Do you want 34% return on your money but stay stable with the US Dollar The entire time? That is way better than a savings account, CD, Bonds, Real Estate returns....etc.
You guys know I have been talking about NuBits since early December. Once we got into Feb and crypto imploded NuBits have been one of the top volume coins on Bittrex. I really wanted to learn more about the mechanism that maintains the dollar peg. I knew a certain amount about it but some of the information that was out there wasn't actually current. I went in the chat room and asked these questions and got the following answers from one of the main developers. By the way....I'm not a genius..... the guys coding this stuff are. **I will talk about the implications of these answers after the rundown. **
My first question is I see in my wallet I can Park my NuBits and I'm assuming there is no interest being offered right now to do so since demand is high during this volatility. But where can I see the current interest being offered to park my NuBits?
There is interest being offered at the moment. You can see this in your client on the 'Park' Page of your wallet (click the 'Park' button on the bottom left)
I have pulled the current park rates from the client for block 1838019
USNBT: {
"8192 blocks" : 0.00063351,
"16384 blocks" : 0.01204345,
"32768 blocks" : 0.0240869,
"65536 blocks" : 0.0481738,
"131072 blocks" : 0.0963476,
"262144 blocks" : 0.17444368
}
CNNBT: {
"8192 blocks" : 0.00022579,
"16384 blocks" : 0.01043982,
"32768 blocks" : 0.02087964,
"65536 blocks" : 0.04442817,
"131072 blocks" : 0.09090003,
"262144 blocks" : 0.18914659
}
EUNBT: {
"8192 blocks" : 0.00022579,
"16384 blocks" : 0.00917804,
"32768 blocks" : 0.02087964,
"65536 blocks" : 0.04442817,
"131072 blocks" : 0.09090003,
"262144 blocks" : 0.18914659
}
There is work going on currently to display these rates in the block explorer (https://explorer.nubits.com/) and Grafana (https://grafana.crypto-daio.co.uk) so it should be easier to find this information in future
My Second Question is If I park my NuBits do I get paid interest in Peercoin or NuBits?
The interest is paid in NuBits and is added to the 'unpark' transaction after the required number of blocks has passed
My 3rd Question is if a person buys up a bunch of NuShares they then have voting rights but is there any other way to make money off NuShares besides just capital appreciation?
The network does allow for Dividends to be paid (in Peercoin) to NuShare holders. These dividends have only been used a couple of times but then the network voted to use Share buy-backs as the model of rewarding NuShare holders instead. That is the model we currently follow but there's nothing to prevent another vote to reinsteate dividends in the future.
My 4th question is originally was there a ton of Peercoin purchased to initially inject capital into the project and pay dividends? I know that is open ended but I'm just really confused.
Not sure I follow the question. As mentioned above, there were Peercopin used in dividends when the project was young. The other capital has gone towards the running of the network.
My 5th question is as an investor and supporter of NuBits how can I interact in the ecosystem to profit and help the project along? By reading previous posts on the forum I become further confused as to how to interact in the ecosystem because there are talks of a NuSafe and an off-exchange trading hub .....etc
There have been many additional projhects in the Nu ecosystem. Some are still operational and others not so much. I think the best way to interact is to post to the forum so that other visitors can see that the project is alive. Also make suggestions of things that you'd like to see that would improve the experience of Nu. I am a full time developer but mostly concered with automaating our Liquidity provisioning. I'm making good progress but that is the current focus of my time. I do aim to get to the state though where I can focus on more 'auxilliary projects' A web wallet or Loaning pllatform or ssomething not yet thought of.
My 6th question is could the Nu System be set up to have a currency that instead of being pegged to a fiat currency value that it would start at $1 but then the pegged would be increased a set percentage every quarter to provide an increased value comparative to the dollar each year? Like making it increase 20% / year or being worth $1.20 at the end of year 1 and $1.44 at the end of year 2....etc. Basically the custodians would adjust their sell walls each quarter or something of that nature?
We are working on a World NuBit that follows a basket of currencies and commodities instead of just one. That is called XNBT and is going thorugh testing currently to check that the peg calculation is resilient. There's nothing to stop a currency such as you suggest being produced. To produce it NuShare holders would have to agree that it was worthwhile and vote it into existence using a motion. First step towards that would be to raise a post on the forum to discuss the idea behind such a currency and to gain support from other NuShare holders
**Answers were provided by woolly_sammoth on the NuBits Chat Channel. **
34% Return / YEAR!?!?
NuBits has 1 Minute blocks so I did the math on "262144 blocks" : 0.17444368 and that is 6 months at 0.17% so that is 34% for a year if I'm correct!!!!!! I know everyone wants the 2000X gains in crypto but 34% on a crypto that will stay stable to USD is looking pretty solid. That is a decentralized bank account! YEAH BABY!!!
