Statement on Status of NuBits and Liquidity 2018–03


#102

I have literally lost 7 btc worth of value of my initial 16 btc. We are literally screwed. Seriously considering taking my 9 btc and wearing as an expensive lesson.


#103

Cant see this getting any better… only worse.


#104

we have seen this movie before.


#106

I have lost half my bitcoin that i stated with. I started with 16.65 btc 6 days ago now only have 8.8 btc. I couldnt bare to look at the price fall any longer as price of btc takes a dive towards 6k And gamble on lossing the lot wait for tier 6 nushare sales or gamble on the success of nushares finding new markets in asia and europe. The choice was gamble and hope or walk out with some btc and invest in other shitcoins and wait til 2019 for returns.


#107

Optimal timing for @jooize to hold some presentations at conferences. @jooize is anything scheduled anytime soon? You were very enthusiastic about it a few weeks ago. Any chance we get to see a passionate presentation from you? I think it’s time for @Phoenix and @jooize to agree on a big bonus should they be able to re-establish the peg. They’d really deserve it.

Everyone in this thread should check the history of Nu. It is about theft, insider trading at its best, zero transparency about payments to employees and contractors, front-running (Nushare buybacks and Nushare sales can be timed by one single person, think about it :wink: ), banning critical voices… The list goes on.

Nubits is an interesting project. It lacks vision and professional leadership. The problem is that @jooize and @Phoenix pull a lot of money out of the system without anyone taking notice (unless you thoroughly think about all the relevant processes and the auditing measures (zero!!) in place). They argue that self-interest is what ultimately should make Nu successful. The problem is that Nu needs to be raised like a baby. It requires unselfish parents who wait until the baby grew up and can stand on its own. Only then might the baby turn into a rich person later on that is keen to pay back to its parents big time.

@Phoenix introduces bonuses like options, throws around other cash bonuses, and raises hourly rates. Its comparable to teaching a 6 months old Chinese, theory of relativity and a few other challenging things at the same time. Wrong incentive structures and so on and so forth.

Last time they had an excuse. There was a group of people anticipating the crash. In anticipation of the crash that group of people changed liquidity provision policies. The crash came nonetheless. @Phoenix, who back then emptied reserves and cashed in a lot of money, argued that the crash was due to changes in policies while the group argued that the crash was inevitable anyway. @jooize, receiving frequent shady payments from @Phoenix, jumped in to defend @Phoenix.

In the real world we all know consequence were due right now. @Phoenix and @jooize would be fired. The problem is that the distribution of Nushares was, has ever been, and will always be shady. Motions putting @Phoenix under pressure don’t get through. There are two ways to interpret that. @Phoenix insists on being indispensable and “shareholders” would acknowledge that.

Even if they were to be replaced, it will be hard to find someone to take their place, unless that person may also stay anonymous. It is not known who @Phoenix is. There is not a tiny piece of information available about him and there are very good reasons. You can imagine that the business @Phoenix is doing when it comes to Nu always puts him with one foot into jail. Especially the insider trading practices are what put him at risk. While the same applies to @jooize, it is relatively certain that he is publicly known.

You all should know that @jooize earns thousands and thousands of dollars from Nu while you are all afraid of losing your hard earned crypto assets. There is no transparency about those payments. I once read that there have been “payments to contractors” in the amount of $40,000 dollars within a matter of weeks when there was no development going on whatsoever. Back then @sigmike and @woolly_sammoth explained that they don’t even account for a single percentage point of that amount. They are the only developers of the network. It would have made at least a bit of sense if they were the ones who received the money. They didn’t.

@jooize never explained where that money went, and he claimed that there is a right to keep those payments private. Beyond doubt, the money was taken from the Nu network. Ever since I decided that Nu isn’t anymore a funny organization that I could make jokes about. Back in that moment it turned into a highly criminal business that I would never want to engage with again.

To anyone here, be careful about your decisions. It is possible that Nubits get back to $1. Be prepared for large bonus payments for peg restoration even though @jooize destroyed it in the first place. Be prepared to be diluted if you are a Nushareholder in a way that is unfair and unjustified. Be prepared for @Cybnate to jump in to tell you that we all knew this is only an experiment (she get paid by Nu). Be prepared for @woolly_sammoth to become more active and defend the network. He is paid by Nu very significant amounts of money (admittedly, he is working a lot for the network and creates value on the development side of things). Be prepared for @Phoenix to crush you all again. Be prepared for @jooize to demonstrate his lack of experience, leadership, damage control abilities, and his biggest weakness: his lacking ability to put self-control over greed. @jooize and @Phoenix always considered Nu the perfect cash cow.

Good luck to everyone!
Yours,
MrBrean


#108

Also, since it is not unlikely that I get banned, don’t be surprised if I won’t show up again. Banning has turned into a standard practice for @jooize.

Good luck!


#109

Glad i got out now. Nushares will surely fail. Who is going to trust them now??


#110

Theres no market capital in nushares. Massive risk, these guys have more than likely fleeced the company they know its worth jacksh*t if they cant get more investors. Im now thinking china korea and japan probably wont want a bar of nushares.


#111

hold to die, I hope NU = 1 $


#112

Ok so basically , we stabilize a money with a volatile one ? and if the volatile one goes in the bad direction then no more stability ? :confused:

So what can nubits holders do ?

