Something is wrong at Bittrex. Just looking at the charts at https://nu.crypto-daio.co.uk/charts/current_liquidity
Liquidity has dropped to $13 from $500k in 24 hour. Is this why there is no bid wall?
Why nobits is being traded @94$ on bittrex?
Immediate reserves are low. However, we’ve previously backed all NuBits exiting circulation using proceeds from NuShares sales which subsequently brought NuBits’ market cap to 10x the previous high, and NuShares up to 160 satoshi.
Liquidity Operations will continue applying the model to back circulating NuBits using the methods that have successfully provided liquidity in the past, albeit with an expected delay.
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When can we expect walls on bittrex to return???
Walls will gradually return over time as liquidity flows into the system via NuShare sales.
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It’s been over 36 hours now and no liquidity. Can we have a proper statement of when the peg will be back?
Guys you scam us? I used Nubit as stable currency, and now I can only sell at a loss of 10% or more. What is this? I have a lot of Nubits. I want my Bitcoin back when can I get it??? The market is going up and I have fucking Nubits. This is scam and you know it because you make money with my Bitcoin now and I am sitting on this shit and you make no buy walls because you want to benefit from bull run and we lose out as customers. I want a solution and I won’t wait!!!
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This makes me nervous, if you don’t create buy walls and allow me to get my Bitcoin back I will call authorities… I will wait for few hours, this is theft you idiots!
A stable digital currency without centralization and with deep backing capabilities takes more engineering than a purely reserve-based stable currency. Centralized stable currencies can store full reserves in the fiat currency they peg to while holders must accept the counterparty risks of a traditional business, banking system, and applicable government. Transparency in a centralized model is as of today not available to the degree made possible by blockchain technology.
NuBits is a system where liquidity initially enters by sales of currency token and revenue from spread trading (measure trading volume). Proceeds are kept in reserves by trusted custodians of the network, and as is one critical difference from most alternative models, part of the reserve is distributed to shareholders over time via NuShare buybacks. Purpose is to create an incentive for investment in the network when demand for NuBits declines. Relying entirely on the value of reserves is not viable. A major reason of the high demand for stable cryptocurrencies is unacceptable volatility of cryptoassets. It would be irresponsible to only hold cryptoassets for the full reserve value.
- Sell NuBits for $1.005. Back NuBits at $0.995. Generate profit from trading volume.
- Maintain sales and revenue proceeds in immediate reserves, the asset reserve (Tier 1–4).
- Determine value of asset reserve and calculate deviation from equilibrium threshold.
- Progressively spend funds on NuShare buybacks at a slow steady rate.
- Shareholders have the ability to offer park rates (Tier 5), i.e. interest for NuBit holders, which can stimulate demand of NuBits. Most effective with multiple NuBit markets (USNBT, CNNBT, …).
- As Tier 6, NuShares can be issued by shareholders and sold to back circulating NuBits.
We have always been honest about the backing mechanisms for NuBits.
Partial revenue is distributed to shareholders to create a mechanism for deep backing by incentive for investment in Nu when NuBits leaving circulation exceed the value of Nu’s cryptoasset reserve. Full backing of NuBits by design relies on investors purchasing new shares (NuShares) from the issuer.
— https://en.wikipedia.org/wiki/NuBits
Primary issue in the execution of our liquidity model is a lack of markets for NuShares and the low awareness among investors. Bittrex lists NuBits but not NuShares. Liquidity differences in the markets of NuBits and NuShares are expected by the model to be much smaller than they’ve been, and it is likely they can be. An enormous amount of cryptoassets trade with higher liquidity than NuShares. It has been a marketing failure of NuShares.
Sorry that you have to be concerned for your money. Liquidity Operations will keep performing NuShare sales and make listing of NuShares on more exchanges the absolute top priority it must be, along with marketing.
Although it is a stressful situation, NuBits can be successful with continued hard work. Last year we successfully backed the entire circulating supply of NuBits using only NuShare sales.
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Where is the warning? I thought I can trade back and forth as I like. You don’t put out a warning that this is not true! I started using Nubits after watching it a while and now you deceived me. You are writing one page after another here but MY MONEY IS STUCK! DO YOU GET THAT?
So does this mean that shareholders have my money now? When I buy Nubits you take it and distribute it and when I want my money back I am fucked? You know what, fuck you! I have a high five figure sum stuck in your fucking system. If I can’t get out without a considerable loss, I will report you to authorities!
TO ALL PEOPLE WHO HAVE BEEN DECEIVED HERE, IF YOU KNOW WHO RUNS THIS THEFT PROJECT PLEASE SHARE THE INFO
I’m operating with public identity. I have for a long time more than anyone been trying to explain NuBits clearly so that anyone can understand it, which can be seen on this forum. Our website is due for improvements, I agree. There is a warning, but of course we don’t display that as a banner across the whole site.
There’s nothing I can say to make you feel better, unfortunately. Estimating when liquidity will be restored is not possible in any meaningful way. Immediate reserves are empty, but as I will keep mentioning, NuBits has previously been backed entirely with NuShare sales.
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You can say all the shit you want, but the fact is currently we r getting ripped off big time.
TrueUSD is currently trading over 1000 satoshi above nubits in bittrex. FIX YOUR SHIT FASTER.
NuBits was never marketed as featuring a traditional reserve. Simply holding sales revenue in cryptoassets would make it only a collective fund that fully subjects everyone to the volatility of those cryptoassets without a viable backing mechanism for all issued units should their value decrease.
Nobody is being ripped off. NuBits is a novel design with immense potential that unfortunately hasn’t had the necessary maturation in each component. Our team consists of upstanding hard-working people who do not deserve to be attacked for their roles in this project.
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blah blah blah.
The world’s most stable crypto is currently trading 1000 satoshi below. 10 cents. Out of 1 dollar.
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
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?
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 ?
you will witness the .50 level soon
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:
Nu is a decentralized autonomous organization.
I just lost 2k on a stable crypto currency! I hope everyone dumps and gives up on this project as I have! Hello TUSD