Right now things are going our way. NuShares are up nearly 100% in the 8 or 9 days since it began to become clear I had a real chance of being elected Chief of Liquidity Operations. NuBits are up more than 100% in the same time. The market and shareholders heartily endorse my candidacy and my plan.
But we have hardly sold any NSR so far. We had a tremendous opportunity to sell NuShares at great prices with high liquidity on June 29th and shortly thereafter, but this opportunity was almost entirely missed because the organization was unable to place NuShares on exchange for sale in a timely manner.
Today, once again we have a NuShare price that is skyrocketing on very heavy volume. We should be aggressively selling at such times. Unfortunately, NSR sales are still very impaired due to unavailability of sufficient NSR. This might surprise you, given that I just had a grant of 20,000,000 NSR come through in the last day. Let me explain.
FLOT NSR still hasn’t transferred NSR to @jooize that is needed for the auction closing Friday. We also had someone request to purchase 15 million NSR from us in the last day. Complicating the sale is the fact that neither @jooize nor I have confidence that we can actually access enough NSR for the auction and this sale combined (that would be 22.4 million NSR), much less NSR for next week’s auction and open market sales on Poloniex. This is a time to display the power of our liquidity engine. We only have tier 6 right now, NSR sales. But we are desperately short on fuel, even though demand for NuShares is quite high right now. It is very suboptimal, and not in line with the models we have developed in the form of passed motions.
FLOT NSR, will you please help us maintain maximum momentum by making NuShares available according to NuLaw? That requires a transfer to @jooize for auction #3. It will also require your cooperation to complete large sales such as the one under negotiation presently. Will each FLOT NSR signer please indicate whether you will do these two things? If I were elected as Chief of Liquidity Operations, that would an important additional reason to do these things, but NuLaw certainly expects them of you in the current circumstance. You are mandated to release NSR for immediate sale by NuLaw in the case that the buy wall is less than 25% of total liquidity. There is no buy wall and no peg today, so this clause in NuLaw is clearly applicable.
I realize someone will say the buy wall size is undefined, or that total liquidity is zero, so division by zero renders this impossible to calculate. Still, it is very clear the regulation was intended to mandate NSR sales when buy support is low. Buy support is shockingly low right now. The situation of no buy wall and no sell wall simply was not anticipated.
Funny that you now depend exactly on those people you betrayed so obviously.
I can only remind FLOT members that their main task is to act in the interest of the DAO and to deny fraudulent requests for funds. And in most juristication, the ActualLaw in your country will not just allow but maybe even mandate the denial of cooperation in an obvious scam.
Could it be the case that NuLaw doesn’t apply to all sectors in current times?
NuLaw wasn’t made for the economical failure of Nu.
It was made in times of Nu burning shareholders’ money in the Liquidity Engine.
I must assume it was made for those times, if it has no clauses that apply to current times.
Those times have ended.
There’s no money left to be burned.
You already pointed out troubles from division by zero errors.
Thank you for that.
You made clear that NuLaw doesn’t work in this area at the moment.
I’m sounding like a broken record, but what good are NSR sales for if there’s no revenue to sustain Nu’s business?
Will NSR sales continue to fuel the insatiable Liquidity Engine?
Or are you hoping for people playing the greater fools game with NBT?
It isn’t me that is depending on FLOT. It is shareholders. If I am elected, I will be a representative of shareholders. So I am working hard to represent their interests. Fundamentally, though, this issue isn’t about me. It is about serving shareholder interests as well as following shareholder directives.
I am talking about having FLOT transfer shares to @jooize or a large NSR buyer who has already paid for NuShares. How is that an obvious scam?
This assumption has been put directly in front of shareholders over the last 12 days in the form of motion 17ae801e18873db4ef8624b541951ec826e96b36 which states:
This motion is getting only 12.7% support. Shareholders have directly rejected your assertion.
This demonstrates that you do not represent shareholders and their interests. That is what needs to be understood about you. That means you shouldn’t be granted even the tiniest trust or discretion by shareholders.
First of all, no deal was inked. Second, the price would be disclosed if there was a deal, because we publish all transactions. Third, let’s examine what is required to make an agreement to sell NSR on behalf of shareholders. It isn’t really about whether I am Chief of Liquidity Operations, although that would hopefully incline anyone connected to liquidity operations to be more cooperative.
I was just granted 20 million NSR for the purpose of using in immediate liquidity operations. I am authorized to do just that with those funds. I had sought the formal recommendation of @jooize on the matter, as a counselor, as a prudent check on the terms of proposed trade. Like anyone else, I can also try to arrange a deal using FLOT funds if FLOT will sign for it. I can also make a deal contingent on receiving an additional NSR grant for liquidity operations. None of those approaches require me to be the Chief of Liquidity Operations, and these were the approaches discussed.
The point I want to leave you with is that even though the offer was good, it was proving challenging to acquire the necessary NSR to complete the trade. That is a problem shareholders should be aware of. We are having trouble getting NSR to market right now.
FLOT is authorized to sell NSR without impacting the market as long as T4 reserve is below the required reserve amount. @jooize is an approved anction executioner for auction and a FLOT member. Here the issue of selling shares is properly raised and discussed. Other FLOT members have not commented.
Only FLOT is allowed to sell. You can talk about anything of course.