My Idea Of A Crypto Increasing 36% A Year Could Work...... For REAL!
If you guys saw my previous post where I came up with the idea of having a crypto that would just increase 36% in value each year that would be based on the NuBits system where it would basically just raise the buy sell walls and adjusting the park rates differently you could keep notching up the peg each quarter to keep increasing the price where you are trying to keep it at.
The reason being that the fact that stuff like Bitcoin, Litecoin, Monero.....etc has the ability to go parabolic makes people more apt to HODLing instead of spending it making it hard for it to really become true peer-to-peer digital cash. Also the n00bs and veterans get annihilated when the price implodes. When demand goes up you can make the supply go parabolic and lower park rates. When demand goes down you increase park rates to incentive HODLing to bring it back to the price target!
As you saw on the last answer where he said that "There's nothing to stop a currency such as you suggest being produced." I made the interest 20% to make it sound more tame but I think 36% is the perfect amount! It is basically the opposite of NuBits in the fact that you can park your coins in NuBits for Interest to earn more NuBits where as with the product I'm suggesting (Code Name: NuGainz) you would earn it as capital appreciation as time goes on. It would just be a little different branding and I think people would think about it a little different.
If I Had To Do It Over
Hind sight is 20/20 of course but if I'm correct on this park interest rate as the prices were going mad I could have raked more coins over into NuBits and parked them to earn more NuBits. Let the market implode and then came out of NuBits with even more money and re-bought everything at lower prices.
What do you guys think about buying NuBits or about my proposed NuGainz?
Earn $10 Of Free Bitcoin From Brian Phobos!
Thank you for reading my post and please consider following me @brianphobos
I still have the same question, where is the 17% interest coming from?
Basically you are loaning money to this system for 6 months and at the end you get more money back. Sound familiar to anything?
I don't want to sound like a hater and am open to answers but that is my first impression. Maybe I am way off the mark but I just think it sounds too good to be true!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Every crypto system gives incentives for participating in the network. Part of the participation in the NuBits system is to reward holding the coins at certain times if the supply has become too big and they don't want too many of the coins to hit the exchanges as sell orders.
I was surprised there was currently a reward that large for parking coins right now. There are 11,000,000 in circulation but 70,000,000 in existence. So it appears that a lot are currently parked which is looking pretty lucrative.
The main thing is the supply is increasing to counter act the demand. Instead of letting the price go parabolic when the demand shoots up the supply increases. If suddenly the supply out there is way up they have to incentivize holding so too much of it doesn't get dumped on the exchanges.
SmartCash incentivizes holding as well with the SmartNode and SmartRewards system but the rate of release is a predefined rate so it can suffer partially from too much supply hitting the markets and they don't have any mechanisms to maintain a certain price level on the upside or downside.
Bitconnect had multiple problems from multiple angles. First being there was no volatility software marking gains that they were reporting and paying out. Secondly the founders probably took hundreds of millions for themselves digging a deeper grave. And thirdly the pyramid refferal system had too many levels to be sustainable mathematically. the only reason it survived for that long was because the crypto market was going parabolic and so many people were joining in to keep it up during that time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That makes sense. I guess as you said before the $1 peg is not a guarantee. If everyone decides to exit at once the peg is not going to hold, but the way they have designed it is for that not to happen.
However, I do think people should be careful and not consider it a guaranteed 34% per year on USD. No-one can ever guarantee that, it is more like a target.
I have invested some in SmartCash as I think that gives both opportunities. The ability to go parabolic as well as some guaranteed returns (in SmartCash at least).
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Damn Brian, 36% is incredible for any investment. Maybe since I'm new in Crypto I am naive to think that is good.
But in the reality I live in it really is . Thanks for the heads up !!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah it is kind of funny how crypto can warp a person's perception as to what is a good return and what isn't. It's a real "conservative" approach here in crypto! Hahaha. I'm doing a small test just on 200 NuBits and the amount i'm going to get comes out to that. I would have been parking those coins for over a month if I knew that previously!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello friend @brianphobos I congratulate you excellent very interesting post, greetings happy night
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you my dear friend for the very interesting information, what good to share, good night
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
WOW GREAT POST
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
interesting things ,,, my friend ,,, very informative ,,, good luck ,,, thank you for sharing this useful thing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's good to see they finally answered your questions but they also took away the fun you had humouring yourself...
To me, buying NuBits is not such a bad idea cus it seems it will stand the test of time.. yea, the turn out may be small but it's not that bad.. a proverb in my place interpretated in English says that 'small drops of water, later fills the drum'.... So NuBits may give out small 'drops' of percentage each month but it will surely fill the 'drum'
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit