It seems nubits is closer to 1$ when btc is falling?
Since the buy and burn program is denominated in BTC for the entire quarter, the price of BTC increasing means more buying power and more USNBT burned. All else being equal this should bring us closer to the peg. That being said, no one can tell you what a market price is going to do.
Week 81/91
NBT purchased: 25333.36
BTC spent: 0.33493279
price/BTC: 0.00001322
price/USD: 0.564
burn txid aafc44c4c832c23c9851887846a7540f86a9afe9e553928fcca84c388bf35dbc
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As far as I can tell the volume was quite low, meaning while some sold USNBT for a very low price, it wasn’t a lot. So not a lot of selling pressure, just not many buyers either. Seems like someone got some cheap USNBT.
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Did we miss the Alts season? I’ve been waiting for 3 years … fighting guys
I think NuBits/NuShares just aren’t that well known at this point. However, when the peg is restored and NSR buybacks resume, the potential is for fireworks that will get attention. Given the long time at low prices, it is plausible that everyone who wants to sell has already sold and the buybacks will rip through very little selling liquidity resulting in eye popping price adjustments higher, and nothing attracts attention in crypto like big gains.
That is on top of the huge demand that exists for high yielding assets, such as parked USNBT.
Of course, no one can tell you what the price is going to do, and I’m not, but the potential is absolutely there.
Can you write more - did you earn enough on that whole crypto bull that when btc will be lower you can proceed with massive usnbt buying?
I’m not going to talk about future plans beyond observing what I see happening in the market, as investor with an opinion. This is just one person’s opinion and you should not rely upon it. Do your own homework and make your own buying and selling decisions, if any.
I think investors will re-interest Nubits if they successfully restore pegs at $ 1, not to sell them, they buy them for $ 1 and park nubits. instead of getting them cheap and sell nubits, it will be a new investment trend for them.
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Yes - but I also wonder why there is no bigger volume after those buybacks - are you buying on southxchange?
I think it could be restored already. You mean that order of BTC - but why it is so high? It’s not good way to restore peg.
Don’t forget, the price has gone from 3 cents to over 50 cents. Maybe not quite restored yet, but its come a long way and a lot of USNBT has been burned.
Pretty smart burning strategy. In the situation Nubits went unnoticed during the period of sharp increase in atls at this time. Looks like some people over sold with their weak hands. But the repurchase price looks low, hopefully you will lift them up, those who hold nubits for a long time deserve a higher bid at this point.
@TonyChen69 The buy price for buy and burn is whatever it takes to buy the necessary amount in one week. If people stop selling, then the price will go up. Eventually the sellers will be exhausted. Clearly there has been progress, but not quite there yet.
Week 82/91
NBT purchased: 35040.43
BTC spent: 0.33493279
price/BTC: 0.0000956
price/USD: 0.499
burn txid c8fa880fc20a3d5b5c20832ef543d5ae154f2656a7eba1ec2b2c976b2a7d9bba
Have you ever thought the amount of burn is just a fraction of the Nubits inflation? 30% of the 4.2 million Nubits is a big number. Anyway I respect your point of view.
@TonyChen69 I see it in relation to the market. If holders were concerned about the supply they would be selling more, the price would be lower and then the burns per week would be higher. At one point with a much smaller (USD) burn per week we were burning over 200k. That’s one of the ways burn works here: The lower the price, the more we get to burn, and the supply is brought in line with what the market will accept at $1 (or at least much closer to $1 now)
Yes, but why your buy offer (btc sell) is always set so high? If nubits holders will not sell - than peg is not restored and the coin looks like a dead.
If they sell at your offer nubits price is far from the peg. It makes no sense.
If USNBT holders won’t sell, then the USNBT buy offer for burning has to go up until they do, or until we get to $1. It MUST fill every week in order to perform the burn.
There is a tradeoff in raising the price. Yes, it would be probably possible to briefly move the price up to $1 right now, but then what? As long as selling continues, the price will go right back down. That’s why it is valuable to maximize the number of USNBT purchased and burned, so those USNBT are permanently off the market and can’t be sold next week or the week after. Once enough are removed the selling must and will stop.
We’re getting closer and closer. I would disagree that the coin looks dead when it is up something like 1000% or more (not including parking returns), and, at 50 cents or even a bit higher some weeks, is now much closer to the peg being restored than in the past.
Week 83/91
NBT purchased: 38406.77
BTC spent: 0.33493279
price/BTC: 0.0000872
price/USD: 0.502
burn txid 6a372ebd3e618e78238fed16ba0a2ca0aa4f5d41af69268f8b1b186c0522c27b
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