week 60/65
NBT purchased: 14790.77
BTC spent: 0.4014326
price/BTC: 0.00002714
price/USD: 0.294
burn txid b2596fd844cfe78de59ce976044264d44a2d8a6230aaeb7146edcdbe1292d0b5
(explorer currently inaccessible)
week 61/65
NBT purchased: 16619.55
BTC spent: 0.4014326
price/BTC: 0.00002415
price/USD: 0.260
burn txid 2699a1aff316d52d2c68b68c51d35e8323c00b6278c9c68c6ca2617581ebddf4
(explorer currently not working)
1 Like
week 62/65
NBT purchased: 14931.91
BTC spent: 0.4014326
price/BTC: 0.00002688
price/USD: 0.291
burn txid 0de9d182db069f4d21caa6d254a6d9942564ff07b7a0aa861453fca5eb40b0cf
What happens when we reach week 65?
1 Like
@Sentinelrv I will probably continue something (though this should not be taken as a firm commitment at this time) but the details are not determined. It could be a straight continuation as-is. It could also be something different
This week the NBT seller or sellers were rather aggressive and the buy got done early at a relatively low price. On the one hand, that is disappointing as the price slid back a bit, but on the other hand it means more NBT being burned.
week 63/65
NBT purchased: 17707.02
BTC spent: 0.4014326
price/BTC: 0.00002267
price/USD: 0.244
burn txid 5f99593c45fa9f0952d7e30d67e548676255e5cb08d62acf360edf70add24eac
2 Likes
week 64/65
NBT purchased: 19085.89
BTC spent: 0.4014326
price/BTC: 0.00002103
price/USD: 0.242
burn txid 251a6e4baba823b2f0ba25e91a9cdc8faa75b0ca7bd14d15bca0a873af2e92ae
2 Likes
We are continuing the program for another quarter with the added stipulation that we may by mutual agreement redirect some or all of the funds for marketing during the course of the quarter (in which case we will multisig sign one or more payments from the shared escrow accordingly).
Due to an issue with availability of NSR funds, only 8 of the 13 weeks will be funded to the multisig escrow at this time, however the intent is to fund the entire 13 weeks. @Phoenix will provide additional details.
week 65/65
NBT purchased: 18367.52
BTC spent: 0.39435634
price/BTC: 0.00002147
price/USD: 0.296
burn txid e951fb1ab8f0f6185799e06d46a60228978e99b98b91531a9aa8c0292e1710da
Week 66/78
NBT purchased: 15670.77
BTC spent: 0.33493279
price/BTC: 0.00002137
price/USD 0.293
burn txid 045d117a9bf5a24607b4f5dbdca420d0d84fc3cd9a90135e41c154ec81686bab
Week 67/78
NBT purchased: 20506.54
BTC spent: 0.33493279
price/BTC: 0.00001633
price/USD 0.236
burn txid dd4554d6df2c770e07ad7b697146ee6c58b47f6fa8792f93fb8879f0b9b34cbf
Week 68/78
NBT purchased: 31483.55
BTC spent: 0.33493279
price/BTC: 0.00001064
price/USD 0.164
burn txid d9c06ccc8554e4d6405e41734ee4f17245c6b4e0cae2657e3c1bc3f3ad3bf0fb
Week 69/78
NBT purchased: 35250.87
BTC spent: 0.33493279
price/BTC: 0.00000950
price/USD 0.155
burn txid 98a796d2dcbed675e24b203823f2de63c95b48c8f3cdd1fbd216518f0cd5d425
Note: Due to continued aggressive selling, we’re about a week ahead on the schedule. This will be taken into account going forward (allowing extra time to complete the buy-and-burn on the upcoming week/s).
Week 70/78
NBT purchased: 37602.6
BTC spent: 0.33493279
price/BTC: 0.00000890
price/USD 0.168
burn txid 42ccc094be7365a5b406655c3693109a7ebf8dfff34bbb770725eb50ed3991b1
3 Likes
We seemed to have a large aggressive USNBT seller enter the market a couple weeks ago. The selling pressure has lightened in recent days. There are less than 1000 USNBT available for less than $0.45 on the market right now.
