NuBits was kept secret and only known by variations on the phrase “an ambitious implementation and extension of Peershares” for quite some time during development. Development was funded by an anonymous seed investor who contributed 200 BTC and 60,000 PPC, which at the time was worth approximately $500,000 US in January 2014. This value was heavily eroded over the following months as Bitcoin lost about three-quarters of its value over 2014.
I imagine that these funds have long since been spent on development work to bring Nu to a production blockchain.
@Crypto_coiner We still have approximately 300,000,000 NSR that will either be sold or burned at Jordan Lee’s discretion and/or the will of shareholders through a motion. Should he choose to sell them, those funds will go towards development expenses, making the end result not much different from outside VC funding. And in the future, when shareholders need to raise more funds for development, they can always vote for an NSR custodial grant to sell.
