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

[neuroMode]

So I'm confused. The plan here is that every time someone tries to pump this coin, the dev dumps on them with the premine to keep the price "stable"? I read the post about selling at a loss earlier to stabilize but in the long run this plan makes no sense to me. How does that work as a currency if it is to gain the public's trust in any way approaching what BTC has? Will people just be fine knowing that it's not really a free market and there is a permawhale constantly manipulating the price? What if the market has legitimate reason for a raise in value, does the whale decide when it's ok to move the price? Not trying to FUD here I'm just looking for a little insight.

I'm really not sure how you could have read over this sentence. The SF paragraph is like 3 sentences long...

"All proceeds from sales of the pre-mined coins allocated to the NSF will be used to place buy orders for Nautiluscoin."

[coine_smithe]

So I'm confused. The plan here is that every time someone tries to pump this coin, the dev dumps on them with the premine to keep the price "stable"? I read the post about selling at a loss earlier to stabilize but in the long run this plan makes no sense to me. How does that work as a currency if it is to gain the public's trust in any way approaching what BTC has? Will people just be fine knowing that it's not really a free market and there is a permawhale constantly manipulating the price? What if the market has legitimate reason for a raise in value, does the whale decide when it's ok to move the price? Not trying to FUD here I'm just looking for a little insight.

I'm really not sure how you could have read over this sentence. The SF paragraph is like 3 sentences long...

"All proceeds from sales of the pre-mined coins allocated to the NSF will be used to place buy orders for Nautiluscoin."

Yes you did not comprehend my post. I am well aware that the sales will be put back into the market.

[BK_PHI]

BK good work on the tshirts.
Any update on getting on coinmarketcap?
I think we should try to get on asap before a massive pump as being on cmc and then having a pump will create awareness for the coin.

I have been contacted by WorldCoinIndex and they will be adding NAUT. I have not heard back from CMC, but I have my marketing team working on it.

[PilotofBTC]

BK good work on the tshirts.
Any update on getting on coinmarketcap?
I think we should try to get on asap before a massive pump as being on cmc and then having a pump will create awareness for the coin.

I have been contacted by WorldCoinIndex and they will be adding NAUT. I have not heard back from CMC, but I have my marketing team working on it.

It's like a bazzar of alt-coins. I expect this insanity will stop eventually. 99% of these coins have nothing new, unique or interesting to them.

[BK_PHI]

NSF Explained

I have noticed a lot of chatter/confusion over the NSF so I though I would expand on the purpose and design.  The inspiration for the NSF is Friedrich Hayek's book The Denationalization of Money.  

Hayek believed that the state should not have a monopoly on the creation of currency - he viewed currency as a commodity that should compete for acceptance.  He surmised that competition would create the strongest currency and society would benefit. The conclusion Hayek reached was that a weak currency (devalued) would hurt creditors as they would be paid back with currency that is worth less than when it was lent.  For example, if I lend money at an interest rate of 10% but the currency falls by 20% I am really losing 10% of purchasing power.

On the other hand, a strong currency hurts debtors as they must pay back debt with currency that can buy more than when it was borrowed.  So, if I borrow money at 10% and the currency appreciates by 10%, my interest rate is really 20%.  

Hayek concluded that both debtors and creditors would gravitate toward a stable currency because it was mutually beneficially.

The biggest criticism of Bitcoin from the financial community is its volatility - everyone has the same question,  "How can bitcoin ever become a viable currency if it fluctuates 10-20% a day?"  The volatility is a huge flaw for BTC and it is why I created Nautiluscoin.  A merchant must have a reasonable expectation that a currency can be converted to fiat if needed without losing 10% of its value. At the same time, those who want to use the currency must first buy the currency and need to be assured that they can buy enough to make a purchase without having to pay 10% higher to obtain the currency.  In other words, a stable growth pattern is needed.

I share Hayek's view that a currency should reflect its supply and demand - if more people want to use it, the price should rise. Wild daily fluctuations will kill any medium of exchange.

