Nu needs to burn some NBT

We haven’t gotten out of the reserve model yet. Nu cannot tout its peg if it can’t be kept. It is evident that Nu should reduce the NBT in circulation.

Btw, do we know how many NBT are burnt as fees?

There are 20 to 70 NBT transactions a day.
At a conservative 0.01 NBT per transaction that is less than 1 NBT a day.

That means it costs 2000 years to burn 700,000NBT in circulation.:slight_smile:

So how many Nu is in circulation, and how many is in Nu’s hands?

That’s why Nu just needs to up and destroy a few hundred thousand to reduce supply. We’ve shown we can’t manage that much. Time to reduce the amount.


This give you and idea: Supply, Reserves, and Equilibrium

Bigger question is how many are B&C funds. That is a significant amount (100k+) I believe. Still digging to find the source. Always start talking with your biggest creditors…

This is the most recent:

It doesn’t tell how much else there is, but it has to be somewhere between 118k and 150k of B&C funds in NBT.

This tells me that NSR holders won’t want to vote for a peg devaluation, because so many of them have a vested interest in BKS, and a haircut on NBT value would hurt their investment in the BKS project. Until now, I was thinking it may eventually be feasible to re-peg at a lower value. Now I think that is quite unlikely to be agreed upon, unless something new happens (such as an abrupt shift in market conditions, or an unexpected announcement of some kind from @JordanLee).

I don’t know what will happen.

Similar thinking at the same moment: [Discussion] Opportunity? Pegging to XDR or something else
I tend to agree with you, the stakes are probably to high too high to re-peg at the moment.

But that thread is old.

An update was requested

but no direct answer was given.

This leaves about 180,000 NuBits in other hands.

I believe we can roughly calculate the actual figure by adding all NBT grants since July 2015 or am I missing something?

You should want to know how many NBT are still in Blocks & Chains Exchange hands.
Those that have been paid for development or other costs add up to the 180,000.

It appears the NBT in circulation was rising after the buyback - former NSR holders who bought NBT with the BTC from the buyback?

The only thing you can know for sure is that the development funds of Nu and Blocks & Chains Exchange can be controlled more or less. All other NBT are in circulation or am I missing something?

I think you are right with that, although JL knew about one large NBT holder (50k) which left the scene recently. There might be more of those large holders/investors.

I think my estimate between 118k and 150k is the best we have without analysing the blockchain (which would take some time) or JordanLee reporting.

It is insane that we are not provided with frequent updates. I can’t believe that I advertised @JordanLee as a reliable and transparent developer in the past. He is anything but transparent. And I guess he has his motives for that, strong financial motives.

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