Peg lost?

[pennybreaker]

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.

[nmei]

True.

[leka]

Lets not panic just yet. I’m treating this as a NBT buying opportunity.

I have a few hundred NBT for sale. Do you want to buy them?

[rtGG]

A bunch of idiots trying to save their beloved ponzi. What a mess…

Pennybreaker are you praying that Bitcoin will fall? Even if it does all the trust is lost. 300.000$ and more were spent in buying your beloved shares. 300.000$ and the actual market cap of Nubits was 750.000$.

You deserved it. I hope that not many people bought the idea of the 30% interest which is an obvious scam. Who the fuck offers 5% per month for liquidity and 30% to park coins…

I am not gonna lie, I actually do feel sorry for your loss, because I like crypto and your community was pretty good, but Jordan. Oh my days. You trusted Jordan Lee…

[cryptog]

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.

[CommunityObserver]

Obvious troll is obvious.

I hope that not many people bought the idea of the 30% interest which is an obvious scam. Who the fuck offers 5% per month for liquidity and 30% to park coins…

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/

are you praying that Bitcoin will fall? Even if it does all the trust is lost.

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).

[rtGG]

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.

[Sentinelrv]

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/

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.

[rtGG]

I am pretty damn sure that when Nu was first launced i parked my nubits for more than 3 months, with the same 3 month rate.

[Sentinelrv]

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.

[huafei]

price now

$ 0.562484
0.00097783 BTC

[Financisto]

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?

[Sabreiib]

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.

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.

[CommunityObserver]

@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.

[CommunityObserver]

I am pretty damn sure that when Nu was first launced i parked my nubits for more than 3 months, with the same 3 month rate.

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.

[Sentinelrv]

I also think the Nu user base is too small for this to be monumental

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.

[CommunityObserver]

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.

[MaVo]

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.

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.

[rtGG]

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.

[rtGG]

What you talk about is BitShares, not about the BitAssets. Also don’t forget that all coins started very high and regardless of their technology they went down. The price doesn’t indicate anything, I am talking about your product. A retarded, non-collateralised product that fail. I didn’t buy BitShares high and I don’t expect a peg. So you can cry when your tokens go to 0.