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you agree the slow speed of shareholder input would make the input suboptimal, because the input would necessarily be outdated given the fast pace of change involved?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.
