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

[maxsinner]

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

I would be very interested to know what is the market cap at which you would like to see stable price for NAUT, because let's not fool ourselves, you cannot have a stable price from day one and volatility should have been expected until a certain market cap was reached.

I completely agree on the algo thoughts. Algo alone is not a real USP and people outside of crypto do not really care about asics resistance, scrypt-n, x11, x13, Blake and whatnot. The algo is having an effect on the price initially but it becomes a non-existent USP as soon as the coin goes out in the real world.

What people care about though and what would also reflect in the price are useful features such as sms wallets, ability to send semi-anonymous payments on demand, products/services that accept your coin as THE ONLY payment option, good PR and marketing etc. etc. I am sure NAUT can also follow some of the trends in crypto and not only rely on the basics.

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[cypz]

stability in the price will come when theres more volume and higher market cap.
over 1 mil market cap and consistent volume of a couple of hundred btc every 24 hours should really smooth out the price.

maybe approach mcxnow.com for getting the coin on that exchange as it pays interest on all deposits of the different coins, its a super fast and secure exchange. the interest could help smooth out the NSF and there you could speak with ur investors in the troll box (if you dare hehe =) ) .

all in all volume and market cap are the key here imo

both need significant increases to be stable as right now people are afraid of getting into a illiquid market.

Thanks BK for keeping us updated its much appreciated keep up the good work.

[Fredericolitch]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

[Pyramusx]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

He should have his wife get into Altcoins lol

[Lord Of The Internet]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

That's actually a really good question.   

[FlyingMongoose]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

That's actually a really good question.  

I believe it was mentioned somewhere (in this thread) there are other staff who help in the utilization of the NSF.

[BK_PHI]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

He should have his wife get into Altcoins lol

hahah!  Mrs BK thinks I am crazy...but she gives me a little leeway since I was an early adopter of Skype...way way back...when it sucked.

[BK_PHI]

if i may ask, are you the only one with access to the premine ? is there a "backup" if something happens to you ?

That's actually a really good question.  

I believe it was mentioned somewhere (in this thread) there are other staff who help in the utilization of the NSF.

It's a legit question: the plan for the NSF is the same plan for my money management business...there is a continuity plan in case I get hit by a bus. I do hope that I have laid out enough of a vision for coin that if the aforementioned bus does curtail my life functions that the community could carry on the development. Now, enough talk of my demise!!!!! Back to promoting NAUT...#GetNAUTi

[CryptoLTD]

Im getting nervous. Mabey we can start up a fund to permanently encapsulate BK & his family in some sort of sub-terranian bunker complex, with secure , concrete reinforced tunnel systems to his places of employment..na.. thats just crazy talk. lol

[IncreaseMyT]

Wooooohoooo look at those hammers on the 12 hr



looks like we might have some bright days ahead this weekend.

https://bitcoinwisdom.com/markets/mintpal/nautbtc

[BTCrawl]

BK - you probably know this, but there's something wrong with the mining algorithm. As of right now there's only 50k coins mined every day, instead of the supposed 250k. It's not necessarily a bad thing though. If POS is implemented at let's say June 30th we would have about 6 million coins mined in total. The NSF would then make up almost 3% and would be able to better support the price.

[foxy]

BK - you probably know this, but there's something wrong with the mining algorithm. As of right now there's only 50k coins mined every day, instead of the supposed 250k. It's not necessarily a bad thing though. If POS is implemented at let's say June 30th we would have about 6 million coins mined in total. The NSF would then make up almost 3% and would be able to better support the price.

it can only be a good thing that there are less coins to dump daily.

[BTCrawl]

BK - you probably know this, but there's something wrong with the mining algorithm. As of right now there's only 50k coins mined every day, instead of the supposed 250k. It's not necessarily a bad thing though. If POS is implemented at let's say June 30th we would have about 6 million coins mined in total. The NSF would then make up almost 3% and would be able to better support the price.

it can only be a good thing that there are less coins to dump daily.

It's certainly a positive from that perspective. It does however point to an underlying technical issue that should be corrected to avoid problems with network security and other similar things. Still, it might be resolved if POS is implemented properly so it might not be worth fixing if POS will come soon anyway.

[BK_PHI]

BK - you probably know this, but there's something wrong with the mining algorithm. As of right now there's only 50k coins mined every day, instead of the supposed 250k. It's not necessarily a bad thing though. If POS is implemented at let's say June 30th we would have about 6 million coins mined in total. The NSF would then make up almost 3% and would be able to better support the price.

it can only be a good thing that there are less coins to dump daily.

It's certainly a positive from that perspective. It does however point to an underlying technical issue that should be corrected to avoid problems with network security and other similar things. Still, it might be resolved if POS is implemented properly so it might not be worth fixing if POS will come soon anyway.

Thanks for pointing this out and yes I have noticed it. It appears some of the mining pools may be trying to 'game' Digishield and that is causing some slow block times and fewer coins mined.  Digishield is working on an update which we will implement. 

The best part about crypto? The community has your back!!!

[BTCrawl]

BK - you probably know this, but there's something wrong with the mining algorithm. As of right now there's only 50k coins mined every day, instead of the supposed 250k. It's not necessarily a bad thing though. If POS is implemented at let's say June 30th we would have about 6 million coins mined in total. The NSF would then make up almost 3% and would be able to better support the price.

it can only be a good thing that there are less coins to dump daily.

It's certainly a positive from that perspective. It does however point to an underlying technical issue that should be corrected to avoid problems with network security and other similar things. Still, it might be resolved if POS is implemented properly so it might not be worth fixing if POS will come soon anyway.

Thanks for pointing this out and yes I have noticed it. It appears some of the mining pools may be trying to 'game' Digishield and that is causing some slow block times and fewer coins mined.  Digishield is working on an update which we will implement. 

The best part about crypto? The community has your back!!!

Oh I see, yeah that actually makes a lot of sense. Thanks for responding! It's really cool that you interact with the community the way you do :-) Makes me even more confident about this coins future. So is the plan still to move over to POS after 16 million coins mined, or will we move sooner as the Digishield problems caused some delay?

It seems to me that POS promotes a much greater stability than POW, so it will be ideal for a coin like Nautiluscoin. One big reason seems to be that you have to actually buy the coin to benefit from the staking, where's a miner can just connect his rig to a multipool and have it mine whatever is profitable without caring about the coin at all. Usually if you invest in a coin you want it to be stable so that the rest of your investment is safe, but a miner can just dump and move on to the next coin in the blink of an eye.

[BK_PHI]

Hi all - we are experiencing some slow block times.  Just wanted to let you know we are aware of it and working on the fix. I think part of the issue may be miners trying to time Digishield. Feel free to point some hash at NAUT!!


BK

[Pyramusx]

That probably explains the syncing issues I was having with the NAUT wallet but it is fine now. That said, the NAUT wallet is incredibly fast at downloading the blockchain - definitely one of the fastest I've seen. 

[cypz]

That probably explains the syncing issues I was having with the NAUT wallet but it is fine now. That said, the NAUT wallet is incredibly fast at downloading the blockchain - definitely one of the fastest I've seen. 

yea i had the same problem and now its all fixed good stuff guys =)

[Alphi]

That probably explains the syncing issues I was having with the NAUT wallet but it is fine now. That said, the NAUT wallet is incredibly fast at downloading the blockchain - definitely one of the fastest I've seen. 

because the blockchain is virtually empty.. almost all of the transactions are happening on exchanges which are off chain.

[xen0s]

wallet links are dead
can you fix it ?
or there are no wallets for this coin