This peg-breaking crisis is a signal for shareholders and Nu that the following are happening
- there is no consensus on how the peg works
- there is no consensus on what the peg is
We have seen in the last days quick motions proposed by Jordan, MoD, Cybnate and others to try to find a consensus on what the spread should be, what the LPCs should not be etc…
It seems to me that no one has a clear-cut understanding and vision for what the peg should be, by definition and construction (and that is OK).
We should take this opportunity to improve, change and redefine our direction upon a clear consensus, even if the peg fails completely, now that it is broken.
There is indeed no consensus indeed. We need other proposals and one will get 50% consensus and that one will define the next course of actions. That is the beauty of Nu.
There is a difference between:
- having taken a decision and pushed forward a motion that does not work, and
- not being able to decide for something that could work.
Nu is in the case 1) – we can decide anything and correct what is not working.
Ethereum and other cryptos are in the case 2) they are stuck in their initial rigid decision and therefore will almost certainly fail.
I wrote for 8 hours a post with my interpretation of Jordan’s liquidity engine model. I’ll post it here once I’m done checking it over.