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General Discussion / Re: NuBits
« on: September 23, 2014, 10:40:04 pm »From what I can tell they use voting to set interest rates...
They are also thinking of being closed source because they are worried we might copy them (due to my comments on this thread).
They can't be closed source and be successful
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NuBits was never intended to be close sourced forever. It will become open source in time.QuoteWith current scheme they cannot be successful period. Make themselves rich? maybe.
Do you think you could post in detail why it will not work? It seems NBT sales are doing very well at the moment with very little exposure/coverage. It's been out for 6 hours and you're already 100% sure it's going to fail?
It is long explanation - in short they issue money based on a decision of the Nushare holders, and enforce the peg on centralized exchanges. Support for the peg is also provided by giving interest. The decision if and how much interest is to be paid is done by vote of the NuShares holders. NuShares are distributed to 'trusted parties', read insider clique.
It is the same as you and me saying - here are some dollars (NuBits), we promise to find you people to always buy your NuBits at $1 a piece. If we happen to sell more NuBits than necessary, we will vote and give you some interest...
I collect outrageous ideas (and IPOs ideas) in crypto space. One day I will publish them as an entertaining reading - NuBit/Nushares will make one of the better chapters....
Anyone want to try with a real response? This type of response is incredibly unattractive to new people like myself. BTSX is highly unprofessional if this is an example of how their community thinks.