My original concept was to use either a currency peg system or daily band. However, as we have seen countless times these systems are flawed. Once the market realizes the entity responsible for maintaining the peg is under-capitalized people abandon the currency. For a real life example we need not look any further than the breaking of the Bank of England.

The NSF is designed to act as a speed bump - when things get out of hand in either direction the NSF has the ability to step into the market. As with all systems the NSF has a flaw too - it can be overwhelmed.  That is to say if a miner decides to dump, the NSF can only buy so much...alternatively if merchant and investment interest create tremendous demand the price can move rapidly higher.

The speed bump nature of the NSF is a way to gain acceptance, just like Hayek concluded.  The NSF does not prevent the price from appreciating significantly, it just aims to make the pace reasonable so end users of the currency will be attracted.  At the same time, the NSF cannot prevent the price falling to zero as it does not have enough fire power to buy every NAUT in existence.

A Real Life Example

The creation of the Get NAUTi shirts is a real life example of why a stable currency is needed.  Between production and shipping the shirts will cost me around $18-20 - I must convert to fiat because the printer only accepts US Dollars.  I decided to take only NAUT to illustrate how the system works.  I am charging 200 NAUT for the shirts, which at current exchange rates is about $18.  If miners decide to sell and the rate drops to 0.0001 BTC then I am only collecting $9, leaving me on the hook for $11 per shirt. I am willing to take this risk because I am trying to illustrate why a reasonably stable rate is needed.

Mrs. BK tells me I don't always explain what is going on inside my head, so I hope this helped more than confused

-BK

[drumingspz]

NSF Explained

I have noticed a lot of chatter/confusion over the NSF so I though I would expand on the purpose and design.  The inspiration for the NSF is Friedrich Hayek's book The Denationalization of Money.  
...
Mrs. BK tells me I don't always explain what is going on inside my head, so I hope this helped more than confused

-BK

Well said and summed up.  Now begins the newbie accounts' explanations of why you are an idiot...  Gotta love the internet  

[PilotofBTC]

thanks for the info Brian. However, I will point out that while Bitcoin's value fluctuated wildly at first, it has become much more stable. IF you look at the charts over the last weeks it has been around $450 plus or minus less than 5%.

that said, I am on board with your project and hope it rises to the top of the alt-coin pile.

[BK_PHI]

thanks for the info Brian. However, I will point out that while Bitcoin's value fluctuated wildly at first, it has become much more stable. IF you look at the charts over the last weeks it has been around $450 plus or minus less than 5%.

that said, I am on board with your project and hope it rises to the top of the alt-coin pile.

Completely agree, perhaps someday we will not need the NSF, but to attract bees we need some honey. I would be perfectly happy if NAUT volatility calmed down at $450...at that price I am happy to wind down operations

But it brings up an interesting point that perhaps BTC has found its equilibrium price between supply and demand

[whatdidshedo]

mine at MOOOPOOL http://nautilus.mooo.com

Just rented a 500 MHs monster and the pools can't handle it.  Can a pool op set me up with a worker that has vardiff set to 1024 for starters?

Anybody?  0.3 BTC for 3 hours and 1/2 hour already gone.  Keeps getting kicked because the initial difficulty is too low.

http://naut.0feepool.com is set at vardiff 1024.

@BK_PHI
Order in for T-Shirt, check PM :-)

Eventually it gets there but starting vardiff is 32.  Just tried with rig operator to ease into it and it still dumped me off...

dude i was really close to scoop 3 hours on that 500 , glad someone else tested it before me, i had 200mh yesterday for 6 hours during very unlucky time for a pool made 200 coins only with it, today i went with 27mh but over 24 hours so it evens out nicely, with multipools kicking ass it's to risky to rent anything less than 24hr so you have enough time to recover from unlucky streaks, but on the other hand i hope your 500 hits the lucky streak and you make shitload.

