USDT can always be redeemed/purchased for $1. This is called a peg. There is no peg in BTC/USDT. It is a free market.
That’s why Tether has a chance and Nu will fail.
@ConfusedObserver you seem to be having a bad day. You appear inclined to drizzle anger, doom and gloom over our active threads. Seems like you have a strong motive for Nu to fail. Why do you have that need, if I may ask?
You were, for a brief moment, directing your efforts positively on the thread you created regarding an index of cryptoassets. What happened to that nice change?
We all defecate each day. Its a humbling fact of life. Please, however, do this in private, not on the forum.
ever since I joined this community I was trying to help.
Yet you first and foremost seem to ignore that.
It was not only because of benevolence. I recognized some potential in Nu and was indeed trying to help improving it and becoming a shareholder.
With all that has happened in between I’m as far as I can get from becoming shareholder.
From what I gathered in my time here, I can say that Nu has
- no revenue and not even aims at changing that
- no accounting and not even an understanding of it
- close to no decentralization (spare me the same old shareholder story; looking at the motions/votes tells who is in control)
- frustrated/shooed away big parts of the community (ok, credit for that rather goes to JordanLee and Phoenix)
- can only live off finding greater fools who buy NSR or NBT
- no chance to survive with providing liquidity in the BTC/NBT pair instead of NBT/USD
Did I forget anything?
I’m aware that my view must be accused of bringing doom and gloom over the forum by you.
You want to draw a different picture. You need that for running your ponzi scheme.
Thank you for honoring that “brief moment of positivity”.
I don’t buy it.
You are not really interested in it.
Defecation happens by the way from up to several times per day to a few times per week. But why would you be more interested in facts if it comes to shitting?
You don’t get accounting done. You don’t get revenue done.
Different story, same shit.
Every time I’m close to saying goodbye to this forum, I find a reason to go on.
This time it’s you, asshat (it felt right to use this word in the defecation context )
You have admitted you are not a shareholder. That means you have no financial interest in seeing NuBits succeed. You have no power within the network. Your opinion doesn’t matter unless it informs shareholders.
You have made a series of libelous claims here. I don’t have the time to refute them again. However, if you see problems, even without being a shareholder you are welcome to help us solve them.
What you are doing is simply destructive. Please help us build or go away.
Oh, it might inform/protect future sharholders or customers. They can make a better decision.
As if you could refute them.
Again? Please point me to only one post that refutes only a part of what I said!
I try and try, but you are stubbornly holding tight to a BTC/NBT peg, refuse spread, even dare talking about buybacks, just if this and that happens.
You have learned nothing.
Plus you have a very selective perception and you are the one who is destructive.
But you are right with one thing: I have no power, while you have.
Would that you didn’t abuse it…
You say Nu needs this and Nu needs that, Nu needs revenue etc. but you never provide any examples of how to achieve. You claim to be an expert in finance and accounting… One doesn’t need to look further than your snarky/cynical username to become enlightened as to what you are: a troll
There isn’t anything much sadder than a troll who hangs around forums of coins he has no stake in. Any ill-fated feelings you have are most likely the result of poor trading decisions made by YOU: this is how trolls are born.
Im not mad at you, I just feel sorry for you. Try to find some happiness in your life instead going around disturbing pro-active forum threads in a sad attempt to buy lower than your sell price.
Just because you are to blind to see doesn’t mean examples from me and others aren’t there.
Spread trading is being proposed for a very long time to no avail.
E.g. here About a token that generates revenue for the issuing corporation I try to explain why a sale offset is a fair service offer. The same argument could be made for NBT, but I wouldn’t waste my time for that. There’s a cult going on. The almost funny thing is: “Always a Dollar” would work well for Nu when buying NBT. But then NBT should be sold at $1.03 -$1.05. These numbers are just a guess. I’m not sure that would be enough, but it would be way better than it’s now.
And your proposal is here is nothing new, just have a look at the white paper.
It’s just that a lot of decisions have been made for the bad. Nu’s situation is proof for that. And no, Nu is not in bad shape because liquidity operations where overwhelmed with NBT sell pressure; that just made the bad shape transparent.
This forum is full of good ideas, yet rareley something different from what JordanLee proposed or now Phoenix proposes gets implemented.
The decisions, which broke Nu’s neck include:
- a peg to USD through BTC/NBT instead of NBT/USD directly
- no spread trading which leads to no revenue
- selling BTC to buy back NSR
You can call me troll as long as you like. But you can try to explain why these decisions didn’t ruin Nu.
Hint: two of the three can still be reverted
Alas the big mistake with the buybacks can’t be unmade and Nu will bleed some more for it.
I’m very happy with my life.
With the situation that Nu is in and considering the unwillingness to correct the most important mistakes, I’d only buy NSR if they drop below 7 Satoshis.
Is that a troll, too?
Yet your still here, wasting your valuable life.
Thanks for confirming your agenda. Run along now troll.
I think JordanLee/Phoenix is the troll. It matters none how big of a point that has been made, he always chooses to ignore it and feed, as you call it, the trolls.
