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Author Topic: Explaning NuBits easy way?  (Read 3062 times)
forzendiablo
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September 24, 2014, 12:39:18 AM
 #1

I try to understnad htsi concept i read website but.. its too techy. Its fucking too techy.
Can someobdy tell whatr doesi t do and how does it work within few simple lines? It cannot be that complex!

yolo
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Yurizhai
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September 24, 2014, 01:00:25 AM
 #2

I try to understnad htsi concept i read website but.. its too techy. Its fucking too techy.
Can someobdy tell whatr doesi t do and how does it work within few simple lines? It cannot be that complex!

What exactly do you want to know?
forzendiablo
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September 24, 2014, 01:12:32 AM
 #3

1. how will it keep its price while being traded for BTC
2. what are peershares
3. how peershares will be implemented
4. what kind of wallet will it have compared to usue QTs we know
5. what is it vs ie NXT

yolo
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September 24, 2014, 01:43:24 AM
 #4

1. how will it keep its price while being traded for BTC
2. what are peershares
3. how peershares will be implemented
4. what kind of wallet will it have compared to usue QTs we know
5. what is it vs ie NXT

1. 1 NBT = $1. So if BTC is worth $100, 1 BTC = 100 NBT, if BTC = $425, 1 BTC = 425 NBT.

2. Peershares are a piece of technology companies can use to create their own custom securities, aka shares. So if you started a company called Burger Joe's, you could use Peershares to create Joeshares, and sell them to people like shares. It's basically cryptocurrency version of shares, with voting, dividends, all that stuff, built right into the client. You can customize the shares to meet your company's needs.

NuBits/NuShares is the first time Peershares have been used.

3. I don't know what yo mean.

4. Do you want to know about Peershares or NuBits/NuShares?

5. I don't know or care about NXT.
chryspano
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September 24, 2014, 05:53:02 AM
 #5

1. how will it keep its price while being traded for BTC
....
....

https://nubits.com/about/price-stability

They just create new coins out of thin air and auto sell them in centralized exchanges for 1$ when there is high demand.

They will offer you high interest rates to "park" your coins when there is high selling pressure and the price drops(If this was implemented in bitcoin when the price was $1000+ would bitcoin still worth more than $1000  today? I dont think so! )

If I'm wrong someone please correct me.
porcupine87
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September 24, 2014, 06:25:01 AM
 #6

1. how will it keep its price while being traded for BTC
2. what are peershares
3. how peershares will be implemented
4. what kind of wallet will it have compared to usue QTs we know
5. what is it vs ie NXT

1. This is the most tricky part.
If demand is higher than supply, the price would go up. In Nu there get voted custodians which build up a sell wall at $1. A custodian gets elected if he got 50% of the votes and coin days destroyed of the last 10 000 blocks. So: If you mine and create a block you include a vote. The custodians are just known by an address and apply for nubits. Because the new NuBits get sold, they create a revenue. The custodians buy PPC with Dollar and pay out to the peershare holders.
If the demand gets lower than the supply, normally the price would fall down. So the network offers people an interest rate if they park their coins on an address (take them out of circulation). The interest rate gets voted. This has two implications: 1. Existing nuBit holders park their coins (supply decreases) and 2. People buy more nuBits because they want the interest (demand rises).


2. In my opinion Nu makes a seperation which Bitcoin and all altcoins don't. In Bitcoin you have 21mio. bitcoins which is currency and a share (ownership) of the network at the same time. In Nu you have the nubits (currency) and nushares (ownership). Nubits have always the price of 1$. Nushares get trades like other cryptocoins. If you like you could use nushares as currency as well and buy them if you anticipate that the network will grow. If I understand correctly all holders of nushares get a share of the revenue.

3. I think Peershares have nothing to do with the Nu network. Theres is just a connection to PPC, because the revenue gets paid in PPC (if it gets paid in nubits there seems to be an intransparence how many nubits existis)

4. It is like a qt wallet, just with two sections (nubits and nushares) and of course new funktions (like parking or voting).

5. It is something completly different. Nxt is just a coin where coins get only created by proof of stake, PPC uses both, Bitcoin only proof of work. The NU network uses a seperation between share and currency. At this moment I have no idea how nushares get/got created and what is getting minted thorugh mining. (I think nubits).

