Weekly Update #117

Sebsebzen 2014-11-19 03:14:32 UTC #4

Sorry, ignorant question. I've been reading the past couple of Weekly Updates. Is there actually any development regarding Peercoin/Primecoin on-going from Sunny?

seki 2014-11-19 09:27:50 UTC #5

Yes, there is.
A 0.5 version of peercoin propably supporting the famous cold minting and a future implementation of sidechains for PPC.
These all are very old projects but are taking too much time since they are very hard and because i guess the devs are also
giving some time in nubits

Ben 2014-11-19 12:14:28 UTC #6

Sunny King is not involved in Nu development. SigMike was asked to work on core Peercoin protocol development after he had been involved in Nu for many months.

jake0213 2014-12-12 15:06:53 UTC #7

The price of XPM is more and more low, what SK is doing recently, to give up XPM? XPM long time no news.

masterOfDisaster 2014-12-12 16:30:32 UTC #8

Primecoin is doing fine, the difficulty stays high, the miners mine.
Why worry about the price level as long as Primecoin is continuously creating data that might be useful one day?
What does SK have to do with the price level?
Do you realize that a lot of recent Primecoin development was not done by SK himself?
Sorry for sounding rude, but this is a kind of reflex that is triggered by something that could be (mis?)understood as asking for a pump...
If I got you wrong, I beg your pardon.

Sentinelrv 2014-12-12 20:08:00 UTC #9

MoD, I'm sure there are plenty of people that invested money into Primecoin thinking it was a real competitor and not just a science project. If I owned Primecoin, I'd be very concerned about what is being done to further its use in the real world. While the advancement of science and math is great, many people put money in because they expected to see a return on their investment. They didn't think of this as charity. I don't own any Primecoin, partly because I don't see any serious effort being put into making it succeed and partly because I think PoS is the future. I can understand the frustration of XPM holders.

sabreiib 2014-12-15 01:27:41 UTC #10

I am holding XPM more than one year, and suffering loss due to price crash. Of course, nobody likes to invest a falling project. But I still believe XPM a good crypto.

I just wonder whether sunny king is interested in turning XPM into the NuBits style. What SK is trying to simulate is gold, but gold itself is a bad money for its deflation because its relative flexible supply can't catch up with rapid free market demand. I don't know sunny king's opinion to F A Hayek.

It seems nubits has given up "good money" dream and hug FIAT. There is a good chance for XPM to become the first stable currency in crypto world. There will be lots of competitors of nubits in future, so let its sister, XPM, become a friendly competitor. There are quite some room for nubits to improve to a truly decentralized, and strong scheme.

TomJoad 2014-12-15 02:49:45 UTC #11

I have no idea what this means, could you clarify? NuBits have been pegged to USD since day 1 and there have been no major changes to its design since release.

sabreiib 2014-12-15 05:35:14 UTC #12

Good money is the currency without deflation or inflation.

The Bitcoin/crypto culture is liberalism, get out of the control of corrupted central node, eg federal reserve. It is the greedy monetary monopoly policy that lends to the finacial crisis, Satoshi's Bitcoin is just one step of long struggle history of monetary freedom.

crypto_coiner 2014-12-15 06:19:33 UTC #13

Why do you think that Nubits has given up "good money" - interesting , please elaborate.

sabreiib 2014-12-15 06:27:57 UTC #14

You may set up a poll about how many people in nubits community support anti-inflation feature. I bet the supporter is minority.

masterOfDisaster 2014-12-15 07:25:40 UTC #15

There will be a kind of poll for that.
The release plan of the Nu client includes a version 0.7.0 which may introduce this:

Currency burning, if passed by shareholders, will be implemented.[...]

The NSR holders might vote for it or they won't. My bet is that they vote for it.

sabreiib 2014-12-15 08:54:17 UTC #16

[size=12pt]Burning NBT for NSR is an excellent proposal, can be used to maintain 1$ peg, and anti-inflation. I doubt the latter is favorited in nubits community.[/size]

mhps 2014-12-16 00:47:20 UTC #17

There is a limited supply of Nushares so burning NBT for NSR has its limit. The number of Nubits is unlimited. Eventually all undistributed Nushares will run out. Then the shareholders have decide to increase the number of total NSR.

sabreiib 2014-12-16 01:56:59 UTC #18

Yes, in fact we can apply flexible NSR supply. NSR Holders vote for dilute themselves for software development etc, and get benifit or punishment on their choice.

Look at the btc-e , don't you see the stupid XPM supply crashing the price? Blockchain technology is just an evolution of traditional paper anti-fake tech and other transfer/secure. Blockchain itself has NO contribution to economics at all, wake up, Bitcoin sucks for it's stupid supply curve.

As a currency, btc, ppc, xpm have no future at all, they are merely asset for speculation. Those coins' supply mechanism totally disabey the theory of FA Hayek.

Plz, upgrade our design otherwise these trash will be replaced by more scientific schemes in future.

masterOfDisaster 2014-12-16 06:04:04 UTC #19

I don't know the Nu protocol in detail, but the limitations by protocol might give more room than we think it does.
The burning is not intended to make use of the undistributed NuShares.
Burning (as far as I'm aware) is meant to create new NuShares additional to the one billion that have initially been created and additional to the minted ones.

mhps 2014-12-16 08:04:42 UTC #20

The nominal value of nubits are denominated in dollars. The nominal value of nushares floats. Now Nushares price has a floor, determined by how much initial shareholders and investors have paid to the Nunet. That is why the current nushares price doesn't dip below Jordan's set price. Eventually the initial dollars will be drained if operational expenses and dividends keep exceeding revenue. Then the value of nushares will float freely. One cannot create nushares to buy and burn nubits more than the value of all nushares. If one lets the value of all nushares dip below the nominal value of all nubits, then no amount of shuffling and converting between nubits and nushares can bring the balance sheet to black again. So buying nubits with nushares is a limited tool. (Same is parking. Parking can only do so much. Look at Russia's 17% interest rate. It just drives the currency price lower because people see it as a sign of Russia's losing it.) I hope Nunet has a balance sheet that is constantly updated so that shareholders can see the status and trend.

cryptog1 2014-12-22 17:55:57 UTC #21

Inflation is a necessary evil if you want to grow the economy. What is bad is uncontrolled inflation.

sabreiib 2014-12-24 00:22:58 UTC #22

Even mild inflation is evil, said by Hayek, of course I'm his fan.

seki 2014-12-24 09:56:55 UTC #23

sabreiib, i think you may be a supporter of freicoin
with the demurage mechanism
i believe that money with expiration date could drive
the sociaty to a faster growth with very small unemployment.
but you need to change the mindset of people from savings to work+spend.
your opinion?