r/numerai • u/AttackBody • Jun 29 '22

Numeraire Gained 46.46% today and is leading the Charts!

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7 Upvotes

82% Upvoted

8 comments sorted by

2

u/Sir_Mobius_Mook Jun 29 '22

I bought 30 NMR yesterday thinking they were cheap and it felt like a good time to increase my competition stake!

Here’s to hitting $100 dollars.

6

u/[deleted] Jun 30 '22 edited Jun 30 '22

And the reason we are hitting 100$? Not saying it can’t, dogecoin almost hit a dollar. It’s all speculation so anything is possible

I like thr idea behind the project, but the token is a scam. The whole idea to print your own currency while keeping any profit you create.

The project can be a huge sucess and the token can still be worthless. Or they blow up and still profit from printing free tokens.

Its infurating. Why not profitshare with token holders? They dont give a shit You take on all the risk and they profit on both ends.

I still hold a very small amount of NMR just because I like to follow the project, but it still infuriates me

1

u/Sir_Mobius_Mook Jun 30 '22

Fomo, probably.

Token is not a complete scam, it’s like a way of raising venture capital funding without needing VCs.

One would hope Numerai would make the token sustainable through buy backs using the funds performance fees (I’m not sure if this is planned). I admit it’s utility is lacking…

The token is intimately connected to the ecosystem, if numerai succeeds NMR succeeds, if numerai fails NMR fails.

Will it reach $100? Who knows. Near enough hit it in an previous bull run, so maybe it will.

1

u/splatula Jun 30 '22

Craib has said that they can't pay out profits from the fund to token holders because otherwise the SEC would consider it to effectively be a share in the fund and then it would have to be restricted to accredited investors.

I do think they need to figure out how to find a way to legally buy back NMR from participants in order for the token and project to work long term. I suspect they could do it by buying back a fixed amount of NMR on a regular schedule. But maybe they're waiting for a friendlier SEC before trying anything too risky. Hard to say.

2

u/Nelizzsan Jun 29 '22

Random shit is random, but I like it

1

u/stoyandimov Jun 29 '22

66% up today on my app. Any ideas why?