Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error

[bytemaster]

You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.

http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

[Ander]

You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.

[biophil]

:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.

The underlining issue here is that "trading bot would cause problem for the funds , so the owner take it down ." 
What happens if the trading bot did cost serious problem and the owner wasn't there to take it down ?

Then the lost fund would become a deficit in the system .
This case just showed us how that can be possible .

Yeah, I get that part of it. I'm just trying not to bash other cryptos (xeroc inspires me!) for relatively minor lapses. If the bot going down had caused a panic, then that would be real cause for concern.

I'm just trying not to be a Nxt-style blind fanboy :)

Sent from my SCH-S720C using Tapatalk 2

[btswildpig]

:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.

The underlining issue here is that "trading bot would cause problem for the funds , so the owner take it down ." 
What happens if the trading bot did cost serious problem and the owner wasn't there to take it down ?

Then the lost fund would become a deficit in the system .
This case just showed us how that can be possible .

[biophil]

:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.

[Riverhead]

The same mechanism that gives them instant volume can give them instant trouble. I suspect this can be mitigated with more sophisticated buy wall bots but it still underlines the centralized nature of their asset.

[islandking]

How many nubits were sold underneath the peg? I would imagine some people made some money on this....

[cass]

Haha .. nice ... meanwhile bitUSD holds ... lets mark this day in the calender because as of today we have the ONLY decentralized exchange with pegged assets without counterparty risk ..

A great day for BitShares 8)

+5%

Edit: damnit .. i promised myself not to bash other cryptos :-\

+5% let us focus on our quality products! No politics in this way! Let us give the users chance to decide on their own without complains etc ...

[btswildpig]

:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

[biophil]

:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

[alt]

ironically, every time the big drop of the price just  prove how success BTS is.

[xeroc]

Haha .. nice ... meanwhile bitUSD holds ... lets mark this day in the calender because as of today we have the ONLY decentralized exchange with pegged assets without counterparty risk ..

A great day for BitShares 8)

Edit: damnit .. i promised myself not to bash other cryptos :-\

[btswildpig]

 :o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time and resume to normal today , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....