Decentralized long term USNBT purchase and burn program

Last week was week 3 (see burn above). The burn happened quite early in the week because I was able to buy NBT quickly from aggressive NBT sellers.

As you can see from the multisig address we are now in the fourth weekly cycle.

For next week (4), the NBT buying is going a bit slower and is still in progress.

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Week 4/52

NBT purchased: 56430.31 NBT
BTC spent: 0.32587913
price/BTC: 0.00000577
price/USD: 0.0555

burn txid 18a9e8a0aeaa5d63ed54da062b2888bea747c8525b490ba977a7e5507ab616ac

Any idea why price is going down with the burns instead of up? A bit concerning.

My guess is everyone assumes it is dead, so only a small percentage of NBT owners are paying attention and know about the burn programs. I’m not sure that is a bad thing though, as low prices means more burned coins at less cost to Nu.

Exactly. I’m more interested in maximizing the number of coins burned than short term price increases. The former will be a sustainable fix for the peg and not just a temporary pump. (Or at least the foundation of a sustainable fix, some further changes are needed to prevent the situation from happening again, but at least it moves in the right direction.)


Week 5/52

NBT purchased: 81251.01 NBT
BTC spent: 0.32588417
price/BTC: 0.00000401
price/USD: 0.0473

burn txid 437879ba6c6d0485a5e57aa762ce64f6de91e0e5e646803061fa84276538c92c

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Week 6/52

NBT purchased: 57031.39 NBT
BTC spent: 0.32587913
price/BTC: 0.00000571
price/USD: 0.0572

burn txid 22c09ee3ba2f55ec9168b66b01d5967b4f743ec9e9bbb378a01cf4e68a7bc83c

Week 7/52

NBT purchased: 40657.4 NBT
BTC spent: 0.32587913
price/BTC: 0.00000802
price/USD: 0.0832

burn txid f5a996393f3de0aefaccc0191a5671cdbadb3850d5b800577a5718b207b8c8f0

week 8/52

NBT purchased: 38696.81 NBT
BTC spent: 0.32587913
price/BTC: 0.00000824
price/USD: 0.0807

burn txid e37683eb9d7ae0d261263c010667463d25b0570dac2b543423c9c18626567e10

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Since this USNBT buyback and burn program began two months ago, the total market capitalization of the entire cryptocurrency space has declined 27%:

Of course, Bitcoin has outperformed the average while other cryptocurrencies have fallen even more than 27%, on average. This means that because US NuBits have maintained their value in this 2 month period, it is outperforming peers by more than 30% for July and August. If US NuBits continue this pattern of vastly outperforming the sector, we can be confident the peg will return.

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week 9/52

NBT purchased: 47265.94 NBT
BTC spent: 0.32587913
price/BTC: 0.00000689
price/USD: 0.0726

burn txid 56c249ad713a571580892011afef24a54292feb0d93d09c364d37c0641f42a08


week 10/52

NBT purchased: 44670.08 NBT
BTC spent: 0.32587913
price/BTC: 0.00000730
price/USD: 0.0751

burn txid d7f0ff2e948483d71aad94ed8fa9b34021b24d147c007d47d37ae3cdead9091f

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week 11/52

NBT purchased: 52301.86 NBT
BTC spent: 0.32587913
price/BTC: 0.00000623
price/USD: 0.0638

burn txid 6e30a007102431751ea5ba4fc31c12811d6dfeaa87a6eaa428f38073fb4058da

week 12/52

NBT purchased: 45523.57 NBT
BTC spent: 0.32587913
price/BTC: 0.00000716
price/USD: 0.0567

burn txid 2722ef3554b0d417d684dd051d510cc50cb034aa5fbfc6b32ed8a437e35d6b30

The first quarter of this 1 year USNBT purchase and burn program is coming to a close this week. The beginning of the second quarter comes with a repricing of NSR and a choice for @smooth: he can elect to continue purchasing NSR at its current price, or he can elect to purchase and park USNBT.

Here is the price of NSR each of 14 days prior to the last BTC transfer, average price and other info:

Date Price
09/15/2019 0.000621
09/16/2019 0.000621
09/17/2019 0.000579
09/18/2019 0.000432
09/19/2019 0.000612
09/20/2019 0.000615
09/21/2019 0.000509
09/22/2019 0.000683
09/23/2019 0.000609
09/24/2019 0.000629
09/25/2019 0.000565
09/26/2019 0.000379
09/27/2019 0.000498
09/28/2019 0.000464

Average NSR Price: 0.0005582857
Investment amount: 50000
Number of NSR: 89559877.1750256

If @smooth elects to purchase NSR, he will receive 89.56 million for his quarterly investment of $50,000.

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I will be taking NSR. The purpose of the option was to provide an out if NSR were to drasticaly increase in value (I wanted to avoid being forced to buy it at an arbitrarily high price), although IIRC there isn’t anything explicit about this reasoning, so I could still elect to receive and park USNBT. Clearly that hasn’t happened and I will go with NSR.

BTW, my most recent burn was added as an edit to my previous reply here. I wasn’t able to make a new reply because the forum limits to 3 in a row by one account.


@Phoenix and @smooth

You guys already burned 1.016.659,99 USNBT and used $70.126,15 for this but I don’t see anything happening with the price. When do you guys think something will start showing?

The price of USNBT has vastly outperformed most other cryptocurrencies for the period this buyback program has been running. Since late June when this program started, cryptocurrency excluding Bitcoin is down a full 50%. The difficulty of growing in a sector that contracts 50% in 13 weeks cannot be understated. US NuBits hold 75% of the value they had on June 26th, the recent peak of the cryptocurrency market. If you invested an equal amount of money in an average cryptocurrency and US NuBits on June 26th, your USNBT would be worth fully 50% more than your average cryptocurrency. While it is not emotionally satisfying to lose value for any reason, the performance of USNBT has been objectively outstanding compared to its peers. We outperformed peers by 25% in a single quarter. If we can continue that performance, we can be confident the peg will return.

week 13/52

NBT purchased: 48094.32 NBT
BTC spent: 0.32484837
price/BTC: 0.00000675
price/USD: 0.0562

burn txid 10774f6ddef3a487ac2e064f1bf230b982d6df6d34043a048d9aa66e793a5805

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week 14/52

NBT purchased: 59259.95 NBT
BTC spent: 0.4635954
price/BTC: 0.00000782
price/USD: 0.0655

burn txid 8bfb5f046c1ee220a902240e27b646b03202a9e60cf3144f341e49d52c69c23b

week 15/52

NBT purchased: 61687.71 NBT
BTC spent: 0.4635954
price/BTC: 0.00000752
price/USD: 0.0607

burn txid 537697766a6b8102eee4a56f60bd38005361b6245c7a07b10e963b1a811bd229

week 16/52

NBT purchased: 68652.76 NBT
BTC spent: 0.4635954
price/BTC: 0.00000675
price/USD: 0.0547

burn txid f52f6db41cf67e7ef66b5124da14d3baff890c3af80f686e56e2b80c63185e11

How much NBT supply is left?

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@Ghaleon There is about 15 million left in circulation. Recently someone parked about a million (don’t know who it was; not me), which I guess could be viewed as a signal of confidence, but who knows.