[ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield

[cypz]

Updates on What We Have Been Working On:

Payment Processor - We have at least one major payment processor who will support NAUT. I thought I would be able to announce something last Friday, but I am waiting on full integration and testing. As part of this process my company will be taking the currency risk when converting NAUT to fiat. We are ready to go once we get the green light.

PoS - My original idea was too complicated to execute.  We will be implementing a simpler PoS and I hope to begin that work this week.  Once I have an estimate for completion I will let you all know.

-BK

thank you BK, thanks for the update =)

[1715162010]

1715162010

[1715162010]

1715162010

[1715162010]

1715162010

[mdtspain]

Thanks for the update BK!!

[dwminer1]

Great news, thank you:)

[Pyramusx]

Updates on What We Have Been Working On:

Payment Processor - We have at least one major payment processor who will support NAUT. I thought I would be able to announce something last Friday, but I am waiting on full integration and testing. As part of this process my company will be taking the currency risk when converting NAUT to fiat. We are ready to go once we get the green light.

PoS - My original idea was too complicated to execute.  We will be implementing a simpler PoS and I hope to begin that work this week.  Once I have an estimate for completion I will let you all know.

-BK

The hilarious thing about the crypto-trading community is that when a ridiculous coin, with a ridiculous reputation behind it, announces (badly, if I may add) that they are going to be accepted by a payment processor the whole community goes crazy. <-- Talking about shit like Zetacoin here.

But let's see what happens when a serious coin with a lot of potential and professionalism behind it announces something similar.

[foxy]

Updates on What We Have Been Working On:

Payment Processor - We have at least one major payment processor who will support NAUT. I thought I would be able to announce something last Friday, but I am waiting on full integration and testing. As part of this process my company will be taking the currency risk when converting NAUT to fiat. We are ready to go once we get the green light.

PoS - My original idea was too complicated to execute.  We will be implementing a simpler PoS and I hope to begin that work this week.  Once I have an estimate for completion I will let you all know.

-BK

will mining stop at that point and nautilus become purely POS?

[BK_PHI]

Also the 8300, 8400 and 8500 buy orders on Mintpal and Cryptsy are NSF

[mdtspain]

There you go....comunication and that on a lazy monday

[fedmahnkassad]

Updates on What We Have Been Working On:

Payment Processor - We have at least one major payment processor who will support NAUT. I thought I would be able to announce something last Friday, but I am waiting on full integration and testing. As part of this process my company will be taking the currency risk when converting NAUT to fiat. We are ready to go once we get the green light.

PoS - My original idea was too complicated to execute.  We will be implementing a simpler PoS and I hope to begin that work this week.  Once I have an estimate for completion I will let you all know.

-BK

Really good news. As for the PoS, there is really no need to reinvent the wheel and updates can still be done later. The most important think is to reduce the current supply from mining asap since it's killing the price and with more and more coins coming each day NAUT should really not be content sitting at the bottom of the food-chain and should rather take the lead.

[Fredericolitch]

Good news, but my questions have been ignored, so i guess, those things are not supposed to be public...

[FlyingMongoose]

Good news, but my questions have been ignored, so i guess, those things are not supposed to be public...

These questions?

Digibyte developing the coin, are u sure ? I have only read they helped with digibyte implementation, nothing more...
So what is this coin ? Just a modified coingen by a digibyte guy team ?

How many guys ? Is there any kind of team behind this coin ? Which nickname on this forum ? are they reading us ? Can they participate ?

Why POS so long ? some days ago it was a "24h thing", now a weeks thing, why ? is this really a digibyte team guy whose helping, so no priority here ?

There is no accuracy about these things...

I'm probably annoying, but i guess it is legitimate questions.


When you look at other well going coins threads, more updates, faster development, more transparency => market love
Competition is huge.

Because they have been answered to the best ability possible:
1: The coin was initially a coingen, but it was actually completely rebuilt from the ground up by digibyte team.
Proof of this is someone mined the coingen coin in april, and those coins that were mined can not be transferred to this coin (that was released on May 1). His post of attempting to transfer was done early in this thread.
There are other staffers that BK has that work on the coin as well I'm sure. But I'm sure not all staff are forum members, and I'm sure they keep tabs. (You can read these forums without registering after all). And total number of staff is hard to say.

2: The initial proof of stake method BK wanted was too complex to implement, so now it's being implemented simpler. Once he has more info he'll post it.

[FlyingMongoose]

Add my p2pool node to the first post pls,ty

Code:

http://p2pool.palim.eu:10160

For those interested, this got buried earlier.

