Here is a first draft of a motion that is intended to compete with Jordan’s motion and the current status-quo. I’m sure there are some items which needs discussion as I just wrote this down quickly lacking proper time. I won’t be able to reply in next 20h or so, but will read your comments. If this proposal is deemed a viable alternative for either Jordan’s proposal or “doing nothing” I will submit it for voting in next 24h.
The key difference with Jordan’s motions is to first sell a more significant amount of NSR and with that strengthen the peg within a spread of 1% for 80% of the available reserves available at that time.
This plan should provide confidence to potential NSR holders that the peg will be restored and that there is a good chance we will succeed.
This motion also maintains the current liquidity providers assuming they comply with the motion when in place. FLOT members and gateway providers who are not able or willing to comply with this motion are asked to step back when this motion passes.
It also provides an alternative to the status quo which currently doesn’t provide a clear plan and timeline. At the moment only a slow death or a slow recovery is possible in my opinion. Both are not great and I think something bolder is required. Jus be aware that my proposal could speed up both possible scenarios, although I believe there is good chance to restore confidence and the peg (see risks in proposal) while retaining the support of the current community and hopefully attracting some new blood going forward. I think we should prepare to bet on it.
No risk, no opportunities.
The proposal is currently set to private.
Ouch, sorted. Now Published. Thanks.
Key risk is bet on BTC. However we don’t have fiat/NBT pairs since CCEDK is in maintenance. Some of the reserve should be allocate to those reserves to not be exposed to rise of BTC, but we can’t solve this issue right now.
We still have NuSafe, thanks to @Dhume. We can diversify, mitigate a part of the risk.
Right, there is not a lot of support for this apparently.
The only thing I do share with Jordan is that doing nothing is not a great option and may worsen things overtime. It likely leads to a slow death. So worst case we speed up ‘the end’ or we create a chance to reboot. This requires BTC to stablilise as the NSR share price is severely depressed by now.
The difficulty of the network is now decreasing because of all the NSR brought back to the exchanges. So voting behaviour will be interesting to see in next few weeks. Popcorn is out.
Will keep this motion open for feedback and potential changes to improve it. I still consider submitting it when there is some support for a in my opinion decently worded motion. Unfortunately I see many started voting for a motion to alienate this community as their last hope. I always thought we had one of the more decent forums, but panic clearly bring the worst up in people.
Link is broken. Remove trailing
I believe the unseeded auctions and NBT burning Nagalim once proposed will need to be part of the plan to restore the peg. This will reduce the NBT sell pressures and will give us a better chance to restore the peg.
I am fine with this plan.
I think it s the best strategy so far.
Now that the peg is broken, we can keep on using a 5% spread peg to buy us some time while at the same time operating the NSR sales.
Just one thing. You mention a 20% reserve inside. What does it correspond to?
Need to clarify that indeed. The intention was to keep at least 20% of the current reserves and new NSR sales off exchange. One to mitigate the exchange risk, but also to keep a buffer going forward in between NSR sales. It is all about providing confidence and not having all eggs in one basket.
We only need that temporarily awaiting the NSR sales. It was meant to transition from 5%+ peg to 1%. Given the current situation I’m not sure that is still useful. However as proven again today, just transferring BTC to the NBT/BTC pairs is also not very valuable imo. I’m still thinking about this part, but haven’t got any better ideas yet. We clearly need a overall plan towards quickly restoring the peg at 1% SAF, however just throwing some BTC at Poloniex doesn’t cut it at the moment. Lasted exactly 3 minutes.
Isnt the current reserve mostly held as FLOT reserves though?