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.
@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.
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.
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are temporarily disabled at SouthXchange, which is preventing the USNBT targeted for this week’s burning from being withdrawn.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.
* 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.