While I sometimes react to his bold statements on the forum, that’s the truth and not misleading in the slightest. Nobody has done as much for Nu in this crisis as @Phoenix. There has been few alternative proposals for how to proceed, and doing what @Phoenix put in motion was essentially the plan all along. Whether this will all work in the end I don’t know, but tell me where you think we would be without @Phoenix. Preferably in another thread than this one, though (or staff can split this out later). Spare me of the accusations of him having pushed Nu into this crisis unless you have substance (I don’t know if you believe that).
Of course this situation sucks for shareholders (and customers!). I thought it seemed very hopeless (although not entirely over as some believed), but we are moving towards peg restoration. It will take time, and be painful economically, but I see the possibility now. Our recent buy wall that was almost immediately consumed didn’t work out as intended. Perhaps a different strategy would have been better, but we did get a good amount of US NuBits off the market at a reduced price. Anyone who knows better is very welcome to present their strategy. Until then, @Phoenix will do his best, and I’ll contribute what I can.
NuBits is the project for synthetic currencies. I haven’t seen any crypto-community as professional as ours. We’ll need risk investors to restore the peg. Once we reach that point with 100% reserve or with sufficient confidence, our project is as viable as previously believed while also having proven to withstand a catastrophe like this. If this happens again we’ll know better what to do, and speculators may begin buying below the peg to a larger extent because they expect Nu to be able to buy back at $1.00 (or if there’s even another dynamic in play).
There is of course much to expand and improve, but I think NuBits is the best chance for decentralised synthetic fiat on a blockchain. These investors may see our potential and deem the risk worth the low price of a relatively large part of Nu. In any case that’s their choice to make.
Companies don’t always generate profit from the start. NuBits is an ambitious project with ideas for revenue long term. Screaming for revenue right now is to begin with not going to make revenue appear. I’m tired of the complaints without any actual suggestions. What we can do right now is make NuBits a promising project for investors. We do that by working with what we have and continuing to execute shareholder will.
