Governance Meeting Minutes 2016 January 17 [makerDAO]

1 Like

Brief summary:

  • Further delays because code is still with bugs, thinking of releasing early Alpha1 with bug warning.
  • Basic income - a lottery amongst participants to increase participation.
  • Marketing focus mainly on other projects (top 5) in Ethereum continuum.
  • Users seems to be aiming for 200%+ collateral
  • Debt ceiling story was bearably audible/connection issues
  • Nothing about insurance rates

We need to start thinking about our marketing response to this.


I haven’t visited the link in the OP.

But here’s an aligned brief summary of Nu:

  • Code with no delay released Sep 2014; stable with no serious bugs
  • Basic income - tx fees that get destroyed; other income schemes to be developed
  • Marketing focus mainly on crypto currency exchanges, especially the NBT/BTC trading pair
  • Users have a whole corporation (the Nu network) as collateral
  • Stable up to daily trading volume of millions USD in BTC price rollercoaster times
  • Peg kept closely for almost 16 months
  • due to highly sophisticated trading bot (NuBot) and the awareness that liquidity needs to be compensated for to have a small spread
  • Mobile wallet (NuDroid) to keep stable crypto currency and spend the NBT being automatically converted by
  • Successful funding of spin-off “Blocks & Chains Exchange” for which the proceeds from selling the BKS are kept as stable (US-)NBT
  • etc.

Governance Meeting Minutes 2016 Feb 21st

General Topics:

Custodians: (will issue DAI)

Based on early Nubits model of using Liquidity Providing Custodians to back and provide liquidity for their coin.
In the context of Maker a Custodian is a company that receives its debt ceiling based on internally held assets.
The custodian uses its debt ceiling to market make the Dai against the USD and other assets, earning profit from the spread. The more Dai they sell, the more their debt ceiling can potentially be expanded.
Custodians can also arbitrage the interest rates between the Dai economy and the regular economy.
Custodians are for profit, pay the insurance fee, and are required to always hold an auditable security margin, as well as aggressively provide full transparency to MKR voters.

Why reinvent the wheel when you can just jack your neighbor’s car?

Ethereum plays with bets, futures and contracts purported to be enforced by computers. That’s a framework in which they have and must work .

I expect them to rip off NuBot at some point so they don’t end up like BTS: confined to their own virtual exchange.