There is so much misinformation around $TRU that I want to clear some things up:
TRU can be purchased directly through the Truebit OS. Every buy from the OS increases the ceiling price (price per $tru via OS) by a little.
TRU can be purchased directly through the Truebit OS. Every buy from the OS increases the ceiling price (price per $tru via OS) by a little.
People are calling the ceiling price the "price floor" and claim that the price won't go below that. This is wrong: Instead of buying $tru you can also retire it through the OS. When you retire $tru you get way less than what it would cost to mint new $tru:
[05-03 09:03:51] info: Purchase 1 TRU for 0.000422626075133941 ETH, or receive 0.0000528282592974 ETH for retiring the same TRU quantity.
That means the amount you get for retiring $tru is the price floor, and the amount you pay to mint new tokens is the price ceiling.
Current price ceiling: ~ $1.26
Current price floor: ~ $0.16
Current price ceiling: ~ $1.26
Current price floor: ~ $0.16
Since the drop of $tru there has not been any significant minting going on anymore. Once the price of $tru goes over the ceiling price, people will start minting $tru on the OS again. The supply of $tru is elastic.
There are also plenty of people who think that the arb bot is here to buy $tru when the price dumps. That's wrong. The arb bot is taking advantage of the price difference between the OS and uniswap.
Since you get significant less $ for retiring $tru on the OS (currently $0.16) it wouldn't make sense to retire the tokens at the current price levels.
The arb bot will continue arbitraging, once he has the opportunity to do so. And that's going to happen once the price reaches the ceiling again. Rather sooner than later.
And to everyone who says:
"$tru is designed to only go up"
"tru price will never fall below the floor price (they mean the ceiling price)"
"bot will buy every dip because only up"
You would be better off with the usual scam and meme coins.
"$tru is designed to only go up"
"tru price will never fall below the floor price (they mean the ceiling price)"
"bot will buy every dip because only up"
You would be better off with the usual scam and meme coins.
Because of all the misinformation and moonboys aping into @Truebitprotocol a drop was imminent. It became obvious when you checked Twitter and Telegram.
But the people who $tru-ly understand, did buy your panic sells.
But the people who $tru-ly understand, did buy your panic sells.
Current ceiling price is: ~ $1.35, since $ETH pumped like crazy.
Thanks for pointing it out @truebitmaxi
Thanks for pointing it out @truebitmaxi
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