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

[cinnamon_carter]

I think it will be entertaining to see what happens if/when/how this coin introduces proof of stake.
I don't know who the developers are coding the proof of stake source but unless they have experience and know exactly what they are doing it could be a real bumpy ride. That is all I'm going to say.

[FlyingMongoose]

While I know many people don't have, or like Google+, I personally have, and like it quite a bit and I use it quite often, and I have noticed that there is a Google+ page linked on nautiluscoin.com why is it not linked on the first page?

[open82buy]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

[FlyingMongoose]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

It ultimately should work, so long as your wallet is connecting to network nodes. There's plenty of node configs posted throughout this thread.

[kehtolo]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

What is wrong exactly?

Unconfirmed transaction? This will get confirmed soon, I'm sure. You can track the transaction and confirmations in the block explorer..

http://nautinsight.buddylabsapps.com/tx/677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364

[open82buy]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

What is wrong exactly?

Unconfirmed transaction? This will get confirmed soon, I'm sure. You can track the transaction and confirmations in the block explorer..

http://nautinsight.buddylabsapps.com/tx/677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364

Cheers the wallet seemed to be stuck on block 23595 for over 30 min. I just closed the wallet and left it for 10 min then opened it again and hey presto!! Why do wallets do that do you know?

[FlyingMongoose]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

What is wrong exactly?

Unconfirmed transaction? This will get confirmed soon, I'm sure. You can track the transaction and confirmations in the block explorer..

http://nautinsight.buddylabsapps.com/tx/677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364

Almost forgot MintPal requires email interaction

[FlyingMongoose]

    Status: 0/unconfirmed
Date: 18/06/2014 08:55
From: unknown
To: NMtGUHgPehcW3S5WPcQhKoWcX756ZGvTgx (own address, label: Brought From mintpal)
Credit: 500.18 NAUT
Net amount: +500.18 NAUT
Transaction ID: 677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364-000


This is the first time this has happened to me, maybe I have been lucky so far! 23595 Block.

Now what do I do? HELP

What is wrong exactly?

Unconfirmed transaction? This will get confirmed soon, I'm sure. You can track the transaction and confirmations in the block explorer..

http://nautinsight.buddylabsapps.com/tx/677fb4e2804b265f319aaaabfc1aaadd06f9d0911282ef5638604295a1519364

Cheers the wallet seemed to be stuck on block 23595 for over 30 min. I just closed the wallet and left it for 10 min then opened it again and hey presto!! Why do wallets do that do you know?

couldn't say

[open82buy]

Just a heads up - we received a bunch of orders for shirts and have sold out.  I am re-ordering, but it will take 7-10 days to get them printed.  If you just ordered recently it may take 2 weeks to get them out to you.

Sorry for the inconvenience, but I a very glad people are representing!


-BK

  BK, do you ship to the UK?

Here is some encouraging news for the coin : http://www.reddit.com/r/nautiluscoin/comments/28b8qf/announcing_nautiluscontent/  

very cool idea!!  this is the type of thing that will sustain NAUT in the long run, I know we all want a nice price pop, but once that happens we need an ecosystem like this to sustain the coin.

Agree, I will be tipping the writers of articles to show support.

I wrote one of the first third party articles that had at least a bit of a concentration on NAUT over at this site: http://www.examiner.com/article/virtual-currencies-the-good-the-bad-and-the-money a bit of naivity in functionality of the coin at first, but brought some additional attention.

Always welcome to tip directly NZwuGk2BUoMyx2a3YbMiUxret8H45geHZ8 of course, I just do these things primarily because I believe in the coin and goals behind it, so I don't want anyone to feel obligated.

Also. Still no communication on implementing new CSS for reddit

Shit damn blast FlyingMongoose that's a good article, now I feel "obligated" to send you a tip 
Now in a restaurant it's 10% but what % do you tip for an article? Especially when you consider what NAUT will be worth in a few months time. Pizza and BTC comes to mind, while I am on this point
200 NAUT for a T-Shirt?? GULP, SPLUTTER Hummmmmm I will have to think about that.   
 

FlyingMongoose, I am a man of my word, just sent you a tip for all the good work and articles you are doing for NAUT, get yourself a T-Shirt as well  I am just about to order mine 

[BTCrawl]

BK, if we move over to POS soon will the coins be capped at a lower amount? Like 4-5 million, instead of the original 16 million. I mean, the number will still hit that eventually with POS inflation, but I mean capped during the POW phase.

[open82buy]

BK, if we move over to POS soon will the coins be capped at a lower amount? Like 4-5 million, instead of the original 16 million. I mean, the number will still hit that eventually with POS inflation, but I mean capped during the POW phase.

I have been wondering about this as well and the yearly %

[BTCrawl]

BK, if we move over to POS soon will the coins be capped at a lower amount? Like 4-5 million, instead of the original 16 million. I mean, the number will still hit that eventually with POS inflation, but I mean capped during the POW phase.

