It has been perfectly stable at $1.00 since September 13th.
We depended on Bitcoin and NuShares being held at 3 of 5 or 5 of 8 multisig addresses. To my horror and contrary to their contract with shareholders, they locked down these funds used to support the peg in late May, refusing to spend them. This left us with no way to support the peg in the short term. Shareholders had to agree to give someone else NuShares that could be sold and used to support the peg. That took a few weeks. By the time we began offering support for NuBits most of our customers were understandably spooked. 84% of all NuBits in circulation were sold back to us, but our peg support has been so strong we have been able to keep the peg even with that huge percentage of NuBits coming back to us.
We have dramatically changed the way liquidity operations works to ensure this kind of failure won’t happen again. We aren’t using multisig funds and with the help of my department, we ensure funds needed to support the peg flow. Before we had amateurs being paid less than $150 per month responsible for the critical task of making sure our short term peg support was constant. They proved to be remarkably incompetent. We were probably asking too much of them. Now liquidity operations are run professionally by myself, and I am extremely knowledgeable and capable in my role. I have demonstrated a remarkable ability to support the peg, even under extremely adverse circumstances.
Changes in the Bitcoin price won’t have a major impact on our ability to keep the peg.
Now is a great time to buy NuBits because we are offering a 25% return on NuBits in just six months if you commit to park them, which prevents their transfer for the period of time you choose, then pays you interest when the time expires. It is very easy to do from our client using the Park tab. Give it a try! Terms are as short as 22 days if you want to give it a quick trial run.