1. I think NuNet should have a balance sheet available to the shareholders, if not to the public.
2. A controlled fractional reserve perhaps strikes the best balance between efficiency and security. For example, if Nubits are used by day to day commerce so that it is beyond reasonable doubt that a fraction of nubits can never be brought to the exchange to claim USD in a short period of time, then I think NuNet can have that fraction unbacked by permanent reserve, for that period of time.