[ANN] The plan of how to move NuLagoon forward

henry 2016-09-19 21:17:57 UTC #1

Dear Nu comunity and NuLagoon users:

We are glad to see NuBits’ peg recovered nicely. It’s a remarkable achievement. Congratulations!

Just like before, we will always do our best to serve Nu’s needs in a professional and faithful way. We would like to post the outline of how we will move NuLagoon forward in future. We plan to:

Close NuLagoon Pool A, C and D, return all funds to investors.
Resume NuLagoon Tube operation, let it functions as a NuShareholer gateway.
NuLagoon Tube will be compensated by 500NBT/month, the payment should be made with no delay more than 3 months. (@phoniex, please comment or confirm)

The whole work will involve the following steps:

Ask for the custodian fee grant for the period between last grant and the date NuLagoon suspended operation.
Calculate the final NAV of each pools.
Trade some NBT for BTC and return funds to pool depositors.
Change the code and setting of NuLagoon Tube to let liquidity operators pile up or withdraw from buy/sell walls.
Restart NuLagoon Tube.

Our goals are:

NuLagoon Pools investors will get a whole return.
NuLagoon Tube users can trade Nubit-Bitcoin just as exact same as before.

Thanks.

Henry

Phoenix 2016-09-20 01:44:45 UTC #2

Henry and I have negotiated this plan and it has my full support. Thanks Henry for being a steady and reliable friend of Nu through these difficult recent months. I am disappointed that events beyond your control did so much to damage your business. I hope we can find new ways to grow it with our new liquidity operations model.

Yurizhai 2016-09-20 19:20:45 UTC #3

Give me a breaaaaaakkkkkkkkkkk!

Phoenix 2016-09-20 21:50:27 UTC #4

I’m surprised by your post and have to confess I don’t really understand what you are saying other than you don’t like the OP. It surprises me because there are lots of goodies in the post for a lot of people, and I don’t see why anyone would be opposed to it.

NuLagoon, after taking customer investments in the pool, was unable to return its BTC deposits through no fault of their own. NuLagoon was drained of BTC without the ability to retrieve it simply because the peg was abandoned. I want to emphasize @henry did not do anything to create the situation. On the contrary, he has been consistent and responsible in his actions. But anyway, BTC and US-NBT belonging to NuLagoon pool users has been frozen for months. Due to the restoration of the peg, we are now in a position to begin returning pool users’ US-NBT and BTC at full value and in full quantities. That’s a good thing, right? We are making NuLagoon pool users completely whole after an unfortunate freeze of the funds.

We are also reactivating Tube at a very good price.

So what’s not to like? Hopefully there has just been a misunderstanding.