Hello all. Due to a personal emergency I was unable to complete the weekly buy and burn. I will complete it ASAP and catch up with the next week.
week 46/52
NBT purchased: 58217.90
BTC spent: 0.61617331
price/BTC: 0.00001058
price/USD: 0.0999
burn txid 4172240b5839ff838bdd18a0e3d736fdab482444cd7e391d106a4c9f612217b8
https://explorer.nubits.com/block/3022161
Looks like the NBT price is rising quite a bit.
Definitely appreciate your efforts. Though my concern the balance between nsr and nbt is at an unsustainable place right now. The liquidity ratio is almost at 5x.
week 47/52
NBT purchased: 56706.17
BTC spent: 0.61617331
price/BTC: 0.00001087
price/USD: 0.105
burn txid b8b91faede13dfdb9298d558fa906495c55dc7d15e00100b4bb6575c823858b2
https://explorer.nubits.com/block/3040239
EDIT: burn info above was previously incorrect. Now fixed.
week 48/52
NBT purchased: 52603.44
BTC spent: 0.61617331
price/BTC: 0.00001171
price/USD: 0.108
burn txid 128599abc7aaf4744605bdb0c44b2e22b77c88a9244cd82d33e70de807808fb0
https://explorer.nubits.com/block/3040248
week 49/52
NBT purchased: 50488.93
BTC spent: 0.61617331
price/BTC: 0.00001220
price/USD: 0.112
burn txid d91d86d34ecd83c2ed5ec620a0739b18c2203e14c40a33fae974f41ac56c5570
https://explorer.nubits.com/block/3042924
week 50/52
NBT purchased: 48062.57
BTC spent: 0.61617331
price/BTC: 0.00001282
price/USD: 0.119
burn txid 4ac35d59e4c19d887c2828330ec91a1fb863c94f95a194f05ef8fb93104932fd
https://explorer.nubits.com/block/3053940
week 51/52
NBT purchased: 53122.15
BTC spent: 0.61617331
price/BTC: 0.00001160
price/USD: 0.109
burn txid 7e239c6250e9dcde8f14e619f591c628464ebb2a690b0613331677aa01ff2542
https://explorer.nubits.com/block/3071318
We are serious about restoring the peg. The number of US NuBits in circulation continues to decline at more than 1% per month. While BTC has about the same price as before the March coronavirus drop, USNBT is up around 150%. Probably the most important reason is that the USNBT circulating supply is in rapid decline due to two USNBT purchase and burn programs, while the Bitcoin supply is still being added to with every block. Not only is the USNBT supply rapidly declining, but you can receive interest near 30% without counterparty risk. It is an incredible opportunity.
Do you know if the 3rd purchase and burn program with BarterTrade is still on the table? Last update from them was in December here…
Looking at their Twitter, it seems like BarterTrade has made significant progress toward their goals.
Given the updates in the crypto space since the peg was lost in 2018, people now have opportunities to earn 12% APR on stablecoins and some are clever enough to get more than that via defi loans. Is there a plan to stay competitive with this after the peg is restored? @Phoenix
Hey guys
Sorry for the lack of updates. We have been struggling with funding for a long time now, but we have finally gotten enough funding to start operating. We will have to go back on the agreement with the buying NBT and NSR, since our funding is still insufficient for that kind of investment. However, we can continue talks on listing.
If something changes and your funding situation improves in the future, do you imagine there is still a chance things could change in this regard?
This is something I can not answer at this point as I am not making the decisions on this.
week 52/52
NBT purchased: 36425.46
BTC spent: 0.61617331
price/BTC: 0.00001692
price/USD: 0.188
burn txid fab139dd638931850a3613d0a09b38881528e97057fb321db1d6d12e290952d6
https://explorer.nubits.com/block/3079093
We will be continuing the program for another quarter
@Ghaleon As Phoenix noted above you can already get 30% from parking so this is more than competitive with DeFi. Of course the main return to be had from NBT right now is the 5x one stands to make when the peg is restored, so even 30% is a bit of a distraction.
Yes. Interest rates are currently set to rise to the upper 20’s. They are decided by decentralized shareholder consensus and vary accordingly.
Yes but buy at 1/6 price and also park that at 30%… now you’re playing with power!
week 53/65
NBT purchased: 27028.42
BTC spent: 0.4014326
price/BTC: 0.00001485
price/USD: 0.166
burn txid 3d0ec1548ccb3e907288703eecb7698de9ecf17b4de44698c33064a73805e337
https://explorer.nubits.com/block/3083151
Last chance for 5x return?
week 54/65
NBT purchased: 24644.47
BTC spent: 0.4014326
price/BTC: 0.00001629
price/USD: 0.193
burn txid c3018d9a28623f0630672939380025006f6f778b96655bede98514b24ff35bdd
https://explorer.nubits.com/block/3091855
No one knows how long it will take to get the next 5x return on USNBT, but we can say the last 5x return on USNBT took less than 4 months. It was April 20th when USNBT was worth $0.04. Today it is $0.20. That’s an outstanding investment. USNBT has generally been valued at $1.00. We have restored that price before. We have been dramatically reducing the USNBT circulating for over a year. Our path to continue doing so is straightforward and practical. Why buy a crypto that is diluting itself when you can buy one whose supply is collapsing at more than 10% per year and has a network dedicated to pumping it? It’s a great opportunity. After we restore the peg, NuShares will be even more attractive than now.
Why would you peg at $2? That would take away the easy recognition being $1 = 1 USNBT for starters.
I believe we should be able to show confidence at $1 once peg is established. Not sure why we can’t?
Just have a look on how the peg was established the last time. Enough people who buy at $0,80 and have a 20% quick profit.
It’s the same whether the peg is $1 or $2, just peg it to something and commit to it. There is a competition of interest though between those who want to turn peg volatility into profit vs people who want to use NBT as a stablecoin worth $1. Different stablecoins have solved this problem in different ways.
