Roughly 1,800,000,000 NSR volume within 24 hours. The market interest in Nushares reaches an ATH. Congrats to all holders, may the party go on forever!
“Shareholders” have decided to dump the network into oblivion. “Shareholders” “Shareholders” “Shareholders”
On behalf of @Phoenix: “While I understand that this may seem to cause panic within the community, I urge anyone to consider this a golden opportunity to buy a large stake in the network!”
@Mavo do you work for a competitor? It is hard to imagine another motive for your anti-social behavior.
Accounts of the death of Nu, like Bitcoin, have been frequent and consistently wrong.
First there was the death of Nu in February 2015, when we experienced exchange defaults by our 3 largest exchanges all within a week of one another. It was worse than this. Yet, NuBit adoption rose to new highs afterward and the community grew a great deal afterwards.
Then there was the death of Nu in June 2016, when trusted American and Chinese multisig signers refused to perform their primary duty of transferring funds to support the peg. After that death, Nu multiplied its NSR liquidity by a factor of 20 or more, acquired a greater reserve percentage than ever before, and made keeping the peg boring once again. We also grew the market cap more than 400% from its bottom.
Then there was the death of Nu in October 2016 when Augeas created a blockchain and many, if not most, forum participants chose to abandon Nu and support the as yet unsuccessful Augeas.
In December 2016, we had another death of Nu in the form of the Poloniex NuBit delisting.
All these events hurt Nu and set its progress back, but it continued its growth each time after the difficult events. I don’t see what is different about this situation.
Shareholders and others ought to aware of the impact the NSR price has on how we are able to improve and promote the network. In recent days, the team was having discussions about how we could use the increased market cap (which as of yesterday was a 400% gain over the low of January) to push forward marketing initiatives, spend a good deal of money to improve performance, stability and resource utilization of the Nu client, and offer new charts and real time financial statistics.
We had also decided and agreed we would propose to shareholders that most Nu funds be placed in multisig addresses as soon as the necessary process of forming contracts and getting shareholder approval was complete.
We were also quite close to beginning active development of B&C Exchange, due to the B&C development fund increasing in value.
So, all good things in terms of development and progress of the network require funding. When we lose NSR pricing, we lose that needed funding. All the initiatives we were planning will need to be re-examined in light of the NSR price drop in the last day.
With a market cap of 300,000, NSR is an incredible price considering we have an innovative, proven and time tested DAO protocol and liquidity engine that work very well. No one has been able to do what we have done. Our closest competitors, Tether and BitShares, are woefully unable to scale on account of poor economic design. However, the Nu network will scale beautifully in an economic sense, being far more efficient than those designs.
What Nu has been able to accomplish is exceptional in the field of private, stable currency. It is worthy of further cultivation. To suggest otherwise is to suggest there is no market for private, stable currency.
I intend to continue to build Nu until it is either so strong that it doesn’t need me, or until NSR completely loses liquidity at any price. Only that event can bring the end of the network, and there is no reason to think that is occurring.
I certainly agree with this. Over and over, Nu takes huge hits, yet it continues. This surprises me!
Does anyone have any insight into the safety and security of Cryptopia? How long has it been around? I’d hate to see another exchange default or hack.
I would also like to remind everyone we have been in the position of losing our main NSR market before. In February 2015, NSR trading was dominated by BTER, which defaulted due to a theft and closed for a period of time. Not only was NSR functionally delisted in our primary market, but a great deal of funds used to support the peg were lost in the exchange thefts.
What was the outcome of that BTER disaster? Poloniex, in time, became our dominant NSR market and most people forgot how important BTER was to us at one time.
In our current situation, we intend to repeat the pattern of shifting volume to another exchange. We have done this successfully before.
Put that statement in the context of me holding 4,500 BKS. But well, I wouldn’t consider myself an advocate for the Nu network anymore. I am not even minting with my BKS anymore. The price of NU and BKS is not about its tech for the most part. It’s about the people behind it, in this case you @Phoenix . And as you are a well-known scammer within the crypto community by now, the price of BKS and NSR won’t rise further than you might pump it from time to time. I have written off my BKS for a reason, and I will keep informing people about that reason and let them decide whether to buy into your scams or not.
Oh and btw, I can imagine the delisting from Poloniex is painful! Consider it the second part (after NBT listing) of a tit-for-tat response, though, it won’t be the last.
