Liquidity operations policy changes

[GreatScott]

“moneysupply” : 1098930997.21499991

I believe there is another 150 million NSR about to be printed as well. I do not know the definite “in circulation” number, though. I could be mistaken, and that is already included in the moneysupply.

[GreatScott]

My biggest priority right now is enhancing and protecting the liquidity of NuShares. With all other things being equal, NuShares will have twice the liquidity at 100 satoshis that they will at 50 satoshis. Preserving the price of NuShares is critical to maintaining liquidity in NuShares, which is in turn needed to support NSR sales, which support NuBit purchases.

I wonder what a day at work looks like for the Nu Chief. What actions does he actually take beyond pointing the finger to blame and patting himself on the back for all imagined successes? Is he capable of admitting nobody has confidence in him? Doesn’t the current NSR price prove this?

[Confucius]

I feel dumber every time I read these threads with @Phoenix. As if liquidity is the goal, even if you’re just dumping it down the toilet and helping it swirl.

[Phoenix]

@jooize’s monthly compensation will be raised to 1,000,000 NSR per month from 600,000 effective immediately. Thanks @jooize for you tireless and consistent efforts.

This is still peanuts for the great work he is doing. I still hope @jooize and I will receive a performance bonus from shareholders once we have had a little more time to demonstrate our success in a decisive manner.

[Cybnate]

I still hope @jooize and I will receive a performance bonus from shareholders once we have had a little more time to demonstrate our success in a decisive manner.

In this world we only do performance bonus when performance criteria have actually been met. The last time I looked NBT was not even close to $1. So maybe it is time to define ‘a little more time’?

[Phoenix]

Due to the recent marked increase in the US-NBT price and the recent drop in the NSR price, it is time to prioritize preserving NSR liquidity by preserving its price over restoring the US-NBT peg immediately.

I am considering a couple of immediate changes to liquidity operations policy to meet the new priority of NuShare price and liquidity preservation. Briefly, perhaps we should apply a minimum NSR price to all auction and large negotiated sales while making an exemption for just 2 million NSR per day that can be sold on the open market below the threshold just to maintain daily buy pressure on US-NBT. I am going to propose we establish a minimum NSR sale price of 70 satoshis. Essentially, until NSR is above 70 satoshis, we strictly limit NSR sales to 2 million per day, or 14 million per week. The large drop in the rate of NSR sales should provide a relatively scarcity that will permit a recovery of the NSR price.

I would like to cancel this week’s auction immediately. Last time I checked with @jooize, there were no bids yet.

Please comment and make suggestions for improvement. I expect to make changes to the policy soon.

[cryptog]

Very tough times for NSR price but nice job on NBT.
I agree on your strategy to protect NSR price.

[jooize]

Last time I checked with @jooize, there were no bids yet.

I have received one bid since.

[ConfusedObserver]

it is time to prioritize preserving NSR liquidity by preserving its price over restoring the US-NBT peg immediately.

I am going to propose we establish a minimum NSR sale price of 70 satoshis.

How so?
Isn’t restoring the peg of paramount importance?

Do you know how this smells?
You bought NSR at 42 Satoshis, dumped NBT to get your BTC back and now you want to pump NSR.
I anticipate you will call that paranoid.
It looks shady whatever you say.

Please comment and make suggestions for improvement

If you want to increase the NSR rate, start implementing revenue!

Very tough times for NSR price but nice job on NBT.I agree on your strategy to protect NSR price.

Open your eyes.

[Phoenix]

Last time I checked with @jooize, there were no bids yet.

I have received one bid since.

Does it seem reasonable to cancel it anyway? We could also define the reserve price as 70 satoshis, which I expect will be functionally equivalent to cancelling it.

[jooize]

I’m not completely comfortable with cancelling, but I think it is acceptable under the circumstances. I rather cancel than change how we set reserve price for an ongoing auction.

