This threat is based on the scenario in which a mining facility operator might be desperate by having invested hundreds of thousands of USD, maybe even millions and not knowing how to cover the costs.
It would be good for that operator to at least cover the costs of building that facility.
Assuming that the mining would have been done by selling a part of the Bitcoins and keeping some for speculation that could be achieved by selling those kept Bitcoins.
That might be an explanation for this downward spiral we see at Bitcoin’s price for some time now.
Dropping prices cause more Bitcoins to be sold until there are no left in the pockets of that operator.
Now begins the real threat - not for the operator and not in terms of selling pressure at the markets.
That operator now has an incentive to use the hardware for attacking the network trying to cover his loss.
If it’s just a small mining data centre with only a few PH/s, that wlll hardly be successful.
If it’s a big one it will be dangerous.
This is the ugly face of the combination of centralization and the need for expensive specialized mining hardware. The little guy can’t do anything to leverage the effects of big mining data centres going wild.
That is a nice elaborated scenario
That operator now has an incentive to use the hardware for attacking the network trying to cover his loss.
Attacking the network to achieve double spending is an exit scenario for desperate mining data centre operators.
Afterwards they can still use the hardware to mine anything else (that is compatible), maybe Peercoins.
Someone keeps selling large amounts on bter down to 7 microbtc. They sell ~10 btc every week or two. Someone is also putting up big buy and sell walls in bter. I wouldn’t be surprised if they’re the same person.
Who is dumping? This even isn’t realistic any more because most people bought in at much higher prices. Is there anyone left who isn’t under water by now? If people are selling with losses then it’s a pretty bad sign. Nu hasn’t done very good lately, is it dying? Now that the source code is revealed it’s risky to perform badly.
There have been 4000 usd trade volume over the 24h.
Assuming this is all sell transactions, that means 2m nsr have been sold.
I feel there are a couple of early investors that got plenty of them back in Sep.
Those investors have not been active for a couple of months already.
Maybe they are the sellers.
I don’t put much value in reported prices right now. With tiny volume every minuscule buy/sell (10 NSR, 50 NSR, etc.) gets reported as gospel “truth” by CMC as a representation of the whole.
With the thin sell sides it wouldn’t take much to see a complete reversal of the trend (which also doesn’t mean much).
I am no expert of P&D, but having traded alts for a while I ve seen many and NSR seems nothing like it. It has a completely different history.
People selling now are probably investors who bought more than what they could afford to lose and now they need some liquidity .
Lets say in september you had 8k$ total in crypto-savings, and you bought 5k equivalent of shares while keeping 3k in BTC.
Fast forward to today, BTC price derailed, NSR price went down and you realise it is an illiquid market, and you need to pay the bills tomorrow. If those were your only savings, you might want to move on with life .
How many NSR are actually in circulation or, more precisely, available for trading on the markets. Is it all 815 mio? Or does that number include huge amounts that are not yet available for sale and belong to Jordan or someone else from the dev team?
Allow the market to clear those trades, for every sell to take place there needs to be a buyer, you can see some happy people buying in cheap, it isn’t an unhealthy sign with such a volume,
There are ~816M NSR that have been distributed, but no where near that many are available on the markets to purchase. Many are held in wallets, minting blocks and casting votes.
Just like Bitcoin – you’ll not find a majority of the current ~14M BTC supply for sale on exchanges.
The thing is I started buying in from 2000 sats all the way down to where we are now. I did that because I applied a valuation to the whole NU project that is higher than what is currently displayed on coinmarketcap for example. I did that because I was pretty sure that most other people will do so as well since there has been put a lot of effort into this.
It is also not like those sell walls on poloniex get easily eaten as if people were really paying a lot of attention to this project and are now happy to get in for a pretty cheap price. All in all, it looks a bit weird to me. If this was a pump and dump scheme, it would have been quite a sophisticated one I don’t think so, but nothing is impossible…
Yeah I’m also pretty convinced that once we get some volume the price will go up. Things should start changing rapidly for the better once we get exposure on some major altcoin exchange. Any ideas how long should it take to get us listed on places such as cryptsy?
An exchange where a lot of Asians trade would be nice. I think that they will the style of the project a lot. The volume on bter wasn’t bad at that time. It was either fake to pump the price or a lot of Asians were involved. Not sure if Cryptsy alone would change anything.
I’m excited for what the future will bring. There are a lot of smart people in the community and a lot of really useful, novel, and innovative ideas being floated around.
Nu, like all “upstarts”, has to work twice as hard as the market leaders because everyone assumes that it should do everything that they do plus bring to market scores of new ideas.
The patterns over the past year also indicate that cryptoasset investors are also prone to chase after “quick money” instead of seeking out investments based on fundamentals or long-term outlook.
I believe in diversifying your risks, and if you need to reduce your exposure to Nu, I can’t be mad because I understand why. On the other hand, my involvement in the project is because I see a future where Nu has become a tool that many use and a community that inspires others and continues to bring innovations to the World.
To me it is clear that there are no other crypto-asset innovating as much as Nu and for this reason, I am holding all my shares because I want to vote and contribute substantially to its development.
It is true that NuBit has not fulfilled yet its mission since there is still no use of it as a currency (as far as I know).
Therefore, having a decreasing NSR price is not particularly surprising.
However when NBT starts to be used a daily currency, I certainly expect the price of NSR to ramp up.
I don’t think so, but nothing is impossible…