BitNu - Funding BTSX without Inflation...

[Stan]

Delegates are an elected position so reputation and track record and raison d'être are important.

Once you are established as a trusted BitShares Delegate with a reliable and popular community contribution (raison d'être) then its easier to get elected to more positions on other DACs.  Lucrative profitability ensues.

So right now, delegate positions can be viewed as a loss leader to stake out your raison d'être territory before the competition heats up.

rai·son d'ê·tre
ˌrāzôn ˈdetrə/
noun
the most important reason or purpose for someone or something's existence.
"an institution whose raison d'être is public service broadcasting"

[xeroc]

From the Nubits Whitepaper:

When this occurs, NuBit demand will decline permanently. The end of the currency will be marked by interest rates rising to unprecedented highs and then going still higher until the vast majority of NuBits are parked. When market participants reach a unanimous consensus that NuBits are worthless, then they will suddenly drop to zero value from one USD. As long as a small group of speculators believe there is even a small chance NuBit demand will reach a new all time high the price will remain one USD. As the currency shows signs of stress and serious decline in levels of use NuBits will pass from ordinary businesses and people to speculators willing to take large risks for large rewards. Ownership of NuBits will centralize somewhat as the currency shows signs of stress. Failure of the currency is not synonymous with failure of the network. If there are other currencies offered by Nu, they will continue to be unaffected.

In the space between now and obsolescence, there is much that Nu can do to benefit shareholders and its users.

It seems to me they know fairly well how the story will end. I guess it all boils down to arguing about when that will happen.

Oh wow, yeah, they basically just spelled it all out right there in the white paper.
Alright then.
We just have to beat them with better technology and marketing.

We could also use this as ammo for defense! 

[Ander]

From the Nubits Whitepaper:

When this occurs, NuBit demand will decline permanently. The end of the currency will be marked by interest rates rising to unprecedented highs and then going still higher until the vast majority of NuBits are parked. When market participants reach a unanimous consensus that NuBits are worthless, then they will suddenly drop to zero value from one USD. As long as a small group of speculators believe there is even a small chance NuBit demand will reach a new all time high the price will remain one USD. As the currency shows signs of stress and serious decline in levels of use NuBits will pass from ordinary businesses and people to speculators willing to take large risks for large rewards. Ownership of NuBits will centralize somewhat as the currency shows signs of stress. Failure of the currency is not synonymous with failure of the network. If there are other currencies offered by Nu, they will continue to be unaffected.

In the space between now and obsolescence, there is much that Nu can do to benefit shareholders and its users.

It seems to me they know fairly well how the story will end. I guess it all boils down to arguing about when that will happen.

Oh wow, yeah, they basically just spelled it all out right there in the white paper.

Alright then.


We just have to beat them with better technology and marketing.

[vegolino]

DA thank you for expressing what I have been feeling, but was unable to express it in words. 

[Empirical1.1]

@DA another crazy post, but I think that was your best. I think you've actually made me change me mind on some things.

This is a decentralised company but it's been built from nothing off Dan's vision, talent and work and that's what has got us here and that's what will get us to where we want to go. BitShares simply doesn't work if Dan feels strongly about an idea but is constrained by people that don't support his vision.

So while I will continue to speak my mind if I really don't like an idea (And not liking copying a ponzi or changing 2 Billion is quite natural.) If Dan says he's really considered everyone's responses to his proposal but he still thinks it will be a good idea, then I will for one will support him including things like BitNu and BTSX + dilution and whatever road he wants to take.

Worst case is something occasionally doesn't work, but we still have Dan.
 

[biophil]

From the Nubits Whitepaper:

When this occurs, NuBit demand will decline permanently. The end of the currency will be marked by interest rates rising to unprecedented highs and then going still higher until the vast majority of NuBits are parked. When market participants reach a unanimous consensus that NuBits are worthless, then they will suddenly drop to zero value from one USD. As long as a small group of speculators believe there is even a small chance NuBit demand will reach a new all time high the price will remain one USD. As the currency shows signs of stress and serious decline in levels of use NuBits will pass from ordinary businesses and people to speculators willing to take large risks for large rewards. Ownership of NuBits will centralize somewhat as the currency shows signs of stress. Failure of the currency is not synonymous with failure of the network. If there are other currencies offered by Nu, they will continue to be unaffected.

In the space between now and obsolescence, there is much that Nu can do to benefit shareholders and its users.

It seems to me they know fairly well how the story will end. I guess it all boils down to arguing about when that will happen.

Yeah, I've always been intrigued by the fact that the nubits devs are pretty explicit about the fact that nubits won't last forever. They are fairly unique in the crypto world in this; seems like everybody else wants to build the project that will last forever and be used by our great-grandchildren.

