[Passed] B&C Exchange should trade all US-NBT for NSR

[Chronos]

Interesting idea. @Phoenix, a report on the NBT that has been spent so far would be a good first step for this process.

One thought: the claimed value of the NBT is based on current price, which is so thinly traded that it can easily be manipulated up or down by 10%. It’s quite a leap of faith for both BKS and NSR holders to agree on a valuation.

That’s a lot of NSR. It seems that it would be able to push any motion through. Would it be used to mint?

Guys, be sure to use toilet paper. Regular paper clogged my toilet, too.

[Phoenix]

@ConfusedObserver your comments are just exactly the sort of negative, angry and unrelated rants I was hoping would be flushed down toilets instead of infecting this important workspace.

You have addressed quite a few topics, but none are related to the topic at hand.

It is obvious you are determined to see this project fail because you couldn’t play the role you wanted to within the project. You are creating a hostile environment. I would guess you aren’t a shareholder. People who aren’t shareholders, want the project to fail, and work against us by derailing important conversations and creating a hostile environment should not be participating.

Moderators, can we get @ConfusedObserver’s inappropriate comments removed from this thread please?

On a more positive note, thanks to @Cybnate and @Sabreiib for your constructive comments. I will have to respond to @Cybnate’s comments later because I spent this time dealing with a counterproductive distraction.

[Phoenix]

Would it be used to mint?

Absolutely not.

a report on the NBT that has been spent so far would be a good first step for this process.

I have always been of the opinion that the level of disclosure and reporting provided by Angela has been suboptimal. I have made repeated requests to her for more reporting. Those reports don’t appear to be coming. So, we have two choices: accept what Angela is doing or set up alternative operations that don’t rely on her. The later has been discussed, but we haven’t arrived at a consensus on how to conduct alternative operations yet. It will happen before too long, I believe.

However, the paranoia in the community has been quite high the last couple of months. I’m confident Angela’s service was pretty much entered into with the attitude that no one else was willing to do the important work, so she would be self-sacrificing and help out. She isn’t scamming us and it is apparent she has no attachment to her work. The problem is people coming in here and demanding someone else provide a solution they want, and for free. I say you want a solution? Go provide it yourself.

[MrBean]

I have always been of the opinion that the level of disclosure and reporting provided by Angela!!! (:D) has been suboptimal. I have made repeated requests to her for more reporting. Those reports don’t appear to be coming. So, we have two choices: accept what Angela is doing or set up alternative operations that don’t rely on her. The later has been discussed, but we haven’t arrived at a consensus on how to conduct alternative operations yet. It will happen before too long, I believe.

Ladies and gentleman, I have been absent for quite some time. But to everyone in the world I always promised that once I find someone who is more funny than me, I will show up, applaud and disappear again! Hats off @Phoenix, I don’t think I have any joke at hand that even has a tiny chance to compete with yours in any way. Even though I am a shareholder, I indeed don’t care anymore about my investment as I had my ROI. How? Well, if I had to pay ticket prices for comedy shows that in aggregation deliver the same amount of amusement as you currently do, I really start appreciating more and more that I found this place in the past, although for quite a high price.

[ConfusedObserver]

@ConfusedObserver your comments are just exactly the sort of negative, angry and unrelated rants I was hoping would be flushed down toilets instead of infecting this important workspace.

Just because my posts make you angry that doesn’t make them a rant.
What in particular do you have in mind, which you consider negative - besides my assessment of your job and your achievements so far?

You have addressed quite a few topics, but none are related to the topic at hand.

The revenue topic is the most important topic. Stop throwing these smoke grenades.
If you want to save Nu, you need revenue.
If you continue your way, you continue to look like running a ponzi scheme.

Moderators, can we get @ConfusedObserver’s inappropriate comments removed from this thread please?

What do you dislike in particular? Being unveiled as JordanLee once again?
I fear you did that yourself.

However, the paranoia in the community has been quite high the last couple of months.

Calling it paranoia is an attempt of putting this behaviour on the irrational side.
But it’s far from being irrational having doubts about the well-being of Nu if people see the network run mainly by a single individual, which was once called JordanLee and now wants to be called Phoenix.
The attempt to leave responsibility behind ad continue with borrowed reputation rings alarm bells.

I say you want a solution? Go provide it yourself.

The option to purge you, @JordanLee == @Phoenix from both Nu and B&C Exchange has been discussed.
It looks like this needs to be done, if a business with revenue shall replace your ponzi scheme.
I bet it’s only a matter of time until

• Nu fails completely (making B&C Exchange a collateral damage) or
• “bad addresses” get removed from the blockchain by a hard fork

[Dhume]

First step is to get the B&C funds moved to a multisig team so B&C shareholders can actually asses what funds are left, a motion to do so has already been proposed.

@Phoenix I’m not sure about this proposal I see more merit in a proposal that would require an x% of funds (let’s say 50’% as an example) raised by NSR sales to be dedicated to buying back NBT from B&C dev fund at 1 dollar a piece. That means we’re giving B&C a better price then we can currently get Nubits from the market but then again Nushare holders have a stake in B&C as well. On top of that it was mostly B&C raised BTC that was used for the NSR buybacks so the least Nu could do is buy those Nubits back at the price B&C bought them for.