[BBmodBB]

i've been buying like crazy below 10K !    GOGOGOOO #TEAM NAUTILUS!!!! WEEEEEEEEEEEEEEEEE

[CryptoLTD]

i've been buying like crazy below 10K !    GOGOGOOO #TEAM NAUTILUS!!!! WEEEEEEEEEEEEEEEEE

Calm Down OWL

[open82buy]

Updates on What We Have Been Working On:

Payment Processor - We have at least one major payment processor who will support NAUT. I thought I would be able to announce something last Friday, but I am waiting on full integration and testing. As part of this process my company will be taking the currency risk when converting NAUT to fiat. We are ready to go once we get the green light.

PoS - My original idea was too complicated to execute.  We will be implementing a simpler PoS and I hope to begin that work this week.  Once I have an estimate for completion I will let you all know.

-BK

[IncreaseMyT]

yup im still here and still buying more coin, I now have more than any other coin I have ever held.

[Fredericolitch]

Good news, but my questions have been ignored, so i guess, those things are not supposed to be public...

These questions?

Digibyte developing the coin, are u sure ? I have only read they helped with digibyte implementation, nothing more...
So what is this coin ? Just a modified coingen by a digibyte guy team ?

How many guys ? Is there any kind of team behind this coin ? Which nickname on this forum ? are they reading us ? Can they participate ?

Why POS so long ? some days ago it was a "24h thing", now a weeks thing, why ? is this really a digibyte team guy whose helping, so no priority here ?

There is no accuracy about these things...

I'm probably annoying, but i guess it is legitimate questions.


When you look at other well going coins threads, more updates, faster development, more transparency => market love
Competition is huge.

Because they have been answered to the best ability possible:
1: The coin was initially a coingen, but it was actually completely rebuilt from the ground up by digibyte team.
Proof of this is someone mined the coingen coin in april, and those coins that were mined can not be transferred to this coin (that was released on May 1). His post of attempting to transfer was done early in this thread.
There are other staffers that BK has that work on the coin as well I'm sure. But I'm sure not all staff are forum members, and I'm sure they keep tabs. (You can read these forums without registering after all). And total number of staff is hard to say.

2: The initial proof of stake method BK wanted was too complex to implement, so now it's being implemented simpler. Once he has more info he'll post it.

I was talking especially about team behind the coin, that's a start, the more accurate i had, ty
It seems there is still a little speculation about the team, but i give up


I thought about something, is china know about nautiluscoin ?

[BK_PHI]

NSF Update

Haven't been able to buy much at 8300-8400 over the last 24hrs...NSF bids are now moved up to 8500.


-BK

[boogi]

NSF Update

Haven't been able to buy much at 8300-8400 over the last 24hrs...NSF bids are now moved up to 8500.


-BK

awww but my orders are at 8300

[BK_PHI]

Also just wanted to remind everyone about the economic theory behind the NAUT and NSF.

As mentioned in the ANN, the inspiration for the coin comes from Hayek's Denationalization of Money. He suggested that currencies should not be a government monopoly and should in fact be privately issued.  His conclusion was that private currencies would compete for acceptance and that both consumers and merchants would gravitate toward the most stable currencies.  Inflation hurts creditors and deflation hurts debtors. 

The goal of NAUT is to be that stable currency that people gravitate toward.  With the implementation of PoS the volatility should diminish since we are currently fighting an uphill battle against auto-sells by miners.  These auto-sells do provide some nice arb opportunities, but frankly the real money is to be made as the coin gains acceptance.

As well, my goal is for NAUT to be the investment of choice for institutional investors looking to enter the digital currency asset class.  However, 2015 is the more likely time frame for wider scale institutional investment. (Of course, the digital currency world changes MUCH more rapidly than elsewhere)

In order to become the investment of choice, we (I) need to give institutions a reason to buy NAUT.  Simply saying that digital currencies are going to take over the world is not enough to attract real investors.  Having the latest algo is one way to attract investors, but that is a treadmill which we are not willing to jump on, if your competitive advantage is having the latest algo then you must constantly be updating the code.  This is a perfectly legitimate business plan, just not the plan for NAUT.

Once we establish the ability for merchants to EASILY accept NAUT then my company BKCM LLC will take the currency risk of converting to fiat.  I consider this the very early stages of building out the NAUT economy.  The next stage is to build an infrastructure and ecosystem that is attractive to outside investors. This will include financial and investment services.

All these things take time and that it why NAUT is a long term project for me.  The NSF has provided some stability but NAUT is MUCH more volatile than I would have liked.  Announcing the NSF bids appears to have had the largest impact over the last 24hrs...if that continues to be the case then I will continue to be transparent.  The primary reason I did not initially disclose the NSF orders was because I did not want the NSF to be gamed. This is more art than science.

-BK

[boogi]

Thanks for the updates BK, it inspires confidence in the rest of us.