Park Rate Voting

lol, offline storage would have been no option?
You seriously defend that behaviour? I need to call this ridiculous.
By what mandate were these NSR used for minting and in what way?

@jooize could you as “Vice Chief of Liquidity Operations” please answer why those Nushares have been used for minting while it was “agreed upon” otherwise?

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Depending on personal operational requirements (e.g. for privacy), keeping them entirely off the internet may not be feasible. I’m not defending his inadequate safekeeping of the funds. We work with what we have. The improvement will be to set up multisig.

I can only guess that in his opinion the circumstances changed to an unexpected degree making it defensible to do so. Some misunderstanding is also a possibility. Why would B&C shareholders not be allowed to mint with their NuShares? Whether it’s within his right to mint with them is up to B&C Law.

Back to the topic. Still hoping against all odds. If anything, the rates have been increased to close to 50% lately. It looks like some personal gains or frustration from major shareholders are at play here and a lack of willingness to share views. Quick wins short term, lack of vision. Disappointing, softly sad.

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We have almost doubled compared to Feb, from 25 to almost 50%.

What should be the directive from the chief liquidity officer, @Phoenix about the rates?

I am voting for zero now.

I recommend shareholders set park rates to zero.

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We have park rates for 3 to 6 weeks. I think that is wrong for the current situation. One can argue about long term park rates, but I don’t like to take too much debt into the future. [quote=“excell, post:587, topic:161”]
the price to drop to .95 because we know we are going to make a guaranteed 5%.
[/quote]
Not going to happen with the highest % reserves we ever had since the start of this project.

Where does the money come from to pay for (extraordinary high) park rates? Any idea?

If there is no demand then reserves will be used… But I don’t know guys it seems every time I check Nubits on coinmarketcap we are slowly drifting away into nothingness, nonetheless I have full faith in the project, its incredible how much activity there is on this forum still even with situations like this and it is reassuring. I will buy some nubits and park them for a year, maybe like 500 dollars worth and see what happens, the interest I will use to buy nushares… That being said we really need some updates to the website, why is poloniex still on there? Why are some videos broken? Investors will only think that the project has been abandoned if they visit the main site which is not at all what we want.

Off-topic: We didn’t had easy access to do updates to the website before and a lack of time I suppose. It has only be handed over to us this week. Will have a look if I can do some basic maintenance over the weekend and submit a few pull-requests another team member can approve after review. BTW anyone can submit pull requests to the repo behind the website, only a few can accept them after having them reviewed.

Really? Didn’t this project start with more or less full reserve, were each NBT was backed by the equivalent of BTC?
At least until the first ridiculous dividend payouts happened.
The only way to bring the reserve to below 100% back then was loss from trading and other operational costs that couldn’t be covered by the dev fund…
But that’s still ignored by and large.
I’d say have a look at the books, but well, you know…

Is this a kind of religious belief? The fundamentals of the project are a perfect match for the shape it is in.

Do you realize that Nu only works as long as NBT or NSR can be sold?
Nu has costs, but makes no revenue. The reserve can only cover half the NBT in circulation and the total buy side of the major NSR exchange has a total of less than 5 BTC.

Better buy any combination of shitcoins for you will have a better expectancy value.
Let’s see, e.g. where Spectrecoin goes within a year. It’s currently being traded at $0.17, so you get 2,941 XPEC for $500. This is just a random pick of a shitcoin. I’d recommend diversification otherwise, but I want the challenge :wink:
Let’s see what you get for 500 NBT in one year and what 2,941 XPEC are worth :slight_smile:

Investors should have a look at numbers before they invest.

LOL

Stand corrected. Highest reserves since we paid dividends indeed.

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LOL :joy: Yes I believe nothing is created out of thin air, but wait, don’t most coins have thin air value? We supposedly have some type of reserve right? This still sounds safer that sh*t coins in my opinion, yes it is religious I am highly religious in investing that is why I always win (not :grin:)

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Most coins don’t operate in the costly business of providing a hedge for BTC.
As Nu has no re-insurance for BTC volatility and successful hedging, it can be expected that trading with a close spread leads to a loss.
A spread would need to be a function of trading volume and volatility to have a chance to make enough money to pay for the costs like costs from hedging, exchange default, opportunity costs.

Other coins just have a blockchain running, which provides incentive for processing transactions. The rewards for processing the tx are more or less created from thin air. But they follow protocol and you can make calculations about the ROI for providing efforts.

Be careful. You can game the market of NSR.

  • Buy NSR.
  • Buy NBT.
    If the reserve threshold is 50%, buy at least as much NBT as are currently in circulation. Adjust the amount of NBT according to the reserve ratio, if it’s not 50%.
  • Trigger NSR buybacks.
  • Sell NSR.
  • Dump all NBT, empty the reserve and trigger an NSR sale.
  • Rinse and repeat.

The problem here is: this doesn’t follow a reliable protocol.
The reserve ratio etc. can be adjusted at the whim of the (Vice) Chief of Liquidity Operation.
If you have an appetite for risk, you may try :wink:
It’s less risky if you can take shortcuts.

For example if you can skip the “buy NSR” part, because you received a load of NSR as “angel investor”, although you might never have had to pay a single Dollar for them.
Ah, of course all I say is tinfoil hatter’s craziness. Don’t take it serious :wink:
But can you tell me the total amount of Nu’s dev fund? Did the seed investors really pay for the NSR they received? Or was that a farce to provide the base for a double-tracked project, one in which the architect couldn’t lose, but only win this way or another way?
It’s hard to tell, because little information about that is publicly available.

While I need to make an effort to think of such crazy stories it would be little effort to debunk all that, if only there was a public and complete accounting of this most transparent corporations that has ever been created.

This doesn’t work if others happen to buy NBT at the same time, or the reserve ratio is increased in response to rapid NBT sales.

Given this, the cost of trying it is very high & success a long way from guaranteed, so success would be very difficult and rinsing & repeating even more so.

Right, but look at how stable the amount of NBT in circulation is unless an NSR buyback shall be triggered:


Source: http://coinmarketcap.com/currencies/nubits/ with charts set to 3m

Are you able to ignore how this (post from May 13)

was a direct consequence of the massive sale of NBT on May 4?

The real risk is that you don’t know what happens at Nu with regard to reserve ratio.
That’s why only people who are in control and knowledge can pull off these kinds of attacks:

Both happened before. More than once. You really don’t want to acknowledge the possibility and rather say

while I say “This works if…” and even tell how.

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I do acknowledge the possibility, as I have a number of times recently in my calling for reserve ratios to be increased and pointing out this possible attack myself.

In this reply I was pointing out why it’s not as easy to game the system as your post made it appear.

That’s not to say it’s impossible. I think an attempt may have been in progress prior to the discussion about raising reserve ratios, and think we’re still in prime high-risk territory due to the recent dump in NSR following poloniex delisting and low NBT circulation.

So I agree that this is a valid attack vector, and we’re in a very high risk situation regarding it right now. But it is possible to reduce the risk and make the risk not likely to be worthwhile to an attacker.

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I beg your pardon for having ignored that.

It is and Nu would be well advised to keep the reserve rate as close to 100% as possible, while evading risks of holding reserve as good as possible.
If Nu manages to make a profit if these objectives have been achieved, then Nu has a future. If not, then game over.

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Agreed. Even 70-80% reserves would make an attack a fair bit more expensive than 50%.

Again, agreed. Revenue models must be developed if Nu has a bright future.

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