Thinking about this all I’m now off the opinion the only way out for Nu is to have a legitimate revenue source, no one seems to be willing to buy NSR without a clear path on how revenue will be made.
Here’s my idea, Nu and B&C strike a deal where Nu uses all its resources (left over BTC + income from NSR sales) to pay off its debt to B&C exchange, this should be done at a 1$ per Nubit ratio. This will take a long time as Nu has only roughly 18k USD left and we’d need like 100-120k USD raised to pay off B&C debt. However in return we pledge to use something like 10% of B&C revenue to support Nu, this revenue will be used to buy NSR in the NSR auctions until Nu is in the black again and has a 100% reserve ratio. After this Nu should be able to restore its 1$ peg and we can add Nubit / crypto pairs to B&C exchange.
It seems to me that the reason NSR holders would want to bail out B&C over and above other NBT holders is due to a conflict of interest (from the original BKS sharedrop, of course).
Why should B&C be entitled to funds ahead of “innocent” NBT holders? With Jordan’s recent behavior and alleged large B&C stake, I would think that the opposite could be argued as well.
I understand where this is coming from, because most NSR holders are also BKS holders. But it seems to short-change the actual customers of Nu, who only held NBT.
This sounds very similar, but not exactly the same as the latter steps in my idea linked below. I would go along with this plan. B&C is probably Nu’s only hope. It will take unlimited amounts of dilution in order to raise over $700k. Raising this smaller amount for B&C seems like it might be doable and provides Nu a 2nd chance if B&C becomes successful. It already has a viable revenue model unlike Nu. I think this has a much better chance of succeeding than Nu trying to bring the peg back on its own.
Not according to Eleven. He says that Jordan is still paying him NuBits from the B&C development fund at current market rates, so the fund will be burned through shortly. B&C will end up not getting the full value for their NuBits and then they’ll be out of money, leaving us with two unfunded projects, and then our contractors will go elsewhere…
I urge anyone thinking in plans like these to take pencil, paper and a good old calculator and just play around with the numbers. Go on CMC and look at the exchange volumes, estimate the costs for website host, signers, and BKC exchange fees. Then make a profit estimate.
If you don’t know the exact numbers, then it doesn’t matter, you will quickly notice that you have to go into very unrealistic territory with your numbers to get any significant amount of money. Even good traditional exchanges usually start on a loss or barely make it even, and this here is definitely worse than that.
Please calculate it through, present your numbers, discuss the parameters. Then, if you see something good, only then, you can discuss something like bailing out a debt like that of Nu.
The idea is not that the 10% profit dedicated to buy NSR will ever be enough to pay off Nu’s debt, the idea is that a constant (albeit small) revenue stream will make NSR more desirable to others leading to more people buy NSR instead of just B&C. On top of that we need to keep offering the NSR/NBT debt swap to reduce the outstanding Nubit debt. I think when used together eventually Nu could get back into the black, although it will probably take a year or more.