How much money left in Nu development fund?

[cryptog]

I am wondering about the following:
1- the addresses (NBT, BTC, others) where that money sleeps
Especially what is the address of “BTC Tier4 fund controlled by Jorda Lee” in here.

From there we can derive the money left.

2- when that fund will have run out of money
(2- depends on 3-)
From there we can derive the financial plan.

3- also how much Nu burns for development.

From there we can compute the monthly P&L

[cryptog]

@JordanLee Can you enlighten us on this matter?

[Sentinelrv]

Do you think BlockShareholders would be willing to contribute a small portion of B&C’s profit to help fund Nu’s development (maybe 10%) until Nu is able to gain more traction for itself? B&C’s operating expenses are much smaller, compared to Nu’s costly liquidity operations. Because of this, Nu’s profit potential is considered more long-term once adoption starts to pick up and the network is used more often. B&C on the other hand can probably start earning revenue straight out of the box. I think it would be in BlockShareholders best interest to help Nu along financially until it can find its feet adoptionwise.

NuShareholders received almost half of the BlockShares for free, plus I’m sure many NuShareholders bought BlockShares outside of what was given to them for free. I know I did at least. It’s possible that 50-60% of BlockShares could be owned by Nu, maybe even more than that. If NuShareholders have a majority ownership of B&C, then it is possible we could make this happen by voting to set aside around 10% profit, while committing the rest to B&C’s development and marketing. What do you think about this? I think it’s a better idea than diluting NuShares and upsetting early investors or risking the peg by printing too many NuBits.

[JordanLee]

As I have mentioned before, the BTC addresses need to remain private for shareholder privacy (some addresses are payments for shares). While BTC funds have not been used very recently for contractors or other expenses, they have in the past and will be in the future, which also requires privacy. Similarly, the NBT addresses need to remain private because contractors are paid from them.

As far as funds remaining are concerned, I control 203,181 NBT which belong to shareholders. These funds are intended for backup liquidity operations when FLOT does not act quickly enough. They are also used for NuBit development expenses. Last May we cut our monthly development expenses down from around $50,000 per month to around $10,000 per month. I can tell you we are under that 10,000 figure per month on average, but I do not have the exact figures in my possession. I have not received any compensation from NuBits since November 1, because it is important for me to minimize my work with NuBits in order to properly focus on B&C Exchange. Mike is the Lead Developer on the project, and Angela handles invoices from contractors. I am eager to hand these funds over to others and a transition toward that end is well underway but not yet mature. Just as I provided incentives for the formation of FLOT, I will need to provide additional incentives for another backup liquidity operator to step up to replace me. We also need to designate someone (or multiple people) to hold development funds.

Sorry if this isn’t top notch service, but I am handling these funds for free and don’t want to do it anymore. Accordingly, I am not very interested in investing my time into improving the process.

Ultimately, I need to not hold any shareholder funds in order for the network to be completely decentralised. We are getting there at a pace that is sensible.

[cryptog]

$10,000 per month.

Is 10k usd a month enough for compensating 4 developers to work on 2 very important projects?
Is it full time?
I would be fine with increasing the salaries in order to speed up the development.

[Nagalim]

I think they’re focusing on B&C now, using bks ipo funds.

[Sabreiib]

Ultimately, I need to not hold any shareholder funds in order for the network to be completely decentralised. We are getting there at a pace that is sensible.

Jordan doesn’t want to hold dev fund, is it right?

[Phoenix]

Essentially, the NuBits intended to pay developers have been recently prohibited for that use :

Existing NuBits in tier 4 held by FLOT, FSRT and Jordan Lee must be held at their current address or burned.

This means Nu development could be funded with BTC or NSR owned by shareholders. A motion to specify funding for it would be optimal. Contractors can be paid with NuBits, but only if they are purchased on the open market, such as at Poloniex.

[Sabreiib]

Do you have a plan to BCE’s dev fund (NBT)?

Should we stop BCE development before NBT pegging is rebuilt?

[Phoenix]

Do you have a plan to BCE’s dev fund (NBT)?

Should we stop BCE development before NBT pegging is rebuilt?

As is the case for all NuBits held, I plan to make them salable for 0.995 USD as soon as possible. The last two days, we have spent about 4 BTC each day to purchase NuBits. We will continue with the policy of using 10% of reserves to purchase NuBits each day. So, my plan for B&C’s dev fund is to let things proceed as they should by making the NuBits in it worth $1 as soon as possible. The market will have much to say about how long that will take, but with NuBits currently selling for $0.54 as opposed to $0.20 ten days ago, we are making rapid progress.

[cryptog]

The last two days, we have spent about 4 BTC each day to purchase NuBits.

Please show the accounting if this is shareholders money.
And where is it mandated?
It would be appreciated if you could make the process transparent.
Transparency should be now the norm.
Tks for your understanding.

[Phoenix]

Please show the accounting if this is shareholders money.
…
Transparency should be now the norm.

It has always been our plan to release all trade, deposit and withdrawal data related to exchanges. The blockchain transactions are by nature public. We use known addresses. We will be releasing a weekly summary showing how many NSR were sold and how many NBT were bought. Anyone who wants to conduct additional analysis can, because all the raw data will be available. Trading data won’t be available in real time. Don’t expect us to be posting trade logs on a daily basis. However, I realize people are anxious to get the first disclosure. Perhaps @jooize can post trade, deposit and withdrawal records so far for Poloniex?

And where is it mandated?

It is mandated as department policy:

NuBits shall be purchased in the open market each day with 10% of our
total buy side funds available. Buy side funds available include BTC
held by FLOT, BTC held by gateway operators, shareholder BTC held by @jooize on or off exchange, and other assets which belongs to shareholders, excluding NuShares and NuBits.

[cryptog]

Tks a lot for clarifying.
I appreciate it.

However, I realize people are anxious to get the first disclosure.

That s a great suggestion. Some shareholders are worried that you would run with the proceeds.
Showing great commitment to transparency is the best way to alleviate their fear and gain trust within a community in which you do not have any reputation per se, at least currently.

[jooize]

Perhaps @jooize can post trade, deposit and withdrawal records so far for Poloniex?

Poloniex @jooize Logs

Exchange logs of manual operations at Poloniex by @jooize.