I have been wondering about this as well and the yearly %

Personally I hope we'll move at around 5 million coins, which at the current POW rate would be about a month :-) That would limit the supply to give the NSF more room to operate, while at the same time give the devs enough time to implement POS properly. This is not one of those things you want to rush, since the entire network depends on it.

[BK_PHI]

PoS Update

We have begun the coding work on PoS, it is estimated it will take about a week to complete and then we will need to test.  The one thing I have learned about crypto is to expect the unexpected! I don't want to over promise and under-deliver so I will only post about what is completed and tested. As we move further in the process I will be able to get a realistic date of implementation. My desire has always been for PoS to be implemented well before the PoW stage is done.

In terms of stake (or 'dividend' for guys like me) I have set it at 2%. I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security. I chose 2% because most central banks target 2% inflation per year - Wall Street will understand this.  I am also consulting with a few well respected economists to determine if there is such a thing as 'optimal money supply growth' - so far we have not found it - if we can determine an optimal method then we will try to incorporate with PoS...BUT no promises as this is much more art than science.

-BK

[mdtspain]

PoS Update

We have begun the coding work on PoS, it is estimated it will take about a week to complete and then we will need to test.  The one thing I have learned about crypto is to expect the unexpected! I don't want to over promise and under-deliver so I will only post about what is completed and tested. As we move further in the process I will be able to get a realistic date of implementation. My desire has always been for PoS to be implemented well before the PoW stage is done.

In terms of stake (or 'dividend' for guys like me) I have set it at 2%. I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security. I chose 2% because most central banks target 2% inflation per year - Wall Street will understand this.  I am also consulting with a few well respected economists to determine if there is such a thing as 'optimal money supply growth' - so far we have not found it - if we can determine an optimal method then we will try to incorporate with PoS...BUT no promises as this is much more art than science.

-BK

Great News!!!

Thanks for the Update BK !!

[BTCrawl]

PoS Update

We have begun the coding work on PoS, it is estimated it will take about a week to complete and then we will need to test.  The one thing I have learned about crypto is to expect the unexpected! I don't want to over promise and under-deliver so I will only post about what is completed and tested. As we move further in the process I will be able to get a realistic date of implementation. My desire has always been for PoS to be implemented well before the PoW stage is done.

In terms of stake (or 'dividend' for guys like me) I have set it at 2%. I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security. I chose 2% because most central banks target 2% inflation per year - Wall Street will understand this.  I am also consulting with a few well respected economists to determine if there is such a thing as 'optimal money supply growth' - so far we have not found it - if we can determine an optimal method then we will try to incorporate with PoS...BUT no promises as this is much more art than science.

-BK

Awesome! Thank you BK! :-)

[Wheeljack]

I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security.
-BK

You could simulate this by reducing/increasing the NSF activity based upon the difference between the annual stake growth and a known index, making a small yet non-trivial % change to the fund's activity based on your chosen index. That way you could still say that Naut provides a dividend based on the known index, but in the value of the coin not the amount of the coin held by individuals. This would also add a second "speed bump" effect to the rate of supply as well as the rate of growth, as the coin supply would be nudged by actual demand. Maybe this could solve the issue of whether or not people have can have an "at a glance" assesment of the NSF's activities, replacing a block of by-sell figures to a single % digit that could be publicized on your site and updated as your pegged index changes. Holders could see on your site that the index change of the day would +0.5% sell and -0.7% buy, for example. NSF would therefore be not only price agnostic, but arbitrated through something real.

Obviously not the same as promising a personal dividend payment based on a known index, but still a potential bond between NAUT and the real world. Something which no other coin could possibly have unless they employ their own fund manager.

[BK_PHI]

I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security.
-BK

You could simulate this by reducing/increasing the NSF activity based upon the difference between the annual stake growth and a known index, making a small yet non-trivial % change to the fund's activity based on your chosen index. That way you could still say that Naut provides a dividend based on the known index, but in the value of the coin not the amount of the coin held by individuals. This would also add a second "speed bump" effect to the rate of supply as well as the rate of growth, as the coin supply would be nudged by actual demand. Maybe this could solve the issue of whether or not people have can have an "at a glance" assesment of the NSF's activities, replacing a block of by-sell figures to a single % digit that could be publicized on your site and updated as your pegged index changes. Holders could see on your site that the index change of the day would +0.5% sell and -0.7% buy, for example. NSF would therefore be not only price agnostic, but arbitrated through something real.

Obviously not the same as promising a personal dividend payment based on a known index, but still a potential bond between NAUT and the real world. Something which no other coin could possibly have unless they employ their own fund manager.

When I originally conceived the NSF I thought about some kind of peg...but the problem with all currency pegs is that once the market senses the central bank is under-capitalized it attacks.  That is how George Soros made $1b overnight in the British Pound.  With the relatively small market cap a peg would be credible as it would only take a few hundred thousand to buy the whole float. However, as we grow a peg would increasingly lose its credibility.