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
vanobe
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September 24, 2014, 10:24:09 AM
 #7

Is there any possibility one NBT could fall in price to less than one dollar?
From Above
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September 24, 2014, 10:31:12 AM
 #8

Is there any possibility one NBT could fall in price to less than one dollar?

yes it could fall to a penny and it most likey will

~CfA~

masterOfDisaster
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September 24, 2014, 01:11:22 PM
 #9

yes it could fall to a penny and it most likey will

~CfA~

This scenario is outlined in the whitepaper (https://nubits.com/about/white-paper#when-nu-is-obsolete):
Quote
The end of the currency will be marked by interest rates rising to unprecedented highs and then going still higher until the vast majority of NuBits are parked. When market participants reach a unanimous consensus that NuBits are worthless, then they will suddenly drop to zero value from one USD. As long as a small group of speculators believe there is even a small chance NuBit demand will reach a new all time high the price will remain one USD.

But it might be too early to tell. I expect NuBits to stay for a while Wink
porcupine87
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September 24, 2014, 01:25:59 PM
 #10

Is there any possibility one NBT could fall in price to less than one dollar?

yes. in the short term. In the mid and long run the price will go back to 1usd. So if the price is at 90Cent, I would buy and never sell...

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
forzendiablo
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September 25, 2014, 01:07:33 AM
 #11

4. Do you want to know about Peershares or NuBits/NuShares?

yes i want to know more of this.

also NBT =1USD

how would that be if 3rd pary market ads it and sells for BTC?

yolo
CoinHoarder
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September 25, 2014, 04:46:44 AM
 #12

Correct me if I am wrong, but NuBits works much the same as the Federal Reserve and the U.S. Dollar, except in a decentralized manner, with Nushares holders taking the place of the Feds. Just like FIAT, Nubits are not backed by collateral.

It sets interest rates to control the demand of Nubits, so when the demand is low it increases interest rates to prevent the price going under a dollar. When demand is high it prints Nubits to prevent the price going over a dollar. Market makers are used to hold the value of Nubits at one dollar  in the short term and provide liquidity, with the interest rate adjustments and printing Nubits holding the peg in the long term.

CoinHoarder
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September 25, 2014, 04:48:20 AM
 #13

4. Do you want to know about Peershares or NuBits/NuShares?

yes i want to know more of this.

Peershares is Peercoin's version of Counterparty or Mastercoin.. a decentralized asset issuance coin built on top of Peercoin.

porcupine87
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September 27, 2014, 10:23:59 AM
 #14

Correct me if I am wrong, but NuBits works much the same as the Federal Reserve and the U.S. Dollar, except in a decentralized manner, with Nushares holders taking the place of the Feds. Just like FIAT, Nubits are not backed by collateral.

It sets interest rates to control the demand of Nubits, so when the demand is low it increases interest rates to prevent the price going under a dollar. When demand is high it prints Nubits to prevent the price going over a dollar. Market makers are used to hold the value of Nubits at one dollar  in the short term and provide liquidity, with the interest rate adjustments and printing Nubits holding the peg in the long term.

yes! One could say that. Goal of the coin is to peg ist to the dollar. The dollar itself is pegged to the price level of goods and services.

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
sumantso
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September 27, 2014, 11:05:40 AM
 #15

Nubits will keep on increasing. They can be taken out of circulation by offering higher interest rates, but its always a one way street.

Correct me if I am wrong, but NuBits works much the same as the Federal Reserve and the U.S. Dollar, except in a decentralized manner, with Nushares holders taking the place of the Feds. Just like FIAT, Nubits are not backed by collateral.

It sets interest rates to control the demand of Nubits, so when the demand is low it increases interest rates to prevent the price going under a dollar. When demand is high it prints Nubits to prevent the price going over a dollar. Market makers are used to hold the value of Nubits at one dollar  in the short term and provide liquidity, with the interest rate adjustments and printing Nubits holding the peg in the long term.

The analogy is incorrect. Fiat taken out of circulation are destroyed. No such option here.

Q7
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September 27, 2014, 11:08:26 AM
 #16

First that comes to mind is that nubits is not decentralized

masterOfDisaster
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September 27, 2014, 03:07:40 PM
 #17

First that comes to mind is that nubits is not decentralized

How do you come to that conclusion?
How does that comply with NuBits being controlled by NuShares holders and those NuShares are distributed?
Wulfcastle
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September 27, 2014, 03:09:59 PM
 #18

Can someone post a screenshot of the NuBits wallet? The download keeps on failing from its site.
arieq
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December 22, 2014, 02:03:30 PM
 #19

First that comes to mind is that nubits is not decentralized

Haven't you read the nubits white paper? The devs have openly stated they are going to play central banker and manipulate the price in order to minimize volatility.

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