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How an Open-Source 'Federal Reserve' is Run: Nubits' Pascal Hideki Hamonic

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Pascal Hideki Hamonic is a core team member of Nubits, a cryptocurrency pegged to the U.S. dollar. How is this peg achieved? How are network actors incentivized? Pascal reveals the Nu Network's future plans for more fiat-pegged networks, as well as contingency plans in case of fiat failure. Check out our new channel! http://youtube.com/dashorg Connect with us! [website w/ RSS feed] http://TheDailyDecrypt.com [tweets] http://twitter.com/TheDailyDecrypt [facebook] http://facebook.com/TheDailyDecrypt [subreddit]: http://reddit.com/r/TheDailyDecrypt [audio-only feed]: http://henq.duckdns.org/podcast/feed.xml Wanna sponsor a show? http://thedailydecrypt.com/Sponsorship Sponsor: Exmo: http://exmo.com Show links: Pascal on LinkedIn: https://fr.linkedin.com/in/uploada Nubits homepage: http://nubits.com Peershares: http://peershares.net Music: "Fundamental Process" by Beyond Creation: https://www.youtube.com/watch?v=1aM8XoWZeq8
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Text Comments (50)
adrian peirson (8 months ago)
Peg to Silver. and Gold.
HTaddict (9 months ago)
Well at least I wouldn't use Metal for background/intro music on a video like this. Horrible choice. Henceforth I will never watch any of your videos because of this.
jamie steadman (1 year ago)
wow besides having a pretty face , smart too , amazing.
STG44 (1 year ago)
This sounds like one huge disaster.
Vention1MGTOW (2 years ago)
Looks like they lost their peg in a big way. NuBits are 32 cents now. What the heck happened?
scathiebaby (14 days ago)
Custodians unwilling to take a loss, of course ?
Kelgrafar (2 years ago)
If it's based on the value of the USD, why don't they hold reserve in USD instead of bitcoin? Is it just to sever a direct connection to fiat currency market? Wouldn't it make more sense to hold something with more historical parallels with the USD like gold as their reserve? I don't really follow the crypto-currency scene but the idea of a USD-pegged crypto currency is interesting.
scathiebaby (14 days ago)
What you are suggesting, is the Tether solution.
J Mat Trang (2 years ago)
This was on reddit the other day http://radiooooo.com/ Music from around the world decade by decade. Brazil 70's is cool, and Antarctica too.
pascal hideki hamonic (2 years ago)
Tks a lot, Amanda. Some typos or mistakes: - 5:18: if the demand decreases a lot (not increases) - 9:13: FLOT not FLOAT : First Liquidity Operations Team (https://docs.nubits.com/glossary/)
tango110 (2 years ago)
Hey Amanda, could you do an interview on the Maidsafe Network? I hear an MVP will be coming out soon and I think It has huge potential to change everything from cryptocurrencies to even basically rewriting the internet itself.
tango110 (2 years ago)
I don't understand the point of pegging anything to a fiat currency when you can create a currency that has better characteristics and can outcompete even a 100% gold and silver back currency. Makes no sense....
Embedded Thought (2 years ago)
Very informative video, Amanda! The Nu network seems to be the only one that has maintained a fiat peg for almost over a year and a half now. They are doing some great work and I'm looking forward to more pegged currencies from them in the future.
TheDamnSpot (2 years ago)
This sounds extremely vulnerable to systemic breakdown and the law of unintended consequences. Basically you're trying to replicate the function of the FED within a crypto currency. I don't see the point or the benefit of being pegged to a traditional currency either. In summary, a big fat 'nope' to this.
Die Antwoord - Rich Bitch, I fink u freeky, ... https://www.youtube.com/watch?v=8bdeizHM9OU&list=RD8bdeizHM9OU&index=1 Love u Amanda, you are the best! ...great soundtrack too!
kitsubot - (2 years ago)
Hey Amanda, I LOVEEEE ur showww - here are some more recent electronic recommendations to balance out the hall&oats //^_~\\\ 1). HEALTH (anything from their albums GET COLOR or DEATH MAGIC)...adrenaline rush diy noise music 2). Oneohtrix Point Never (Garden of Delete or any of his previous albums)...abstract/dark/digital/future chill 3). YACHT (new album or any of their previous 3) futuristic/optimistic/lyrical/fun/dancy/intellectual 4). James Ferraro (his current and previous 2 albums)...dreamlike/blissed out/digital future themes/uses computer voices and stuff 5). Matthew Dear (fave song is Dog Days ~ low key dance vibes, all his albums have good stuff so its hard to pick!) 6). DEVO - anything they did, a retro band doing awesome skater / computer music..! HAVE FUN :)
Soren Kojic (2 years ago)
Gorillaz, Get The Cool Shoeshine
Utku Tönel (2 years ago)
Also; Popol Vuh - Through Pain to Heaven (and you just got yourself an Opeth concert opening)
Utku Tönel (2 years ago)
Hey Amanda, try using Subtitle Edit for subtitles, free and open source! And you get to save the screen space.
Dimitri Kulyushin (2 years ago)
Your videos are always on point. Great Video !
noodlesdoctor (2 years ago)
XTC "Don't Lose Your Temper"
ronyasmith (2 years ago)
Really informative! Music Suggestion: Utada Hikaru or Elton John. Interview Suggestion, How about interviewing someone from the "Dark Side of the Force" like how a bank is involved in the Block Chain technology?
