this afternoon...

It is funny how Dan tells them (Sunny and Jordan) his pet project in a chat on May 8th (bitUSD) and Nubits was announced on June 5th.. less than one month later. No wonder BM has acted the way he has towards Nubits... I'm certain he believes it's flawed, but the Nubits community has been giving him crap for being "hostile" or "unprofessional". You know what is unprofessional.. when another community reaches out to you to see how you both can help each other out and you go copy their idea, albeit with a flawed implementation... but still THAT is hostile and unprofessional...

http://www.peercointalk.org/index.php?topic=2794.0
http://www.peercointalk.org/index.php?topic=2923.0

[CoinHoarder]

It seems like they printed 4 million Nubits today..

http://coinmarketcap.com/currencies/nubits/#charts

http://discuss.nubits.com/t/proposal-to-create-a-strategic-reserve-of-nubits/448

[BTSdac]

Regarding the cause of the high NuBits volume:


NuBits is traded on bter.com.   The NuBits devs maintain a bot which trades NuBits on bter, with a very large supply, and low spread.  There were thousands of bitcoins worth of nubits available on the ask, and hundreds of bitcoin worth on the bid side.  The bot fixed the price of NuBits very close to $1. 


On bter, volume in trading bitcoin into USD or CNY is quite low.  Most trades there are between bitocin and altcoins.    If someone had a large amount of bitcoins on bter during the bitcoin price crash last weekend, and they wanted to hedge their position, they couldnt just sell the bitcoins into cash, wait for what they thought was the bottom, and then buy back.  The spread was too large, and the volumes were too low for this to be possible without massive slippage.


However, due to the NuBits bot, and its low spread and high volume, it WAS possible to sell into cash.  And people did this.  Thousands of BTC worth of volume traded back and forth between BTC and NuBits, with NuBits essentially acting like USD.


This is why NuBits had such high volume.



Takeaways:
A market maker bot operating on a small spread, with a large capacity to buy and sell will do a VERY good job at both enforcing a peg, and providing liquidity!   It will be heavily used in the absence of other market makers who are providing liquidity.


I anticipate that there will be a lot of volume in bitUSD as well in the future, once we have a similar market maker bot buying at .995 and selling at 1.005, with hundreds of thousands of bitUSD available on both the bid and ask.

I think if open bitusd/btc, there are also much volume of translation.

[Ggozzo]

I think it is safe to say that NuBits trading bot volume is probably directly related to the amount of newbies buying in to NuShares. NuShares/NuBits are paying Bter a .2% fee which is clearly subsidized by newcomers buying into NuShares. As soon as the demand for NuShare hits a wall, they daily volume of fake liquidity will diminish too. This will then spiral out of control rather quickly. I predict about 2 months before NuBits and NuShares are defunct.

Instead of arguing with NuShare holders here, we should be separating ourselves from them. They are destined to fail and we are being compared to them and will continue to be compared after their fall. Someone should put some time into a comparison chart or graphic to show people we have nothing n common wih their ideas despite the similar terms THEY use.

[donkeypong]

The NB posters are turning me off to it also. If I had any interest before, I'm less inclined because of what I've read here.

Proactively: Hold the Ebola jokes, please. Not funny.

[tonyk]

Breaking news!!
Zimbabwe adopted nubits!!!

Thanks to nubits supreme technology, Zimbabwe dollar(from now on known as "nubits") will reach USA dollar parity!!

Those "parking incentive" interest rates are miraculous!!




blissful citizens all over the country hurry to park their money...

As funny as it is to you, I do think a lot of people will loose a lot of money in this nubits BS. And as hard as I tried to believe it was the total lack of economic knowledge and sense from the creators of this concept, with each passing day I am more and more willing to accept the sad truth that this is indeed a Ponzi...

And  the amount of promoters they send [including here] do help me to see the truth faster,btw.

[chryspano]

Breaking news!!
Zimbabwe adopted nubits!!!

Thanks to nubits supreme technology, Zimbabwe dollar(from now on known as "nubits") will reach USA dollar parity!!

Those "parking incentive" interest rates are miraculous!!




blissful citizens all over the country hurry to park their money...

[CoinHoarder]

Given the general arrogance of your project

NuBits isn't my project. I'm just here for the trolling. Looks like a success to me. 

What is your purpose here... all of your 15 posts are here in Nubits thread telling us how great it is compared to bitUSD.

Are you this guy? You don't exactly seem like an unbiased observer.

https://www.youtube.com/channel/UCwFnHtczGkpm4k1cQU5vj1w
http://www.reddit.com/r/peercoin/comments/2cbqn2/chronos_crypto_channel_receive_10_ppc_for_setting/
http://www.reddit.com/user/Sentinelrv
http://www.peercointalk.org/index.php?action=profile;u=29308

------

Anyways, volume and liquidity for bitUSD will come with adoption, not before (at this very moment) like we would all like. The infrastructure needs to be developed before that can happen.. right now there is nothing you can do with bitUSD other than hedge or get interest. Due to their being low volume and liquidity it is not even a particularly great solution to that as it exists today, but if BTSX and bitUSD are adopted widely that will surely change, and I believe it is still a better solution to the same problem. bitUSD volume growth is more natural and directly correlated with adoption. Nubits volume could be faked cheaply.. 0.4% per day.. as some sort of marketing ploy to "prove" they are better than bitUSD. I could buy Nubit's volume today for $400. It seems someone that just printed a lot of money out of nowhere (Nubits/Nushares) could afford this pretty easily...

[Chronos]

What kind of buy support does BitUSD have?

Well, I decided to do a little research on my own question. Below is a screenshot from just now, from the BTER BitUSD/USD market.

If you are willing to accept a 2% loss, you can sell $200 instantly. If you are ok with a 3% loss, add another $213 to that. At a 4% loss, sell another $162. If you have more than that to sell, it won't be easy. Also, even if you have just $10 to sell, you still won't get the pegged price, because $1000 in sell orders must be cleared out before the market can move to its "pegged" value. This could be inhibiting merchant adoption.

This makes me realize why NuBits has so much more trade volume than BitUSD right now. It's tough to compete against $140,000 of pegged buy orders with $500 (at best). It's an uphill battle.