I'm not sure the goal of crypto systems should be to recreate the fiat systems that have gone before.
If NuBits recreates what the Federal Reserve has done since its founding in 1913, it will be a smashing success. An entire country (plus many others, via pegged currencies) have had relative stability under the US dollar. Of course, there are valid criticisms to fractional reserve, but the Fed's dollar has lasted over 100 years now. That's a pretty good run for anything crypto.
Why is a nation's currency considered a success if lasts one or two generations (~ 100 years)?
Most fiat currencies are dangerously close to a Ponzi scheme... I hate to use the Ponzi analogy but all good Ponzi's do very well initially and then implode.
Every fiat reserve currency in human history has done well and then imploded.
In this case, due to the lack of democratic controls, the decay may be much more rapid.
I can see what NuShares/NuBits is trying to be... just don't think it will end well based on the history of the protocol they are implementing.