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.
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True.
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.
https://www.parkingyournubits.rocks/
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).
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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.
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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.
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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.
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price now
$ 0.562484
0.00097783 BTC
Now I call this a black swan event…
Did any LP shut his Nubot off?
Did any pool cease operations?
Nushareholders are a bunch of amateurs tring to accomplish one of the most difficult monetary mission. When they do business, they even don’t use calculator. And they are too confident to listen any criticism/advice.
Most customers will NOT come back when BTC price drops, sorry for this prediction.
@Sabreiib
I agree with some of what you say, but hyper-confidence leads to mistakes, which leads to humility. I think Nu is in the latter part of this now. I also think the Nu user base is too small for this to be monumental, though the longer this goes on the worse the issue is.
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pics or it didnt happen dr. troll. If what you say is true, others would have experienced it, and very likely would have been fixed.
I looked around today and saw absolutely no posts on Reddit or news articles about what’s going, so I think you might be right. Nobody seems to be paying attention.
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Even if an article were written by a troll or two or five, the biggest attention is on BTC, eth, and dao. A dollar crypto is less valuable in a bull run, but much more valuable in a bear run, which may explain our issues. Its the first bull run of Nu, and the capitulation was just barely finishing when the funds were bought back. Practice makes perfect.
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Does it matter what technique you use to fuck people over? Compared to the amount that Bitshares burnt in those pockets who didn’t play it smart, Nu’s fault is about peanuts. And I am not saying that I like that fact that people have now been disappointed in any way, but seriously… Whether you bash or troll or whatever, you will remain a funny clown.
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You joking? Do you take pics when you park your Nubits? Again, I said I think I did so when the network first launched, so it is not impossible that there was a bug back then, which was then fixed.
Cryptocommunities are too small and they can’t look beyond what satisfies themselves. Also DAOs can’t fix stupid people. The ex-leader of BitShares pointed that out.
You needed more mechanisms, money and sound management to achieve those goals and you failed in all of them.
You might not consider it a ponzi and the goals wasn’t that this project is a ponzi, but the structure of it was that of a ponzi. What is so fucking hard to understand? Fuck my trolling, fuck everything. If people didn’t buy Nubits, the value of the Nubits of the current holders would diminish and that’s what happened.
It wasn’t about people profiting, but sustaining the value of Nubits, which by the way was created out of thin air. When the first Nubits were created, what was backing them? Nothing. In the long term many people got in, you had reserves and you had liquidity pools to which you were giving good amounts in Nubits (bad choise, as that created a selling pressure) and even if the network gave interest rates short term, until the storm is gone and that didn’t create high inflation, when do you know that the storm is over?
You project required many things to hopefully go your way. Even if you had 400.000$ worth of Bitcoins, if the price of Bitcoins went up to 1000$, you still wouldn’t be able to hold the peg. The project started after the Bitcoin bubble and that’s why you had some initial success. Get over it.