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Messages - cybnate

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Technical Support / Re: bitshares-light 2.0.160217 ----- "Failed to create account..."
« on: October 09, 2016, 03:03:15 am »
Similar problem here:

Insufficient Balance: openledger's balance of 1.02903 BTS is less than required 14.82883 BTS {"a":"openledger","b":"1.02903 BTS","r":"14.82883 BTS"} th_a db_balance.cpp:73

What is the solution?

2
General Discussion / Re: NuBits
« on: October 23, 2014, 08:32:37 am »
Quote from: chryspano on October 21, 2014, 01:13:36 pm
I mean that you will need an increasing number of buyers day after day just to buy the new generated from interest nubits, the moment that you will have more nubits generated than the buyers can buy, it will be the moment this ponzi will colapse, the interest rate will rise even more to keep the price down but all those new generated nubits will be even harder to be sold.
Fair point, so we worked on a solution to burn NuBits
If you are interested it is currently a proposal for NuShareholders to consider. You can find it in our forum (discuss.nubits.com)

Edit: typo

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General Discussion / Re: NuBits
« on: September 24, 2014, 08:36:53 am »
Quote from: vlight on September 24, 2014, 08:15:58 am
Quote from: cybnate on September 23, 2014, 09:54:08 pm
We are reducing the money supply by having people to park the Nubits at an attractive interest rate. The interest rate will depend on the shareholders voting for it. When there is lots of selling pressure the shareholders will increase the interest rates. When there is no selling pressure they will be zero. The shareholders can set interest rates independantly for short the term (days), months, years or basically infinite practically burning it.
My doubt is, how in the world do shareholders know what is the correct interest rate? It's the 'price' that should be decided by the market, not by some isolated group.
The shareholders will be fed with information from the bots about the liquidity position. Each shareholder will take their own position which will provide some market rate. If the interest rates are too low the bots will feed the information to the shareholders that not enough money is parked reducing the money supply and they will likely respond to that. So the interest rate will be set by the market indirectly. It is very similar how it happens in the fiat/banking world. On top of that I see the development of intelligent bots made and configured by shareholders to their views and best interests which may auto-respond to events fed by the NuNet bots. Every shareholder may still respond differently based on the same information. The network will respond to the 'view' of the majority.

Edit: BTW NuBits and NuNet are an experiment. Please read the disclaimer on our website: https://nubits.com/disclaimer
Edit2: grammar and spelling

4
General Discussion / Re: NuBits
« on: September 23, 2014, 10:59:41 pm »
Quote from: liondani on September 23, 2014, 10:30:23 pm
Quote from: cybnate on September 23, 2014, 10:27:44 pm
It is basically postponing inflation until there is adequate demand.
Regarding taking them out (burning) someone has indeed to buy them so that is a last resort measure. Parking them for longer period would be more likely as long that there is confidence demand will increase later on.

and what happens if demand don't increase later on ?
In that unlikely and distant scenario that the Shareholders won't have that confidence anymore the peg will be lost. Depending on any remaining confidence a new peg might be established at a lower rate or against another currency or commodity. Again this is really an endgame scenario, not likely to happen even years from now. Zero risk doesn't exist in my opinion. The risk that the US$ crashes or suffers from extreme inflation is also not zero. Everyone has to assess their appetite to the amount of risk they are willing to take. And everyone's appetite is different like with any currency. I think Nubits has an attractive risk profile for many people though but time will tell.

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General Discussion / Re: NuBits
« on: September 23, 2014, 10:27:44 pm »
Quote from: Shentist on September 23, 2014, 09:55:55 pm
questions for Nubits:

how do you guarantee 1 USD == 1 Nubits? . If you "grant" with voting 20.000 NBTS for "developing software" what will i do with NBT? I need someone who is willing to use and buy the NBT from me. Without this i will sell it under 1 USD because the NBTS are for "free".
As I said in my previous post we maintain the peg by managing the amount of NBT in circulation. The exchange will buy your 20k NBT in principle as long as there are Custodians providing adequate liquidity which Shareholders will make sure of.

@bytemaster The interest is indeed paid in NuBits when it is unparked technically increasing the money supply. It is basically postponing inflation until there is adequate demand.
Regarding taking them out (burning) someone has indeed to buy them so that is a last resort measure. Parking them for longer period would be more likely as long that there is confidence demand will increase later on.

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General Discussion / Re: NuBits
« on: September 23, 2014, 09:54:08 pm »
Quote from: emski on September 23, 2014, 09:31:09 pm
Quote from: cybnate on September 23, 2014, 09:22:35 pm

Our solution to inflation is to reduce the money supply and release it when demand is high. Like a central bank does. Sounds like a proven methodology, doesn't it?

BTW I'm Cybnate, from the peercointalk forums and discuss.nubits.com forum. Nice to meet you.

How will the money supply be reduced and released ?
We are reducing the money supply by having people to park the Nubits at an attractive interest rate. The interest rate will depend on the shareholders voting for it. When there is lots of selling pressure the shareholders will increase the interest rates. When there is no selling pressure they will be zero. The shareholders can set interest rates independantly for short the term (days), months, years or basically infinite practically burning it.

Increasing the money supply is done by voting on proposals raised by Custodian's who are trusted to provide the requested newly created supply by the network to the exchanges (using the bots) and offering the Shareholders attractive dividends at an acceptable fee.

So the principle is like a central bank, but the voting is done by many shareholders all over the world. Given the amount of shareholders at this stage it is not perfectly decentralised yet, but I think we are on the way to it.

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General Discussion / Re: NuBits
« on: September 23, 2014, 09:22:35 pm »
Quote from: biophil on September 23, 2014, 09:04:58 pm
Why do you think it's outrageous? Is it because their solution to inflation is more inflation? Haha

Sent from my SCH-S720C using Tapatalk 2
Our solution to inflation is to reduce the money supply and release it when demand is high. Like a central bank does. Sounds like a proven methodology, doesn't it?


BTW I'm Cybnate, from the peercointalk forums and discuss.nubits.com forum. Nice to meet you.

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