Author Topic: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error  (Read 1556 times)

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Offline Akado

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http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

Unfortunately, that just looks like a FUD attack to the rest of the crypto world who seem to love NuBits. Doesn't matter if it's technically correct or not. Market doesn't care. It will be used to show how desperate to put down other coins BTS has become.

Indeed. Some bold accusations and even if you're right, everyone will only see this as an attack and might backfire on BitShares reputation. I know that, if someone is certain of certain, that person must not be afraid to speak the truth, however, that's just how immature the crypto community is and they will use this against BitShares. However if you're right, one day everyone will run to get bitUSD eheh
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Offline btswildpig

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You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.

Actually , this wasn't what I heard .
Nubits down to 0.9 then down to 0.6 two days ago on coinmatketcap , because the owner's bot on CCEDK got pulled down due to some error , so the owner took it down to be safe , there goes the buy order , so the price was hit at that moment .

 The issue here is that this proved BTC-NBT trading will bring risk to the system just like any trading bot , thus using BTC-NBT trading to pump the volume while gains profit at some point , the risks will still be there .

There was also a debate on the BTC-NBT trading pair in Nubits forum when this pair was first introduced .

USD-NBT would be the less risk option , but that couldn't bring organic huge volume .
« Last Edit: January 13, 2015, 05:40:26 pm by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline gamey

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I tried to take advantage of this the night before last.. and there were no sell orders below what it should have been.  If someone made a lot of money it was before I noticed it.
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Offline arhag

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Yet its marketcap is twice that of BitUSD. Its clearly the preferred mode for BTC holders to get into to weather the bear market.

Sad, really. There's simply no reason why BitUSD shouldn't be the one with >$1,000,000 volume during this turmoil.

The market cap metric is nearly useless for NuBits and BitUSD. That can easily be manipulated and we have no way of knowing how much genuine adoption each has.

For example, if we could get enough BTS whales (collectively holding 400 million BTS) to short BitUSD to themselves, we currently could grow the market cap of BitUSD to larger than 2.3 million BitUSD, that's bigger than the current market cap of NuBits. These BTS whales would be exposed to BTS exactly as they were before. If they want access to their BTS they can simply cover with the BitUSD in their position.

With NuBits it's even easier because they do not have a 300% reserve. The custodians can print as many NuBits as they want and "sell" it to themselves to inflate the market cap of NuBits. Since this is an IOU they owe to themselves, they can later on destroy those NuBits without having to sell any BTC. Now, I don't know if they are actually playing games like this or not, but since it is easy enough to do, we shouldn't take the market cap of these pegged currencies seriously.
« Last Edit: January 13, 2015, 06:31:24 pm by arhag »

Offline cass

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http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

Unfortunately, that just looks like a FUD attack to the rest of the crypto world who seem to love NuBits. Doesn't matter if it's technically correct or not. Market doesn't care. It will be used to show how desperate to put down other coins BTS has become.

Indeed. Some bold accusations and even if you're right, everyone will only see this as an attack and might backfire on BitShares reputation. I know that, if someone is certain of certain, that person must not be afraid to speak the truth, however, that's just how immature the crypto community is and they will use this against BitShares. However if you're right, one day everyone will run to get bitUSD eheh

well said ...

Why not just focus on our product and bring it to masses? We have a awesome product, IMO there is no need to go against other cryptos! Market will show it over time ...
So pls let us focus on education of of BitShares... documentation, whitepapers, etc.

just my 2 bts
« Last Edit: January 13, 2015, 11:50:49 pm by cass »
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline xeroc

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I think BM takes his responsibility very serious and mainly wants to educate people instead of bashing other crypto currencies ...
If he wasn't the lead dev of bitshares people would certainly read his blog posts more carefully and come to the same conclusions ...
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Offline hpenvy2

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Fireworks would shoot out my ass in celebration if Stan or BtsWildPig took a quick read of BM's blog or any major announcements before posting. We'd save ourselves a lot of pain.

Offline btswildpig

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Fireworks would shoot out my ass in celebration if Stan or BtsWildPig took a quick read of BM's blog or any major announcements before posting. We'd save ourselves a lot of pain.

I always want to shut BM up for a lot of reasons ....
But this one I'm not sure .
If what BM said is 100% true , then it won't be a big problem , just a rough guess  .

On the other hand , I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline cass

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I think BM takes his responsibility very serious and mainly wants to educate people instead of bashing other crypto currencies ...
If he wasn't the lead dev of bitshares people would certainly read his blog posts more carefully and come to the same conclusions ...

yup, you could be right with this !
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline matt608

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I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

 +5%

Offline mike623317

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Personally, i think BM will be proven right with NuBits but our primary focus has to remain on getting a finished, polished product to market.

1. Finish our product and make it as EASY TO USE & UNDERSTAND as possible.
2. Harp on and on about what makes us unique.
3. Tell them again
4. Tell them what we've already told 'em.

You see ethereum going to the conference in miami and they have not even released anything yet. Lets remain focused and get a polished product then promote our competative advantage until people are sick of hearing it.
Just my 2 cents

Offline jckj

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1. Finish our product and make it as EASY TO USE & UNDERSTAND as possible.
2. Harp on and on about what makes us unique.
3. Tell them again
4. Tell them what we've already told 'em.


Agree.

Offline cass

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I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

 +5%

 +5%
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█