A single actor has sold between 64,000 and 72,000 NBT in the last 12 hours. That is about 10% of all NuBits in circulation. Where we were already using tier 5 a day ago, it is clear it is prudent use tier 6 liquidity immediately. This doesn’t mean we stop using tier 5 (parking rates). We need to step that up as quickly as possible at this point.
I had stated a couple hours ago that we were borderline for immediate NSR sales by FLOT. Since I said that I noticed another 12,000 NBT sale on Tube, making it very clear now is the time to sell NSR to support the peg. I realise NSR sales are about to be scheduled to occur in a little less than a week, but that isn’t soon enough. NSR FLOT members, what is the fastest and most effective way to get BTC for NSR? I am hoping each signer (@masterofdisaster, @ttutdxh, @jooize, @mhps and @cryptog) will say something about how to proceed.
We can choose multiple paths. But one ought to be very fast. It seems like the fastest path to NSR sales would be a deposit of around five million NSR to Poloniex and then placing a single sell order for around 500 satoshis. Wait a half day or so and then lower it if it doesn’t sell.
With only 11 BTC plus NuSafe’s 30,000 in tier 4, it is the right circumstance for an action like that.
This extraordinary NuBit sale appears to be the result of the Bitcoin breakout that occurred in the last day. In a short term sense, a Bitcoin breakout to the upside is the worst circumstance for our network. The best circumstance is to be at the end of a volatile bear market. This is the negative part of our cycle.
The system is working as expected. Maintaining the value of a currency when 10% of the money supply is sold within 12 hours is an extraordinary feat. We should all be proud. If 10% of US dollars were dumped in 12 hours (that would be 1.2 trillion USD), the US dollar would certainly drop in value a great deal. Ours didn’t. 319,000 USNBT have been transferred in the last 24 hours. Much of that is change, but it is clear an extraordinary percentage of the money supply is changing hands and moving around. The beautiful thing is the network and liquidity operations are functioning great. Everything is working.
The NSR price will be hit, possibly severely, in the short term. It is an opportunity for level headed investors who understand this is just a negative part of a normal cycle and that we are designed to withstand it.
So NSR FLOT members, what will you do to get us some BTC right away?