Park Rate Voting

[MaVo]

Your position isn’t “Vice Chief of Liquidity Operations”. It should be called “Vice Thief of Arbitrage Operations”, because that is what you are doing everyday, since there is no single person or board that controls your actions. You are filling your pockets on a frequent basis, asshole. And shareholders who can’t have a look behind the scenes but believe in the project simply swallow that pill, and that makes me angry, really angry.

[MaVo]

my god, I can’t calm down now because you are the ignorant person here, not me. What happens if you present us a story that 30 BTC were stolen from an address that you control? What then? Nobody is going to invest into this project as long as the control structure is as it is. Don’t you understand that? I believe that the idea Nu is pursuing is great. The way Nu tries to accomplish that is extremely disappointing. It MUST be ensured that funds can’t be stolen or lost. You are always saying that “failure is human” and at the same time you attest @Phoenix to be able to pull off an incredibly difficult project. Yes, failure is human. Be transparent right from the start, share the information you have, stop hiding because hiding is bullshit if you are honest. Look at all the projects growing to the moon right now. Do you think any of the developers is afraid to end up in jail? This is so ridiculous. There are reasons for @Phoenix / @JordanLee to hide. It is disappointing that B&CExchange’s Nushares are now gone. And shareholders simply have to swallow that pill. “I apologize for losing your funds”. Bam, that’s it. I am really shocked about your behavior, not mine. I am calling you names, you are stealing my money. And now you ask me to be more polite. This is fucking cynical. @phoenix converted all B&C BTC into NBT and used the proceeds for NSR buybacks. The B&C dev fund was gone within a blink of an eye. @Phoenix then decided to make B&C becoming an NSR shareholder with the funds that were left. Those funds are gone now. Who is to blame? Tell me who is to blame? Am I to blame? I trusted you guys a lot, or not you because you are a serious amateur scammer. But I trusted @JordanLee really really a lot. I threw money at him and said to others that he was a safe bet. @JordanLee turned into a maniac, “lost” funds three times, asked people who raised concerns to write their shit down on a piece of paper and flush it down the toilet. Nu really caught my eye you fucking idiot. But it disappointed me big time. The idea behind it remains compelling. The problem is not the idea, the problem is @jooize and @Phoenix.

[MaVo]

Listen you little clown, go and provide an explanation why you bought Nushares at a too high price a week ago. You said there is no valid excuse. Did you reimburse shareholders? I can’t prove you bought your own Nushares, but seriously, what the heck did you do when your job is to compare two exchanges and buy Nushares wherever they are cheaper. If you fail at doing that, what do you want me or us to believe? What the heck is it that I should think about you? That you are dumb? That you are a scammer? Or what is it? Two exchanges and you bought Nushares at 16 satoshis while they were available for 10 satoshis at the other exchange. Should we believe that you simply overlooked the fact that Nushares could be bought at 10 sats? @jooize you are stealing money or wasting shareholder money, whatever it is, you suck.

And I want a comment from that little sucker @jooize on this. Comment on this, please.

[woolly_sammoth]

@Mavo,
Could you try to just put your thoughts into one post. It is incredibly spammy the way you shout over 4 or 5 in a row.
@Cybnate had an idea that we create a meta thread where all the criticisms of Nu can be collated. I’m all for criticisms being aired, heard and acted on but not to have them splashed across every single thread on the forum. I’d be interested in your and others thoughts on that as a way to constructively address these issues and come up with solutions that can actually be worked on.
I’m leaving your posts where they are as I think you really hurt your arguments by posting as you do and I think that becomes obvious to onlookers as they read your posts. I do agree with @jooize though that there does need to come a line in the sand We should probably come up with some guidelines posted on the forum to explain what is and isn’t appropriate.
I agree that there should be more openness and accounting but, correct me if I’m wrong, @jooize has been completely open about the amount of funds he controls and the locations of them. He posts daily with facts and figures about the continued liquidity operations with addresses and fund movements. Beyond that there is a lot more to do, I agree again, but we few who are actually performing the tasks have our work cut out. We’re repairing the network and the reputation of the network while also trying to develop methods and infrastructure to do so in a more automated and transparent way, all part time (whatever hours I can spare outside of Full time Job, Family commitments, Going Outside etc.) and all in an incredibly hostile environment. I’d love nothing more than to just crack on with my todo list and actually get some software out but every-time I feel I may actually have that opportunity, the network provides an alternative path. I’m sure others feel similar