I think @ConfusedObserver is one such caring member of the Nu community who gave up and sold their stake in the network. Which leads me to the point I tried to hint at earlier in this thread: How can we expect constructive criticism to benefit our actions if all comments deemed as promoting negative feels are treated like feces?
Nu would be chaos if it didn’t have a dictator, but it is still chaos with one. Does that mean authoritarian governments are some sort of new and great idea? Do we treat refugees like crap? (I am talking Pre-Trump, for those in the US who are laughing at the irony)
I understand and sympathize with your point here. But @ConfusedObserver is obviously just a disgruntled trader who made some bad personal financial decisions involving Nu. To come on and speak your piece about your negative feels is one thing. But to come on and spam every active thread and stomp around and cry like a baby is another.
Things got noticeably more dicey when Phoenix declared for us all to write our negative comments on a piece of paper and flush them down the toilet. I see no reason to defend him until he treats us like shareholders should be treated.
Nope. The financial decision is yet to be made.
But like I said: without substantial changes NSR will drop futher and below 7 Satoshis I might make the gamble.
It’s interesting that you question my motives, but don’t do that with @Phoenix’ motives.
You don’t even wonder how @Phoenix could replace @JordanLee.
Did you receive a private message from @Phoenix or is it your own conclusion that I’m a troll?
I know that it’s a waste of time asking you that, but would you mind arguing about my assessments?
Or are they just wrong, because the differ from what @Phoenix says?
That was a fairly good summary and analysis. However it said
The problem is that the Nu network’s parking rates are paid with new NuBits rather than existing NuBits and thus they increase the supply.
In fact according to @willy who runs alix and created https://www.parkingyournubits.rocks/parkinglot/ (now not working):
That is for ALL premium paid to parking until early June. It’s about half of what Nu paid to liquidity providers IN A MONTH. So even in theory parking premium may have contributed to the loss of peg, two main things were what killed the reserve: 1) regarding proceeds of selling Nubits in NBT/BTC market as profit – while they are just “transmission fluid” flowing in and out of the BTC-based pegging machine as BTC price fluctuates – and using the false-profit-but-true-reserve for fruitless NSR buyback; 2) paying unsustainable amount for liquidity in pegging via highly risky BTC/USD market.
These points above about pegging via BTC/USD are highly relevant to discussions in this thread about pegging via direct nbt/usd, which does have its own problems.
Indeed the NBT burden from parking are few compared to other costs.
The thing is: they still create a liability for which no assets are in the books.
Hey that’s not very bad, because Nu has no bookkeeping
was only possible, because there was no accounting that registered the NBT as liabilities and the BTC as assets.
I fear this mistake will be made again.
creates costs that need to be compensated by revenue. Otherwise Nu bleeds out. Ooops, already happened.
The only way I can think of pegging NBT through BTC/USD to USD is by a sufficient spread.
Although it’s never really (convincingly!) explained why a big spread in the BTC/NBT pair is no option, it’s just not being done.
It wouldn’t require any change.
The chief of liquidity operations could just request that NBT are sold at $1.05 and bought at $0.995. The numbers are random guesses to give food for thought.
And Nu should work on a tight spread NBT/USD pair and on ways to store USD in a decentralized way.
Nusafe would be an option.
There’s need for a spread in NBT/USD to pay for the Nusafe expenses, but that’s smaller than the spread, which is required to compensate BTC volatility.
Why are fiat gateways not pushed?
Both the spread in the NBT/USD and BTC/NBT pair are fair (forNu and its customers), because customers are provided with a Dollar like crypto currency that doesn’t require AML/KYC formalities.
So many ideas. No work done in the relevant areas.
@Phoenix is no idiot (not in terms of intelligence) so I must conclude he does all this on purpose, which makes him dangerous and Nu a ponzi scheme by his decisions.
I think we need to a have a long term vision.
If Nu is a ponzi then all cryptos are and any currencies as well.
The goal is to have more revenues than costs.
The revenues will be nubits sales.
The costs are liquidity provision.
We can achieve that by having a fractional reserve system, as any fiat currency in the world ( how much the feds can buy back usd immediately? Certainly not 100% of the outstanding usd in circulation) has.
In order to do so we need to establish confidence in the l currency, which is basically showing we can buy back immediately any nubit when there is a demand for a sell.
So we need to provide liquidity all the time.
NBT sales aren’t revenue unless you have a sufficient spread between sale and buy price.
Then the difference between sale and buy can be revenue.
Does it start to sink in why I’m campaigning for it?
What, you want a spread so you can game it yourself? You scammer.
There is a theory floating around that JordanLee campaigned extensively for a very tight spread so he could game it with minor swings in the BTC price. He of course got his wish, and the buy support suffered the consequences. Instead of running around with your blinders on, please explain how anyone would game a wide spread. I don’t see how it is possible. I think a spread is a fairly good idea, if we are going to continue to ignore the idea of NBT/USD as the trading pair that shareholders support with liquidity. It should be something close to the daily average BTC/USD price swings in my opinion.
A spread would already be a step backwards from an ideal solution. Nu’s goal should be to do business only in the NBT/USD pair.
But not even that step is being made.