Quote from: Kora on June 18, 2015, 11:46:31 AM

I've started a poll to help us make the decision on whether we keep XORA or re-issue

https://nxtforum.org/ora/ora-community-vote-xora-re-issue/

Please vote!!

jl777 has suggested a third option in the poll

3. keep it as is, as there is no peg and using InstantDEX we get effective decimals

Quote from: jl777 on June 19, 2015, 01:30:00 AM

Quote from: Kora on June 19, 2015, 01:08:43 AM

Quote from: l8orre on June 18, 2015, 03:05:56 PM

I really can't fathom the ramifications- I'll vote later

I know what you mean

If we were to achieve overwhelming support from the NXT community (i.e. over 90% support and LOTS of people voting), then the net effect would be to effectively double the marketcap of the NXT token ecosystem. NXT is worth 1 billion NXT, and XORA is worth 1 billion NXT. That extra billion of wealth *could* solve a lot of funding problems for NXT.

BUT, it's obviously very difficult to get that level of unambiguous community support, and it would be seen as very 'controversial' by many people. We all know the typical criticism of the NXT distribution and the 73 IPO people. But that was BCNext's prerogative as the creator of NXT!

Imagine the response to XORA? A relatively obscure crypto project decides to create a billion XORA MS coins out of thin air to create the 'defacto shuffle' coin for the whole of NXT, and then pegs them to 1 NXT each, making some people very wealthy overnight! Despite being a GREAT idea (good for the shuffle idea, possible ongoing funding source for NXT) it's obviously going to be very difficult to 'sell' to the wider crypto community, especially if we don't even have strong majority support at home amongst average NXT'ers.

The outcome if we keep XORA with the 1:1, but we eventually FAIL to get overwhelming support is ORA would be dead, BUT, NXT itself would be unharmed. That's OK IMO, we would have tried for the best outcome and failed.

The outcome if we keep XORA with the 1:1, and we SUCCEED, and we do get overwhelming support for keeping XORA is ORA becomes a beautiful 'starfish' in the NXT ecosystem, and NXT has great anonymous features through shuffling, AND, NXT has another source of community funding. That's awesome!!

The outcome if we re-issue without the 1:1 limitation is we keep working on ORA, and we still have a shot at making the new ORA MS currency the default shuffle coin over time. That's pretty OK too!

Everything obviously hinges on getting massive community wide support for keeping XORA, and hopefully it'll be really obvious if we achieve that, so we don't keep XORA and fail.

IMO it's very unlikely we will get massive unambuguous support (e.g. Berlin Wall 1989, Arab Spring, Beatlemania etc), but it's still well worth the attempt!!

any pegging would be an illusion due to the following simple mechanism.

Alice has 166,000 XORA, Bob says I will pay $100 for it. Alice agrees and they swap
this cannot be stopped.

so if you "peg" it significantly above market price, them all liquidity of whatever is pegging it will be exhausted (see soros vs England) and then it will trade at its market price (with big spreads and lack of liquidity)