At this moment the US-NBT price in coinmarketcap.com is $ 0.913555. Did I miss anything?
Community was dazzled by fireworks.
I believe the sell nubits side on shapeshift is $0.57 per nubit, while buy nubits side is at $1 per nubit.
I know the community is working on it, I just figured Id say something.
@Cybnate @JordanLee @jooize @masterOfDisaster
shapeshift uses some exchanges as backend. big price fluctuation often happens when the exchange used runs out of fluidity.
thanks, good to know
Can anyone explain in simple terms what is going on?
Essentially we have spent too much BTC on NSR buybacks causing our reserve to be low. Due to BTC pumping large selling pressure occurred which has depleted our reserves. We need time to replenish our reserves and reaffirm the peg.
The world is watching.
Polo is at: 0.001124 = 889 USD
I’m beginning to think Nu should remove all liquidity from the market except for a few thousand in NBT.
Poloniex situ really does look awful. A sad day for nbt (
So the pegging mechanism failed?
Ultimately yes. We depend upon liquidity providers and Nu reserves.
All the liquidity providers - myself included - ran out of BTC to give to the market.
Nu ran out of BTC to give to the market.
Lets not panic just yet. I’m treating this as a NBT buying opportunity. Lets look at some charts …
Here I’ve pointed out the most noticeable indication that leads me to believe Bitcoin may stall here for a while:
I’m looking for a retest of 600, but if it’s not on big volume, I’m expecting a pull back to at least the 550 area. If this is how things play out, there will be plenty of panic sellers scrambling to get their hands on NuBIts and the peg will live to fight another day. NuBits for half price? Sign me up, suckers.
Check this out …
My point is that we will likely get the peg back before the Bitcoin rally is finished. I’m buying any time I can get NBT for this cheap. And guess what … if we all did, we’d have a peg.
I have a few hundred NBT for sale. Do you want to buy them?
The lost peg has damaged the reputation of Nu. But let us see how the DAO can find the best solution quickly.
It is a time for testing the power of the voting mechanism embedded in Nu.
Obvious troll is obvious.
You misunderstand that it isnt 30% per park but 30% per year. A 30.59% APR interest is actually 1.91% interest for 22.8 days. 1.91% per park is less than 20 nubits from 1000 nubits. The interest parking and share sales are a function to hold the peg in place, which ran out due to a btc bull run.
The nubits community is hoping bitcoin will fall or hold steady to allow time to repair the peg. All trust is not lost, just hampered until peg is regained (and held during the rest of this bull run).
I am a troll and I came here to troll. Basically troll isn’t the right word. Bash is better. Call me a basher. I came to bash you for being gullible.
It might be for a few months, but it still is a lot of money. Again, tricking people into thinking something is a good investment, when it is clearly not, is immoral. A bad thing. In this case, a scam, a ponzi, which many people joined to either profit from or didn’t really know it was one and were dragging more people in.
There is no excuse in depleting the buyback funds and the spending frenzy. A purely speculative peg is impossible. It can last for a bit, but not for long. DAOs/DACs are prone to mistakes and Nu is collapsing because both of the unstable foundation (speculative peg), because of the community mistakes and for not having enough mechanisms to hold the peg.
Not to mention it’s only supposed to be temporary interest while in a state of crisis.
Also, I knew these APR interest rates were confusing people. This is a prime example of scaring away potential parkers with huge APR rates, when the APR is not actually what gets paid out. The park period interest rate is much smaller. We need to remove APR from the client and replace it with interest per park period.
Nu is not a Ponzi. Yes we made mistakes, but this has never been done before and we lack experience and knowledge. Lessons have been learned and we won’t make those same mistakes again. This whole situation is because our reserve ran low. NuShare buybacks were a huge mistake. For some reason we were convinced that NuShares could back the peg, therefore we put part of our reserve funds into it. It didn’t work. Other expenditures are to provide liquidity and projects to create demand for NuBits.
It is possible for Nu to become self-sustainable, but it requires people to actually use the network. NuBits are burned as part of transaction fees, eroding the supply. If enough NuBits are burned in fees from people using the network to balance the funds that need to be spent providing liquidity for the peg, you have self-sustainability. We can’t achieve that though unless people actually use NuBits. If we were just spending people’s money as they bought NuBits without trying to achieve self-sustainability, then I would agree with you that it’s a Ponzi. It’s not though. We are trying to build something here, but it’s incredibly difficult to gain enough trust for people to use the network so we can erode the NuBits supply.