[Passed] 1,000,000 US-NBT Grant for Liquidity Operations


#1
Request: 1000000 USNBT
Address: BNFoHr9uV9dZBjU6tXtVgauFsC2cx1aTMh

Reserves of sell-side US NuBits are critically low. To ensure availability and upper peg support, Liquidity Operations needs shareholders to grant more US-NBT.


#2

As Chief of Liquidity Operations, I support this grant. It needs to be passed to ensure that we have enough US NuBits to ensure the dramatically increased demand we have seen in the last couple of days doesn’t increase the US NuBit price abover our $1 peg.

A multisig team to handle liquidity operation funds is in formation, but we wouldn’t want to have it manage this large amount of funds immediately in any case, given the severe problems we have had with multisig groups in the past.

I advise all NuShare holders mint and vote for this immediately.


#3

I believe more resources should be spend to secure these funds properly by any means.
Will vote for it because we appear to need this funds to keep the peg at $1. But the risk profile of the reserves and holding these coins on single addresses is getting to a level which starts to exceed my risk appetite as a shareholder.

We will need to setup a proper multisig fund for say half of the funds to spread the risks of a single point of failure. Betting on a single horse is no good ever, no matter how good it appears to be. Thought we learnt that lesson by now.


#4

@Cybnate there isn’t much difference between us in what we want to see happen in regard to managing shareholder funds with multisig teams.

Our proposed next steps are exactly the same as well: immediately organize a 2 of 4 multisig team and then begin to have it manage funds.

We do need to be careful given the millions of USD in damages Nu has recently experienced from multisig group failure. We need to have carefully constructed contracts between signers and shareholders. Then we ought to observe the team in operation with a modest amount of funds and decide what to do from there.


#5

how many BTC we have for now?


#6

Nu owns 281.64479310 BTC.


#7

can not find the detail which address or exchange hold that fund.


#8

17owruzTRANDYwCq77bSABQLXBxx3QaCea, plus 5 BTC in a mobile wallet. The rest on exchanges. New report will be posted within two days.


#9

This passed.
@jooize, CMC still shows only 500k coins in circulation. Have they been notified already?


#10

CoinMarketCap will be notified within hours of now after I burn excess NSR and post new status report.


#11

CMC has been notified.