Statement on Status of NuBits and Liquidity 2018–03

[jamaikoulas]

blah blah blah.
The world’s most stable crypto is currently trading 1000 satoshi below. 10 cents. Out of 1 dollar.

[donthavename]

Y’know, it really amazes me how stupid the team at NuBits apparently is.
You do realize by doing your peg in BTC to NBT there is the collateral risk in the value of BTC changing at any given point in time, ultimately leading to why you fucking idiots no longer have reserves. I have been doing this for months and didn’t want to share it, but obviously you fucking idiots need a lesson in how to make money. All you have to do is not fill the order book with 100 BTC orders(which is losing you money as BTC drops and you are sitting in BTC), and you need to convert your BTC to tether, immediately after any trades. When the book gets out of line, you convert tether to BTC and then the BTC buys the NBT. It is a simple process, and I am sure you fuck tards could write a program that controls the bot to do that profitably seeing as the fact I can do it myself by hand, obviously a computer can do it much faster. You are so stupid, how the fuck do you keep your funds in BTC when you could be converting to tether and back? This is why your reserves are empty, bc you lost all your fucking money sitting in BTC while it was crashing, instead of contantly profiting in dollars. Fuck

[gesite]

How do we know you didn’t steal funds? Where can I see how much you collected via Nubits sales and how much distributed?

We need officials to check what’s going on here. There is no chance to know for us whether they steal funds and they should be forced to explain everything to the police. If there is a difference in sales and what they distribute they steal money! jooize are you the CEO of this business? Did you file for bankruptcy as is required?

[expert]

The liquidity is extremely low and the price keeps falling. I have a lot of NBTs, what the hell is going on? I converted into NBT because I didn’t want to lose when market was unstable but WHAT THE HELL, I’ve lost a big chunk with NBT. I know it can’t be considered a loss at the moment since everything is floating but please refill the order book. You said you have no immediate reserves? What if NuShares go down? Will we witness $0.75 level ?

[donthavename]

you will witness the .50 level soon

[jooize]

All cryptoassets were stored in publicly known addresses and fund transfers can be verified as going to exchange addresses or be listed in payments.

NuShare sale reports are posted in:

Backbone Reserve Operations (Tier 6)

2018–03–20 Amount of NuShares SOLD: 32,603,809.5658 BTC proceeds: 1.64521579 Sent to Bittrex. 0.03179984 318635.7494 0.42052643 8427383.3164 1.19288952 23857790.5

Nu is a decentralized autonomous organization.

[donthavename]

I just lost 2k on a stable crypto currency! I hope everyone dumps and gives up on this project as I have! Hello TUSD

[expert]

As soon as it becomes a bit normal, I am also planning to jump into Tether again. This is fucking depressive to deal with, shit coin

[jooize]

Order books for NuShares tend to keep refilling over time when NuShare sales are happening. That’s happening this time too. It’s not expected to have the full backing amount within a day, but history indicates there is support and confidence in the liquidity model. It is just slow as current NuShare exchanges do not have much volume and traders.

[Ghaleon]

I run a NBT market making bot with more btc than the amount that was just sent to bittrex listed here Backbone Reserve Operations (Tier 6). I’m uncomfortable personally holding this currency afloat right now. Guys please fix asap.

[gesite]

How much do you refill the order book per day?

[jamaikoulas]

history. Do you know why we need a stable crypto ? only so we can bet for and against bitcoin at times. If it stabilizes at 1$ when btc is at 12.000$ and i bought at 8500$ then i dont need your crypto at all. I want it to stay at 1$ so i can buy the 500$ dip from bitcoin that happened 30 min ago. I dont need it in 2 days to be stable i needed it 30 min ago.

[donthavename]

your a fuckin idiot just own tether then

[donthavename]

you are going to be fucked bro, better get out for whatever u can, i just dumped 20k nbt on u, thanks for takin my bag

[gesite]

and NuShares up to 160 satoshi

did you make buyback at 160 satoshi?

[jamaikoulas]

if you think i m gonna sell now at 2000 satoshi loss per nu you r mistaken. I will let them rot.

[expert]

What happens if NuShares goes down?

[Ghaleon]

It’s my understanding the NuShares reserves exist today to bring this back to $1. It’s just a question of how fast they can get the funds to Bittrex. I’ve disabled my market making bot (that was previously making 2.5%/day stabilizing nbt) for now, last nbt purchase was at equivalent $.91. I’m going to re-enable when I see enough liquidity back in the books to bring this back into reasonable range. I know you guys can do this!

[donthavename]

when you and every other person that was doing what you were doing just stopped, why do you think the price will recover any time soon?

[Ghaleon]

Recovering the price is very straight forward. The Nu team just needs to transfer funds to bittrex and buy nbt with it then the price will go back to normal. The real question is why is that taking so long. It’s an amazing deal right now to buy nbt at sub $.90 prices.