Once I was attracted by the potential of Nu. Then I learned better. I still see potential in the idea, but not the current implementation. Nu’s share distribution is questionable to say the least.
I’m still here to learn, albeit more often how not to do it as of late.
That’s why I think the only way to launch the idea is not as Nu, but as Augeas. It’s time for a new experiment. The old one failed and dies slowly. It’ll be obvious as soon as the Ponzi scheme collapses,
At the last start Nu had a dev fund and a vibrant community.
Since then the dev fund vanished (or is any of it left?), reserve got wasted on NSR buybacks, NSR amount was quadrupled and the NSR rate was bulldozed.
Seriously - how do you plan to build it from scratch? With what dev fund?
It requires courage and money.
Off tx fees, lol?
Oh, I know of scenarios. I even created one. I’m not aware of any scenario on the road map filling Nu’s pockets other than selling tokens (NSR, US-NBT and soon maybe other pegged currencies).
And that’s why I continue calling it Ponzi scheme.
It’s one thing to say there are scenarios. It’s a different thing to work towards them.
The most easy way to make profit would be from spread.
But apparently that’s something awful.
Alas, it’s the only way to make profit with what you have.
Ignore it and continue to die.
If you increase the spread and trading stops, your mission has failed, this experiment failed and you won’t reach the fairy tale land of long-term profit.
Nu has a problem when it wants to provide a stable currency trading in pairs other than the pegged ones . It’s just a hedger’s vehicle right now and as long as its economic model doesn’t change it will go bankrupt from it.
I’ve said it more than once and repeat it once more: if you wnat to survive longer, forfeit the BTC/NBT pair and focus on NBT/USD. If that’s not possible, it’s game over already.
Bitcoin will fail, because it can barely be able to sustain all the mining industry off transaction fees. But it’s a long way until only tx fees remain. As halving the rewards continues, some might think of workarounds. Maybe Bitcoin transitions to PoS, lol.
Nu has no money backing it either.
It hopes to have enough assets to get money for backing it.
That failed once and will fail again.
When a year ago the reserves were depleted, the peg crashed.
Some say that organizations or individuals failed. I say the design failed. With partial reserve (and that not even in the assets you peg to!) you have only limited capacity to get money.
Do you understand why I’m so vocal about pegging NBT/USD instead of BTC/NBT?
Do you know NuSafe or have read thoughts about short-term lending?
As long as Nu is more and more getting centralized, you know you are on the wrong way.