Development of Peershares and Nu kicked off when a mystery investor/entrepreneur donated 200 BTC and 60,000 PPC to the project, which was around $500k at the time. At the time of this writing Nu was still a secret, and Jordan only referred to it as an extension of Peershares.
I think Nu is an incredibly valuable project. While on paper it would cost a couple million dollars to bring back the peg, I feel the number would be higher if we continue an unsustainable and complicated model, but much lower if we took a step back and read the white paper, which made so much sense and convinced me to invest quite a bit in Nu.
I have bought back my stake in Nu since I left, but I fear we are too ‘dug in’ to get back to our roots in the minds of shareholders coupled with the fact that it is highly likely Jordan Lee can pass or deny any motion or grant he pleases and he has bad ideas. This is apparent by the popularity of his motion on the blockchain but not so much where shareholders communicate with each other.
If any shareholders want to collaborate on a motion to undo some of Nu’s drastic fundamental changes and get back more to the white paper, please invite me into your discussions. The only proposed plans to save Nu involve penalizing NBT holders when they simply hold our product in their wallet or to perpetually inflate NSR to provide an extremely liquid BTC hedging product.
Both propositions are destined to fail unless Nu was intentionally crashed, in order to bring it back to life like a Phoenix rising from the ashes and look like a hero. If the latter is the case, it could come back to life at any moment until the chickens come home to roost again.
Off-topic:
But just like to set this straight re the coinage proposal “Think, big, act small”. There is a liquidation which does punish NBT holders not paying attention or wanting to get out as quickly as possible in the short term.
However. going forward you should be able to receive and easily park NBT in a way that it offsets basically all coinage fees. So NBT holders in de blockchain are safe and their value is guaranteed. Those who want to trade will pay the higher fees as they will have to unpark their coins and bring them to the exchanges.
For simple day-to-day payments the fees would be very low when unparked and transferred, keeping large amounts of them for trading will cost you as Nu need to provide costly liquidity. User pays.
Going forward even smarter contracts can be made where you pay a fine in the form of not receiving any interest when unparking early. Age old cost-benefits models in use by the banks which still work.
I will repeat the broken record and say dividends were my biggest motivator for becoming a shareholder by buying NuShares. I didn’t put an incredible amount of thought into the revenue side of Nu besides that it would be very slim (buy for $1, sell for $1). I also didn’t anticipate the first round of dividends, which in hindsight were also a huge mistake or calculated move to pump the NSR and PPC markets.
We drifted away from a business model with a break even profit model to one that lost 100% of our operating budget. Drastic changes are necessary, but voting seems to indicate we are more interested in tweaks or printing money out of thin air to keep things chugging along (NSR grants) than moving back to breaking even.
Just look at tether. Centralized solution, centralized profit. It’s a great product in that it is a $1 token with a blockchain. Have they figured out a way to make a profit off of tether yet? Does it even matter? They are a huge player now.
It wouldn’t even matter had Nu figured out a way to make a non-trivial profit because of BCexchange. When I supported BC exchange funding it was going forward with the impression that Nu was done perverting it’s business model, but it seems Nu did the opposite and became so heavily involved with the NSR market that NSR lost 90% of its lowest ICO cost.
Abolish everything would be a great start. Dilute NSR to support the peg, but only because it is our only hope. If we continue forward as if this is not a move of desperation and just ‘oh this is how our protocol works’ we will fail miserably. Only provide shareholder support to USD/NBT markets. This is a tl;dr of my vision.
Jordan admitting he is actually capable of making a mistake would be a move of honesty on his part, seeing how he is the majority stakeholder, instead of blaming shareholders other than himself.
It is almost as if this sort of thing is just human nature when looking at the entire history of money. I like to think that those of us who see that it’s unsustainable are sort of super-human, but I still can’t bring myself to call it anything more than common sense.
There is an anecdote about the boiled frog: https://en.wikipedia.org/wiki/Boiling_frog
Most humans have a distorted risk/reward perception between short and long term. It is a known fact in psychology, many profit models from large companies are built on it. A quick grab or opportunity right now with consequences only in time is far more attractive than a sustainable great opportunity only paying back over years to come.
It requires a lot of energy to be bothered, stepping out of silos and seeing a bigger picture to be somewhat rationale in risk assessments and future consequences. Only a minority is able to do that, most don’t care and are busy in their own world, sometimes for good reasons.
Difficulty again been close to all time high. Block explorer reports 0.000538 last Thursday. Currently a bit lower.
My client reports: 0.00050626 @ block 1477363 which is historically still quite high.
