Statement on Status of NuBits and Liquidity 2018–03


#41

i m not an official. I m a proffesional trader. I know when i see an opportunity. Buy the dip is always my moto.


#42

How does TUSD stabilize? they don’t use walls that I know of


#43

Actually I understand that. Wish if I would have some money but unfortunately my money is locked in NBT which I purchased at 0.99, so I I am at a big loss.


#44

They take 1 USD before issuing 1 Tether. Always backed with real money.


#45

The reason its taking so long is bc the confidence is lost in NBT. Everyone is trying to get out, and think about the nature of what you are talking about.

  1. With a very thin Bid section, when the real panic starts, the price will go into a free fall
  2. The more people who fill up on NBT at .89 or lower have no reason to wait for the price to get back to $1 to sell profitably, hence causing more dumps on the way to $1
  3. The more time it takes for NBT to sell their Nushares and get the proceeds to Bittrex, the more and more orders will fill on the Ask section, thus causing more funds needed in order to get back to $1.

Ultimately, I think we are looking at a process that at this point is going to take a long time to fix, if ever. Depending on your time frame, and how far you are willing to watch the NBT price topple in the near term, you will probably retrieve the funds one day, but the more time this problem persists, the longer the recovery will take, for all the reasons I just laid out for you.


#46

i suggest everyone to hold your horses and not sell at big loss. Go play chess or smt, bang your wife just dont sell at that unacceptable price.


#47

i m not all in in to crypto. i have a steady flow month per month. And i consider the money i invest into it, lost from the beginning. So i can wait.


#48

I think 2/3 causing an uncontrollable domino effect would be harder to do in practice than you describe. All that needs to happen is any whale; doesn’t even have to be the Nu team to buy it.


#49

i m more freaked out that i didnt sold dash at 1500 dollars. But i can surely hold.


#50

Where are these whales??? If this whale ever does arrive, why would he ever let the price get back to 1$? Wouldn’t he rather let it get to .98 and dump it, to start the process over again??? Have you looked at the order book??? 8 BTC in Nubits to drop the price 1400 sats. There are not very many interested buyers at the moment, and a lot of people freaking out. it would take a quick drop in BTC to bring back the buyers, and even so, they might not be trusting NBT at the moment and more interested in TUSD or tether.


#51

That’s making the assumption people are informed of the details of the nbt situation and have also decided to be bearish on that rather than just seeing discount nbt and thinking they can get an easy double gain from a btc hedge + nbt reversal. Even if nbt drops at $.98 that’s not outside the normal behavior of the coin, the sma line has been around $.98 many times in the past.


#52

I have been doing the same thing you do for months, just trying to make 2.5%/day. I know what you mean. Whales tend to research million dollar decisions from what I know of them, and I am sure they would research why NBT is at .89 before investing, and I am guessing they know the normal range it trades and would certainly be curious to know that the reserves are empty and that is why the normal range has been breached.

This problem stems ultimately from the nature of how the Nubits teams uses their funds. Instead of putting up walls, they should have a bot capitalizing on other orders that are out of line, and immediately turning their funds into tether. Holding their funds in 100+ BTC is death in a bear market for them, and yes, they could keep the peg, but lose millions of dollars, instead of keeping the peg and making millions. Very stupid


#53

Bro, 3 BTC worth of Nubits drops the price 400 sats at the moment, the real carnage is about to begin, hope you got out already and aint holding bags


#54

You essentially describe a malfunctioning product as a steal? Do you know what Nubits is supposed to do? If you see a seemingly brand new BMW being offered to you for $500, would you buy it just in the hopes of selling it at a higher price? I would take my money and run. And in this case it’s even worse because I have to wait for idiots considering the broken peg a steal. I hope you are buying like mad so I can get out asap with a high five figure number on Nubits. You don’t really think I will ever touch this again do you? There is the loss on paper right now in Nubits, and there is another potential loss of Bitcoin rises. And if Bitcoin rises even more people want to get out of Nubits, what then? Are you still buying? Nushars is almost at 1 Satoshi.


#55

Look how many Nushares they bought back for $48,609…


#56

This price still isn’t really outside the normal range for them looking at the 1D chart.


#57

Ghaleon I offer you 68,000 Nubits for 0.96 each. Are you interested?


#58

Is that you at the 9866 satoshis?


#60

I’m going to run my orderbook tracker here. Gimme a few.


#61

Bro, I aint even trying to FUD you, imagine how many people are not trading and holding NBT right now, once everyone realizes what is happening, the order books are going to get wrecked, I would just sell it all now, I am stoked to have gotten 20k out at .92, by time I was done selling it was .90