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

[Dhume]

The sheer irony of point the finger and playing the blame game when you are the one that put all the B&C bitcoins into Nubits at the lowest possible BTC price. When you are the one who proposed to sell off the reserve that led to us having not enough BTC to maintain the peg. Cleary you have a majority stake in the network so any auction you think caused the peg to break you could have prevented. Don’t come in late and make claims you can never prove yet ignore the huge and obvious mistakes that you yourself made. It’s funny how everyone involved with Nu acknowledges those mistakes except the one person who made them.

You have a chance to save both Nu and B&C, do the right thing and use your efforts to make the B&C dev fund whole again. Finnish the project and you might not just save B&C but Nu as well.

[Phoenix]

I really don’t know why you are so against this plan as its much safer than yours. Right now all priority including Nu’s should be to get B&C running as quickly as possible as it’s by far the best chance you have to get both projects out of this mess.

Despite our many disagreements, there is potential for understanding on this issue. B&C is an experimental software project that is mostly unfinished. I think it will take quite a bit of time to finish it. Once “finished”, we will set very low maximum trade sizes (maybe $1 at first) and fix bugs for a long time. If all goes well, after many months of development and many more months of testing, we will have months of polishing to do in the production network. Then, if we are lucky, it will only take months to begin to develop modest volume. We don’t seem to have an active developer right now due to all the chaos recently, so the countdown to completion has not even begun.

Much of the disagreement between myself and other such as yourself about whether to focus on B&C or Nu is based on a disagreement about the time it will take to finish B&C. I think it is going to be a while. Regardless, funding is in the form of NSR, so we better make sure Nu succeeds.

@Dhume all the losses have created a lot of frustration in you, me and everyone here. The right thing to do at this point is to work together to create gains. That is rather easy to do with BlockShare and NuShare prices down so far. Getting part way back to where we were share price wise will be a huge percentage gain from here, and ease everyone’s frustrations. Let’s do it!

[Dhume]

We have no active developer right now because the whole development fund was held by Jordanlee who disappeared. Now you have claimed the fund and turned it into NSR instead of my plan which would have meant development could have started today. Instead we are now going to wait months and pray for an NSR price increase and if that never comes the project is dead in the water.

[Phoenix]

pray for an NSR price increase and if that never comes the project is dead in the water.

I’m not praying. I’m working and planning. I think it will work, although there are a great number of uncertainties. Among those uncertainties are the fate of the liquidity operations BTC and NSR reserve held by you and others. Can you help by using those funds in a useful manner that is compliant with shareholders directives?

Even if NSR never goes up (which I believe is unlikely), people tend to underestimate the resilience and staying power of these kind of blockchain based projects. If we show good progress with the funds on hand, we can get more.

[ChrisS]

There was a strong motive to allow the peg to fail. It isn’t hard to reason the motives of gaining more control over the network while funneling funds for the purpose of releveraging at multiples. We can allege these conspiracies but the actions taken render them logical.

I joined this community to improve upon a new paradigm for the system of finance. This project, with all its secrecy, lack of transparency, and debate is just a evolution of the corrupt system we live in. To contribute to this network is to sacrifice the values by which we intended, to build a strong and fair network. You have allowed individual to evolve into a dictator, you will learn to love him like all good subservients do. You hope things will change rather than demand. You have become the thing you never wanted to be. You have rises from the ashes like a Phoenix, born again for a new purpose, to sacrifice to achieve.

This community will need to be compromised and all records destroyed to convince the future of any legitimacy. All good empires burn their history. Who will be the lemming that lights the match?

[Sabreiib]

@Dhume, the total B&C fund was around 300,000USD, and after spending 180,000 of it(60%), this project is “mostly unfinished”. That’s why I want to build RSOT to replace Jordan’s bad management.

However, my motion only got 30% support so let the shareholders answer for what decision they have made. When Phoenix recieved the 120,000NBT from Jordan, that means they are same person/team.

B&C shareholders are speculating on NSR price to find a chance to multiple the value, good luck.

Last but not least, Since @sigmike and @Eleven have already revealed their ID on linkdin, I wonder why @Phoenix insists on keeping developers privacy? We demand transparent development payment, we should know how many fund to be paid every month and which developer gets paid with their address listed.

Any developer insists his/her privacy, please go away, I would rather let this project die than cooprating with this kind of developers!

[mhps]

Despite our many disagreements, there is potential for understanding on this issue. B&C is an experimental software project that is mostly unfinished.

Now we are getting somewhere. How much work there is left to have B&C working – with only minimum APIs – with one pair of currency? The community and for-profit exchanges can work out GUIs.

[Phoenix]

How much work there is left to have B&C working

I would prefer @sigmike or @Eleven comment on this. The community does need to form a strategy to move development forward.

As an aside, I will bring continuity by continuing the compensation terms of everyone doing work for B&C, including @sigmike and @Eleven. You can continue work under your previous terms and I will pay you.

[Cybnate]

So as a result you are now going to sell large chunks of NSR to fund B&C development in the next year or as long as the developments takes for B&C? Without a solid business model for Nu no one in their right mind is going to buy those NSR resulting in further lowering of shareprice and further sharedilutions. When does it start to make sense to you that you will need income/profits somewhere in either network or a good chunk of confidence that this will be realised in the future?
You are building on quick sand at the moment!

