Ninjastic
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Board Speculation (Altcoins)
Re: BTSX+BitUSD vs NuShares+NuBits - which will win the USD peg war?
by
CoinHoarder
on 21/06/2016, 17:37:09 UTC
Quote from: FandangledGizmo on June 09, 2016, 05:19:21 PM
Quote from: cryptohunter on June 09, 2016, 05:08:22 PM
Quote from: FandangledGizmo on June 09, 2016, 04:36:13 PM
Looks like BitUSD won?  Smiley

what about tether that seems to be at 1 dollar for months on end?


I believe Tether is backed by centralized reserves. So though you can access it on the blockchain, if their fiat reserves were seized/confiscated by a government or other they'd have a problem. (Whoever has access to the Tether funds could also possibly run away with the money at some point.)

BitUSD is decentralized, it and the backing for it exists on the BTS blockchain so .gov can't seize/confiscate your BitUSD or the collateral that backs it.

I agree, Tether should not be in the same conversation as bitUSD or Nubits, as a centralized entity is the only thing that is holding its peg. It is no different from mtgoxUSD, poloniexUSD, or btceUSD.

The Nubits peg has been broken for at least 12 days now. It is currently at $0.258 instead of the $1.00 like it is supposed to be. It is unclear to me if they will ever regain the peg. Their main developer, the pseudonymous "Jordan Lee" has gone MIA. He was last seen on the Nubits forums 9 days ago. That doesn't exactly inspire confidence, but the Nubits/B&C Exchange community is scrambling to replace him and remedy the situation. We shall see if those efforts are successful... this thread breaks down the Nubits peg failure pretty well, and the ensuing drama that has unfolded: https://discuss.nubits.com/t/withdrawn-make-firing-and-replacing-incompetent-liquidity-providers-our-top-priority/4036

At least, maybe now the Nubits camp can concede that Bitshares' bitUSD is a better solution to the same problem. It is still going strong since before September of 2014, and it is currently valued at $1.01

The main downside with bitUSD is the lack of liquidity due to low adoption- which is unfortunate. The Bitshares community has been discussing ways to increase/incentivize liquidity, so hopefully that will help.