what ıs goıng on

Everybody, here's a great new PoC - earn NAUT for being an active NAUT community member.  No need to know how to code - everybody will be able to earn NAUT.

Sign up at www.getnauti.club and let's go from there.  This could turn out to be a best in class proof of concept.

Cheers!

This exchange being launched is serious business - it takes a year and about a million dollars to get licensed for fiat.

Therefore...

I think BK is going to announce some big partners or VC's around the time of the exchange launch next week.

Anybody else feeling this or am I wishful thinking? 

Hello NAUT Community, this is BK!!!


First, I want to thank you all for you patience, support and input during the coin swap.  I also want to thank EvilDave (he's actually not evil at all, shhhhhh), Bas and the entire NXT team for their help in executing this swap - without NXT we would not have been able to pull this off.  Also a BIG thank you to Lee and Nick at Coinstructors for organizing this entire project. 

Now let's move on to a few unanswered questions.  In particular, many of you have had question about the coin supply and the gold backing.

Coin Supply

The total coin supply is 16,180,000 but only about 5,300,000 circulate. The remaining ~11 million are being held in the Nautiluscoin Foundation account.  The plan for the coins held by the Foundation is to use them for 1) Airdrop 2) Promotion 3) Gold backing.  Critically, our plan is not to increase the coin supply by more than 5-10% a year.  As a large holder of NAUT I have a vested interest in keeping the supply in check. More importantly, from the beginning my goal has been to create a coin which continuously increases purchasing power. 

To be clear, these limits are not set in stone BUT any deviation would only occur if it supported the purchasing power of NAUT. 

Gold Backing

All the revenues generated from transactions via the exchange, websites or elsewhere will go directly to the Nautiluscoin Foundation.  These revenues will be used to buy gold to back Nautiluscoin.  We have set up the Foundation as an entity that will act as the holder and redeemer of the currency for gold.  This process is not yet complete, but I expect completion in the near future.


The more Nautiluscoin is used or traded, the more gold we will buy.  In this way the purchasing power of Nautiluscoin should continually climb with the amount of gold we buy.  Additionally, the value of any digital currency is a function of its network effect or, using Metcalfe's Law, the number of transactions ^2.  By encouraging the use of Nautiluscoin we hope to continually increase the size of the NAUT network and by extension be able to buy more gold to support purchasing power.


I am looking forward to the future of NAUT and cannot express enough my gratitude for all your support during this transition.

-BK

Hi Dave. I just emailed a test run for the exchange (dave@nxtfoundation.org). I attached the screen shot as a word doc.
Thanks for your assistance with the swap.

You need to install Java 8.

The reason I ask is very simple.

If  average Greek person downloads the wallet they will not know This thread BCT exists and yet alone what is a NODE???

this is basically what I am trying to get across to the community and if its PC based what if they dont have a PC but have a smartphone etc

Hopefully now the bell rings and people understand what I am getting at here.

What's the deal with this voting, and why should I think a vote on this shitshow of a thread on BCT would mean anything to BK/NAUT? 

And why should I think that user Drachmae, who has 9 posts on BCT and just registered a month ago, is actually affiliated with the Drachmae project or has any kind of pull on the direction that BK will decide for NAUT?   

From the August update on http://www.nautiluscoin.com/latest-news/, NAUT will move to the NXT platform, done by Coinstructors.  This is going to happen, according to BK, so what are people suggesting a vote for?

To me, it seems that, like it or not, this is BK's show and anyone invested in the coin right now is essentially stating their belief/hope that BK will have some real world use cases in place for NAUT by the end of the year, that NAUT will increase in value because of the use case(s), etc... 

Further, I can't imagine, given the amount of NAUT purchased at market over the last couple of months (likely by BK for the stability fund or whatever other fund was needed), that it could be even a remote possibility that current NAUT holders could potentially lose all of their holdings in this "new NAUT/old NAUT" business.

Am I missing something here, or is this the typical garbage that has plagued this BCT thread for as long as I can remember?

I think that's the original max supply cap which was supposed to be all PoW.  That got cut down to the ~5 million we have now so I'm thinking those websites never updated.

That said, I think BK will in fact go towards that original max supply cap to stay honest but it will be some PoS scheme so the dilution then will go into the pockets of those who currently own the 5 million coins supply which makes the coming dilution a big reward for current shareholders.

Yeah, pretty crazy to just have that amount gone from the exchange!

I had that problem on my windows tab so i downloaded the beta and it worked.