Sent from my SCH-S720C using Tapatalk 2

[Markus]

From the Nubits Whitepaper:

When this occurs, NuBit demand will decline permanently. The end of the currency will be marked by interest rates rising to unprecedented highs and then going still higher until the vast majority of NuBits are parked. When market participants reach a unanimous consensus that NuBits are worthless, then they will suddenly drop to zero value from one USD. As long as a small group of speculators believe there is even a small chance NuBit demand will reach a new all time high the price will remain one USD. As the currency shows signs of stress and serious decline in levels of use NuBits will pass from ordinary businesses and people to speculators willing to take large risks for large rewards. Ownership of NuBits will centralize somewhat as the currency shows signs of stress. Failure of the currency is not synonymous with failure of the network. If there are other currencies offered by Nu, they will continue to be unaffected.

In the space between now and obsolescence, there is much that Nu can do to benefit shareholders and its users.

It seems to me they know fairly well how the story will end. I guess it all boils down to arguing about when that will happen.

[xeroc]

@DA:
Couldn't agree more!

Moneyquote:

YOU need to market better, DAN needs to code.  And create.  I think you
reversed the roles of this movie for a moment.  I'm sorry, but we are not on
the marquee.  What do you think Dan has been doing all week?  He just kicked
ass, and blasted out a new genius marketing idea, and all you can say is
“conform your creative mind to mine and get back to work (for me me
meeeeeeeeee) Dan”

[Mysto]

If Dan screws up, fork it!

hahaha
 

[roadscape]

Well put, DA. It's because of Dan's creative liberties that BTSX has made it is this far this fast. But now people grow concerned about creativity because there's so much more at stake. But not me. If Dan screws up, fork it!

[Riverhead]

I think DA is proof that forum post bots can actually get high on LSD .

[Mysto]

"Woah there, hold your horses and please not only read, but COMPREHEND THE INTENSTIONS of the OP OK.  WE won't use the word: “PONZI” 


We will let the market and media figure it out for themselves.  That was the whole plan:  to teach the market that BitShares (and BitUSD) beats NuBits.  And if there is a better way, than to put them head to head on the BTSX blockchain and have a highly publicized duel to the death where we can gamble on the winner like a fun time Las Vegas Friday Night Fight at the MGM grand, then, where do I pay to see this Battle Royal!"


The media doesn't give 2 btsx about "figure it out". They only care about views. And the headline I think they would roll with is "I3 creates ponzi scheme and invites people to partake!"

Yea in a perfect world where people didn't spin things to fit their agenda this would be an amazing idea. Sadly we don't live in that world.

I have no doubt Dan is a genius. How does that saying go? Ah, crowds are smarter than the smartest individual in them.
There might be things Dan has missed or not thought of. It is good to have someone challenge his ideas (even if they are right).

[Ggozzo]

After some research I have come to the conclusion that NuBits is a centralized scheme of some sort.

NuShares is their equivalent to BTSX. These NuShares were 100% controlled by the developer who stated 70% were going to go to Devs and business partners and 30% to everyone else.  The Dev, Jordan Lee, has also stated he will not reveal who the shares were given to as a precautionary action so no one is persuaded by evil outsiders intentions to manipulate NuBits. His whole project is centralized around this one Dev.

NuBits are an asset like token that is supposed to be pegged to the dollar. The peg is to be maintained by NuShare holders through Bot markets.

NuBits are created through a voting system based on someone's application requesting them. NuShares holders issue NuBits to someone for a 10% cut of the NuBits and give away 90%. The 10% cut given to NuShares is called a dividend and they don't expect a dividend to be paid till next year (?). They are creating these tokens at no expense to anyone and then letting the person who "won" them trade them in the "fake" market created by the bots. Then they make money when you or Joe Blow come and buy NuBits for a dollar apiece.

PeerCoin has something to do with this as they are converting to PPC or something.  Didn't get that far as it smelled to fishy.

Basically NuShares holders earn PPC by issuing new NuBits and taking a cut of the NuBits issued and converting them to the PPC at a dollar per. The incentive is to create more and more NuBits for more and more profits as a shareholder. 

This thing is a multi level marketing/ponzi all jumbled together in different layers.

[biophil]

market cap 2m and the trading volume in 24h is 1m.

I would bet that there are a lot more than 2M NuBits by now, so the market cap should be higher.

But coinmarketcap is pretty slow at updating share counts.

The nubits block explorer shows about 2.2M: https://blockexplorer.nu/

Don't forget that if 2.2M nubits exist, that means 1.75M (I made that number up; but it's gotta be some large number) nubits are being traded around by the bots to maintain liquidity. At any given time, probably only a fraction [citation needed] of the total nubits are actually in circulation in any organic sense of the word. Because of this, it's very difficult to compare the open interest of nubits to that of BitUSD.

[liondani]

i don't buy it!

market cap 2m and the trading volume in 24h is 1m.

no one is using them. i assume only tradingbots shuffle some Nubits around. when they have utilitiy for us, i will be impressed.

  I came to the same conclusion.