Having taken an active interest in NuBits and perused these forums for the past couple of months, there are many things that are not currently made clear enough for the ‘average joe’ looking to find out about the current state of NuBits. This may be due to too much technical information being too readily available, making it difficult to see the wood from the tree’s, that the entire infrastructure is overly complex, or perhaps that the developers/maintainers are too busy or it may even be possible that everyone here is so deeply involved that they do not realise how things appear from the outside.
From an outsiders perspective, it appears that the large majority of even the very active community, do not understand fully how parts of the infrastructure are supposed to work on a technical level. There are various examples of this confusion spread across these forums. I would go so far to say it appears as though only one or two people fully understand the very fine details of things like the ‘liquidity engine’, and that they are not entirely forthcoming on these details.
As I understand it, in order for NuBits to be successful, among various other factors, it must be able provide ongoing liquidity on its exchanges, and instil confidence in its user base.
It appears at present that providing liquidity in NBT is currently failing, this comes from the perspective of someone who trades in and out of NBT several times a day. Often the buy wall vanishes making it difficult to get out of NBT without a 2-4% loss, and causing fear, uncertainty and doubt about whether it will ever return or the coin will simply vanish in the next 24 hours.
This does not appear to have been clearly addressed in a manner that is easily located and understandable by an average user wondering what is going on.
This lack of obvious easily found explanation of the present situation, (if indeed there is one at all?) can only futher cause confidence of the user base to decrease.
On top of this from my perspective, even digging further it is very difficult to find any real solid information on even the most fundamental pieces of information, such as how NuBit’s makes or plans to make a profit.
Even after having put around 4-6 hours worth of research in to NBT I still cannot with confidence explain how NBT plans to make money. Embarrassingly it appears it is within NuBit’s plan to actually loose money for the foreseeable future, and NuBit’s will not be profitable until it has reached critical mass and surpassed BTC as a crypto exchange medium. Whether this is true or not I do not know… through reading these forums and the whitepaper, this is the conclusion I have come to, however I cannot believe that this can be true, as it seems like a ludicrous business model.
The forums are awash with conflicting information. On one hand there are posts saying you are hiring,… that has to be good right? No business which is about to go down the pan is hiring people. On the other hand it takes a user to ask why there is no liquidity in your primary exchange and the response is vague to say the least:
Why hasn’t this been officially addressed somewhere? In very easily understood, even watered down terms, in a very easily found and obvious place, explain why this is happening, what is being done to rectify the situation, and how long it might go on for.
All of this is totally ignoring the FUD and conspiracy theories you’ll find if you go back a few months which i’m sure everyone here is very aware of, and the recent bug in the bot which caused you to loose millions of dollars in BTC from fat fingers because for weeks the bot was falling back to a broken API with incorrect BTC prices causing the buy/sell wall to move wildly out of its intended range selling NBT at up to 50%
below $1 and buying it back at up to $1.30 (which I can find no acknowledgement of anywhere!).
Please do not take this as non-constructive criticism from someone who knows nothing.
I write this from an outsiders perspective in the hopes that it will shed some light on how outsiders see things looking in, as I know that from the inside it can be difficult to see from such a distant perspective.
So with all of that out of the way,… could someone, for the sake of NuBit’s own reputation and other unenlightened users reading this (of which I assure you are the silent majority), in simple terms please explain what is the current state of NuBit’s? Are you about to crash and burn? If you have never been profitable how have you survived so far? Can you be profitable in the not too distant future? And if not how are you going to continue to survive until you are? Why is there no liquidity? What is being done about it? And when will the bot be working effectively again?