It seems to be that this really isnt a stable coin like kowala is. There should not need to be a backing by currency. yYou just need the right algo to keep it stable. From my perspective how is this not just like any other traded coin?
Nubits is an experimental currency and I do respect letting it play out following the conventions of an experiment. I will be watching to see where this leads.
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NBT at 0.79, looks like we all are now fucked up.
I don’t understand why those morons want to get out! it would be normal if there wouldn’t be such stupid traders.
and tada, NuShares are down by -67% according to coinmarketcap. @jooize what’s going on?
Edit: What the hell! I can’t believe my eyes, am I seeing $0.68 per NU? Is this your stable coin?
When you are getting your fucking reserve? will it come when it hits $0.20 again?
If nobody buys NuShares it cannot work. Market cap went from $60M to half a $M in the past few weeks. NuShares hodlers are the most irrational group in crypto world.
I’m not technical but I believe the major difference between tether and nubits is nubits doesn’t have the printer. So liquidity will have to be literally injected by volunteers. NSR has, in the past, done very well from a crypto investment standpoint. So, if one is interested in continuing the experiment, one approach is buying NSR.
When btc price rises, the management team sells nbt and buys btc.
When nbt prices go badly, the management buys nbt again.
Is not the management now doing such a scam?
tihs is fuckin scam coin?
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@yr334: Your post was caught by the spam filter.
NuBits are pegged to fiat currencies, and shareholders (NuShare voters) issue tokens to satisfy the demand and hold price down at $1.00. Proceeds from sales enter as Bitcoin, Ether, …, which get placed on the opposite side of the order book in order to provide backing liquidity for the sold NuBits. Amount kept on exchanges is limited to reduce impact of exchange default risk, and part of the proceeds go to NuShare buybacks if the asset reserve is above a certain valuation in relation to circulating NuBits. Further details in earlier explanation:
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This is the exact definition of a scam, I will petition bittrex to delist this coin right away. Where are all the bitcoins of the buyers? how did they exit the system so fast?
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Nushares have very few trades, and as time goes by, a lot of money is needed to get back to $ 1. Are there any countermeasures against this? You are a cheater because you have issued a coin from the beginning with a garbage - like plan.
I will strongly protest to remove this coin from bittrex. Do you know how many people lost money because of this damn coin?
What is the Equilibrium Reserve and why is there a $4.606 millions? You have somewhere $4.6 millions and letting NBT to die? That really raises some serious questions.
They are presumably likely to be taking advantage of the rise in bit coin. You have to remove them from the bittrex before more victims can be found.
Equilibrium Reserve is the threshold between NuShare sales and buybacks. When the Asset Reserve is worth more than the Equilibrium Reserve, NuShare buybacks commence, and conversely when the Asset Reserve is valued lower than the Equilibrium Reserve, NuShare sales are performed to increase immediate liquidity toward equilibrium.
I say “immediate liquidity” because the deeper liquidity tiers 5 and 6 bring liquidity not immediately accessible.
What I don’t understand is why don’t you sell as many Nushares as necessary to refill the buy side as fast as possible? What is the problem?
https://grafana.crypto-daio.co.uk/d/000000027/supply-reserves-and-equilibrium?refresh=30m&orgId=1
According to this link I have to wait 17 days to see enough Nubits be put on the buy sider in order for me to be able to sell my Nubits??? Please sell Nushares as you say the network should do! START NOW MAN!
By then BTC would have rallied, they would have made money with our BTC. Bittrex would probably delist them and the price would go down further. Just look at Nushares on coinmarketcap, does this look like it can replenish their supplies?
Maybe the sell wall should be taken down for now to at least attempt to organically grow the price. You can see here it caused yet another big drop by just appearing.
Sell wall is the end game, they know its over, they want to dump bags
They may be trying to raise BTC funds by selling NBT, even at a steep discount. If they dump enough they will have enough BTC to start raising a buy wall. Sucks for those that sold but their view will be. “too bad, we told you to hold.”
to expand a bit… NBT has always been known to keep its peg through market manipulation (buy and sell walls). So, why not take a Tether approach to this problem and just print more NTB to solve this problem. Better to get back to $1 fast and make it look like a temporary problem than let this linger.
I know how Tether works, was asking about TUSD, the new coin on Bittrex pegged to the inverse of BTC/USD (ie NBT)