It’s great to see a solution so different from what we’ve seen so far. At a first glance I had concerns with regard to the very idea of keeping the value at 1$, but when I started discovering the mechanism behind that, I was amazed. The most important point is that the operation shouldn’t face legal problems as for example Realcoin, as the scheme is hole lot different. Good job.
Welcome BioPhil. Looking forward to your contributions, insight, and perspective.
One day in, and I’m having concerns. My problem is that NuBits’ solution to oversupply is inflation… which seems terribly backward. But I’m waiting for replies to some posts I made over at the nubits forum.
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[...]with a money printing press that can be used by NuShareHolders (Custodians specifically) to issue new Nubits[...]
Someone becomes a “custodian” as an outcome of a proposal that is voted on by the shareholders. The protocol issues the NuBits required to expand the money supply. There is no requirement that the custodian be a shareholder themselves, just that they are able to make a compelling enough argument that they can receive consenus from those that cast votes.
You may have made that distinction already, but I thought I’d throw it out there to clarify it for anyone else who was interested.
[quote=“thExit, post:69, topic:2476”]I really didn’t want to speculate too much, but now I understand you guys, your posts from the last months, this sort of speculation is fun:) And we have one more present to unwrap:
[quote=“mhps”]Let’s play a guessing game. I am not sure the Jordan likes our doing this in public at this point. So I wrote down my guess of the nature of nubits and why such team members are needed, signed it with my ID, and hashed the guess text at SHA-256 hash calculator | Xorbin
This is the ourput 86dcf8ee866dca8c34284048a0f6de3ede274f46e4d9f4fe88a61b6ad79ae7c3.
When nubits is public I will reveal the guess. Everyone can check if the revealed contents is what I hashed today.
Anyone else wants to play? ;D[/quote][/quote]
Alright. Time to reveal my guess about the use of wealth member’s fund. It was
A crypto digital asset is anchored to the USD by the market. The wealthy team members' fund provides the USD pool. A bigger pools means more liquid and stable asset. mhps
Not too bad, heh? 
Hey why not send some tips to my spanking new NuBits tip address below. ;D
One day in, and I’m having concerns. My problem is that NuBits’ solution to oversupply is inflation… which seems terribly backward. But I’m waiting for replies to some posts I made over at the nubits forum.
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This quote from Jordan Lee on the Bitshares forum (which seems to be very aggressive and hostile towards us, which is unfortunate) might be relevant:
[quote=“Jordan Lee”]In 1980 when demand for the US dollar was in decline the Federal Reserve raised interest rates to the high teens. People were quite happy to buy dollars and treasury notes to receive these high interest payments. Far from being an unsustainable action, it saved the US dollar from hyperinflation at that time. 34 years later it remains viable.
The Nu network’s mechanisms for handling booms and busts in the level of demand for currency are classic, having long been demonstrated to be effective in the management of other currencies.
What is revolutionary about Nu is the decentralized control of these proven currency management mechanisms. Shareholders dispersed throughout the world simply configure their vote in their client and mint. Their votes are recorded in the blockchain and the protocol changes supply and interest rates accordingly.[/quote][/quote]
Yeah, I noticed the nubits thread on bitsharestalk turned into a nubits hatefest pretty quickly, which I found pretty embarrassing.
I did read Jordan Lee’s post about the success of the Fed in controlling the money supply through inflation. Probably as good an answer as any, but it seems like a very strange approach in the crypto world to actively try to model a project after the Fed. Part of the hostility in the Bitshares thread came from the fact that the bitshares community tends to be at the forefront of Fed hating, and even before Lee’s post, people were reacting against what they see as deceitful monetary policy. I think it’s safe to say that nubits is totally contrary to the culture of bitshares.
We’ll see! I’m not quite ready to say I’m optimistic about nubits, but I’ll be enthralled to watch where it goes. I also have some half-formed concerns about the heavy role of voting in nubits… but I’ll leave those until I’ve thought through them a little better.
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Thank whoever who sent the tip! 