Author Topic: NuBits is structured like a Ponzi Scheme [BLOG POST]  (Read 10678 times)

0 Members and 1 Guest are viewing this topic.

Offline onceuponatime

Re: NuBits is a Ponzi [BLOG POST]
« Reply #75 on: January 14, 2015, 03:13:58 am »
The number of people who are interested in or own Bitshares, who will be convinced to sell them and walk away from Bitshares because of this post is an unknown number greater than zero. 

The number of people who will, months or years from now, come back to this post and think, that freaken Dan Larimer is a genius, for knowing that this closed source, anonymously run ponzi scheme[/b] will break down, and investors will lose money.

I don't think it is quite right to call it "anonymously run"  There was an interview with a dev, Ben Rossi on Arthur Falls' broadcast:

We Look at Nubits, the value controlled digital currency that has emerged from the Peercoin/Peershares team.
https://letstalkbitcoin.com/blog/post/beyond-bitcoin-24-the-second-to-last-a-nu-approach

Offline liondani

  • Hero Member
  • *****
  • Posts: 3730
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: NuBits is a Ponzi [BLOG POST]
« Reply #76 on: January 14, 2015, 08:24:35 am »
"Even if the NuBit custodians have the best of intentions, we know from their trading volume that they keep a large quantity of BTC on the exchanges. Therefore, we know they have lost 50% of their capital held as BTC.*** If an exchange were to be hacked or compromised then the NuBit custodians would lose a large amount of their capital making them instantly insolvent and unable to peg NuBits to USD.

We can conclude from this that in a declining crypto-currency bear market that the NuBits custodians must be practicing fractional reserves and are therefore insolvent."



**After this BTC free fall the losses must be much more than 50%

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




great photo BM  :)
« Last Edit: January 14, 2015, 08:26:49 am by liondani »

Offline liondani

  • Hero Member
  • *****
  • Posts: 3730
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: NuBits is a Ponzi [BLOG POST]
« Reply #77 on: January 14, 2015, 02:10:28 pm »
I must admit that drives me crazy !!!

http://coinmarketcap.com/assets/nushares/#charts

we should raise like that!!!



PS we have all the fundamentals+it's the perfect timing for bitAssets... but we follow the trend.... obviously we are making something wrong! Hope I am wrong and we see our price pumping the next days.  :)
« Last Edit: January 14, 2015, 02:12:26 pm by liondani »

sumantso

  • Guest
Re: NuBits is a Ponzi [BLOG POST]
« Reply #78 on: January 14, 2015, 02:16:43 pm »
NuShares up 50% over the last 24 hours ....

NuBits being bought like crazy as shelter?

Offline nomoreheroes7

  • Hero Member
  • *****
  • Posts: 756
  • King of all the land
    • View Profile
  • BitShares: nomoreheroes7
Re: NuBits is a Ponzi [BLOG POST]
« Reply #79 on: January 14, 2015, 02:21:26 pm »
NuShares up 50% over the last 24 hours ....

NuBits being bought like crazy as shelter?

NuShares price is skewed by Excoin; for whatever reason they're reporting a price of $ 0.028013 on low volume. BTER and CCEDK still show the price at just over a penny.

http://coinmarketcap.com/assets/nushares/#markets

...but even so, they are holding their own fairly well. Probably because they're practically the only coin showing green. That alone will probably cause people to buy it as shelter...which will continue to up the price. Nice little self-reinforcing system going on.
« Last Edit: January 14, 2015, 02:27:04 pm by nomoreheroes7 »

Offline mike623317

  • Hero Member
  • *****
  • Posts: 637
    • View Profile
Re: NuBits is a Ponzi [BLOG POST]
« Reply #80 on: January 14, 2015, 02:22:30 pm »
NuShares up 50% over the last 24 hours ....

NuBits being bought like crazy as shelter?

... i suggest this would be us if we had a finished, easy to use & understand interface. I think we have a superior product, we just need to get it over the finish line (and we are). Its got to be finished and easy to use for the average person to adopt it.

sumantso

  • Guest
Re: NuBits is a Ponzi [BLOG POST]
« Reply #81 on: January 14, 2015, 03:24:35 pm »
An opportunity to get BitUSD heard https://bitcointalk.org/index.php?topic=924540.0

Offline vlight

  • Sr. Member
  • ****
  • Posts: 275
    • View Profile
  • BitShares: vlight
Re: NuBits is a Ponzi [BLOG POST]
« Reply #82 on: January 14, 2015, 03:38:09 pm »
I must admit that drives me crazy !!!

http://coinmarketcap.com/assets/nushares/#charts

we should raise like that!!!



