Statement on Status of NuBits and Liquidity 2018–03

[qwerty12345]

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?

[Ghaleon]

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.

[donthavename1]

Sell wall is the end game, they know its over, they want to dump bags

[ChrisConners]

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.”

[ChrisConners]

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.

[ChrisConners]

I know how Tether works, was asking about TUSD, the new coin on Bittrex pegged to the inverse of BTC/USD (ie NBT)

[donthavename1]

Yea, well when the peg was lost in 2016 it took 6 months to get back, those gains can be made elsewhere in the mean time, people didnt hold NBT to make money, they just wanted something stable, and to not lose money. When the money started disappearing, they panicked and sold, bc they werent interested in holding something for months in order to break even. Either way, if NBT gets the peg back, I would go back to arbitrage with that and tether, I have no interest in trying to support the NBT system they can’t support themselves. The NBT team is obviously stupid, they hold BTC instead of holding tether to support their system, so they lose tons when BTC drops

[expert]

I’ve sold my NBT at $0.80, fuck this shitcoin

[leka]

The NBT team is obviously stupid, they hold BTC instead of holding tether to support their system, so they lose tons when BTC drops

Are you saying one stable currency (NuBits) should use another stable currency (Tether) to work?

[DavidMc0]

The NBT team is obviously stupid, they hold BTC instead of holding tether to support their system,

Nu is aiming to be a Decentralised alternative to Tether, which is vulnerable to the company running off with people’s money if they desire.

It would completely undermine Nu if they held significant reserves in Tether.

The flaws I see in Nu are not holding Bitcoin, but not keeping high enough reserves when times are good, and not offering services that create clear profit & ongoing demand for Nubits even in tough times (e.g. lending activities that require ongoing repayments & are fully backed by borrower reserves).

This makes Nu very vulnerable when demand for NuBits drops & reserves run low with little market for Nushares.

[DexiLexi]

Holly Shit Sell & Run ! Piece of Sh*t Coin.
Stable My a**

[ChrisTDM]

Hi ,
Can someone explain me what’s really going on and what went so wrong for the past few days ?
I bought a lot of nubits , like a 6 figures amount a month ago to “secure” my money with the “World’s Best Stable Digital Currencies” and now that ?

From what I understood :
The day it started to crash : “Upcoming South Korean and Japanese NuBits6 carry promise” “we’re asking a company specializing in exchange listings for help. Costs are high for listings »
The way Nubits make money is the simplest way in trading : “buy low , sell high”, having a wall of buying back around 1 Million USD at 0.95$ and a wall of selling at 1.05$
“Volume peaked at $86,000,000 across 24 hours on major exchange Bittrex, and averaging $20M/24h. “
So you make big money on the difference and probably the volume of trades that Bittrex rewards you for.
And it tends to happen recently in the past 3 months since we had a huge pump and dump in the cryptocurrency world and people like me are looking for some safety.

So what went wrong ?
Don’t tell me it s because of nushares , because nobody cares about nushares.
Why people invest in nubits ?
Only because it s decentralized (more secure) , no fiat = no tax and has been stable at 1$ for the past 4 years now.
Since the article has been added the same day of the crash it seems like you deactivated the buy wall of 1 million ? to use the money to pay an agency and get listed in Asia ?
Well guess what ? if you still have some of the money you should better use it to go back to 1 $ with some sell limits to smooth everything and have a good chart.
Because it’s gonna be hard to sell to Asian people that you are “World’s Best Stable Digital Currencies”.
The longer we stay under water the quicker all of this failed.
And Gambling on “look at our chart we are worthless , if we go back to 1$ as we are supposed to you gonna make very good profits is a HUGE risk !
Some companies focus on their strength (yours is the long time stability), other try to be average everywhere( could be having Nushares here).
Guess who win ? So please manage things with NuSharesholders they could be reward on more time than expected if you need liquidity but if the price doesn’t go back to 1$ soon the risk is that they will never be reward at all.

[Winter]

The peg loss has nothing to do with the South Korean or Japanese coins announcement. It’s just that the peg is backed by NuShares, and it crashed ridiculously the past few weeks. So right now the valuation is too low to maintain the buy wall. We just need to buy some and wait for people to wake up and see that the current price of NuShares makes absolutely no sense, and things will go back to normal. NuShares should be in the tens of $M at least, compared to other alts for a project of this type, and given the huge volume on NuBits which is how NuShares gets revenue.

[gesite]

Statement on Status of NuBits and Liquidity 2018–03

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!

@jooize please why aren’t you selling more Nushares? There is no reason to protect Nushareholders. You let your customers suffer! READ WHAT YOU WROTE IN FAT LETTERS AT THE END!!! HOW LONG WE NEED TO WAIT, I AM PISSED MAN SERIOUSLY!

“A fear of utilising Tier 6 led to depleted Tier 1–4 and the broken peg.”

[daztek]

Ive got over 150k nubits, i think we’ll be stuck in nubits for a while mate and hope it gets resolved soon. But its not a good look for nubits or nushares if it doesnt get sorted asap. Think we could be waiting a while tho. We better get compensated when they go back to $1.00 My nubits are in coinomi. Are we mean to store in nubits wallet to get compo did i read that right?

[leka]

We better get compensated when they go back to $1.00

If you want to get compensated then park your Nubits. You will get high interest that will be very attractive when the peg is restored.

[donthavename]

Anyone who continues to buy nubits prior to their delising on bittrex will get what their stupidity deserves, rekt!

[daztek]

Is it possible to park then in in the coinomi or would i have to download nubits wallet from website?

[leka]

I think you can only park in the official wallet.

[daztek]

There doesnt seem to be a “park” option on nudroid for android. Unless it only displays option if you have funds. I tried downloading windows version but its 64 bit my laptopto is 32bit. I downloaded nubits on my mac it failed to open once app installed.

Im not getting a great feeling about this whole nubits situation. It seems like the team have really made some poor decisions or not acted quickly enough and have lost control of the ship. If the team cant establish nushares and nubits in asia and get on more US exchanges i think we can say goodbye to our money. They really have to get their sh*t together fast.