No need for this, for sure. The community’s patience has been excellent and I can ask for nothing more than that.
I support the direction that this motion goes in, but I’m still unclear about the mechanics. I’ll address my concerns in after my next comment:
This is a valid point. A contrary opinion is shareholders would also be disappointed if the Nu ecosystem took a hit because there was a “run on the bank”. Perception drives a vast amount of trading in the cryptomarkets in these early days. We’re not supporting a deep enough amount of liquidity yet to be able to absorb the damage that concerted FUD campaign could generate unless we stay as close to 100%-backed as possible.
If I were to be asked (and the shareholders agreed to my modified proposal) to move to a system like this, I would structure the dividend payments to be issued every one|two|four weeks (for an amount to still be determined; one that is healthy for the ecosystem, but not unbalancing or too small). These dividends would be made until the agreed to payout was reached.
Topics for community discussion before I can submit a new proposal:
I’ve been giving a lot of thought lately to how I can generate profits for the shareholders using the current grant. I would like to set up a trial run that would last one to two weeks. During that time period I would increase the sell/buy spread by a small amount. The profits on this spread would be tracked and at the end of the trial, the shareholders will be provided a breakdown (and full trade logs) showing what the net result was.
@jmiller and I are the only major custodians granted NBT directly running bots right now. We have LPC’s, too, and I’ve very thankful for them. What I’d like to see is a disbursement of my initial grant to a series of custodians voted on by the shareholders. It could be as simple as one or two new ones to start, each who would receive a distribution by me of (arbitrary amount to be discussed, but call it 100K NBT). They would then need to work in concert to manage the funds like I am (as a “spread-profit taker”) and support the markets.
I don’t plan on going anywhere, but it has been brought up many times on this forum that shareholders would like to see a reduction in individual custodian risk. From my understanding, multiple custodians on a single exchange pair is imminent, so we could continue to support everything that we currently are, but also protect against times that a custodian’s bots may drop offline due to technical issues.
A personal note:
My goal has always been, and continues to be, to make Nu a success. My profit will come from an increase in NSR’s value, which was accurately mentioned earlier in this thread as a by-product of successfully making markets for NBT and by generating funds to issue dividends to shareholders. While I’m not obligated to reveal what I am using (and have used) portions of the grant fee for, I’d like to give the shareholders insight into it. A portion has been used for on-going operating costs. I have bot and Nu daemon servers running on different secured hosts that allow me to place my bots in geographically advantageous locations. I also have been putting portions of the funds into play to help promote the Nu ecosystem (through tipping and other bonus payments to people working hard on the system). A significant portion hasn’t been used – mainly because any “unbacked” NBT are a minor danger to the system until it gets large enough to support it – and will last me at my current burn rate for a number of months.
My time is worth a lot, but I see giving that as a shareholder service that ultimately may benefit me as a shareholder. I see people in this community tirelessly working towards the goal of mass-adoption of Nu without asking for compensation. It energizes me to continue to do the same thing.
I consider these these are the “Dark Ages” of the Nu ecosystem…not because they are economically bad or that we’re fighting distrust or despair, but because we’re working in the “dark” without a lot of support or tools to make it easier. I’m committed to working with the community and the Nu development teams to improve this. I see the work that each and every one of you are doing and I want you to know that it will make a difference and the world will be a better place because of it.
In closing, if the community find ways to continue to be patient with me as I work through the struggles, and continues to support my efforts, we’ll get through these next couple of weeks and months. We’ll find ourselves in a place full of reports, transparency, and opportunities.
… see what happens when I travel for work and am gone from the forums for too long? I start to write massive tomes of scattered opinions.