Author Topic: BitNu - Funding BTSX without Inflation...  (Read 9547 times)

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Offline Ander

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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.
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Offline Method-X

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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.

 +5% I came to the same conclusion.

Offline Shentist

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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.

Offline starspirit

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I think the main thing people like about Nubits above all else are the buy and sell walls which give them the confidence to go in or out. They are able to suspend looking too deeply at the risk that this depends on sellers not outnumbering buyers for a prolonged period. If that happened the buy walls would fall (as they will represent an increasingly small fraction of the growing supply), and unless shareholders were willing at that point to prop it up by committing the profits they have received (and potentially spent) along the way from their NBT sales, the peg would break and owners would be left with something of much lower value. While demand increases uninterrupted, the game can go on, potentially a long time. When the flaw is ultimately exposed to the masses however, there will be no coming back.

It doesn't matter to people right now, but the big difference with BitUSD is that it is (over-) collateralised (albeit by BTSX which is volatile), and its supply can shrink automatically with lower demand. If BitUSD could also create buy/sell walls, it could compete as well as hold a higher ground.

Offline Empirical1.1

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The proposal, the joke and the criticisms hide the simple truth at the core of this issue: That this is an arms race with survival at stake, and that our weapons of war are inflation, interest rates, etc.

Yes.  And at present, here is what an outsider with no skin in the game is seeing: 
Nubits is crushing bitUSD in terms of use (volume, market cap). 
Bitshares supporters just sit on their forum and laugh at NuBits and call it a ponzi and make jokes.


Harsh...but unfortunately very true.

It seems to me we can replicate a lot of the steps NuBits took without a big spend

1. A simple BitUSD wallet
2. A simple BitUSD website  (Theirs https://nubits.com/ )
3. Main page Coinmarketcap listing
4. 2 Million CAP (Top 20 CMC)
5. Bter liquidity
6. Bit o advertising
7. Being ready when Bitcoin tanked

I'm just busy writing up a post about it in marketing. I tried to come up with some ideas, probably not very helpful, probably a lot of those things are coming soon anyway. Just frustrated like some seeing NuBits doing Million dollar daily pegged USD volume atm. https://bitsharestalk.org/index.php?topic=9824.msg127704#msg127704

« Last Edit: October 08, 2014, 10:06:35 pm by Empirical1.1 »

Offline sschechter

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There's a big difference between being right, and making money.  Don't fool yourself into thinking they'll always be the same choice. Sometimes you need to pick which one you'd prefer.
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Offline nomoreheroes7

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The proposal, the joke and the criticisms hide the simple truth at the core of this issue: That this is an arms race with survival at stake, and that our weapons of war are inflation, interest rates, etc.

Yes.  And at present, here is what an outsider with no skin in the game is seeing: 
Nubits is crushing bitUSD in terms of use (volume, market cap). 
Bitshares supporters just sit on their forum and laugh at NuBits and call it a ponzi and make jokes.


Harsh...but unfortunately very true.

Offline Ander

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The proposal, the joke and the criticisms hide the simple truth at the core of this issue: That this is an arms race with survival at stake, and that our weapons of war are inflation, interest rates, etc.

Yes.  And at present, here is what an outsider with no skin in the game is seeing: 
Nubits is crushing bitUSD in terms of use (volume, market cap). 
Bitshares supporters just sit on their forum and laugh at NuBits and call it a ponzi and make jokes.



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Offline CLains

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The proposal, the joke and the criticisms hide the simple truth at the core of this issue: That this is an arms race with survival at stake, and that our weapons of war are inflation, interest rates, etc.

Offline Riverhead

We will follow you...but not blindly bytemaster!

 +5%

The forum has a good collection of strong critical thinkers that aren't afraid to state their opinions. This makes for a much stronger product than a bunch of BM acolytes.

Offline xeroc

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Yeah, I think its time to cool it with the nubits bashing, it looks unprofessional.
*agreed*

Offline Ander

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Yeah, I think its time to cool it with the nubits bashing, it looks unprofessional.
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Offline cryptillionaire

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Seconding keeping our distance from nubits (total ponzi scheme).

Offline santaclause102

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Without going into what a terrible idea it would be and also being uncertain how much of the original post was a joke...

As far as NuBits is concerned.

1. $2 million of their $2.24 million valuation isn't actual demand they started with that amount, so their valuation is a bit misleading.

2. Why do they get a listing on CMC on the main page?
We really should get BitUSD on the main CMC page.

3. A couple of other things need to be in place too perhaps (more stable client & decentralised voting) but as soon as this is implemented https://bitsharestalk.org/index.php?topic=9520.msg124582#msg124582 it will be very interesting to see how much interest BitUSD can bring to bear in a fully backed, decentralised system, and whether a ponzi NuBits can compete.

(Very important to be on CMC main page if they are though - According to Alexa.com, BitShares-X.info gets it's most upstream visitors from CMC by far >30%.

The asset page though is viewed MUCH less. So we put ourselves at a big advertising disadvantage if not on the main CMC page and other pegged assets are.)
+5%

Offline xeroc

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some users from r/nubits seem to be "not amused" by our lead dev to attack nubits in that way:
http://www.reddit.com/r/BitShares/comments/2ildk9/longtime_lurker_its_embarrassing_to_watch/