[MaVo]

Listen you little clown, go and provide an explanation why you bought Nushares at a too high price a week ago. You said there is no valid excuse. Did you reimburse shareholders? I can’t prove you bought your own Nushares, but seriously, what the heck did you do when your job is to compare two exchanges and buy Nushares wherever they are cheaper. If you fail at doing that, what do you want me or us to believe? What the heck is it that I should think about you? That you are dumb? That you are a scammer? Or what is it? Two exchanges and you bought Nushares at 16 satoshis while they were available for 10 satoshis at the other exchange. Should we believe that you simply overlooked the fact that Nushares could be bought at 10 sats? @jooize you are stealing money or wasting shareholder money, whatever it is, you suck.

And I want a comment from that little sucker @jooize on this. Comment on this, please.

Please, @jooize? And maybe @woolly_sammoth can comment on that as well. I would like to hear your thought on that @woolly_sammoth: what do you think is the motivation on failing at checking the prices of two exchanges at the same time? And if no motivation was behind that specific action, how would you justify that @jooize is in full control of Nu funds when he fails at comparing two prices of Nushares at the same time? Please provide your thought on that.

[woolly_sammoth]

My opinion? I can see how it could happen when you’ve got many things that you’re watching at the same time (and no I’m not talking about just checking two exchanges so don’t try and twist that into a new stick to beat @jooize with), accidentally placing an order into the wrong exchange is easily done and I believe @jooize when he says it was an accident. It does highlight the need for automation of the liquidity activities to try and reduce the human error factor. As I said before, I would love to just get on with that but currently other infrastructure jobs are my main focus (when time allows).

[MaVo]

Yes, it’s all accident. Everything is accident within Nu. Just everything. Placing opportunistic orders, theft, liquidity provision, a broken peg. Everything. And at the same time the actors are anonymous and refuse to leave even the slightest piece of a trail. I got you @woolly_sammoth, keep believing.

But let’s keep it fair here. Allow us to list all those “accidents” as often as possible. Newcomers should have a chance to understand how you guys are trying to suck money out of their pockets.

[woolly_sammoth]

So posting the price, date and amount of the sale on the public forum is not leaving any trail? Was that the accident?

As I said before, I’m all for irregularities being pointed out as that makes the network better so yes, please, do keep pointing them out, as long as you can do so in a constructive way that allows those actually contributing to the network to act on them rather, than just raging.

[MaVo]

How are you acting? You are discussing with those who point it out. Otherwise you are doing shit.

[Sabreiib]

@MaVo, I understand your anger, I bought 7500BKS in 2015, my loss is greater than yours.

Let’s move on, some people are not so smart, just watch their final result.

[excell]

Can anyone tell me the current parking rates and their time periods?

[Cybnate]

They finally have been set to zero by the shareholders. No park rates available.

[Cybnate]

I’m at a loss why shareholders are voting for 6-7% park rates on period for <12 months again.
Anyone cares to comment about this ‘strategy’? Are we doing advertising and why do you think this is effective? Any business case? It certainly doesn’t fit with the buybacks going on while the reserves are at the desired level.

[ConfusedObserver]

Let’s see what you get for 500 NBT in one year and what 2,941 XPEC are worth

Ok, I’m a bit early, but it’s already hard to trade NBT, while there’s decent volume at 5 different markets for XSPEC, which trade at $0.67 each.
That makes $1970 for the 2,941 XSPEC or a gain of 294% as of 2017-08-29.
To be continued.