If this is true, then the Poloniex announcement is very bad for you financially, yet you seem to enthusiastically support it. This suggests you are either lying, not smart enough to understand your own financial interests, or too hateful and violent to take a moment to rationally consider your interests. Whichever is the case, lying, stupidity or just blind hate, you and your kind are most unwelcome here because you aren’t building anything. Destroyers have no place here.
It is indeed true. But you don’t have to worry about me, as I belong to a “set of individuals who are certainly in a position to bear a total loss without any adverse consequences to their lifestyle, retirement, etc”. Though, I haven’t been rewarded in a special way. I bought every single piece above 4 dollars. Many of the investors here have lost more money than your “special seed investors”.
It doesn’t matter what you say @Phoenix. I can show up here as often and for as long as I want. You won’t make Poloniex take their delisting decision back, because you have no influence there. Keep on fighting, nothing reprehensible about that
I’m really being serious and not mocking you here.
Does that not sound at least a little bit like a Ponzi scheme in your ears?
I mean, if all depends on NSR pricing, which depends on demand, which depends on new money flowing in, that doesn’t sound like unsustainable on itself?
To me it sounds like it works only as long as new money is pumped into Nu for which there is little reason, because Nu has no revenue, no plan to create revenue and operational costs in unknown height, because there’s no accounting that could be called accounting.
Spare me the all-is-transparently-written-in-the-blockchain same old story.
And no, I’m no competitor or opponent. I’m just worried.
For anyone interested in trading NSR, here is the NSR/LTC listing on cryptopia.
Have fun trading!
Cryptopia has existed since 2014.
NuShares are primarily traded on the NSR/BTC pair, not the NSR/LTC pair.
What worries me most about Cryptopia is that it’s very low volume exchange.
It’s only 47th on the list of exchanges and given the lack of liquidity, if NSR (I’m speaking for it because it’s the only Nu asset I have) liquidity operations would be performed there after Poloniex, the sheer volume of selling NSR would tank the price to near zero, which would in turn require more NSR to be sold as the amount is measured in USD / BTC instead of NSR.
This is one of the major reasons why I want people to campaign for NSR being kept on Poloniex.
In other case, the selling of it might have to be halted until it would be taken in a higher liquidity exchange like Bittrex for instance, where novelty alone might be able to hold the price until it reaches to the reserve equilibrium and eventually buy backs…
At this moment, I’m afraid that the mechanism of keeping the equilibrium itself might be fatal blow to it’s existence. This comes from purely technical point of view without considering Nu as a project / product etc. The numbers might run out, so to speak.
And that’s where you learned that NSR aren’t a good store of value.
The spread between buybacks and sales is giving Nu trouble like so many other not thought-out schemes.
JordanLee tricked the investors with this post
Yes. That’s how Ponzi schemes end. If not enough money flows in to pay earlier investors, the system collapses.
According to Coinmarketcap there are 135,603 NBT in circulation.
Make a guess what happens in the next bank run where people want to get BTC for their NBT.
Oh, no, I’ve never thought of them as a good store of value…
If I want to store value I’ll split between fiat, BTC, markets outside cryptocurrencies, hard assets that appreciate in value etc.
Then you are far ahead of JordanLee
Following the white paper Nu had to have pegged NBT to USD by trading in the NBT/USD pair.
You wouldn’t have to worry about stability if you hold 1 USD for each NBT you sold.
The challenge then would have been how to keep the USD safe. But not how to keep their value.
Trading in the NBT/BTC opened the door to so much opportunities. I understand why this was done
Maybe we would hold some Indicium
In February I looked for and contacted exchanges. Many with more volume specialize in Bitcoin, major coins, or their local currency. Some are not available in English. Others don’t have pleasant interfaces, but we can’t be too picky.
There’s a handful or two exchanges with more volume that are reasonably likely to accept us. I need to prioritize because it takes time and energy to write a quality customized message. If someone can do the job well, we’re interested. Provide at least one example of what you would actually write. Make it immediately obvious that you’ll be useful.
Both may hinge on the impression we give, which honestly worries me. I can represent us and respond to questions and concerns, yet that may not suffice. It disappoints and saddens me to have the promising work we do be ruined even by people I previously respected. Outsiders can’t be expected to bother learning everything about us. Many will visit and take with them that this place is too toxic to bother understanding. People run from controversy, whether legitimate or not. Can you give me some advice regarding that?
If the market won’t support the (currently) $194 worth of daily NuShare sales? Are you worried the dilution at low satoshi will be too severe? With Bitcoin at $1,200 it won’t reach worse dilution than we’ve seen in the past (4.4 M NSR one day) until at 3 satoshi. I’ll bring it up and see what we conclude.