In the recent Epicenter Bitcoin episode, the guys from Nu said that if the price of nubits ever dropped below $1, it would be a catastrophic failure.
The first thing I think the Nu community has to do is admit what’s happened. The peg didn’t hold. Even if you were to somehow recover the $1 peg again, there’s no reason for people to trust that the peg would hold.
If you want Nu to continue, maybe you should consider marketing it as a cryptocurrency that “tries” to be stable. The mechanisms Nu uses at least held it stable for a long time, and that’s something. A realistic thing to do now is to come up with a plan to hold the nubits price where it is (at the time the new plan is activated). For now, that would be at about $0.37.
It’s as unrealistic to promise that nubits will stay at $0.37 as it was to say it would stay at $1.00. Just pivot to being a relatively stable cryptocurrency.
That’s my opinion. If the Nu project doesn’t survive this, it was at least one of the more interesting experiments in the crypto space. I expect people will study it as such. Sorry to everyone who lost money expecting the peg to hold (including me).
