2016–08–21
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00146369 = 1.0977675
NuShares sold into buy wall.
2016–08–22
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00146704 = 1.10028
NuShares sold into buy wall.
2016–08–23
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00144261 = 1.0819575
NuShares sold into buy wall.
2016–08–24
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00145765 = 1.0932375
NuShares sold into buy wall.
2016–08–24
Direct sale proceeds put on wall at $0.85.
35 BTC @jooize → Poloniex Gateway @jooize
TxID: 036edff2dd5e7425d5e5c79b9ea74a9e187649fc3a0a7288e229ac19f187ebd9
1 Like
2016–08–25
5.36 BTC Poloniex Gateway @jooize → BTC @jooize
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00147395 = 1.1054625
2016–08–26
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00147413 = 1.1055975
2016–08–27
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00146942 = 1.102065
2016–08–28
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00149662 = 1.122465
2016–08–28 Burn
- 38,456.6357 US‑NBT at Burn @jooize
-
14,115 US‑NBT from Blind Auction NSR #8
-
24,341 US‑NBT from Poloniex Purchases 2016–08–20 to 2016–08–25
US-NBT Poloniex Gateway @jooize − Purchased since end of Friday = To withdraw for burn
2266.89458453 - 755.9963717 = 1510.89821283
-
1510.89821283 US‑NBT Poloniex Gateway @jooize → Burn @jooize
- 39,967.5239 US‑NBT at Burn @jooize
Blind Auction NSR #8 Burn TxID: f9bfd6c74caa03711131f9f5f2a69055fd87663aad5ed5475a207cc38a1bca57
Poloniex Purchases 2016–08–20 to 2016–08–26 Burn TxID: e4fda2757399ec91490a93e9f9d16412c6383bfb75fb5504990709b6343fb661
1 Like
This is an impressive burn. The next target is 120,000 US-NBT held by B&C. If the B&C NuBits are exchanged for NSR, I will have been responsible for around 5,000 US-NBT being burned per day in my first two months.
With a remaining supply of less than 300,000 (excluding frozen NuLagoon NuBits), how long do you think it will take to restore the peg? We may not sustain a pace of buying 5,000 US-NBT per day, but we might if NSR goes above 70 satoshis again. I am optimistic we are near victory. If the community pulls together and gives the peg and NuShares its support, we will restore the peg even faster.
This is misleading because shareholders collectively burdened the cost of these burns, while you pat yourself on the back per usual. You are trying too hard to frame yourself as some sort of hero with a good idea.
Then you must be glad that Phoenix is a big shareholder. He burdened a bigger cost than most. 
While I sometimes react to his bold statements on the forum, that’s the truth and not misleading in the slightest. Nobody has done as much for Nu in this crisis as @Phoenix. There has been few alternative proposals for how to proceed, and doing what @Phoenix put in motion was essentially the plan all along. Whether this will all work in the end I don’t know, but tell me where you think we would be without @Phoenix. Preferably in another thread than this one, though (or staff can split this out later). Spare me of the accusations of him having pushed Nu into this crisis unless you have substance (I don’t know if you believe that).
Of course this situation sucks for shareholders (and customers!). I thought it seemed very hopeless (although not entirely over as some believed), but we are moving towards peg restoration. It will take time, and be painful economically, but I see the possibility now. Our recent buy wall that was almost immediately consumed didn’t work out as intended. Perhaps a different strategy would have been better, but we did get a good amount of US NuBits off the market at a reduced price. Anyone who knows better is very welcome to present their strategy. Until then, @Phoenix will do his best, and I’ll contribute what I can.
NuBits is the project for synthetic currencies. I haven’t seen any crypto-community as professional as ours. We’ll need risk investors to restore the peg. Once we reach that point with 100% reserve or with sufficient confidence, our project is as viable as previously believed while also having proven to withstand a catastrophe like this. If this happens again we’ll know better what to do, and speculators may begin buying below the peg to a larger extent because they expect Nu to be able to buy back at $1.00 (or if there’s even another dynamic in play).
There is of course much to expand and improve, but I think NuBits is the best chance for decentralised synthetic fiat on a blockchain. These investors may see our potential and deem the risk worth the low price of a relatively large part of Nu. In any case that’s their choice to make.
Companies don’t always generate profit from the start. NuBits is an ambitious project with ideas for revenue long term. Screaming for revenue right now is to begin with not going to make revenue appear. I’m tired of the complaints without any actual suggestions. What we can do right now is make NuBits a promising project for investors. We do that by working with what we have and continuing to execute shareholder will.
2 Likes
2016–08–29
# 1500 / 2 * peg in BTC = BTC to gateway
1500 / 2 * 0.00148443 = 1.1133225
NuShares sold into buy wall.
1 Like