Pegging 1 billion coins to $1

The Lounge
#1

Hi there

I just have a question…is it possible to peg 1 billion coins to $1 to have a 1 billion dollar market cap?

How will this work and how do you prevent early bag holders from dumping?

I am looking at the Bitbay ICO and I do not understand how this is possible

#2

Hi!
I think I don’t understand your question. Maybe you can help me. But let me try to explain how buying and selling NuBits currently works.

NBT are issued by a custodian vote by the NuShares holders and sold at exchanges by custodians.

You can try to sell 1 bn. NBT for $1 (although it’s unlikely that such a vote issuing 1 bn would pass in near future).
There are no “bag holders” except for those who bought each NBT for 1 USD (likely from a custodian sell wall).
“Dumping” them would harm no one and nothing, because they simply would be sold back for 1 USD (likely to the custodian buy wall).

Remember: 1 NBT is always 1 USD!

#3

Bitbay is anther crypto like Nubits.

#4

bitbay is a new coin that is going to be using nubits technology to achieve the goal of pegging 1 billion coins to $1.
they are doing an ico right now, but…it seems like they are getting 252-300 sat per token. their goal is to eventually peg this to $1 per coin…

and the total issue is 1 billion coins.

because they are not pegging from the start, is their goal feasible or is it a scam? i fail to see how someone can peg a 1 billion dollar market cap

#5

because there are bagholderss from the ipo, there is a risk of dumping if the 1 billion // $1 coin peg is done …will nubits technology work in this case?

#6

As I mentioned on /r/NuBits, this is probably a good question to ask the BitBay team directly. My guess is that it will be a complicated set of trading options (like BitShares) that will just be a repackaged exposure to whatever their default unit of value is.

#7

any source on bitbay and their 1b pegging project?