Thanks.
I went there to read about it.
The concept is nice pity that is totally centralized like the FEDs
It says you need to have nushares to be able to create new nubits or to
park existing nubits in exchange to get interest but the this interest is payed in peercoins.
The nushres seems to be distributed among a close circle of people which are in control
of the currency.
I haven't found any info on how and where distribution of nushares was held. :-/
so I'm skeptical about this coin.
This is another thing that rubs me the wrong way, it was funded by private investors and there was no way for the average person to invest in the project. I'm not sure when anyone that wants to will be able to buy Nushares, I think you can only buy Nubits right now.
That is right. That's something I am a little annoyed about. I think it's something like 70% of 1 billion being actually sold at a cheaper price to people who have largely contributed to the project financially. I think it was like a minimum of 100k during this year.
So everyone with the money and who were prepared to take the risk could have essentially donated that much money to get this privilege. More people who contributed in other ways are second to get an opportunity. Next 30% will be available in time for the others who sole interest will be financial and don't have anything 'at stake'.
About the centralization thing, I completely disagree. Consensus is required for the custodians to perform actions. It will be possible one day for the custodians to be completely autonmous too. Remove the small trust aspect which is what I hate right now.
I do agree though that it is like the fed, which imho isnt a bad thing. There is a reason the fed exists...
I think a transparent decentralised distributed (eventually autonmous) flexible voluntary cryptographic and digitalised fed literally controlled by the people in the economy using the 'money' is a great technology.
Milton Friedman is also a nobel prize economist who believes that the fed can be controlled by a computer.
You don't need nushares to create nubits, you need to be elected.
You don't need nushares to park nubits, the custodians will set the interest rates based on the consensus of the shareholders but anyone can park their Nubits.
Also, this interest is actually paid in nubits, the dividends for shareholders are paid in peercoins to the list of shareholder peercoin addresses which I think exists in the nushares blockchain.?