NuBits in the age of assets and stability
NuBits in the age of assets and stabilityThe newest meta coin, blockchain bootstrap, 2. 0 project is called NuBits, and the name fits well since it is “Nu”. So far we have similar projects: Colored Coins, NXT, Counterparty, BitsharesX, Viacoin, and Dogeparty. Simply mentioning these all on one sentence will cause offense among some of the followers of each. However they do all share some similar traits, the main one is allowing for users to create so called “assets” aka “smart assets” better name “tokens”. There are active projects that use the systems to issue tokens and some of these projects pay dividens and or use the tokens for voting. Other platforms have created derivatives of fiat (NXT, BitsharesX) and claim that this the or at least one solution for crypto stablity. It is one thing to allow for the creation of Meta coins and another to claim to solve the stablity problem by creating deriviatives of the USD. These two are bitUSD and Coino(XUSD) bitUSD is “pegged” to the USD and you can cash out for the ammount of bitUSD in bitsharesX, yes you heard right, there is no USD involved. For some that is great for others it stinks, you can decide for yourself. Coino can be cashed out for USD but there are some fees. Both are traded on exchanges: BTER & Poloinex. What happens when SHTF? These are traded on exchanges against bitcoin and there are several senarios where it would be difficult to “cash out”. Mostly during a crisis similar to Mt. Gox or other panic. We dont know how much cash is on hand at the coinomat where you cash out your Coino. Is there as much cash in some central location that matches the ammount of Coino issued? For bitUSD if the price of bitsharesX collapses then there could be issues cashing out, because nobody will buy the bitsharesX that you got in return for your bitUSD. Do these sound like solutions to stablity? Really I dont have any problem with either of these, but I have a problem if they are sold as a godsend to crypto to solve the stablity “issue”. Things are different here? NuBits clams to solve the stablity issue as well. Yes we have a new trend! In the Nuest case the white paper has only been relesed to the investors. Everyone else is waiting, what will happen? We know that Nubits is using peercoin as its platform and that everything is a secret untill today when it is all unvailed to the outsiders (insiders aka the investors allready know the details). The technology behind NuBits will probaly be interesting but we can only speculate what it is going to do. Maybe some Smart Assets mixed with a little SmartUSD and if you hold NuUSD you get paid dividiens in peercoin. Sounds Legit! ? ! ? Who knows maybe we are wrong, we will find out later today. Guess what? NuBits will be traded on BTER and some other exchanges. Exchanges know how to make money.
