Is that because you are alienating shareholders? Emotional people do sell low, yes. However typically shareholders don’t sell low and buy high with exceptions excluded. So I don’t believe that is a sustainable mode of operations.
Having all (or almost all) B&C funds in NSR is ridiculous, you are just gambling with development funds. Although I understand better as most that there is a strong relation between Nu surviving and B&C development, I don’t believe this is a good move. You should work much harder in regaining confidence to NBT holders instead of continuing to manipulate the markets and creating ever more NSR. That is a vicious downward circle in case you didn’t notice after creating 1.2 billion NSR and still going.
Any forecast when you think that will end?
Do you actually know how many NBT still to buy back assuming almost nothing is being sold?
Well, the deception of the initial distribution and the buyback event decisively helped to finally put the Chief Bird in an incontestable position regarding major decisions for both Nu and B&C. You ask for motions. I’d like to ask you for your opinion on the meaningfulness of motions within both networks (that actually have been merged to one network because in terms of assets B&C literally is Nu, and Nu is compromised and bankrupt)?
The truth is that there is no way to put pressure on @Phoenix to comply with anything as long as there are little birds intentionally failing to see the facts. It doesn’t matter whether we complain or not, there will always be someone like @jooize who values a bonus higher than his integrity (or what is left of it) and who is willing to keep the system running.
"Our governance model is absolutely superb. The governance model of Peershares (B&C Exchange is a Peershare) is better than all other blockchain governance models. All shareholders are true peers and there is no authority in our system other than the collective will of shareholders. Shareholders can choose to compensate developers or any one else with grants of BlockShares or BlockCredits in any amount. Shareholders can pass motions that set various rules of operation. For example, a completely decentralised vote to halt BlockShare sales was passed by shareholders some time ago. B&C Exchange’s governance is decentralised, flexible and powerful.
Peershares such as NuBits and B&C Exchange are the most advanced form of decentralised blockchain governance to date. The work I have already done establishes me as the leading innovator in decentralised blockchain governance." --> said the Chief Bird!
Particularly when you consider the RSOT motion and the Re-evaluation of RSOT motion. Everything is so hilarious.
This motion is potentially going to pass as it has the majority of votes for more than a day by now, although the SDD is very high so it may change. Anyway it likely means that there is a majority of shares controlled by Phoenix or in his hands. Not so great.
And I have been part of this because I thought it is
sufficiently transparent, a crypto-business experiment, a network led by an impressive architect with capable supporters, performance-oriented, fostering decentralization, win-win for everybody, designed with good intent, smart etc.
I thought I had a clue what due diligence is, but JL played it extremely smart. Damn it, time to refine myself
First of all, as a servant of BlockShare holders I care what @Sabreiib thinks, as he has made convincing public claims of being a large BlockShare holder.
@Sabreiib, is your concern based on a desire for shareholders to have more control over changes in the composition of the development fund, or is your concern based on being opposed to the purchase of NuShares specifically at this time? I suspect it is the former, and that is concern which is difficult to address. To get input from shareholders takes at least a week. With proper debate and modifications, getting shareholder input on a change in fund composition could easily take 3 weeks or more. Adjustments in fund composition need to be made faster than that, due to the high volatility of NSR. Do you agree the slow speed of shareholder input would make the input suboptimal, because the input would necessarily be outdated given the fast pace of change involved? Essentially, shareholders should control the general direction of the enterprise, but can’t be involved in day to day operational decisions due to the slow speed of input. It is practical to draft a motion that specifies I have ongoing authority to switch funds between NuBits, NuShares and Bitcoin, for instance. Would that help address your concern?
The recent action of selling US-NBT and purchasing NuShares at 36 and 37 satoshis is compliant with all motions, regulations and can be expected to be in the interest of BlockShare holders. The passed motion in the OP states:
This establishes asset exchange as within my mandate. While the passage only mentions BTC and NBT, the motion itself is for the purchase of NSR, implying reallocation among these assets is indicated.
On a practical level, the actions are easy to defend. NSR purchase was originally at 53 satoshis. Sale prices varied widely, but my guess is the return was about 50% on average. Now I am purchasing low again at 36 or 37 satoshis. I wish to make a public example of the trading pattern as a demonstration of how to successfully trade NuShares in a way that strengthens Nu and the trader (B&C in this case). It brings liquidity to NSR, which more than any other factor, is the strength of the peg.
I realize many would want the funds in other assets, such as BTC. At this time, that would produce a poor outcome for B&C, because it would directly lower the value of the fund’s NSR. Selling US-NBT without buying NSR with those funds necessitates an NSR sale by Nu.
In real world, a CEO/team makes decisions for daily operations because shareholders voting is slow. You may pass a motion to handle the B&C fund via trading BTC/NBT/NSR etc.