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
https://explorer.nubits.com/block/2651172
week 14/52
NBT purchased: 59259.95 NBT
BTC spent: 0.4635954
price/BTC: 0.00000782
price/USD: 0.0655
burn txid 8bfb5f046c1ee220a902240e27b646b03202a9e60cf3144f341e49d52c69c23b
https://explorer.nubits.com/block/2662215
week 15/52
NBT purchased: 61687.71 NBT
BTC spent: 0.4635954
price/BTC: 0.00000752
price/USD: 0.0607
burn txid 537697766a6b8102eee4a56f60bd38005361b6245c7a07b10e963b1a811bd229
https://explorer.nubits.com/block/2671846
week 16/52
NBT purchased: 68652.76 NBT
BTC spent: 0.4635954
price/BTC: 0.00000675
price/USD: 0.0547
burn txid f52f6db41cf67e7ef66b5124da14d3baff890c3af80f686e56e2b80c63185e11
https://explorer.nubits.com/block/2679192
How much NBT supply is left?
@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.
week 17/52
NBT purchased: 75490.37 NBT
BTC spent: 0.4635954
price/BTC: 0.00000614
price/USD: 0.056
burn txid 032d6d5000dc98fc4cefef559e0459084d5722c86dca99cec0d2688ddb4b7521
https://explorer.nubits.com/block/2684264
You burned the same twice?
Even after all these burn’s the price has not increased a bit.Infact the price is going down.
@EwoutM Not sure what you mean about burning the same twice. There was an error where some of the posts had the wrong week number so I edited that and didn’t change anything else.
Week 18 is in progress now.
As mentioned above by a couple people, including myself, this is actually a good thing. We want to delay a price rise for as long as possible, so the buybacks have maximum effectiveness in burning as much supply as possible. The less NuBits there are, the less Nu owes.
week 18/52
NBT purchased: 65223.54 NBT
BTC spent: 0.4635954
price/BTC: 0.00000711
price/USD: 0.0628
burn txid 2c999d18a06a09dc8bf802e823343e4174289b64f19c5bdb6c8f2e29a308013b
https://explorer.nubits.com/block/2702206
week 19/52
NBT purchased: 72673.61 NBT
BTC spent: 0.4635954
price/BTC: 0.00000638
price/USD: 0.0546
burn txid cf8d67206d342fcc633162b8bda52e30246d18292a934f8163e80f229da2de03
https://explorer.nubits.com/block/2711248
week 20/52
NBT purchased: 75438.24 NBT
BTC spent: 0.4635954
price/BTC: 0.00000615
price/USD: 0.0471
burn txid 6ea7b17e51cac21e6b6a9903e75b06decbd0b4ba526d18fbb79698ee9d4aa8fe
https://explorer.nubits.com/block/2721301
week 21/52
NBT purchased: 71553.36 NBT
BTC spent: 0.4635954
price/BTC: 0.00000648
price/USD: 0.0488
burn txid 37b959c832e54c7e655aa883d2b70000536d0a6913988c0ee368bd3907a5dd00
https://explorer.nubits.com/block/2729549
week 22/52
NBT purchased: 68234.09 NBT
BTC spent: 0.4635954
price/BTC: 0.00000679
price/USD: 0.0493
burn txid dd21fba13a981f49ae7a00c960124c87446f2557dbc5bc49ab91627194c7bcc7
https://explorer.nubits.com/block/2739801
Withdrawals are temporarily disabled at SouthXchange, which is preventing the USNBT targeted for this week’s burning from being withdrawn. We expect deposits and withdrawals will be enabled soon, and the burn will be completed.
week 23/52
NBT purchased: 70000 NBT*
BTC spent: 0.4635954
price/BTC: 0.00000662
price/USD: 0.0466
burn txid 142e1eb6203fbdf29193164a0f811dd6eb2501f5299dfae6d194b4154764c90b
https://explorer.nubits.com/block/2755901
* In addition to the wallet issues mentioned above, I had another technical issue with the trading engine and/or web UI where some trades were going through but not being reported. As a result I ended up buying too much NBT (using some of my own BTC in addition to the budgeted amount), around 10k-20k extra. Without digging through the detailed trading records, which would be very time consuming, I can’t tell exactly how much NBT was purchased using the budgeted amount, so I have withdrawn and burned the (generously) estimated amount of 70000. In fact, the price paid for NBT was subjectively higher this week (therefore the quantity purchased lower), as there did not seem to be much aggressive selling. Perhaps the market is starting to tighten up? We’ll see in upcoming weeks.
week 24/52
NBT purchased: 69083.47 NBT
BTC spent: 0.4635954
price/BTC: 0.00000671
price/USD: 0.0483
burn txid d00573e9eb342c79983bd2f284e315bd6dba087e7662ad831440c406abefb928
https://explorer.nubits.com/block/2762725
week 25/52
NBT purchased: 75052.04 NBT
BTC spent: 0.4635954
price/BTC: 0.00000618
price/USD: 0.0451
burn txid 117708feb716511d8a5aef9743c40176a6a20866acc4d5b0e188e0907947560e
https://explorer.nubits.com/block/2768983
@smooth has funded the third quarter of the buyback program. Using the methodology detailed in the original post, the NSR price is $0.000610571. At this price, the $50,000 investment equals 81,890,500.7019 NSR.
The December 28th close price for BTC is $7,317.99.
50,000 / 7317.99 = 6.8324 BTC to be sent to 3Lv9C4JtFQmVMhFtyYK43GncwweMi341NT.
It has been received.
The six months that this USNBT buyback program has been running have been a difficult time for all blockchain assets, which have declined an average of around 50% since their peak six months ago (excluding Bitcoin). USNBT has outperformed in this difficult environment. Buying a crypto that has a constant buyback program is certainly better than buying a crypto that doesn’t. While most cryptos increase in supply steadily, USNBT circulating supply is contracting by more than 1% per month. As this continues for another 6 months, it is expected that it will raise the price of USNBT, which should bring more attention to what a compelling purchase they are, prompting a restoration of the peg as in 2016.
week 26/52
NBT purchased: 79925.64 NBT
BTC spent: 0.46377686
price/BTC: 0.00000580
price/USD: 0.0418
burn txid ef6fcbc828280fc8a73e3c327f0c64ee26ccf1635aa7a1fb6a9a20896c4b3e15
https://explorer.nubits.com/block/2780354