I recognize a lack of status updates in general and liquidity auctions updates in particular.
Is there any community or leadership left?
The NSR rate is down to 1 Satoshi and yet there’s close to zero trading volume at SouthXchange.
NBT rate is below $0.05.
Estimated market cap of NSR is roughly 1/5th of the market cap of NBT.
From the information above I derive this project is dead.
Am I wrong and if so, why?
2018 is has been a very difficult time for nearly all crypto projects. Nu has not been able to escape the difficulties of the present environment. The blockchain sector is subject to tsunamis of liquidity, followed by extended droughts. It can be disorienting. All non-Bitcoin blockchains have gone from a combined market cap of around 550 billion in early 2018 to around 60 billion today. That is a terrible environment. Unfortunately, Nu had a problem marketing NuShares on exchanges earlier this year that made our difficulties worse.
Despite the difficulty of the current environment, I still really believe the design and fundamental architecture of Nu has something important to offer the stable crypto space. There are three basic approaches to stable crypto. One is far more economically efficient than the others, and Nu is the only blockchain to implement this most efficient model. Above all, Nu is designed to be rugged and resilient. With a modest amount of diligence, I believe it is possible to restore the USNBT peg. The team is certainly still working toward that end. How, you might ask?
Two basic strategies:
By marketing CNNBT, which we have kept the peg on. The very fact that we have kept the peg on this Nu stable currency shows the project is far from dead. It is still working.
By making money off automated trading operations. We are already doing this with USNBT, at small scale for testing. We plan to expand the volume of the operation, and are seriously looking into the viability of trading assets outside the scope of the Nu network. The plan is to make arbitrage profits while making USNBT more liquid. We use those profits to pay expenses, but also to purchase USNBT. It won’t require much in the way of trading profits to have a huge impact on the USNBT price. The entire market cap is just $500,000 USD, and with thin volume, a large price increase could be created with a modest purchase of USNBT costing just tens of thousand of US dollars.
While Nu is unlikely to unseat Tether as the dominant market player anytime soon, we do think it possible to restore the peg, show that the model works, and make incredible profits for NuShare and NuBit holders who buy at these levels. Looking at the NuShare chart, we can see the price nearly flat lined for an extended period in 2017, only to reach a new, all time high in early 2018. There is good reason to think something like that can happen again. A modest marketing success and a modest success in our arbitrage and liquidity trading is all that is needed. It is not guaranteed. There are considerable risks. However, the potential rewards for investors buying in at these very depressed levels is truly huge. People who want a high risk, very high reward potential should consider putting a small portion of their funds in Nu. Some investors have profits exceeding 10,000% from NSR for investing in 2017 and selling at the peak earlier this year. It can certainly happen again.
@Phoenix How much funds do u have now?And what about USNBT trading in SE,few days ago there was small volume but now its zero.
what you showed is that the model clearly doesn’t work
what are you actually doing right now to fix this dead coin ? even if the peg come back, you will have lost all confidence from the public, along with credibility.
Imagine for a second, tether going to 3cents for a few months. Then by magic they peg it again to a dollar. Who would dare using it after that ? Nobody
I think Nubits was one of my best investment 2018 and will also be in 2019 if BTC stays cheap. Many people do not realizing that they receive between 40% - 60% interest p.a. when locking coins up in the wallet. We have at the moment a 24 hour volume from more than 60 BTC so the coin is not death. And even if you buy in now and peg is going back to 1 US$ you make a profit from 20 -25 fold your investment plus 50 % interest. But as the charts show many people just want to make quick cash and leaving these coins only on trading platforms without keeping them in the wallet to gain interests. Nubit and Nushares are the only coins at the moment keeping my blood pressure hight - LOL !
I’ll have to disagree with you on that,people will still use it.The only thing they need is good marketing and a few high volume exchanges.But at the same time the longer u go with this broken peg the worse it gets.
People are using it. USNBT is quite rare among crypto assets in that it has a long standing blockchain organization with a history of supporting its value by purchasing them in the open market. Additionally, it offers considerable interest. Those are two compelling, value creating properties. It may not be working as a stable value token right now, but it has special value as a crypto investment in the sense that it offers considerable interest and Nu intends to and has a history of supporting its value at $1. The peg was lost in 2016 and was regained.
Our model does work. We have known all along it wouldn’t work at NBT : NSR liquidity ratios above 100. We didn’t expect those kinds of ratios to occur. Indeed they didn’t occur in 2014, 2015, 2016 and 2017. All that is needed is to return to historical NBT : NSR liquidity ratios. It is a modest requirement, that if realized, could give USNBT investors a 20x return and NSR holders an even higher return.
Nu will also scale much better than any competitor, from an economic point of view. I hope we get a chance to demonstrate that. The world should see it. Nu is an experiment that deserves the modest investment needed to see it succeed.
read the ticker: it clearly doesn’t work.
as you say: it doesn’t work.
and why did you let the ratio get fucked if you knew it would ruin nubit ?
what are you doing for that ?
put your feet back on earth. I don’t care of your excuses “if this would be that… it would still works”. Stop with your “if” everywhere. Face the reality and see the price of nubits being dead since months: this is not working at all, it’s even worst than venezuela and zimbabwe.
Do you realize that when a currency like the Turkish Lira get down -15% the whole world scream to disaster about them ? And your “stable” currency is down -97% and yet you dare say it’s working.
The empiric proof is in front of your eyes. You are not being lucid.
I am working with the liquidity operations team to get a trading operation started on SouthXchange.com that is expected to create profits from a relatively high spread.
Ok, and what about the funds?
Why the turnaround? I thought high spreads were bad…
Hi @Sentinelrv. Thanks for the question. The reason for increased spreads is the loss of the peg. Under normal circumstances, a small spread in our trading operations makes our currency much more appealing to traders. Even in that circumstance, a higher spread will create a higher trading profit, unless it discourages trading too much. The current variable price makes a small spread less important to traders.