[drumingspz]

mine at MOOOPOOL http://nautilus.mooo.com

Just rented a 500 MHs monster and the pools can't handle it.  Can a pool op set me up with a worker that has vardiff set to 1024 for starters?

Anybody?  0.3 BTC for 3 hours and 1/2 hour already gone.  Keeps getting kicked because the initial difficulty is too low.

http://naut.0feepool.com is set at vardiff 1024.

@BK_PHI
Order in for T-Shirt, check PM :-)

Eventually it gets there but starting vardiff is 32.  Just tried with rig operator to ease into it and it still dumped me off...

dude i was really close to scoop 3 hours on that 500 , glad someone else tested it before me, i had 200mh yesterday for 6 hours during very unlucky time for a pool made 200 coins only with it, today i went with 27mh but over 24 hours so it evens out nicely, with multipools kicking ass it's to risky to rent anything less than 24hr so you have enough time to recover from unlucky streaks, but on the other hand i hope your 500 hits the lucky streak and you make shitload.

Unfortunately not.  Spent 45 minutes trying to find a pool that could handle it.  Finally Bitember stepped up to the task.  Found 2 whole blocks.  Woo hoo! 

[FlyingMongoose]

mine at MOOOPOOL http://nautilus.mooo.com

Just rented a 500 MHs monster and the pools can't handle it.  Can a pool op set me up with a worker that has vardiff set to 1024 for starters?

Anybody?  0.3 BTC for 3 hours and 1/2 hour already gone.  Keeps getting kicked because the initial difficulty is too low.

http://naut.0feepool.com is set at vardiff 1024.

@BK_PHI
Order in for T-Shirt, check PM :-)

Eventually it gets there but starting vardiff is 32.  Just tried with rig operator to ease into it and it still dumped me off...

dude i was really close to scoop 3 hours on that 500 , glad someone else tested it before me, i had 200mh yesterday for 6 hours during very unlucky time for a pool made 200 coins only with it, today i went with 27mh but over 24 hours so it evens out nicely, with multipools kicking ass it's to risky to rent anything less than 24hr so you have enough time to recover from unlucky streaks, but on the other hand i hope your 500 hits the lucky streak and you make shitload.

Unfortunately not.  Spent 45 minutes trying to find a pool that could handle it.  Finally Bitember stepped up to the task.  Found 2 whole blocks.  Woo hoo! 

Glad you got one that works for you :-)

[drumingspz]

Glad you got one that works for you :-)

Hmm, didn't sense the sarcasm I suppose.  0.3 BTC for a little over 300 NAUT is a really - really bad deal.  

Would have been better off at one of the dreaded multipools  

Well, there goes retiring at 33

[FlyingMongoose]

Glad you got one that works for you :-)

Hmm, didn't sense the sarcasm I suppose.  0.3 BTC for a little over 300 NAUT is a really - really bad deal.  

Would have been better off at one of the dreaded multipools  

Well, there goes retiring at 33

Sarcasm was not meant here, I apologize if it came off that way, I meant in the sense of at least you eventually found a pool that could handle it. Mayhaps it will pay out in the long run for you.

Also, with how often multipools are hitting Naut making the diff end up so high so frequently, my previous statement about a multipool might just be worthwhile. As a temporary option [Suspicious link removed] has a number of payout options already. If we show them interest we might be able to get them to add Naut:
https://bitcointalk.org/index.php?topic=293872.0

[ficklepickle]

Um, transmission fees for this coin are too high on most exchanges. 

I've seen some with one Naut transmission fees, WTF?

.0001 or lower, this .1 to 1 xmit fee is going to kill people keeping this coin from multipools, which means it will just be dumped till the BTC is squeezed out of it. 

[whatdidshedo]

mine at MOOOPOOL http://nautilus.mooo.com

Just rented a 500 MHs monster and the pools can't handle it.  Can a pool op set me up with a worker that has vardiff set to 1024 for starters?