I may go to a currency band system at some point, where we place additional speed bumps as you suggested. As the market cap grows it will be more difficult for the NSF to influence price, but an increased market cap would also suggest merchant acceptance which should add stability.  As well, PoS will reduce the miners influence on price.

I really like the idea of tying NAUT to the 'real' world as it would make people comfortable holding the currency - I plan to continuously search for a solution.

[Wheeljack]

Completely agree that an old fashioned "peg" will never work. If this coin grows to a realistic fraction of Bitcoin's market, your activity would be like throwing a penny into the ocean for all the effect that it would have. But there does need to be a unique link between the real world and the NSF's activities in order for the NSF to be realistic as a "stability fund" and not just you personally buying and selling at an exchange.

I will say that because NAUT has become so badly over-sold for such a long period, you will have managed to have the fairest launch of any coin yet once you switch to POS, having accidentally emulated Bitcoin's months of being mere "monopoly money" that holders toyed and played with, and spread around. I'm hoping the POW supply caps out at 5million, because a bigger supply could cause problems to the nice, steady valuation and growth period we're experiencing now. It only took a few hours of POW supply stopping for a 33 percent price explosion. Wow. We should think about when that turns into months.

[BTCrawl]

I had hoped to tie the stake to a well known price index, but relying on a third party would compromise network security.
-BK

You could simulate this by reducing/increasing the NSF activity based upon the difference between the annual stake growth and a known index, making a small yet non-trivial % change to the fund's activity based on your chosen index. That way you could still say that Naut provides a dividend based on the known index, but in the value of the coin not the amount of the coin held by individuals. This would also add a second "speed bump" effect to the rate of supply as well as the rate of growth, as the coin supply would be nudged by actual demand. Maybe this could solve the issue of whether or not people have can have an "at a glance" assesment of the NSF's activities, replacing a block of by-sell figures to a single % digit that could be publicized on your site and updated as your pegged index changes. Holders could see on your site that the index change of the day would +0.5% sell and -0.7% buy, for example. NSF would therefore be not only price agnostic, but arbitrated through something real.

Obviously not the same as promising a personal dividend payment based on a known index, but still a potential bond between NAUT and the real world. Something which no other coin could possibly have unless they employ their own fund manager.

When I originally conceived the NSF I thought about some kind of peg...but the problem with all currency pegs is that once the market senses the central bank is under-capitalized it attacks.  That is how George Soros made $1b overnight in the British Pound.  With the relatively small market cap a peg would be credible as it would only take a few hundred thousand to buy the whole float. However, as we grow a peg would increasingly lose its credibility.

I may go to a currency band system at some point, where we place additional speed bumps as you suggested. As the market cap grows it will be more difficult for the NSF to influence price, but an increased market cap would also suggest merchant acceptance which should add stability.  As well, PoS will reduce the miners influence on price.

I really like the idea of tying NAUT to the 'real' world as it would make people comfortable holding the currency - I plan to continuously search for a solution.

BK, it's really inspirational to read your posts on the subject. I've never seen a coin where the creator has so many long-term plans, as you have with NAUT. Most coins that are not total scams uses one technical innovation as its selling point, but once that has been copied their left dead in the water. I think you're bringing something unique to this market with your knowledge of business and finances. I think the market has been dying for something like this, as people are growing tired of the never ending pumps and dumps.

Now, while we're on the subject of the NSF I wanted to ask you - do you think the need for the NSF will disappear as the market cap grows, or will there always be a room for it? The reason why I'm asking is because the larger a coins cap is, the less volatile it is. This is not surprising as more and more money is required to move it, but I wanted to hear your thoughts on if you can see a point where you would dismantle the NSF altogether? If not, do you think the best bet is to automate is as use of NAUT grows to keep it as neutral as possible?

[BTCrawl]

Completely agree that an old fashioned "peg" will never work. If this coin grows to a realistic fraction of Bitcoin's market, your activity would be like throwing a penny into the ocean for all the effect that it would have. But there does need to be a unique link between the real world and the NSF's activities in order for the NSF to be realistic as a "stability fund" and not just you personally buying and selling at an exchange.

I will say that because NAUT has become so badly over-sold for such a long period, you will have managed to have the fairest launch of any coin yet once you switch to POS, having accidentally emulated Bitcoin's months of being mere "monopoly money" that holders toyed and played with, and spread around. I'm hoping the POW supply caps out at 5million, because a bigger supply could cause problems to the nice, steady valuation and growth period we're experiencing now. It only took a few hours of POW supply stopping for a 33 percent price explosion. Wow. We should think about when that turns into months.

Great points, although I think the price actually went up about 60% at its peak That's especially amazing considering that some people probably sold, as some people always panic during network problems. This really shows how insanely oversold NAUT is!