BitcoinMagazine failed to mention NuBits!

Hyena 2014-10-21 11:03:05 UTC #1

How to Fight Volatility in Cryptocurrency
http://bitcoinmagazine.com/17039/fight-volatility-cryptocurrency/

They mention PoS coins and even say "interestingly enough, cryptocurrencies can be backed by dollars, too, an idea proposed by Realcoin (soon to be called Tether)"

WTF? Do they hate NuBits or the PeerCoin team in some way? How come that such an article fails to mention NuBits? Anyway, I'm sending a letter of complaint to bitcoin magazine to express my utmost displeasure.

seki 2014-10-21 11:15:18 UTC #2

good finding.
also coindesk hasn't written any article about nubits either!
it seems they are not so briliant as ppc team

willy 2014-10-21 11:49:24 UTC #3

We should make a template letter!

Hyena 2014-10-21 11:55:22 UTC #4

That's what I sent:

Hi!
Let me express my utmost displeasure over the fact that in your article
about cryptocurrency volatility you have failed to even mention NuBits
(https://nubits.com/).

http://bitcoinmagazine.com/17039/fight-volatility-cryptocurrency/

NuBits is the world's first stable digital currency and it has now been
live for a month trading exactly 1$ per nubit. They stand out from the
rest by their totally decentralized nature, even the shareholders are
decentralized. NuBits is the first real life implementation for
PeerShares. All this is extremely important news in the cryptocurrency
space yet you have failed to notice it. You are starting to lose your
credibility when you leave readers thinking that you intentionally leave
some advancements unnoticed due to competition and your staff's
involvement in many developments. Let me remind you that I personally
ordered your first three magazines when they came out several years ago,
supporting your business and for that reason I feel obliged to point out
your mistakes.

Erich

However, it may be a bit too aggressive to be used as a template

edit:
I got a reply advising me to say it in the comments section under the article. I had no idea they allowed guest posts but turns out they do.

sportscliche 2014-10-22 23:54:17 UTC #5

The sustained position of NuBits on coinmarketcap.com will do more for its visibility than an article in Bitcoin Magazine. Realize that it's only one month old today. Crypto-currency is a extremely dynamic space with new ideas pouring out faster than most can keep up with (I know I can't). Give it some time to percolate through the crypto-community.

Ben 2014-10-23 00:47:09 UTC #6

The author had this comment to add...seriously?

I would like to start out by saying that writers such as myself only get paid for the first 500 words. If your pegged cryptocurrency of choice was not mentioned, I apologize, but it's hard to make a living.

mhps 2014-10-23 01:14:40 UTC #7

Incredible. So the author should make sure to mention NuBits in the first 500 words or he shouldn't get paid ;D

crypto_coiner 2014-10-23 08:15:42 UTC #8

These 2 comments are interesting:

To all supporters of BitUSD, Nubit, and similar USD (or any fiat) linked volatility "solutions" (while admiring their enthusiam): Think again!

Fiat paper money which governments can print and devalue at will is just what we do not want. These "solutions" endorse them, their centralistic hubris. Their monetary policy with artificially low interest rates to fund the expanding government debt bubble which makes a mess of the economy, makes houses unaffordable and destroys peoples' savings through negative real interest, until the inevitable crash, unemployment and poverty. Think.

Backing a cryptocurrency with fiat or pegging its value to a fiat is like building a house on quicksand. Bitcoin can do better, and will do better.
"

"It looks like NuBits are pegged to the dollar. That's not a stable currency. I'm looking for a currency designed such that prices of goods and services will not go up/down at all over time, except with natural market forces."

What's your opinion on these?

willy 2014-10-23 11:04:53 UTC #9

1 Bitcoin failed. Full stop. There is nothing in the current design of Bitcoin, that tackles volatility and afaik there a no plans on changing that. I know that there are some centralized solutions in the making, but they will have to prove them self and they most likely still remain centralized.

I've tried to live on bitcoin for one month. 1/3 of my salary was gone thanks to volatility. Bitcoin is useless for everyday purposes.

2 This is people talking that want to much at once. USD is by law the lead currency on this planet. If this should somehow change within the next ten years, the peg could be changed too. Any currency relies on a trading pair (e. g. NBT/USD or NBT/EUR). How would the monetary value of crypto be defined without a fiat counterpart, as it's key to mass adoption while not everyone accepts crypto?

crypto_coiner 2014-10-23 11:29:26 UTC #10

@willywithcoinnode

I agree with your opinion - so what's the role of Peercoin and Bitcoin?

willy 2014-10-23 12:23:25 UTC #11

@crypto_coiner I don't think peercoin is a currency either. Bitcoin is often compared to gold.
Yes bitcoins are mined, just like gold, but once it's out of the soil, bitcoin does not hold it's shape like gold. It needs to be maintained just by adding vast amounts of energy and money. Gold will be gold, just by itself.

And that's how I see peercoin. Low energy, gold like storage of value.

crypto_coiner 2014-10-23 12:27:55 UTC #12

Beautiful insight - Now, what room is left for Bitcoin, if that analogy is correct?

crypto_coiner 2014-10-23 12:36:25 UTC #13

Note: Once purchased, some holders store their gold into expensive vaults and wouldn't its value stem, for some part, from the marketing efforts put into creating the value perception around it?
Couldn't that be considered as maintenance cost?

willy 2014-10-23 14:04:02 UTC #14

Hm. I'm not really shure how to answer that, so I'm going vague:

Some people hang gold around their necks, some don't.

seki 2014-10-23 15:24:26 UTC #15

dollar is the most "stable" entity-currency in the planet at the time. we don't know the future.
but since every good or asset is valued in dollar by markets' desition, how we can create a "stable" digital currency ?
stable to what?
only if markets starting to value each good and asset with this new coin we may call it "stable, but not before that.
that is why pegging nubits with dollar was the only choise to design a "stable" coin

i don't know anything about economics, this is how i interprete the "stable" factor

Ben 2014-10-23 15:55:52 UTC #16

The evolution will be a inflation/deflation resistant token.

Cybnate 2014-10-26 09:34:02 UTC #17

Agree. This can also be a token backed by a basket of key economic goods (to be defined). Time will tell.

RobertLloyd 2014-10-28 11:52:49 UTC #18

I don't think there is any agenda. I met a chap from BitcoinMagazine a couple of weeks ago, just an ordinary chap doing a job and looking for topical things to write about

mhps 2014-11-22 06:51:02 UTC #19

This coindesk article about realcoin/tether that plans to have "Dolar on the blockchain" fails to mention nubits, too.

Cybnate 2014-11-22 08:17:10 UTC #20

Yeah, I saw that. It is no coincidence anymore, they are just ignoring us. We will probably only get in the news when something goes wrong with NuBits or we pay for an article. It is sad, but if you don't have a bitcointalk thread you don't count for them. The release of the Winston fund is something they could publish, will send a link to them but won't count on anything.