Any comment about raising the reserve or the thoughts regarding the recent six figure sale of NBT?
Is the Vice Chief currently limited to executing the Chief’s orders?
I’d be interested to hear your thoughts @jooize.
Phoenix has said he’d consider increasing the reserve ratio it if the situation looks to warrant it.
Do you think the situation warrants increasing the ratio, given the recent opportunity to buy lots of NSR plus big NBT sale so soon after reaching equilibrium?
I know I’d be more comfortable holding US NBT if I knew that significantly more than 50% of the proceeds of sale were put into reserves rather than buying back NSR at this time. I may be comfortable with lower reserves in the future if there were a wide circulation of NBT and improved revenue models that guarantee a certain level of demand for NBT (e.g. lending).
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This is the guy in the driving seat of this project 
Looking forward to the BKS dilution, happy to chime in! haha
I will repeat what I have said before: the only thing I want to discuss with @ConfusedObserver is the return of the 13 BTC he stole from NuShare holders. Even those who wish to harm Nu and prevent its success have agreed @ConfusedObserver stole 13 BTC and ought to return it. His deplorable integrity combined with his known intent to harm the network means he should not be engaged on any other topic. The reason he wants to destroy our precious network is not hard to understand: if Nu succeeds then that will prove the problems with the peg were due to his own incompetence. He wants to shift blame somewhere else, specifically to flaws in the system itself. Having Nu fail lends credibility to his desired assertion that the system was flawed, and there was nothing he could do as @masterOfDisaster. It is unfortunate his interests have become irreconcilable to the success of Nu, but we ought to frankly and stoically remember the motives and situation underlying his ridiculous posts. They come from a felon and person of poor character who has an interest in destroying Nu. We shouldn’t engage or indulge this troll.
No, I don’t think the situation warrants an increase in the ratio. The concern about reserves is probably greater than it needs to be. Nu has never run out of reserves, so it would be a problem that is unprecedented in our nearly 3 year history. Remember, when the peg was abandoned large reserves were withheld, in violation of NuShare holder policy.
The pattern of NuBit purchases (which is all public information), suggest there is a low probability of the NuBit purchases being enacted for the purchase of manipulating the NSR price. Even if this is the case and a large number of NuBits are sold suddenly sometime in the future, we are already well prepared to handle that without even resorting to NSR sales immediately. Holding a reserve is expensive and entails counterparty risk, so too much really is a problem.
There are lots of other matters that I would consider to be a higher priority for Nu. Specifically, marketing above all else (we should begin to spend substantial sums on this), followed by stabilization of the reference client, followed by client development (such as NSR denomination change), NuBot development and development of both real time and historical data about our network, particularly liquidity related info. Those are my priorities. But I can’t manage all that myself. I don’t have any skills in marketing. There is plenty of room for people to step up and help, with the support of shareholders.
Also, if we can get the NSR price a bit higher, maybe somewhere between $10 and $20 per voting NuShare, then I would support actively beginning development of B&C Exchange again. We need that NSR price to fund development, though.
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The only thing I really want is world peace.
I’ve made a survey with my imaginary friends just like you did and we have agreed that you are nuts.
An interesting word to throw around from the one who not only got funds stolen, but in the process of utilizing the whole Nu network to his own benefit (it’s right that no Nu funds were lost, right? @jooize mentioned that) by blackballing addresses alienated exchanges with amateurish emergency update procedures.
Is it you who bough 120k NBT?
Now you are the Chief of Tea Leaf Reading as well?
If you bought the 120k NBT, I would agree that you should not increase the reserve ratio. It would harm your game
You need to
instead and dump some of the NSR you got cheap or for free.
It has run out of reserves approximately one year ago and it took months to recover from that.
What are the reserves you are talking about? NSR that couldn’t be sold fast enough?
JordanLee’s Ponzi Engine is greedy and needs lots of fuel. Sometimes you just can’t sell NSR fast enough to fuel this engine. It has no good design and no good engine efficiency.
Regarding public information:
where are the 200 million NSR from the B&C dev fund that you were trusted with and that are missing?
Why did you use them for minting although you promised not to?
If the aim was to manipulate price, we should expect significant NBT purchases following equilibrium being met.
In the short time since equilibrium has been met, the circulating supply of NBT has increased by 70% (from 180k to 305k in 1 week).
Granted with $247k of reserves, this NBT sale alone isn’t a worry to the stability of the peg at this stage.
However, it fits the pattern, and if the purchasing continues at this rate (with the NBT largely being bought by a potential attacker) it would be 2 weeks / sales of 210k NBT before their stash was equal to total reserves.
So, as you say, not yet a threat, but something to keep an eye on.
3 Likes
2017–05–27
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.07426
NSR purchased: 742600.00000000
2017–05–28
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.07192
NSR purchased: 719200.00000000
2017–05–29
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.07062
NSR purchased: 784,666.66666667
2017–05–30
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.07156
NSR purchased: 894500.00000000
2017–05–31
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.06971
NSR purchased: 774555.55555556
2017–06–01
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.06667
NSR purchased: 666,700
2017–06–02
Daily move to equilibrium this week: 161 USD in BTC
Move to equilibrium in BTC: 0.06663
NSR purchased: 951857.14285714
2017–06–03
Daily move to equilibrium this week: −698 USD in BTC
Move to equilibrium in BTC: 0.27160
NSR purchased: 1,697,500
Now indicates buybacks with minus sign.
2017–06–04
Daily move to equilibrium this week: −698 USD in BTC
Move to equilibrium in BTC: 0.27820
NSR purchased: 1,738,750
Buyback Price: 16 sat
Cmc price: 9 sat
1 Like
I admit to performing that buyback ineffectively last night. I usually do it where best priced, but Cryptopia where it was at 10 satoshi slipped my mind. There’s no valid excuse.
3 Likes
2017–06–05
Daily move to equilibrium this week: −698 USD in BTC
Move to equilibrium in BTC: 0.26092
NSR purchased: 2,462,843.66272727
2017–06–06
Daily move to equilibrium this week: −698 USD in BTC
Move to equilibrium in BTC: 0.24228
NSR purchased: 1,730,571.48428571
2017–06–07
Daily move to equilibrium this week: −698 USD in BTC
Move to equilibrium in BTC: 0.26023
NSR purchased: 1,858,785.71428571
1 Like