Couple of questions from a newbie

#1

Do the fees collected from NUBITS go towards buying back nushares on the open market?
NUBITS is as important as ever in today’s market, as a stable decentralized dollar peg, its value is immeasurable, and traders will pay hefty fees in order to park bitcoin profits into a crypto dollar peg such as nubits, bitusd or tether.

Why is nushares so cheap? I already own millions of nushares and i plan to purchase millions more- only because of nubits. Nubits potential could make nushares owners rich, but only if we can somehow share in the fees collected on nubits.

I don’t care about the drama of the past- it is meaningless in todays market. most older crypto coins have tons of stale past drama, its usually time to move on.

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#2

Those fees barely exist. NSR buybacks are paid by sold NBT.

I think they would, but Nu refrains from taking that money by increasing the spread.
bitUSD volume and peg has become quite good since the last update.
Tether doesn’t peg to BTC and only to USD.

There are more reasons I can think of that I want to write down.

Wait until the reserves are empty and the peg about to fail, if you want to NSR holders a favor.

The reasons for the drama haven’t been abated.
I mean the real reasons and not the scapegoat reasons.
You should get familiar with the drama of the past.
Investing NSR before you are is not the best choice you can make.

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#3

“The drama of the past” is the drama of the present and will be the drama of the future.

#4

Nu has potential, and is currently in a fairly stable position, but for long term success Nu needs to change. Finding a positive way forward is not guaranteed, so it is a risky proposition. I think this is why the price is so low.

If Nu can solve it’s problems and find a positive vision and way forward, it could be very valuable, but this is in no way guaranteed.

I’m optimistic due to some of the community members here, so I think there’s a chance of success, with significant challenges.

#5

How then do we fix the underlying issues here? The crypto markets are exploding in value, soon they might become a trillion dollar industry. As of now, there are very few places to store crypto funds during times of volatility. Nubits is a potential goldmine, and this is a once in a lifetime opportunity.

Many traders do not want to take crypto profits and convert immediately into fiat. What do we need to do here in order to move on and move forward.

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#6

Are you sure you want to store your funds in a blockchain that is under full control of Jordan Lee? Check out what happened with B&CExchange, another project launched by Jordan Lee. It is close to dead. There are very good reasons why this project can’t even compete with Pinkcoin.

#7

At this point, i don’t care. We need to fix the underlying problems, and come together as a community.

Want to get rich? NUBITS is the key to making your dreams come true. If mass acceptance of nubits means a higher price for nushares that is Traders desperately need somewhere to park Massive crypto profits.Traders will pay a premium in order to park profits on the sideline to wait out extreme volatility.

How do we move forward and heal old wounds?

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#8

How could you rephrase that response in a way that answers the question that was asked?

#9

We move forward by reducing friction in liquidity operations, making shareholder funds safer by multisig infrastructure that doesn’t slow us down much and will allow action while others are asleep, making network health easier to understand, and marketing NuBits to customers, investors, and vendors so they know how and why NuBits works so they can make their own judgement on trusting our liquidity model.

Operations are stable now, using shareholder funds for peg support, but indeed centralized (mostly around me). I want to explore decentralized liquidity provision again. Even if participants withdraw their funds in large shifts in Bitcoin value, as long as they return when Bitcoin stabilizes, how much does that matter? Is it in any way worse than only using shareholder funds? What are the costs?

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#10

Not sure I understand your question. Which question are you referring to?

If it is this one, old wounds can’t be healed within Nu. Nu is a great project with a very compelling purpose. The problem is that Jordan Lee abuses this great project and it is nothing more than Jordan’s personal playground. As we have seen in the past, he can grant bonuses to himself and to anyone else (even unknown people with brand new accounts who simply said what Jordan wanted to hear), thereby diluting other honest shareholders like @Sentinelrv, who put a lot of money and effort into Nu and it is a shame that in the end he is among the biggest losers simply because he started doubting Jordan’s actions. @jooize didn’t consider for a second to step up and tell Jordan that there are others who surely would deserve a bonus as as well given that @jooize himself was granted 25 million NSR for being a sock puppet. @jooize was also part of FLOT, the entity that has been accused of having contributed greatly to the crisis.
So many actors are completely anonymous and it is really difficult for anyone to even have the tiniest clue whether Jordan is milking Nu like a cow with a huge sybil attack. There is no accounting, it is unclear how much Jordan paid himself for development costs and so on and so forth. But in the end it doesn’t matter because he can simply activate some of his majority stake, launch a ridiculous motion granting him 10 billion NSR or 5 million NBT and dump the whole market to oblivion. He is completely anonymous, no chance for recourse at all. Jordan describes himself as one of the best architects within the crypto space. At the same time he doesn’t acknowledge that he completely destroyed or stole the development funds of B&CExchange and that the great project called Nu is in shambles. To put it into Jordan’s words, the market has spoken. Then there are also very frequent “thefts”. Three times within three months Jordan reported that he has been hacked and funds were stolen. He can’t prove it. We can’t prove it. And reimbursement has not happened yet. Nobody is submitting motions anymore because motions are worthless unless they propose things that Jordan likes. @mhps has conducted some great analysis about voting behavior and it is pretty clear that Nu is under sole control of Jordan.
Doesn’t really sound like Nu is set up to become the place for all the people out there to store their money at :wink: I wouldn’t, but my opinion isn’t welcome on this forum because I call Jordan and @jooize assholes. And sometimes I tell them to fuck themselves. @jooize is also dumb as fuck, can’t make a NAV calculation and asks people for advice that he wants to see banned at the same time. Not sure if he suffers from schizophrenia. @jooize’s job is to conduct NSR buybacks on behalf of shareholders. In other words, he is supposed to buy as many NSR back as possible with the funds meant for buybacks. There are two exchanges with one offering NSR at 9 satoshi and one exchange offering NSR at a higher price. He bought back NSR at up to 16 satoshis while there were NSR available at the other exchange at a much lower price. Any guess why that happened? @jooize said he lost oversight of the two exchanges. I say he is a damn fucking thief and bought his private shares at a too high price. I can’t prove it, I just have to accept the low IQ version he presented. And to be honest, I tend to believe him because his IQ is indeed very low. (for @jooize: IQ = intelligence quotient).

