Operators of liquidity didn’t believe in the established model and devalued US NuBits off its expected $1.00 value when tier 1–4 reserves were running low because of declining demand. One proper NuShare sale was performed, but the proceeds were placed at 90% devaluation, offering NuBit holders $0.10 per US NuBit.
@JordanLee left and @Phoenix appeared. He managed to gain shareholder support for taking over liquidity operations and recover the peg. I’ve worked with him since. Phoenix recently strongly disappointed shareholders by failing to secure large amounts of NuShares. He’s since given up control of all shareholder funds to me. I will move them to a multisig group. Meanwhile, the best assurance I can give is that I had already been in control of backing assets (BTC) procured since NuShare sales began under Phoenix as Chief of Liquidity Operations.
People have been accusing the model of being flawed and us recovering Nu to be corrupt in some way. I understand being upset about the peg break, but the claims while not all impossible have been conflicting and essentially reflected not believing in the model that apparently has worked so far. Some have even called for excluding certain shareholders from the organization and use current shareholder funds.
If you believe the model is viable, Nu is currently healthy though its operations are costly for now. Causes for concern are centralization around me and downward pressure on NSR because of the losses (may have been consumed by the market already, but unknown).
I’m aware of that. In discussions with Bittrex at the beginning of the year, I only reached agreement for continued listing. They may be more open to changes now that our NuBit pair is producing some volume. We want to be shown under $-markets as well.