Our options to save Nu - June 25th, 2016

[cryptog]

Continuing the list started by @jooize here, this thread is intended to keep track of all the different solutions/ideas/suggestions proposed by individuals so far to get out of the current life threatening mess.

Current life threatening mess: the buy side liquidity is close to 0, the NuBits peg is currently failing and the NuShares price has plummeted severely.

This post is a wiki. Anybody can edit.

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Being executed

• Blind auction by NSR FLOT according to NuLaw

Proposed

• Protocol Level Burning of NBT in Exchange for NSR at Dynamic Rate Similar to Park Rates / Voting
• [Discussion] Alternative plan for Nu to wither this storm
• [Draft] 1k USD shareholder pledge to buy NuShares
• [Draft] BKS NuShares investment plan
• Seeded auction https://github.com/Nagalim/SeededNuAuction
• Re-establish rising peg at $0.10 with full reserve
• [Discussion] Think Big, start small
• [Voting] Elect Phoenix as Chief of Liquidity Operations
• [Discussion] Long term Nu recovery plan and B&C debt settlement
• [Draft] Buy 1000 NuBits each day
• Implement Hayek Concurrent Currencies with Peershares
• [Discussion] Long term Nu recovery plan and B&C debt settlement
• Potential Revenue Model: Liquidity as a Service
• [Draft] Think big, act small and establish revenue stream
• Nullify all existing NuLaws

Relevant ideas

• Gateway with built-in USD reserve

[CoinGame]

[GreatScott]

I am not up to date on the latest happenings with Nu, nor am I a shareholder anymore, but I still have a genuine interest in this project according to the original whitepaper. Perhaps revisiting this motion which garnered zero support will help shareholders locate the problems facing Nu.

[Voting] Motion to express that shareholders prefer dividends instead of NSR buybacks

Motion RIPEMD160 hash: d8f15ec75da05c9446c1ab11c8d32124888fd783 =##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##= The purpose of this motion is to gauge and express shareholder opinion that dividends are the preferred method for receiving the value in which shareholders are entitled to instead of NuShare market activity. No action need be taken by any custodian or team member upon passage of this motion and it does not affect any current or future terms of any such prop…

It certainly isn’t an easy solution, but that is because we burned through all of the easy solutions for the past couple years.

[jooize]

Can we use this thread for actual ideas as well? It may feel excessive to create a new thread for some, and then we wouldn’t see their idea. Moderators can split out discussions into threads.

FLOT status and potential reformation

Where are liquidity providers?

What if we find liquidity providers with enough funding to make Nu solvent? Assuming we do, is that sufficient? They will want to get paid, so there’s that to figure out.

Have B&C Exchange lock in their pledged funds within a time frame and by protocol release them back in case not enough funds are delivered? That should guarantee the provider their funds won’t simply be eaten, but how would we keep their liquidity around long-term?

Any sense in that?

[jjp]

In the recent Epicenter Bitcoin episode, the guys from Nu said that if the price of nubits ever dropped below $1, it would be a catastrophic failure.

The first thing I think the Nu community has to do is admit what’s happened. The peg didn’t hold. Even if you were to somehow recover the $1 peg again, there’s no reason for people to trust that the peg would hold.

If you want Nu to continue, maybe you should consider marketing it as a cryptocurrency that “tries” to be stable. The mechanisms Nu uses at least held it stable for a long time, and that’s something. A realistic thing to do now is to come up with a plan to hold the nubits price where it is (at the time the new plan is activated). For now, that would be at about $0.37.

It’s as unrealistic to promise that nubits will stay at $0.37 as it was to say it would stay at $1.00. Just pivot to being a relatively stable cryptocurrency.

That’s my opinion. If the Nu project doesn’t survive this, it was at least one of the more interesting experiments in the crypto space. I expect people will study it as such. Sorry to everyone who lost money expecting the peg to hold (including me).

[Sabreiib]

You may try, But I doubt the royalty of liquidity providers, for them: No rewards, no work.

[Hyena]

90% of startups fail anyway, move along

perhaps copy-pasting Nu’s codebase, renaming everything to Foo and starting a new ICO of FooShares would be an option. I would rather buy fooshares than nushares right now because when buying those fooshares I am not bailing out anyone. FooNet can then start with its own initial capital much like The DAO and this time get it right. I don’t see how we could inject new capital into Nu any more. Just who would buy it after all this drama?

[Sabreiib]

B&C is there, don’t need fooshares.

[CoinGame]

[Hyena]

B&C is a totally different project. Also, it’s not competitive to centralized exchanges because block chain is slow for that kind of stuff.

[Sabreiib]

We can implement off chain mechanism by signers.

[Hyena]

I guess you’re right. That’s why I haven’t sold my blockshares yet.

[MaVo]

That’s why I haven’t sold my blockshares yet

Try to sell them I am not sure if those 1000 BKS for sale at $3.50 changed hands.

[Hyena]

well now it’s too late anyway to try selling them

[mhps]

revisiting this motion

Hey great to see you again. for dividends, I also has the idea of limiting dividends distribution to minting / voting addresses to prevent value leaking out of the community

while i am at it, I even proposed to only dilute idling NSR addresses to pay for the peg by fully compensating those active addresses.

[mhps]

Just pivot to being a relatively stable cryptocurrency.

Yes if Nu manage expectation and only offer peg with limited availability then people could accept it and Nu can sustain and keep improving.