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.)
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.
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:
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.
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.
@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.