Mark Ford (2 years ago)
I'm waiting to be Rick Rolled...
Amanda B. Johnson (2 years ago)
+Mark Ford Just when I thought you couldn't get any weirder...
Joshua J. Bouw (2 years ago)
Absolutely love Nubits.
Embedded Thought (2 years ago)
+Josh Bouw Same here. Best fiat pegged crypto so far.
dieyoung (2 years ago)
do a video about the real value of crypto esp bitcoin. i love your videos..soon youll have more subscribers
Peter Dahlen (2 years ago)
Hey how about some Disco!
Rusty Case (2 years ago)
The Kinks will work for intros... Best rc
Lucas T (2 years ago)
I really don't like the idea of a manipulated currency. It is already ugly enough to see China devaluing Yuan to play with US, Brazilian government indebting Petrobrás(state company) to control inflation. I really want to stay away from this. I keep an eye on my digital balances all the time, if I realize some coin I hold is devaluing in an abnormal way, I just switch to another one, no need to peg.... Since I know a little about technical analysis and I always keep an eye on the news and the fundamentals, I don't think I will be taken by surprise on a huge drop. Regarding the music suggestions, what about Therion? You told me on your AMA you're not so much into metal but come on, that's beautiful: https://www.youtube.com/watch?v=4aU3r_54_34 - Therion - Birth of Venus Illegitima. https://www.youtube.com/watch?v=L_NtCdMdGrg - Therion - The Rise of Sodom and Gomorrah https://www.youtube.com/watch?v=MykojAddTfM - Therion - An Arrow From the Sun https://www.youtube.com/watch?v=CmQ34GL-fzk - My Dying Bride - Two Winters Only What about the best solo in history: https://www.youtube.com/watch?v=Yw74sDWPH7U - Steve Vai - "Tender Surrender"
Lucas T (2 years ago)
+Embedded Thought I know, this manipulation is different from government controlling fiat because we're not obligated to use their coin. And they even might be trying to do it right. But the thing is: the problem of central planning. I don't think it's even possible to maintain stability this way, the market is dynamic, it is supposed to move, not be suppressed.
Embedded Thought (2 years ago)
+Lucas T The word "manipulate" has a bad connotation associated. In this sense the Nu network is actually solving a lot of the problems that our current financial system has. It's not random manipulation that occurs. The individuals invested in NuShares control the motion voting and for a motion to pass it must have greater than 50% vote in favor. Harmful supply manipulation would only degrade the value of each shareholders shares. The incentives to provide liquidty for Nubits is inticing. Look into the automated liquidity pools and FLOAT reserves the network is currently utilizing.
J C (2 years ago)
Keny Arkana – J'ai osé https://youtu.be/KFJ_fFfsfNY
Logical Circumflex (2 years ago)
Another great informative episode! Music note: (love the thrash guitar, it suits) these are probably going to pull you more into editing than you want but are royalty free: https://www.youtube.com/playlist?list=ALGLx1orRGw4WE3Gta_lL0Zuf8nO9KKs_L Other fun music that carries that Live Free or Die vibe might include (remember licensing issues): Firewater, Gogol Bordello, UNKLE, The Sword... if you'd like more suggestions from a professional give a shout. You're the best!
CloakedCedric (2 years ago)
It sounds like at the moment there seems to be such a huge amount of trust needed to be put in the team manipulating the market.
Embedded Thought (2 years ago)
+Sentinelrv Very straight forward way to ensure that liquidity is always available.
Sentinelrv (2 years ago)
For the multisignature reserve group FLOT yes, but Nu also works with liquidity pool operators to maintain the buy and sell walls. Shareholders provide pool operators with a reward. The operator runs a server which tracks and verifies how much liquidity people are providing and the reward automatically gets distributed to people based on this data. They're called automated liquidity pools (ALP). Using this model NuShareholders don't need to know who the liquidity providers are, so they don't need to be trusted. If the operator doesn't fulfill his job requirements then they can simply be replaced by shareholder vote.
Sentinelrv (2 years ago)
Thank you Amanda for covering the Nu Network. NuShareholders greatly appreciate the exposure your show gives us. Also, stay tuned for B&C Exchange! We're still working hard on it!
Leandro Lima (2 years ago)
Song - Tom Jobim - Garota de Ipanema
Jean Lapaix (2 years ago)
Animals as Leaders!
Hayekian (2 years ago)
keep them coming :)
redrahaka (2 years ago)
African relax savanna music  https://www.youtube.com/watch?v=oGsUYn5Skcc
ausPPC (2 years ago)
This Is Serious Mum - TISM - (He'll Never Be An) Old Man River https://www.youtube.com/watch?v=1-mLIdLZZeI
dave [hodl] matherly (2 years ago)
music? "Ripple" by R. Hunter & J. Garcia https://www.youtube.com/watch?v=CFsbAuX9P4w
chews4life (2 years ago)
i like your 80's music maybe bring some hall and oats, and country music, or some elvis crespo. haha
Ja Marcson (2 years ago)
FMA issues the framework for the resolution of HETA ASSET RESOLUTION AG: https://www.fma.gv.at/en/about-the-fma/media/press-releases/press-releases-detail/article/fma-erlaesst-den-rahmen-fuer-die-abwicklung-der-heta-asset-resolution-ag.html
lambecolin (2 years ago)
Beethoven is massive----and free.

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