With this it would mean B&C would get a steady return of funds to be used for development. We can then asses how much funds we have (roughly 120k NBT right?) and make plans with @sigmike if this is enough to fund the remaining development.

[Sabreiib]

One problem is no developer will accept BKS as salary, if even developers don’t have faith in BC, why not we find some other developers who accept BKS?

At least, B&C is better than XPM which has $ 1,100,823 Market Cap. Even the development stops, what would we fear?

[Dhume]

We need to get the funds in shareholder control first. Then we can start talking with Sigmike about how much we need to complete B&C exchange.

[Sabreiib]

I will vote your motion joining RSOT. BTW, I suggest all members compromise and step backward a little to accept persons you dislike into RSOT, this is democracy.
We are on same boat, fighting each other isn’t productive.

[cryptog]

I think I agree with the main idea of this proposal.

[Phoenix]

I just created an updated draft.

I hope to start voting in a day or two.

[mhps]

3 @Phoenix burns the 120,000 B&C Exchange US-NBT and disburses the NSR as needed for development.

This motion will put all B&C development fund to @pheonix which creates the same situation in Nu – one person gains overwhelming power. The motion should state that the fund should be transfered to a multisig address of a group controls that address is formed.

[Phoenix]

This motion will put all B&C development fund to @pheonix which creates the same situation in Nu – one person gains overwhelming power.

To call this overwhelming power is probably a bit extreme. Shareholders maintain complete control over the value stored in the market cap and any BlockShares and BlockCredits created. Shareholders maintain complete control over the protocol and transaction processing. I don’t have any control over these essential shareholder functions.

I agree, however, that this represents some concentration of power. It should just be temporary until we can form multisig groups. After ample time to attempt to form RSOT, we are not even close to a consensus on how to do that. While we work on that, development needs to continue. I am providing a solution to facilitate the much needed money flows to support that. It appears to be the only immediately viable alternative. I would caution shareholders to not reject using me as a custodian with the mistaken notion that a multisig group can and should be used instead. While that is very appealing on a theoretical level, on a practical level, it simply isn’t working. Let’s step back and figure out why. In the mean time, we need to provide a way for development funds to flow in an accountable manner. I have provided a practical solution. No one else has.

[Cybnate]

No one else has.

Didn’t you forget the RSOT motion?

Shareholders maintain complete control over the protocol and transaction processing. I don’t have any control over these essential shareholder functions.

Without accountability and funds in the hands of a single actor it is hard to explain to others that you won’t have any control. I suppose you meant the same level control as you have with Nu?

I would caution shareholders to not reject using me as a custodian with the mistaken notion that a multisig group can and should be used instead.

I think this is the only way to get a tiny bit of credibility which we will need when we start raising funds. Unless of course you are willing to stump up the difference between the actual cost to get B&C started and the available funds.

[Phoenix]

This motion has been hashed:

94c2541e909b1240ac478571305809cd23295a21

Remember, this motion is different from any other we have had. It is a contract between BlockShare holders and NuShare holders. Therefore, this motion must pass on both the Nu and B&C blockchains. Please put this hash in both of your clients.

[cryptog]

94c2541e909b1240ac478571305809cd23295a21

Ideally we should turn these nubits into block shares but right now we do not have any exchange to convey value to those block shares.
So I am fine with that proposal though it will destroy nushare value but do we have another choice?

[Phoenix]

This passed.

The motion has me hold B&C US-NBT in escrow until an NSR grant is passed. B&C Exchange needs to keep enough funds to function during the escrow period. One way is to keep some NuBits and spend them as needed. Another is to trade a small amount of US-NBT for NSR right now, with the NSR being used to pay expenses during the escrow period.

I will say more about how to move forward soon.

[bcd]

Good to know funds are still there. How many NSR will be traded? BCE can be finished if NSR value don’t drop?

[Phoenix]

How many NSR will be traded?

The quantity of NSR will be a function of the number US-NBT being traded and market price of NSR at the time the motion passed on the second blockchain (B&C in this case). I haven’t worked out those details yet. However, I suspect I will propose that about 20,000 B&C NuBits be traded for NSR already in my possession while the remaining 100,000 be traded using a custodial grant I will advance shortly. This will give B&C funds to operate while the NSR custodial grant is being passed.

I hope to have more details in the next day.

BCE can be finished if NSR value don’t drop?

That seems unlikely. It can likely be finished with a significant increase in the value of NSR. It can also be finished with additional BlockShare sales. You might think there is no demand for BlockShares, but our high quantity of NuShare sales recently illustrates the point that there is always demand at a certain price point.

[Dhume]

Why not devote part of the proceeds from the current NSR sales to buy back Nubits directly from B&C fund at 1 USD for 1 Nubit. While this would be more costly than buying Nubits on the open market it would improve the chances of B&C getting finished with in turn should have a positive effect on NSR price and possibly Nubit demand (if NBT pairs get added). When B&C gets finished I personally (and I suspect many other BKS shareholders) won’t mind using some of the B&C revenue to invest in Nushares thereby creating a positive feedback loop and a continues long term increase in NSR demand. Your plan would instantly devaluate the B&C fund by 15-20%.

There are still 25,74 BTC left in the FLOT multisig valued currently at roughly 15800 USD. I propose you burn 15800 B&C fund Nubits and we use these bitcoins to get development started on B&C again as soon as possible. B&C is standing still and the competition is closing in lets get development started again now!