Topic: [Pre-ANN] [cBux]Welcome to the first ever community based stable-coins. (Read 530 times)

Ohh... that. Ok, POS being integrated to bitcoin will provide enough selling point to dissuade people from dumping.

Just to clarify, will the token be at 1 USD, pegged by the script, or the number is still a matter of speculation? Because on this post you said that the price is said to be at 1 USD for the sake of simplicity.

No. cBux will be distributed based on number of BTC addy you may hold and NOT based on your BTC balances but how many BTC addy you are having with some balances on 1st Jan 2019.

cBux is trying to cover all the platform based users. Famous stable coins are too having multiple platforms for the same reason.

It may fluctuate but we assume it would have value around $1. You may check the currently available stable coins sometimes value $0.99 and sometimes value $1.01

If you dump your stablecoins up to 90 cents (for example) and other people may buy your coins cheaper for instant profits of 10 cents. It is a free market and you may go for dumping your "free" coins but that may help another person getting easy quick profits.

cBux is a POS coin with annual inflation of 6% to 3%. It is mentioned within open-post. All format of cbux are swap-able from one format to another format (as value of all format coins/token is always $1) hence you may choose POS based one if you want to stake and profit.

I agree. But, there will be no special action/mechanism is needed to maintain the prices around $1 when at least 50% of this community understand the power of having a decentralized stablecoin compared to adopting a corporate stablecoin.

i dont think you fully understand a stablecoin OP
they take a ton of money to keep stable
Tether itself has trouble staying even 1.00 sometimes
free coins, im down, but i can't see this surviving unless alot more thought is put in

see where it goes!

Interesting, always bumping into the term of "stable coin" but I never really could grasp the clear concept, never have guessed that theymos had a very explanation.

Going back to the thread topic, will this system be able to support, like, a massive dump? Given the token is free, and it (as per this post, no explanation yet) has no feature to encourage people to hold, wouldn't it be very possible and logical that massive dump will occur? Then, would the system be able to overcome it?

theymos explained it in Meta here.

I come for this too, and I still can't grasp your meaning. How could you ensure the price will always stuck at 1$, again?

People get this token for free, so they'll mostly feel no burden on parting with them, which means, dumping once exchange arrived is a very possible scenario. So what'll ensure dev can maintain the price at 1$ or what good reason/benefit that this token have that will persuade people to keep holding and accumulating?

In short what I understand after reading this thread is that you are going create coin in following categories..

Cbux :- Distributing to those who hold Bitcoin, at the rate of 1 btc = 10 Cbux

Cbux1 :- Distributing to those who have merits on Bitcointalk , at the rate of 1 merit = 1 Cbux1

Cbux2 :- Distributing to those who have earned merits on Bitcointalk, at the rate of 1 earned merit on Bitcointalk = 1 Cubx2

Cbux3 :- Distributing on monthly basis to those who hold btc, at the rate of 1 btc = 10 Cbux3

Well the idea is pretty interesting but why are you creating so many coins for that above purpose. Is that not possible to just create one coin to have all those abilities? More information is needed regarding this.

You are creating a stable coin and what you are puttin in reserve to create the 2 billion dollar worth of coin?

Why you need to create coin, then token on so many chain? (EOS, ETH,TRON and BNB etc.)

What will give value to your coin?

How can you ensure a spam free community when in fact back stage merit selling is happening. Some may post whatever they want and merited for example by alts and so on. I guess this will encourage more spams for merit if happen it just after on it, and some just to earn a merit not quality posts.

Both. There will be 2 types of distribution for merits based. 1st one will be one time distribution which includes all the merits (both airdropped and received). 2nd one is a continuous one, a forum member will be able to convert his earned merits at every 10 merits.

In simple words : Right now I have 253 merits then with 1st distribution I will get 253 cbux. After a month if I will earn some 15 merits then I can convert my NEW merits into cbux again (this time I will get only 15 cbux). This way, it is a continuous one and I can convert my merits for years.

Honestly I will get as per what I am getting eligible. I mean as per merits and as per my BTC addys, I may get some 400 cbux. (I guess I have some 10 to 15 BTC addys with balance by 1st Jan of 2019).

Token distribution and burning out of remaining tokens will take place in transparent way to ensure decentralization. Everyone is welcome to cross check.


May skip any part of this project if this community will opt to do so. This will be 100% community based project. Consensus will be conducted to add/remove things.

I am proud to be the first person to reply to this thread.  

I just have two questions for you.

1) Are you counting initial merit or just merit received after the merit system started?

2) How many bux are you giving yourself for thinking of this "unique" idea?

Op don't you think if merit and money getting involved together in some form, then it can increase merit abuse cases? Merit abuse is already big problem here.

And Why do you think that only meritable posts are quality posts? there are good amount of posts which gets unnoticed most of the times. With this option, merit sale can increase drastically IMHO.

waiting for news

Here are finalized entries:

I am sad I may get only $11 worth of coins ?
The token will be used for bitcointalk and would be rewarded for the next 10 - 25 years ? So, this is not an immediate project ? Sorry I am confused.

Have you ever used any stablecoin to lock your profits ?
You do not need to buy my token, you already own that. You may start using it.