PS we have all the fundamentals+it's the perfect timing for bitAssets... but we follow the trend.... obviously we are making something wrong! Hope I am wrong and we see our price pumping the next days.  :)

They are stealing our food ... or whatever is left of it :D

Offline Empirical1.1

  • Hero Member
  • *****
  • Posts: 886
    • View Profile
Re: NuBits is a Ponzi [BLOG POST]
« Reply #83 on: January 14, 2015, 03:50:24 pm »
I must admit that drives me crazy !!!

http://coinmarketcap.com/assets/nushares/#charts

we should raise like that!!!



PS we have all the fundamentals+it's the perfect timing for bitAssets... but we follow the trend.... obviously we are making something wrong! Hope I am wrong and we see our price pumping the next days.  :)


They are stealing our food ... or whatever is left of it :D

We need a bit more volume on bter, even if it's artificially generated by delegates at a small loss. Obviously nothing like NuBits but just a little something to grease the wheels and get the car going.

Offline klosure

  • Full Member
  • ***
  • Posts: 112
    • View Profile
Re: NuBits is a Ponzi [BLOG POST]
« Reply #84 on: January 14, 2015, 04:29:05 pm »
As a new comer in the Bitshares community, here is my point of view: it looks desperate and unprofessional to partake in doing mudslinging on competitors. Bitcoin core dev team isn't doing that. RIpple Labs isn't doing that even to Stellar in spite of the fact Stellar ripped off Ripple's code and keeps pulling their leg and badmouthing them. Mudslinging competitors looks lame and unconfident. I don't think Bitshares needs to do that to prevail.

Now I agree about the fact NuBit is a train wreck waiting to happen. But as far as we can tell they still have options and are not yet on the verge of blowing up. Maybe it would have been more politically correct to warn about the excessive leverage and the risk of blow up rather than downright calling them a ponzi scheme.


Offline liondani

  • Hero Member
  • *****
  • Posts: 3730
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: NuBits is a Ponzi [BLOG POST]
« Reply #85 on: January 14, 2015, 04:58:59 pm »


As a new comer in the Bitshares community, here is my point of view: it looks desperate and unprofessional to partake in doing mudslinging on competitors. Bitcoin core dev team isn't doing that. RIpple Labs isn't doing that even to Stellar in spite of the fact Stellar ripped off Ripple's code and keeps pulling their leg and badmouthing them. Mudslinging competitors looks lame and unconfident. I don't think Bitshares needs to do that to prevail.

make sense but on the other hand think about investors that probably avoided to get exposed to such a risk and probably will be thankful to read such an analysis because they saw  a title like that ... 



Sent from my ALCATEL ONE TOUCH 997D


Offline bytemaster

Re: NuBits is a Ponzi [BLOG POST]
« Reply #86 on: January 14, 2015, 05:02:32 pm »
The amazing thing is that Nubits has become a "flight to safety" and thus this 20% plunge that makes them less solvent is ignored as people jump out of the frying pan and into the fire.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.


Offline davidpbrown

Re: NuBits is a Ponzi [BLOG POST]
« Reply #88 on: January 15, 2015, 12:03:03 am »
The amazing thing is that Nubits has become a "flight to safety" and thus this 20% plunge that makes them less solvent is ignored as people jump out of the frying pan and into the fire.

People go to what they know.. or what is visible. Need to raise the profile of BitShares, in Bitcointalk; reddit; and other places I don't know. /r/peercoin has x4 subscribers that /r/bitshares does.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline James212

  • Sr. Member
  • ****
  • Posts: 312
    • View Profile
Re: NuBits is a Ponzi [BLOG POST]
« Reply #89 on: January 15, 2015, 12:15:38 am »
I think you could have explained it fairly (as you do) without using the Ponzi label (which is unnecessarily sensationalist). To me, that implies fraud beyond the design of NuBots. It imputes some dishonest intentions. I'd prefer to believe that the NuBots people are honest, even if it's a flawed design that relies on IOUs. Aside from that criticism, the article is well-written.
I agree, I don't think it is wise or very classy to call out our competitors in that manner.   First rule... never call your competitors by name....or sling mud directly.  Its not good for PR.   I would pull this post and rewrite. 
BTS: theangelwaveproject