[Financisto]

B&C shareholders are speculating on NSR price to find a chance to multiple the value, good luck.

Talking about the raised development fund, by not supporting RSOT motion, B&CE shareholders exchanged a broken peg/hedge for NSR speculation.

The dice have been cast…

[Sabreiib]

Yes, we have no choice but cast a dice.

If Nushare price keeps today’s trend… That’s why I support Phoenix’s motion. Whoever manipulating NSR price is not important.

[ConfusedObserver]

You recognize this as pump&dump and don’t care?
There’s no reason for NSR rate to rise except pumping it.
Phoenix will try to tell it’s related to the NBT increase, but that’s only part of the pumping.

There’s no revenue - neither now nor planned for the future.
There’s no reason to buy NSR - unless you hope to stay ahead of the pump and dump before others do.

It’s a bit sad seeing this in the face of the potential Nu had and still might have.

This NSR rise is rather alarming than a reason to hope.
Cheap NSR from the recent selling-off will be sold with a gain after the market has been manipulated.
This is just another manipulation in a row that started with the NSR buybacks and had another important mile stone when tens of thousands of NBT were dumped to crush the peg (making cheap NSR available).

Phoenix might call that paranoid.
Others might recognize the pattern.

Nu needs revenue.
Only revenue can save it.

[Sabreiib]

1. I really hope phoenix pump NSR and then dump some NSR for BTC in order to fund the B&C development.
2. I noticed the importance of revenue much earlier than you do. Please read the threads I posted from Sep 2014 when Nu was very fresh and good finance status. Furthermore, I’ve raised some ideas to collect revenue for Nu such as micropayment after cloning BTC lightning network.

Nearly all forum members understand the revenue for Nu, and even @Phoenix doesn’t deny the goodness of revenue, so you’d better do something rather than continuously declare Nu is hopeless. For example, I upload bcexchanged daemon for Mac OS although I am not a developer and I begin to learn C++ even I am not young.

Try to contribute.

[ConfusedObserver]

I contribute as good and as much as I can.
If that isn’t welcome I can very well save my time.
Requests to do that raised by Phoenix won’t necessarily be followed

Can you please point me to your posts from 2014 regarding revenue?
I realize that your assessment was being ignored back then - otherwise Nu wouldn’t have come to this situation.

[Sabreiib]

Feasible profit model discuss

He said NuBits is a ponzi, we need to clarify our profit model. This is really important. I'll tell out one of mine 1) Custodians provide 100% reseve by puting all his/their FIAT income from selling NBT into building up buy walls. 2) Make profit from charging transfer fee. For instance, custodians sell wall is 1.02$ and buy wall at 0.96$, this assures Nu has profit after exchanges taking off their own transaction fee. 3)If profit is enough, we peg NuBits or other unit to 1$ buying p…

I pointed out revenue issue when Nu just released and get criticize from BM of bitshare community, in fact I asked Nu team about profit model before Nu launch when we translated the white paper into Chinese. At that time we promised to keep secret before the white paper revealed to the public, Aug. 2014? July? David was in charge of marketing at that time before tomjoad replaced him.
And I remembered David was upset due to BM’s comments on Nu. BM is a smart guy, also steemit developer.

[mhps]

On choosing a robust nbt price at a particular time …

How would you have done it? I see few options and none was easy to choose.

1. Completely ignore the market and set the price according to the previous days.
2. Pick the price the market briefly recovered to after the motion passed.
3. Compromise arbitrarily.
4. Use the exact price.
5. …?

On the candlestick chart of Poloniex, you can set the averaging period of SMA (simple moving average) shown on the plot by clicking on the setting cog at the upper left corner. If you choose the chart to be 1 hour per stick, and 48 as the averaging period for SMA, then the SMA curve shows the averaged price of previous 48hr.

That way you get a robust price at any given time displayed in the chart by placing the cursor on the curve and reading its price.

[Phoenix]

40 million NSR belonging to B&C have been exchanged for BTC. The BTC is in the process of being exchanged for US-NBT. I will give a US-NBT total when the exchange is complete.

This was prudent to do because a considerable gain (around 45% as a guess without seeing the final figures) could be secured when park rates and US-NBT appreciation are considered. It is better to have some B&C funds in stable US-NBT collecting 20% interest than all in the most volatile cryptoasset: NSR.

As a major NuShare holder, B&C has an interest in ensuring the value of NuShares, and by extension, the success of NuBits. This action has helped to establish the peg more firmly. It is a win for B&C and a win for Nu.

[mhps]

40 million NSR belonging to B&C have been exchanged for BTC. The BTC is in the process of being exchanged for US-NBT.

NBT belonging to B&C were converted to NSR like a week or so ago. Now some of these NSR is being converted back to NBT?

[backpacker]

on base of what b&c motion did you convert development fund from NSR to BTC?

[Cybnate]

This was prudent to do because a considerable gain (around 45% as a guess without seeing the final figures) could be secured when park rates and US-NBT appreciation are considered. It is better to have some B&C funds in stable US-NBT collecting 20% interest than all in the most volatile cryptoasset: NSR.

That was a very quick change of your mind after all funds where first converted to the volatile NSR. But why just 40m and not everything?