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

[EvilDave]

Yup, sitting down to dinner with Barclays shows how far Nxt has come......

[Drachmae]

http://static1.squarespace.com/static/53593f0be4b0c3ad738404f5/t/55f83196e4b06e00341597ba/1442328982047/Nautiluscoin+Project+September+15+2015+Press+Release.pdf

[blipBlop]

Tell me if I'm understanding this correctly, will I be swapping out my Nautiluscoin for Nxt Coins, or will I be just using my Naut Coins on the Nxt System?

Nxt Coins have over 999,997,096 supply while Naut has a 5,322,099 supply.  Is coin swap going going to dilute the worth of my Naut Coins.

I would like to the know these details before proceed.

[Drachmae]

Please read http://static1.squarespace.com/static/53593f0be4b0c3ad738404f5/t/55f83196e4b06e00341597ba/1442328982047/Nautiluscoin+Project+September+15+2015+Press+Release.pdf

This is the new Naut https://nxtportal.org/currencies/18154834130337484019

if you require more information on NXT

go to www.nxtinside.org or contact dave@nxtfoundation.org

Tell me if I'm understanding this correctly, will I be swapping out my Nautiluscoin for Nxt Coins, or will I be just using my Naut Coins on the Nxt System?

Nxt Coins have over 999,997,096 supply while Naut has a 5,322,099 supply.  Is coin swap going going to dilute the worth of my Naut Coins.

I would like to the know these details before proceed.

[habraken]

Tell me if I'm understanding this correctly, will I be swapping out my Nautiluscoin for Nxt Coins, or will I be just using my Naut Coins on the Nxt System?

Nxt Coins have over 999,997,096 supply while Naut has a 5,322,099 supply.  Is coin swap going going to dilute the worth of my Naut Coins.

I would like to the know these details before proceed.

You get NAUT, a coin that exists on the Monetary System (MS) within NXT, supported and secured by the existing NXT network.

http://nxter.org/nxt-core-monetary-system/
https://wiki.nxtcrypto.org/wiki/Monetary_System
https://nxtforum.org/monetary-system/

It seems NAUT was created with max supply 16'180'000 and type 'exchangeable': "Exchangeable currencies can be traded for the NXT currency in the Exchange Booth of the Nxt client, which operates differently than the Asset Exchange. A currency owner can publish a combined buy/sell offer pair with an expiration block height and quantity limits. Only one active offer per account is permitted. Requests to buy or sell offered currency can submitted by anyone. These exchange requests are executed immediately (fully or partially) or not at all if no matching offers are found."
But probably more relevant is the dedicated exchange for gold value.

[Vlad2Vlad]

http://static1.squarespace.com/static/53593f0be4b0c3ad738404f5/t/55f83196e4b06e00341597ba/1442328982047/Nautiluscoin+Project+September+15+2015+Press+Release.pdf

Wow, so the airdrop is on the 26th.  When will the gold backing be announced?  I mean, the gold backing is what gives NAUT its value - so if the airdrop takes place in 11 days then that announcement should be soon.

Unless the gold backing is off the table.

Thanks for putting all this together, Lee.

[Drachmae]

http://nxter.org/nxt-to-power-a-full-economic-ecosystem-with-drachmae-nautiluscoin-nxt-foundation-brian-kelly/

http://static1.squarespace.com/static/53593f0be4b0c3ad738404f5/t/55f83196e4b06e00341597ba/1442328982047/Nautiluscoin+Project+September+15+2015+Press+Release.pdf

Wow, so the airdrop is on the 26th.  When will the gold backing be announced?  I mean, the gold backing is what gives NAUT its value - so if the airdrop takes place in 11 days then that announcement should be soon.

Unless the gold backing is off the table.

Thanks for putting all this together, Lee.

[Vlad2Vlad]

I read the press release and there is no mention of any gold or gold backing.

How can the airdrop take place in a week with no known hard value?  I suppose it can be done without that hard floor but it seems like a bad way to launch a currency for a daily use test.  The people getting the NAUT will see their purchasing power of NAUT fluctuate wildly which may lead to confusion or disappointment.

Hopefully BK can clarify this issue before the airdrop.

[delong]

Does anyone have info on whether NAUT that are on exchanges will be automatically swapped, or if holders will need to withdraw from exchange to wallet in order for the swap to be successful? 

Also, are there plans for NAUT to continue to be traded on exchanges like Bittrex and Poloniex, or will NAUT trading be more limited in the future?

