Post
Topic
Board Announcements (Altcoins)
Re: [ANN]ORA::NXT MS Currency::'Shuffling' for NXT::jl777 involved::Anon fungibility
by
Kora
on 18/06/2015, 01:52:17 UTC
Update
Some important decisions regarding ORA are currently under discussion.

When I created the XORA MS currency I set the decimals for the currency to 8 (the same as NXT). This had the unintended consequence of making it impossible to trade XORA for fractional NXT amounts in the currency booth of the NXT NRS software, and thus, artificially sets the floor price inside the NXT exchange booth (outside the NXT NRS software people can trade XORA at any rate).

1 XORA = 1 NXT

Initially this 'mistake' on my part did seem to lead to the obvious conclusion that we would need to re-issue another MS with 4 decimals, which would allow a free floating exchange rate between XORA & NXT in the MS currency booth of the NXT software (Nxter had already distributed some XORA to the MIC & ORA redemptions in DH's old account before the 8 decimal problem was discovered, so we couldn't edit the XORA settings anymore).

BUT, Jack Needles has very eloquently argued that having the artificial 1:1 floor price for XORA WOULD add some very nice features that *might* actually benefit XORA as a 'shuffle' MS!

AND, the 1:1 would mean existing ORA holders experienced a massive windfall gain - 1 XORA = 1 NXT!

SO ... we have to decide what to do ... do we re-issue another MS for ORA with a free floating exchange, or do we keep the existing 'XORA' with the 1:1 exchange rate locked in, and if so, how do we use the 'windfall' to generate MASSIVE community support for ORA?

To learn more, and hopefully have your say on what we should do head over to the NXT forum and 'express yourself'!!!

https://nxtforum.org/ora/(ann)-new-final-ora-and-mic-assets-redemption-process-last-call/

We're very close to achieving official 'interesting' status for ORA, but we need support and feedback to make it happen!