NSR buyback

[Mrbates]

Hello, I from time to time hear people mentioning the nsr buyback in the Poloniex troll box.
I became rather curious and wanted to understand how that all works. Or if theres a place people need to go to take part in it, #effortstostopfalserumors

[GreatScott]

Share buybacks are the only reason to own NSR since JordanLee (lead developer, AKA Phoenix) has a veto-proof majority of the network and your vote does not matter anymore. There is practically no reason to speculate on NSR going up unless there is a sign of a buyback in sight (there is not). A share buy back is when Jordan thinks the NuBit peg is strong enough and he decides to spend the NBT buy side BTC in the NSR market. Historically these are followed by an epic NSR crash, probably because the NuBit peg was manipulated to look strong, which is why NSR is practically worthless today.

EDIT: After reading through this again, it may sound like a joke. So I challenge anyone to clear up any misunderstandings you think I may have made. I am serious, it is this ridiculous.

[Mrbates]

I see, someone had commented that there was a 50 btc buyback this week and that’s unfortunate.

It sounds like a possibility of ethereums fork issue with vitalik happening if one person has the absolute say.

[GreatScott]

NSR is sort of in the midst of a hyper inflation, so that is the polar opposite of when a buy back would occur. As we have no more BTC to defend the peg, all we can do is create more NSR and try and sell them to unsuspecting buyers until we can cover enough losses to get NBT back up to $1. I know for a fact the average polo trollboxer hasn’t had the pleasure of reading through some of the things that happen on this forum. But at least now you understand why our lead developer had to get a new pseudonym on his own coin’s forum.

[Mrbates]

I feel like you may do good representing nubits/nushares on steemit and wondering if I should regret having been maintaining its price above 60 satoshi lol

[ChrisS]

Where is the buy support coming from? It’s something that doesn’t make sense to me. Can someone please justify the support?

[Mrbates]

Me and a few others are storing it as penny stock kind of

[ChrisS]

So between you three, you each have 5 btc a day to throw at it?

What value do you see in the penny stock?

[Mrbates]

Good for a pump and dump easily enough, I mean the 300 sat spike last month lol~
Also don’t need to throw much at nsr currently to keep it stable and healthy.

[GreatScott]

I mean the 300 sat spike last month lol

That was likely our lead dev trying to convince shareholders that shareholders are very supportive of his alter-ego’s newest spin on the same old tired idea – printing NSR for revenue. There is far more to Nu than just charts. For example, did you know that every week there is a blind auction for bulk NSR that is typically sold for 15% under market rate?

[masterOfDisaster]

That was likely our lead dev trying to convince shareholders that shareholders are very supportive of his alter-ego’s newest spin on the same old tired idea – printing NSR for revenue.

Or reworded: market manipulation as part of the attempt to kick-start the Liquidity Ponzi Engine.

did you know that every week there is a blind auction for bulk NSR that is typically sold for 15% under market rate

Very similar for B&C Exchange - cheap shares for some people in whose agenda I have no confidence.

Did you know that totally unknown “seed investors” received 42,500 BKS for $80,000?

From https://bitcointalk.org/index.php?topic=1033773.msg11450787#msg11450787

$80,000 has been procured from a small set of individuals who are certainly in a position to bear
a total loss without any adverse consequences to their lifestyle, retirement, etc. These seed investors need to be rewarded for their high level of risk. Therefore, they will be given additional equity. They are purchasing 20% of the BKS for sale.

From https://bitcointalk.org/index.php?topic=1033773.msg11624194#msg11624194

Seed investors - ~42,500 BKS

[GreatScott]

Did you know that totally unknown “seed investors” received 42,500 BKS for $80,000?

To be honest I didn’t have any objections at the time and never purchased BKS. Nu has sort of made these blind sales standard procedure for all types of funding, “For the good of the market”. I always preferred trading on the market because I have no reason to trust anybody with opportunity that they will follow the rules. The market pretty much always followed the posted results, anyways.

I think the only thing I actually like about Nu is the blockchain features and the idea of providing a trading bot to hold the peg and maintain a peg for LPCs on various markets. Everything else led to the inevitable failure.