#11

@nulong asked:

You replied with:

To rephrase your response in a way that answered the question in a constructive way, you could say something like:

… though of course you could finish with a suitably offensive and expletive ridden description of JordanLee / Phoenix to taste.

That way people could see that you’re angry, but it would also add a constructive answer that could spur further dialog around how / if a solution can be found.

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#12

Thank you for all your diligent work. But we do need to decentralize operations. What if you were to unexpectedly die for example?

Nubits does need better marketing, but if nubits does gain mass acceptance, how then will that help nushares price? How can nushares profit if nubits does indeed gain trust and market-share?

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#13

My god, what’s wrong with you dude? Jordan Lee is anonymous. The initial share distribution is completely anonymous because “seed investors expressed a strong desire to remain unknown”. You can’t fix it. The only attempt to fix that was Augeas. The answer I gave was the long version of “you can’t fix the issues”. Do you understand that? At least not within the Nu network. @nulong wants Nu to succeed. That’s alright. But Nu has been broken right from the start because nobody questioned what Jordan Lee did.
And he repeated the same thing with B&CExchange. Mysterious seed investors made the project happen and received a significant discount for their shares because they would burden a higher risk than anyone else. Seriously, what do you want me to explain or say?
Oh yes, I am angry because this piece of shit called Jordan Lee abused his position so badly. It is just sad because Nu is a great project in principle. The people in charge like @jooize and Jordan are just fucking ridiculous. @jooize doesn’t even bother stealing money from shareholders in the most obvious way possible. I understand that @woolly_sammoth tries to defend the project because he is earning money with it. @woolly_sammoth is a victim of himself.
No matter what you guys do, I will call thieves assholes and I will tell anyone defending assholes to fuck him or herself. @jooize is a thief and Jordan is a thief.

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#14

@jooize, to get this straight I would appreciate you answering the following question: Do you think that the 25 million NSR bonus granted to you by Jordan Lee was justified? Please consider your position from a comprehensive perspective. Please take into account the amount of work you have done and your achievements in comparison to what others have done and achieved, all with the goal to make Nu a success. Do you think that the 25 million NSR bonus you received according to “shareholder will” precisely expressed the difference in value of the contributions you made in comparison to the contributions that anyone else made?

#15

Perhaps I have an overly optimistic imagination.

Of course I can’t fix it, but overall shareholders can, with or without Phoenix / JordanLee.

If a fantastic model is developed that showed huge potential, you never know if Phoenix might agree to a wing clipping to ensure a functional share distribution. This could well be in his interest; whether you’re a scammer or not it’s better to have 6% of $1bn than 60% of ~$2m that you can’t easily liquidate.

If he didn’t agree to some measure to ensure a more functional NSR distribution, shareholders could choose between keeping his influence, or migrating away, perhaps in a similar way to Augeas.

I certainly don’t have the answers, but I believe that the concept of a stable crypto currency has value. Nu has demonstrated its mechanism for keeping a tighter peg than any other system yet as long as reserves are sufficient. This is valuable even if more needs to be done to make it scalable and sustainable.

As I’ve said before, if Nu / the community comes up with ways to;

  • Securely hold and transfer shareholder funds
  • Generate profitable revenue models
  • Decentralise governance

then there could be big potential for the future.

It’s not all easy, but I think positive discussion around possibilities is what’s needed to stand a chance of finding a way there.

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#16

I 100% agree with your post. Everyone here sees me as the idiot who calls people names.Yes, I am angry. Yes, it sucks that Nu only serves to make @jooize and @JordanLee rich. The idea of this project really caught me, but I had to learn that there are more things than just the idea. There is greed. And @jooize and @JordanLee can’t resist short term gains. That’s a damn fucking fact.

#17

4 months ago BITSHARES marketcap was 30 million- Bitshares hit a one billion dollar marketcap over the weekend.

NUSHARES because of the NUTBITS peg is SEVERELY undervalued. We need to get it together and move FORWARD.

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#18

The market has spoken!

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#19

BitShares are much more than their peged-collateralised assets - its a platform, for trading, issuing different types of assets etc on the blazing fast blockchain.
Most things on it are made to minimise human influence, even peg support, which is not the case with Nu :confused:

First of all, Nu is (should be) a business of algorithm trading of “fiat peg” vs BTC, and to be profitable it should have and use such an algo. Not sure if it has.

But the most significant problem is a lack of trust in the project management, and it looks like it can’t be overcome

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