Anybody?  0.3 BTC for 3 hours and 1/2 hour already gone.  Keeps getting kicked because the initial difficulty is too low.

http://naut.0feepool.com is set at vardiff 1024.

@BK_PHI
Order in for T-Shirt, check PM :-)

Eventually it gets there but starting vardiff is 32.  Just tried with rig operator to ease into it and it still dumped me off...

dude i was really close to scoop 3 hours on that 500 , glad someone else tested it before me, i had 200mh yesterday for 6 hours during very unlucky time for a pool made 200 coins only with it, today i went with 27mh but over 24 hours so it evens out nicely, with multipools kicking ass it's to risky to rent anything less than 24hr so you have enough time to recover from unlucky streaks, but on the other hand i hope your 500 hits the lucky streak and you make shitload.

Unfortunately not.  Spent 45 minutes trying to find a pool that could handle it.  Finally Bitember stepped up to the task.  Found 2 whole blocks.  Woo hoo! 

yeah i learned the hard way too 0.25 btc for 200 coins, so smaller hash over 24hr is what i'm doing now, good luck.

[Berric]

Hi, guys

We now support Scrypt ASIC miners.

We have updata the pool config. Now,  you can use stratum+tcp://stratum.0feepool.com:3005 with high hashrate rigs.

The 3005 port is vardiff and started with diff 1024. So it should be enough for hundreds MH/s rigs.

Now, put your high hashrate rigs to the biggest naut pool http://naut.0feepool.com and mine with stratum+tcp://stratum.0feepool.com:3005 It will be higher efficiency than other pools.

[germsite]

NSF Explained

The NSF is designed to act as a speed bump - when things get out of hand in either direction the NSF has the ability to step into the market. As with all systems the NSF has a flaw too - it can be overwhelmed.  That is to say if a miner decides to dump, the NSF can only buy so much...alternatively if merchant and investment interest create tremendous demand the price can move rapidly higher.

The speed bump nature of the NSF is a way to gain acceptance, just like Hayek concluded.  The NSF does not prevent the price from appreciating significantly, it just aims to make the pace reasonable so end users of the currency will be attracted.  At the same time, the NSF cannot prevent the price falling to zero as it does not have enough fire power to buy every NAUT in existence.

-BK

I'm assuming that the speed bump was introduced at a couple of key points yesterday. The price looked like it was heading south of 18/19, and all of a sudden buy orders of several thousand were introduced at key levels. This forced (some) buyers to shift their orders above that level, and the price shifted north again.

If that was your system in play, then it worked, congratulations.

[Zackgeno96]

still holding could see this skyrocket in a few more days

[jjj0923]

BK - thanks for the explanation, although one of my co-workers whos run a hedge fund read your Ann a few days ago an explained it all to me. He agreed with your design and he should know he's a Best Selling Author on Amazon and has one of the top 5 investment books on the market.

you wrote:

That is to say if a miner decides to dump, the NSF can only buy so much.

I would add that when dumps occur buyers who've been sitting on the sidelines quickly move in to capitalize on a 'good deal' - what's been lacking as was the case of Black Coin (as I sat there and watched it's run up a few week ago and subsequent crash...and I held on too long  ) was the lack of a stabilization fund and no real sense of cohesiveness on the part of the coin holds themselves and it was 'every man' for himself mentality as the sell off began - Kind of like the Wall Street crash a few years ago. The NSF is certainly no slam dunk when it comes to stabilization but no one else has ever offered anything like it before so kudo's to you.

And as my co-worker says: "Panic selling is not an investment strategy" - so thanks for the NSF - it's an interesting experiment that could change the face of all new coins being introduced. I hope your patented it: LOL

ps: on a positive note, I see that the Network Hashrate is down under 4 this morning - it was pushing 5 last night so hopefully the multi-pools are losing interest.

one more pss if anyone wants to comment. I've read briefly on KGW - would that be of help to us here?

[jjj0923]

still holding could see this skyrocket in a few more days

I'm actually hoping it doesn't ...A slow steady climb is much more preferable