We may value this coin/token 1 cent or 50 cent or $25 or even $100 too. Because, there will be no pre-mine and it is like pre-owned distribution. But, for simplicity, we assume this token to have $1 value out of thin air or based on your BTC savings.

This is a static value coin hence there will be no point of dumping it. If you people want to quick cash out your cbux then that will be an opportunity for all other traders (who are all the real adopters of stable coins) to get them cheaper. A stable coin may get dumped for less than $1 too but it may get recovered to $1 as early as possible as everyone is aware of it is actual worth (which is $1).

sorry, but to tell you frankly how can you equate the value of your cBux token to $1? who will buy your token at that price? lets say for example, i have 1023 merits right now, so i will get about 1023 cBux which is equivalent to $1023. but where in the world can i sell this token to get my $1023?
what i'm trying to say here = who are those people that will naively buy this token at a fixed rate of $1 for nothing? remember that once a token or altcoin hits in the exchanges, there's no stopping for the dumpers to sell their freebies for peanuts. how can you maintain your token's value just like any other stable coin in the market today?

Reserved -2

Update on 05-September-2020:

A decentralized satblecoin must have decentralized reserves as back-up hence BTCs on our addys will be assumed as reserve for this stablecoins.

Prototype-01:
----------------

Decentralized initial supply:
To ensure decentralized reserves, a clamcoin kind of initial distribution of stablecoin to the BTC holders based on BTC addys (and not based on balances on those addys) will be a right way to have fair and decentralized initial supply.

For a suggestion, a BTC holder by a given date (this date will be decided by governing body) will be entitled to have 10 unit of stablecoins. Simply, every BTC addy which holds any balance by a DATE will be awarded with 10 unit of stablecoins.

A stablecoin should remain inflation based to ensure covering all future adopters. So, to ensure continuous supply and to make this coin attractive, POS feature is suggested.

Per annum up to 5% POS rewards. This will ensure decentralization even with continuous supply.

We would like to proudly pre-announce first ever community based - mineable - stable coin, crypto bux. Crypto bux will ensure decentralization all the times.

The need of stable coins is proven but so far we are getting only corporate stable coins which are coming up with their own problems, improper reserves.

Solutions we are focusing :
1. Eliminating the worry of improper reserves for the circulating supply of our stablecoins.[a]
2. Adding POS feature to bitcoins.[2]
3. Encouraging this bitcointalk community to be more spam free.[1]

cBux will be having different formats :
1. Mainnet based POS coin [ticker : cbux]
2. ETH based ERC-20 token  [cbux1]
3. BNB based token [proposed]
4. Tron based token [proposed]
5. EOS based token [proposed]

cbux will be similar to clam coins based on 2019's first bitcoin block, which is 556459. If you have some bitcoins by the block 556459 in one BTC addy then you are entitled to have 10 cbux or if you have some 5 bitcoin addys with some balances then you are entitled to have 50 cbux. 1 cbux= $1 always. After initial airdrop based on number of BTC addy, cbux will be a POS coin with 6% to 3% annual inflation.

cbux1 is ETH-ERC20 tokens. We plan to mint some 2 billion cbux1 tokens and will distribute to this community based on your merit levels. Yes, if you are a hero member here and having some 550 merits then you are entitled to have 550 cbux1 tokens which are worth of $550. Balances after distribution will be burnt to ensure decentralization.

[1]After cbux1 based initial distribution, we plan to distribute cbux2 (for example) to new merits of all forum users. It will be like encouraging this forum members to write high quality posts to earn merits as your each merit will be worth of $1. This may happen for next 10 to 25 years and you may able to claim for minimum of 10 new merits.

[2] We will have another format of token, for example which will be cbux3, this cbux3 will be distributed to all BTC holders based on your BTC balance on monthly basis. All you need to sign a message with your BTC addy (where you have your BTC balance) to enroll this distribution. There will be some cooling period for avoiding scammers. If you stake 1 BTC then you may receive 10 cbux3 tokens every month until you do not spend any BTC from that addy. Any outgoing tx will make your addy disqualified from the upcoming distribution. (More detailed explanation will be announced later).

This way we are going to encourage people to hold and save BTC. Yes, this is virtually adding POS feature to BTC. You make stake your bitcoins within your wallet by just signing a message.

[a]All formats cbux coins and tokens will be distributed to BTC holders and this forum members based on some conditions. This is to ensure a complete decentralization.

Now you may assume cbux will be a complete decentralized stable coin hence for a decentralized coin there will be no need of any reserve. Or the bitcoins in your wallet is the actual reserve for cbux. This way we may assume all the BTC in bitcoin blockchain is the actual reserve for cbux. Still, we are going to mint only up to 5% to 10% of cbux of total marketcap of BTCs. For example, currently bitcoin's marketcap is 100 billion and we are going to mint 5 to 10 billion cbux coins/tokens and all the coins and tokens will be distributed to this forum members and BTC holders based on various conditions (yes, we cannot simply airdrop).

Finally, this stable coin is introduced based on, why we need to depend on some corporate to mint a stable coin based on their reserve. All the forum members are assumed to have some BTC. Based on that BTC amount, why not we mint some new stable coin and start using it without any worry and hesitations.

(If you are not yet convinced on the explanations on reserve for cbux, please wait. Our economics experts are preparing more pictorial explanations on these.)

More to be announced. Your suggestions and ideas are most welcome.