This is a great opportunity to have more discussion about this.
I may have missed something in the motions, but I don’t actually see a motion passed that explicitly disbands FLOT or compels FLOT members to surrender all funds to the Chief.
Please correct me if I’m in error.
Create Chief of Liquidity Operations
This motion mentions additional detail about the role of a Liqudity Operations Chief would/should be forthcoming. The next one speaks to it, but it does not read like a full job description.
Elect Phoenix as Chief
This one restricts the use of funds by the Chief to providing “liquidity.” WIth a critical read, I don’t see it mentioning burning the shares as being a facet of ‘liqudity’ – quite the contrary. However they could immediately be used to compensate Phoenix with no other control by the org.
Once outside the control of FLOT, despite claims to transparency, it is plausible the NBT could be shuffled around and used nefariously to put more downward pressure on the peg, necessitating more sales. As they remain locked up with FLOT, they are assuredly not in the market.
Extend Chief for a 2nd term
Make Firing and Replacing Incompetent Liquidity Providers Our Top Priority
The definition did not include FLOT
So fully understanding that the power that was bestowed upon Phoenix came in a crisis situation, and from ‘the majority of the shares voting’ (Note: I did not say shareholders as that speaks to a count of individuals), it’d be worth using this as an opportunity to pause, clean things up, and articulate a vision for FLOT, etc.
I think after operating in ‘crisis mode’ for many months, and now with the peg stable perhaps Nu is coming out of that phase. What better way to celebrate than to reassure the market than with some housekeeping on roles and responsibilities in this “distributed” autonomous organization.
If Chief of Liquidity Ops is to be a permanent fixture of Nu, then I think all present and potential investors should know this. What was alluded to in the first motion should be defined with skills needed, responsibilities, compensation among other things – including how the role would be transferred to another individual. People also become incapacitated. Then what?
Second if FLOT is to be disbanded, this should be done as a motion as well. Again, clarity to the community.
As a last note, burning the funds or removing them from circulation will drop NuBits off the first page of coinmarketcap – the “top 100”. This is a loss of visibility that should not be underestimated.
Summary: pass a motion disbanding FLOT, with the requirement to hand it over to the Chief, and I’ll sign whatever transaction the Chief designates as authoritative. If it is the will of the majority of the shares voting, I see no reason why not put it to a motion.
That would dispel a lot of doubt and really clarify the direction those holding the majority of the shares want to take with this ‘distributed’ organization.