2 Likes
Week 71/78
NBT purchased: 30829.44
BTC spent: 0.33493279
price/BTC: 0.00001086
price/USD 0.207
burn txid 6ea99ab4656777e680942c2eaf0640287611a95f5699d368e45bf6910ec1d814
1 Like
Week 72/78
NBT purchased: 26929.71
BTC spent: 0.33493279
price/BTC: 0.00001244
price/USD 0.228
burn txid 49c730f3c1b3174a071923bafde43a70bcadc78d6803acc09246d7e6797f5459
1 Like
BTC just broke out, new all time high above $20k. If this is the beginning of a new price bubble, I wonder how much the rising BTC price will affect the buybacks. It should greatly help the recovery efforts if we can by more USNBT back with the same amount of BTC.
2 Likes
Burn for weeks 73 and 74 was combined but the purchases took place over the two week period
Week 73/78
NBT purchased: 27939.44
BTC spent: 0.32859956
price/BTC: 0.00001176
Week 74/78
NBT purchased: 37633.56
BTC spent: 0.33493279
price/BTC: 0.00000890
Total NBT purchased: 65573
Total BTC spent: 0.66353235
price/BTC: 0.00001012
price/USD: 0.267
burn txid: 8ea52cb7a5766ee0d47794086275af0828600bdb9d43417d0429320b0ad5ce9c
1 Like
This buyback program has in the past been funded with $3846 each week, based on the price of Bitcoin at the beginning of each quarter. We are on week 10 of the current quarter, and the dollar value of this weekly buyback is now $8946, more than double the previous amount.
2 Likes
Unusually fast completion of the buy-and-burn this week due to the aggressive selling
Week 75/78
NBT purchased: 40159.4
BTC spent: 0.33493279
price/BTC: 0.00000834
price/USD: 0.231
burn txid 3a052d5220e9939826442123bab1b708667cbab91ae98dbf86e90b318df7c715
We have seen a major increase in Bitcoin dominance recently. It has moved from 56% of the entire crypto market to 69% in a short time. That means people are selling their crypto to buy Bitcoin, because it has the most momentum right now. It appears our network is experiencing some sales in connection with this trend. What has happened in previous crypto bull markets (in 2013 and 2017), is that Bitcoin leads the rally. Once it becomes hyperbolic and mature, some investors diversify their Bitcoin into other cryptocurrencies. There is good reason to think NuShares and NuBits can benefit from this pattern soon, even though it harming us right now.
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When the peg is working the price is kept stable by buying and selling according to the rules of the liquidity engine. Which is another way of saying that the supply adjusts to whatever extent necessary to keep the price at $1. If the demand increases then more supply is added (sold) until the demand is satisfied with the price still at $1 and conversely supply is removed if demand decreases. Park rates can also be used to influence demand and remove supply from the liquid market at least (though that supply is potentially there to come back in the future, which only defers the problem if demand hasn’t increased).
For other (non-stable) coins, changes in demand are generally reflected directly into the price since the supply is usually fixed or on a predetermined programmatic schedule. Since these are speculative assets, often with limited liquidity, changes in demand often result in large changes to the price (i.e. high volatility).
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But when the peg was lost it was due to the btc price falling. Now btc price is much higher still peg is not restored. What level should be btc to restore the peg? 50k$ 100k$ 1m$?
1 Like
But when the btc price is so high why burns do not give mega boost here?
The influence of burns has gone up with the price of Bitcoin. Since the lows of last March, Bitcoin is up about 800% and US NuBits are up over 1400%. The buybacks are funded quarterly in USD. This means only the Bitcoin appreciation in the latest quarter increases buying power.
In the last year, Bitcoin rose about 200% while US NuBits have risen 800%. But if you parked your NuBits for interest at 30%, your annual return in US NuBits has been well over 1000%. Outperforming Bitcoin dramatically is no small feat, and something we should be proud of. It demonstrates the buyback program is working by actually reducing the number of USNBT in circulation consistently, while Bitcoin and almost all other cryptos continue to debase by adding new tokens to their supply. There is still room to gain almost 200% plus parking premiums from US NuBit price appreciation on the way to peg restoration.
1 Like