Guys, for the love of god don’t waste any more of your money trying to protect Nu. This project had so many flaws that even if you restore the peg, it is going to be lost again.
B&C was needed before even Nu was launched, otherwise trusting someone with your shares, NBT or Bitcoin is very dangerous. No USD reserves or some sort of collateral of another currency, means certain collapse of the peg.
If you pay people in the very same pegget asset (NBT), by making it out of thin air creates a downward pressure that cannot be stopped. Selling your own shares has a limitation. How much dilution will you take?
- Nubit and NuShares holders don’t have to have the same interests. Especially in such an illiquid market, Nushares were already worth pennies. Someone could buy them OTC for nothing. The 2-3M market cap was just an illution,
- Peercoin and hence Peershares have many fundamental problems in the way they work and that is a very big problem. There is a reason POS isn’t considered great, let alone POS 1.0…
- Moving to the shares themselves, what happens in case someone manages to control all the shares? Do you think that it is really that hard for someone to find and hack the biggest Nushare holders? What if an exchange gets hacked and many of the shares get lost?
DAOs can’t save stupid people. People were still managing funds and there was a lot of trust involved. Those share buybacks was the most insane thing I’ve seen in my life… You spent more than 300.000$ buy back your own shares, thinking everything is fine. And if that wasn’t enough, you had BTC in BTER… The community handled this very badly, but what can you do about it? Nothing. If it wasn’t this, it would had been something else.
The park rates were a terrible idea all along. First of all, mainly community insiders new about it and not many people outside did. But then even if you restored the peg for a few days months, then these people would want to sell their NBT, only that this time they would have way more NBT to sell. 20-30%APR even for 3 months should be considered a scam and you should be ashamed if you supported those rates. This would even scare people that have their brains in their heads…
I am surprised you survived that long and any blame of JL towards the liquidity providers is bullshit. The rewards were too high anyways and following the BTC price was a big mistake. Rather than creating FIAT gateways you were stuck with altcoin exchanges… It would be so much better if people could trade Nubits in Bitfinex etc, but there is a reason they couldn’t and there is a reason why they can trade Tether and not Nubits…
Bitcoin was made in order to remove the burden of FIAT, it wasn’t made in order to bring FIAT into the blockchain. There are many fundamental problems with Banks, Central Banks etc and that’s why even Tether isn’t secure. Anything involving a lot of human trust and touch in it, is inherently extremely dangerous.
I feel sorry for your losses and people will say I am spreading FUD, but the ship is sinking right in front of your eyes. There is nothing sadder than watching people trying to rescue an unsalvageable ship.
PS If you want to blame someone, first blame yourselves for believing this crappy project and then blame JL.