[jooize]

1. Your post has nothing to do with Park Rates.
2. The point of NuBits is for them to stay worth the same.

[ConfusedObserver]

Your post has nothing to do with Park Rates.

I created a connection from the perspective of the economic feasibility for investors.
NBT park rates suck for the whole year 2017 compared to most random picks.
Please explain why anyone in his or her right state of mind should buy and park NBT if the profit to be had at e.g. XSPEC dwarfs it?
Oh, you already explained that, albeit with the wrong focus.

buyers of NuBits seem not to be parking them much, it doesn’t look like a driving force for demand.

Because other investments are more viable.
Plus other stable coins are more stable AND sustainable (e.g. bitUSD).

The point of NuBits is for them to stay worth the same.

As long as you can continue the greater fools game. Nu has no revenue. If that doesn’t change, Nu can’t survive. NuBits will be near worthless once that happens.
You haven’t started to learn some economics 101, Vice Chief of Liquidity Operations, did you?

[Cybnate]

Please explain why anyone in his or her right state of mind should buy and park NBT if the profit to be had at e.g. XSPEC dwarfs it?

Offtopic: it is hard to compete in a strong growing market. Still some people prefer a savings account with low interest over something else. Some prefer it to have it under their bed. It is not always about profit only (although nice bonus), it is about options and diversity. Please open a new thread if you like to continue this discussion.

[Phoenix]

I would like to find the time to articulate a comprehensive vision of what role park rates should play now and as Nu matures and grows. I will just mention a few quick points here.

Park rates are not very important right now, but I expect their importance to increase. Before they can become really important, there must be a large lending market in NuBits. Today, there is no discernible lending market. We need an active market in parked NuBits in order for them to be effective in peg support when we need it. Therefore, I believe park rates should be offered constantly, even if the rate is very low.

Our current task is to develop a market in parked NuBits. We need to balance the costs of paying the park rate and the benefit of developing this peg supporting mechanism. There has recently been a surge in parked NuBits, to $427,000 total. The total cost of premiums is less than $10,000. This means a little less than 4% of the currency supply is parked. It is a significant but still modest proportion.

As a reaction to the increased demand, I recommend minting shareholders reduce the park rate to 17% from its current 20% rate, for a period of a year or less.

[Cybnate]

I’m at a loss why shareholders are voting for 6-7% park rates on period for <12 months again.

Anyone cares to comment about this ‘strategy’? Are we doing advertising and why do you think this is effective? Any business case? It certainly doesn’t fit with the buybacks going on while the reserves are at the desired level.

I would like to find the time to articulate a comprehensive vision of what role park rates should play now and as Nu matures and grows. I will just mention a few quick points here.

Without the lending market I don’t see any value in short term (<3 months) parking rates. Short term parking rates don’t contribute not even to a future event when peg support is required and the market needs to be reduced. I believe it is just a waste, maybe less than 10k, but even so a waste. Why would you want to do that, shareholders?

I can see some value in long-term rates as that would stabilise the peg during future events. That can be justified as an insurance premium shareholders pay to NuBits holders willing to long-term park against the right rate. A bit like a bond. I don’t believe in bonds expiring within 3 months though. There is no value for shareholders.

[cryptog]

I agree that parking should be developed as a mechanism to support the peg because issuance of new shares NuShares should only be used as the last resort. Nu does not want to dilute shareholders wealth.
In order to do so, parking rates market should be offering attractive rates, all the time, I agree, positive values even if very low.
I do not have particular insights about the exact number so I would following phoenix’s recommendations here.
I believe 17% would be too high within the current circumstance but since we would like to develop rapidly that peg mechanism, it should be regarded as a campaign period to attract customers.
So I would vote for 17% until further recommendations.