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.
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
And it’s not only the wisdom of hindsight.
Community members like @Sabreiib or @GreatScott or others pointed out a lot of Nu’s flaws long ago.
Most didn’t want to listen.
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.
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
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.
What’s promising now is YoBit. They have 24h volume of $6,557,148, nearly 10x Cryptopia. Their interface is pleasant, and they list coins for payment. In addition to them, Liqui has my attention.
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.