  • Buy nushare ? sorry all my money is in nubits …
  • Park the nubits ? if yes please tell me how much in total it s needed and for how long we ll need to wait to go back to the 1$ pegged
  • Pray ? Not my thing

#113

The reality is it could take 6 months plus, if at all… I’ll keep a close eye on nushares and think about reinvesting if they get listed on exchanges to recoup loses, probably not tho.


#114

mrbean mentioned something interesting about how much nu employees are being paid. This is something that I have been wondering about too and would like to know what source is he using to see these transactions? Block explorer?


#115

I dont know he could be trolling but he also could have a point. I think they liquidated nushares, maybe to line their own pockets or expand the business to asian and europe markets. What i dont get is if they are expanding its probably so they they fleece the rest of the world too. Fucking shit coin.


#116

They really gonna stuggle with this project no gives a shit about nushares there are so many icos on the market. what i dont get is why they keep selling nushares they not gonna get nushits back to 1.00. And if they do no one gonna buy them. Theyre done.


So... what's happened to the 'pegging' since 19th March?
#117

Contractor payments and network expenses get listed in https://github.com/NuNetwork/Payments/blob/master/Payments.csv.


#118

Pessimism is natural when money is lost, and many of you lost significant sums. I am truly sorry that is the case. I would never lure anyone into something I believe is fraudulent. I am really operating publicly with my real identity, but I don’t advertise my location to people who wish me harm. I didn’t design Nu, but came to be in this position via a situation where this community entirely demonized a person who was attempting to have custodians execute the liquidity model as planned and began worrying about a seeming lack of commitment to liquidity. As shown in Timeline of events related to the peg break 2016, a member of the previous liquidity team (FLOT) who carried out the only NuShare sale they performed placed the proceeds at 90% devaluation of USNBT. That’s supporting the peg at $0.10 when it had been advertised at $1.00. Same member then openly stole a remaining 13 BTC trusted with them for liquidity provision. Further reading of our history may be interesting, but please take extreme care to look at the facts and evaluate who said what and why. If you come out of it with the opinion that I’m wrong, I want to hear that with real arguments and references behind it similarly to how I have carefully tried to represent my stance on issues.

When people come only to criticise and attack the character of those who do work instead of putting forward their own efforts especially after previously being involved themselves, I don’t understand what their motivation or value structure is. Such people have continually speculated the worst in basically every step of the way. It’s remarkable that they originate from our own community and I would probably consider that’s a huge red flag if I didn’t know almost all parts of NuBits’ history since 2016. As such I’m just disheartened by the destructive attitude.

If you know better, then go create that! Or even better, present yourself convincingly to shareholders and take over operations. I’m just trying to fulfill the vision of NuBits as a decentralized stable digital currency to the best of my ability. Certainly there are people who can do it better than I, and I’d be happy to profit from others’ efforts, but who will do the work? A project called Augeas emerged as a fork of B&C Exchange (sibling project) with shareholders of Nu that didn’t vote for the direction we were going, which from the way I see it was to honor all issued NuBits instead of giving up and starting over. I wasn’t bothered by that and kept going until eventually NuBits’ peg was restored (with NuShare sales).

Every day I try to see past the negative and sometimes aggressive messages in order to continue building what many people yet do believe can function and provide utility for huge demographics. I will keep going as long as there is confidence in our progress, meaning investors buying NuShares. Those who recognize the fundamentals, i.e. believe that we can make this work in the sustainable manner expected, should help bootstrap a healthy NuShare market now.

I want to identify and resolve any weaknesses in our liquidity model, but perhaps unfortunately I do not much trust those who seemingly just come around for facetious remarks in challenging times.


#119

Any chances of working with bittrex to list nushare on their exchange in order to bring back nubits peg? What I worry the most is bittrex delisting nubits on their exchanges. I really think the team could bring back the $1 peg if bittrex doesn’t delist nubits. Is it possible to know any ongoing communication with bittrex? Hope everything will go back to normal soon.


#120

I’m still waiting to recover nubits to $1. I had to miss lots of chances that I could earn bitcoins.
Watch your competitor, TUSD!!! It is over 14,000 satoshi, otherwise Nubits is just 5580 satoshi.

Please show some hope to your investors. Nowaday almost investors lost hope because of this situation. we can’t expect to be more…


#121

I translated Nu whitepaper into Chinese in 2014, keeping giving out suggestions to Nu. Also saw pegging crisis in 2016, still no harvest after investing more than 100 BTC to B&C project in 2015.

Hey men, please respect others’ hard working. I don’t believe @jooize or @phoenix are scammers, although I have some different opinions with them from day one.

This is the best of times, the worst of times.


#122

What you believe is irrelevant. This isn’t a church. You can “believe” that they don’t use info for insider trading. Are there measures in place to eliminate that possibility? No.

Digging through this forum it shows that @Phoenix repeatedly said that those who complain here could simply buy a stake in the network. What is the best time to do so? Just wait until @Phoenix and @jooize fail to serve the network successfully, which is now. But what do they do? They “protect voting integrity” by limiting the possibility for others (competitors) to take over control. The economic incentives that @Phoenix always praises now work against him and he simply establishes protective restrictions as Chief of Liquidity Operations. Keep believing @Sabreiib, maybe Nu can build a small church for you.