I can notify the bidder we’re cancelling the auction because of new circumstances and updated policy. Shall I also offer them the amount they bid for at 70 satoshi?

[Phoenix]

I’m not completely comfortable with cancelling, but I think it is acceptable under the circumstances.

I feel the same way. We need credibility from a certain continuity in our operations. We have to do what we say. But we also need to adjust the policy as market conditions change. Market conditions have changed since the auction was announced. To keep our core policy the same, we have to change the implementation to match market conditions. We add sell side pressure sometimes and other times buy pressure. As such switches occur, the core policy of maintaining a stable currency remains, even as the actions taken to meet that goal change dramatically.

Our core policy of supporting NuBits and protecting NuShare liquidity remain unchanged, but market changes the last couple of days suggest a shift in policy implementation.

[Phoenix]

One aspect of the proposed policy that is very much an imprecise art is setting the minimum NuShare sales price. That is why I am especially keen to see alternative suggestions to my 70 satoshi suggestion. Too low and we impair the liquidity of NuShares unnecessarily. Too high and we simply aren’t supporting our currency. What is the sweet spot?

[Chronos]

I’m not completely comfortable with cancelling, but I think it is acceptable under the circumstances

I don’t think it’s honest to cancel the auction after announcing it. The rules have been defined for the auction, and I think they should be followed. That’s a way to help show that everything is above-board.

Go through with the auction as promised, then apply your ideas to Auction #11.

[Chronos]

Do you know how this smells?You bought NSR at 42 Satoshis, dumped NBT to get your BTC back and now you want to pump NSR.

@jooize do you know for sure that the buyer was not Jordan? If it was, what a trick. Wow.

[GreatScott]

Too low and we impair the liquidity of NuShares unnecessarily

Isn’t the whole debate between JordanLee and the rest of shareholders that the ‘others’ did not want to dump NSR for a low price when JordanLee felt it must be done and blames this as the reason the peg was collapsed?

This statement from JordanLee’s alias is incredibly ironic.

[jooize]

@jooize do you know for sure that the buyer was not Jordan? If it was, what a trick. Wow.

I have no indicator for that being the case, and nothing substantial for the contrary either of course other than that the conversation I had with the buyer didn’t resemble his style. My impression from talking with @Phoenix is that he’s not the scammer some insist on.

Isn’t the whole debate between JordanLee and the rest of shareholders that the ‘others’ did not want to dump NSR for a low price when JordanLee felt it must be done and blames this as the reason the peg was collapsed?

This statement from JordanLee’s alias is incredibly ironic.

Ridiculous. Of course @JordanLee never intended to slam the NuShare value to absolute zero.

[Phoenix]

I’m not completely comfortable with cancelling, but I think it is acceptable under the circumstances

I don’t think it’s honest to cancel the auction after announcing it. The rules have been defined for the auction, and I think they should be followed. That’s a way to help show that everything is above-board.

Go through with the auction as promised, then apply your ideas to Auction #11.

This is reasonable. I will support continuing with the auction already announced to close this Friday if @jooize wishes to continue with it. We may be a little short of NSR on hand, though. I will ask NSR FLOT to fund the auction. If we can’t get the NSR, we will obviously only sell what we have.

After that, auctions and large purchases will cease until the NSR price is over 70 satoshis.

[GreatScott]

absolute zero

Ridiculous is that you are ignoring the reserve price. Ridiculous is to believe that blind auctions do not effect open market liquidity. Ridiculous is to believe that revenue is achievable with a provenly bankrupt business model.

Ridiculous is putting words into my mouth when the facts remain and show otherwise. If nothing else, JordanLee and the ‘others’ simply disagreed on what constituted as ‘absolute zero’ which I can only assume was meant to not be taken literally and is therefore subjective and hyperbole.

[Sabreiib]

Perhaps we can rebuild the peg in 2017, but all of us now know that tier 6 is shit. Never use NSR again to support NBT, try to find some real revenue.