[blipBlop]

Read the announcement and waiting for instructions for coin swap info today.  "We will post the coin swap instructions on Bitcoin Talk on Wednesday, September 16, 2015"

[Drachmae]

As mentioned many times before.
Gold is something that is months away.

There is something in the pipeline but there are legal requirements to be dealt with.

I read the press release and there is no mention of any gold or gold backing.

How can the airdrop take place in a week with no known hard value?  I suppose it can be done without that hard floor but it seems like a bad way to launch a currency for a daily use test.  The people getting the NAUT will see their purchasing power of NAUT fluctuate wildly which may lead to confusion or disappointment.

Hopefully BK can clarify this issue before the airdrop.

[Vlad2Vlad]

Does anyone have info on whether NAUT that are on exchanges will be automatically swapped, or if holders will need to withdraw from exchange to wallet in order for the swap to be successful? 

Also, are there plans for NAUT to continue to be traded on exchanges like Bittrex and Poloniex, or will NAUT trading be more limited in the future?

I've been working with Cryptsy but communication has been latent.  I'm not sure if they'll have the new NAUT up and running in the next few days.  And I know Lee/BK have been working with Bittrex.

You guys need to show some gratitude to guys like Lee and BK who are doing all the work behind the scenes while you're reaping all the benefits. 

[Drachmae]

Must not forget the people from NXT who are helping in all this..

ITS CALLED COMMUNITY WORK

Does anyone have info on whether NAUT that are on exchanges will be automatically swapped, or if holders will need to withdraw from exchange to wallet in order for the swap to be successful? 

Also, are there plans for NAUT to continue to be traded on exchanges like Bittrex and Poloniex, or will NAUT trading be more limited in the future?

I've been working with Cryptsy but communication has been latent.  I'm not sure if they'll have the new NAUT up and running in the next few days.  And I know Lee/BK have been working with Bittrex.

You guys need to show some gratitude to guys like Lee and BK who are doing all the work behind the scenes while you're reaping all the benefits. 

[EvilDave]

Right, Nautiluscoin dudes/dudettes.......I've just posted full instructions for the first wave of Nautiluscoin > Nxt-MS Nautilus redemption here;
https://bitcointalk.org/index.php?topic=1182317

Check it out, no need to rush. I'd appreciate people asking questions on the redemption process before they start sending out coins......

I'm off for coffee, back soon.

[kalenen]

From what i understand there is really no benefit to do the conversion now, just more work to it..

[Vlad2Vlad]

From what i understand there is really no benefit to do the conversion now, just more work to it..

Each phase takes time and if the airdrop happens on the 26th then it would be nice for the old NAUT to be all converted over.  Less confusion and less drama.

So I say since this is a fair 1 to 1 conversion that everyone convert as soon as you can.  Let's complete this phase so we can quickly move on to the next phase.

Thanks to the NXT team for helping out with this.  Nobody is paying them to do it and they're not even part of the NAUT community so their efforts are much appreciated.

Cheers!

[kalenen]

i do speculate about the price.. will we stay on the same price with more available coins?

So whats the smart thing to do here if u have some Naut:)

[Drachmae]

You will be required to do KYC on the exchange so it will be a more work than doing it this way.

Also if the conversion does not start it will be confusing for the airdrop

From what i understand there is really no benefit to do the conversion now, just more work to it..

[Vlad2Vlad]

i do speculate about the price.. will we stay on the same price with more available coins?

So whats the smart thing to do here if u have some Naut:)

The price won't move without real catalysts which may or may not come.  Having an active community would go a long way in enticing BK into being more active.

That said, what has to be done now by anyone holding NAUT is to convert into the new NAUT.  I verified with Coinstructors and The conversion is 1 to 1 which is great news.  The conversion rate was my biggest worry so we're getting a very fair deal here.

[EvilDave]

Thanks Vlad  

I've recieved the first couple of NAUT transactions, payout of NXTNAUT will probably be later on today or early tomorrow.
https://bitcointalk.org/index.php?topic=1182317.msg12441796#msg12441796

On the price: there might be a few wobbles, but the underlying value of NAUT will remain unchanged, and the Drachmae project will add value by actually using Nautilus in the real world.

Lastly, just as a control, here is the NAUT redemption address again:

Code:

NPAXpEt1VPKsFh9KAGExxvp76cj3v1DFMQ