Shareholders can be decentralized, assume there are 1000 NSR shareholders with 60% of them pledge their (partial) NSR and borrow NBT to act as LPC, working on 15 different exchanges and 10 types of cryptoasset pairs/ FIAT pairs.
Isn’t this shareholder-operated liquidity? Isn’t this decentralized at the same time? Isn’t this immune to certain exchange/crypto risk? Yes, some of them may suffer business fail, but the whole system is safe! Just like real world’s business.
Our operation is too artificial now, let’s be natural, let the free market decides, let those decentralized LPC choose the trade pair and peg spread. They are as smart as you, and have more time/energy/resource, if they cannot survive in the market, how could your centralized liquidity? Some decentralized LPC may adjust their spread to survive(just like the experiment carried by @someone on BTC/NBT pair just before the 2016 crisis), in the end, the free market reaches equilibrium: too higher or lower spread pegging will die. That’s the answer from free market! The equilibrium may be something like 1% spread on USD pair, 2% spread on BTC pair, 3% on ETH etc… On each pair, too high/low spread has insufficient income.
In B&C’s white paper, there is no pegging for BKC at all, we encourage but not guarantee the BKC’s pegging implemented by Hayek’s model. If we fails, we lose nothing, just like nothing happened.