Since NBT is pegged to the US dollar: couldn’t it essentially act as a USD pair for all cryptocurrencies?
Many crypto exchanges don’t have a USD pair due to regulatory reasons and I can’t help but think of NBT as the perfect solution to fill this void. Exchanges could simply use NBT as a replacement for USD. The pair wouldn’t even necessarily have to be labeled NBT/ETH, NBT/XMR or NBT/XRP rather USD/ETH, USD/XMR and USD/ XRP - with USD being backed by NBT.
Getting trading pairs that are BTC/US-NBT instead of the more common US-NBT/BTC is important. We ought to be approaching exchanges about this. Once our reserves are a little larger, I may offer exchanges liquidity if they host BTC/US-NBT pairs. Until then, I encourage the community to see what they can do to get US-NBT featured as the denominator in trading pairs.
It is important people see our price as something like $610 instead of the confusing 0.00163978.
A strong US-NBT/USD pair would eliminate the volatility which led to US-NBT buy support BTC being devalued. It is the reason Tether is now the reigning king of stable crypto tokens and people trust it. Nu is at the mercy of the bitcoin price, unless you believe we can count on hyper-inflation of NSR to cover our losses, as Phoenix does.
If Tether had ceased all liquidity operations for an extended period as Nu did it would have experienced the same kind of problems as Nu. Their liquidity operations have always been provided hierarchically, as ours are now. This has nothing to do with the currency we keep the peg against.
We were also quite close to replacing the USDT panel at Poloniex with our own at one point. Negotiations with Poloniex were quite advanced. I think the problem was a lack of clarity about who was in charge or responsible. Individuals who were negotiating the change appeared to have failed to follow up properly with Poloniex. The answer to this failure, is likely also hierarchy.
Nu can operate on a decentralized shareholder platform that permits these diverse shareholders to create and sustain pockets of hierarchical based activity such as the hierarchical activity I direct as Chief of Liquidity Operations. It is a sensible solution that maintains the core values of this community.
Tether won’t get in such trouble, because as far as I understand Tether it only pegs USDT/USD (and some other fiat pairs). The other pairs are not pegged by the corporation providing Tether tokens. So Tether doesn’t have to bear the BTC volatility risk.
Tether can live off a small spread and has a chance to make revenue from it.
I’m aware of initiatives to provide liquidity in a new way: [Discussion] Liquidity operations - a paradigm shift
Sadly the shit hit the fan before liquidity provision could be transformed.
Now Nu has one alias effectively making all decisions and one alias doing all liquidity provision (only at Poloniex, right?).
That’s quite centralized with two single points of failure.
Nu was in a better shape some time ago when all the economical problems hadn’t surfaced yet.
I challenge you to compare NBT peg collapse to the USDT liquidity problem when Bitfinex was down due to a major hack. USDT did not suffer anywhere near as much as Nu did. Tether does not provide liquidity AT ALL to BTC/USDT, while Nu loses it’s shorts to NBT/BTC by trying to provide a hedging product. Nu should move all liquidity to USD/US-NBT trading pair if we will ever learn from our mistakes.
I have tracked USDT price against major exchanges and it appears that USDT is not tracking any of the BTC/USD price of them. USDT prices can deviate by several percent consistently for an extended period of time (weeks). The price deviation might be a result of significant friction to redeem USDT with USD and use the USD for arbitraging. (The exchanges do not include bitfinex which takes USDT deposit – but is not offering trading )
This means that USDT has allowed much less pegging accuracy requirement than Nu does. I think this makes life easier for Tether.
Proof that our peg is much more consistent would be very good for us. Can you provide more data? I’m really interested. You are saying that even as USDT is redeemable at Bitfinex for $1, it may simultaneously languish at $0.97 on the Poloniex BTC/USDT pair. Is that right?
@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.
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.
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.