A breakout is currently underway in US NuBits. The price surged to 0.00139 BTC a few hours ago. Right now, the US NuBit price could be brought to $1 with a mere 8 Bitcoins. While more would be required to maintain $1 after that, we are close and making excellent progress toward restoring the peg. The value of US NuBit sell orders on Poloniex below $1 has ranged from 12 to 52 Bitcoins over the past two months, as I recall. In the last few hours that has broken out of the historical range to 8 Bitcoins.
The community has not been very effective at banding together in defense of the peg. We have here another excellent chance to do so. All it would take to restore the peg right now is one sizable investor to appear with BTC or several smaller investors doing the same. Alternatively, someone who is deep pocketed and is fond of holding some US-NBT for its stable value could just buy up the modest supply of US NuBits for under $1 and revalue them at $1, knowing that we will continue to aggressively support their value at $1.
Here is a smart way to make money, with considerable risk but outstanding return potential: Approach @jooize either here on the forum or by Bitmessage and propose to purchase a large number of NSR, perhaps 30 to 50 BTC worth would be enough. Liquidity operations will take that BTC and pump US-NBT. This alone may restore the peg, and with it, confidence. The NSR price revalues upward quickly and powerfully as it is revalued for a high likelihood of selling many additional NuBits. Several small investors could achieve the same effect.
The point is that if even a small amount of money wants to make this project a success, it will be a success. There is good reason to think a fantastic return might be had from a purchase of NuShares at the moment. Want to be a rich hero who proved stable decentralized currency can work? You have a real chance to do so right now. It doesn’t matter how many negative and disparaging viewpoints emerge on this forum. If sufficient funds are put up for NSR or even US-NBT, this effort will succeed.
Let’s have vision and work together people. We came here to prove that a stable decentralized currency is possible. Let’s see it through.
@masterOfDisaster would you consider being a hero of the peg by using part of the 13 shareholder BTC you have to buy US-NuBits up to $1.00 right now? It will only take 8 BTC to do so. I think this action would spur more optimism and quite possibly a pop in the NuShare price, which will in turn help us secure the peg.
The US-NBT price is quite malleable at the moment. Let’s put our disagreements aside and work as a team to push it quickly to $1.
The US NuBit price just rose to over 0.00146 BTC. 0.001695 is the proper peg level. Only 6 Bitcoins, or less than 4000 US NuBits are currently being offered for less than $1 on Poloniex. Let’s buy the bears out of the market and restore the peg now!
82,353,000 NSR have just been sold for 35 BTC. I will be announcing how it will be used to support US-NBT within the next day. I’m open to suggestions on the optimal use of the funds. Needless to say, I expect the funds to extend and sustain the US-NBT bull market currently underway.
That makes an NSR rate of 42 Satoshis, or 0.00000042 BTC, which are valued $0.00024 at a BTC rate of $580.
Have you considered buying development to introduce revenue to Nu?
Supporting US-NBT by introducing revenue will not only have a positive effect on US-NBT, but on NSR as well.
Trust in Nu can be regained by providing customers and shareholders with the prospect of a sustainable business.
Anything else is just a clearance sale of NSR to pump US-NBT without sustainability.
Certainly. I have been driving the push for multiple currencies and Chinese NuBits in the most immediate time frame. I’ve promised to pay for development with NSR sales if needed, but I would rather use FLOT and @masterOfDisaster funds to fund this revenue producing development. What do you think about buying development with FLOT and @masterOfDisaster funds to obtain additional revenue with Chinese NuBits, European NuBits and SDR NuBits?
I think you should know what he’s going to say by now, that providing new services/currencies doesn’t bring in revenue, rather it costs money through liquidity provision to keep these services going. Whatever money we obtain through sale of new currency (even with 100% reserve) will slowly be eroded away by all the costs associated with peg maintenance.
It could perhaps buy us some more time, but eventually we’ll need to figure out how to earn money in addition to currency sales, so that we can achieve sustainability and cover the costs of peg maintenance and potentially even turn a profit. Selling more currency can help buy us time to figure things out, but it’s not an end solution, because eventually our costs will eat up the funds that customers have given us.
He knows, but he ignores it.
Pointing towards development of another client, which won’t create revenue isn’t the type of development that needs to be done.
Revenue can’t be had from selling tokens, because selling them creates a liability.
Tx fees could create revenue, but this is not in sight.
A spread between buy and sell rate could create revenue, but that road was undermined by @Phoenix who first allowed @masterOfDisaster’s motion pass and then made his own motion pass that cancelled the effects of @masterOfDisaster’s.
At the moment spread trading is no option and it won’t be in near future, because effectively a single actor, @Phoenix, controls this network directly or indirectly.
…and he has his own agenda.
Somebody desperately wanted to cash out a lot of NBT.
Looking at where Nu is going I don’t wonder.
Nu is a dead man walking.
Is anyone here delusional enough to see Nu recover with the recent measures?
It’s still only about marketing, but not about revenue.
This is why Nu will fail, if it continues following this course.
Nu can’t survive without revenue.
I’m not sure whether @Phoenix’ reaction to my post will be the call for having it removed or boasting about the great success of “reviving” the NBT and NSR markets.
I don’t really care and even if I did, I couldn’t change it.
Looking at the forum activity here, I’m not alone.
Another leg in the bull run emerged today. US-NBT is now $0.87. Let’s keep building our credibility by pushing it closer to $1.00. There are only 9100 US-NBT for sale below $1.00 right now.
If just a little money wants the peg back, it will be here today. That is all it takes. It would be nice to see the community rally around our currency. It would benefit the NuShare and BlockShare price.
This is naive. Every NBT purchased below $1 was potentially a play to resell it at $1. If the peg is restored fully, expect dumping. $1 means there’s no more potential price rise, so no more reason for these speculators to hold it.
That’s correct. It would take more than the purchase of 9100 US-NBT to restore the peg. No one knows how much, but I doubt it is very much. When B&C Exchange and NuLagoon NuBits are excluded, there are probably between 250,000 and 300,000 US-NBT in circulation. That is getting to be a pretty manageable number.
Let’s start by looking at the last output from the script we use to determine circulating US-NBT:
We start with 542608 US-NBT. Since the script was run, blockchain US-NBT has been reduced to 1153551 from 1211992. That is a reduction of 58441 US-NBT. Then there are B&C NuBits which total around 120,000, US-NBT in @jooize’s possession that is destined for burning and NuLagoon NuBits.
@jooize can you tell us how many US-NBT you have that are intended for burning? @henry, can you tell us how many US-NBT NuLagoon holds?
We can say the number of US-NBT that is in circulation and may be sold is 364,167 minus the NuLagoon holdings and minus the funds @jooize has that are to be burned. If @jooize and @henry give us their numbers. we can compute an exact supply. As stated before, it appears to be between 250,000 and 300,000. It isn’t a lot of currency to support. We can do it and get back to focusing on growing. If it bottoms out at 200,000 and then doubles to a very modest 400,000, we will have a 50% reserve on US-NBT. We came down from a peak of 820,000 US-NBT. We are proving we can dramatically reduce the currency supply, then continue to grow and prosper afterwards.
When you consider that we have less than 300,000 US-NBT in circulation at the moment and that we are buying US-NBT in the open market every day for burning, it becomes clear the return of the peg is nearly inevitable. All that is required is for the reduction to continue.