[Passed] Dissolution of FLOT and transfers


#1

This draft motion is being managed at Daology.

Here is a quote for convenience:


FLOT NSR Operations (buy side)
FLOT US-NBT Operations (sell side)
FLOT NSR Operations (buy side)
#2

Do you, @Phoenix/@JordanLee, take on responsibility for the loss of 178.67 BTC that are locked up on Bter, because they were lost following your liquidity provision scheme using Nu funds?
Or can you point me to where the shareholders decided to support BTC/NBT with hundreds of thousands of USD equivalent that were owned by Nu?
From the whitepaper I gather that NBT/USD was supposed to be supported and no Nu funds were to be used:

Source: https://www.nubits.com/about/white-paper#use-case-for-dual-side--liquidity-provider-custodian


#3

Why then would @jmiller themselves say:


#4

You missed my point.
Who decided that liquidity provision would be done this way? I don’t find a matching motion.

@jmiller what about the status of the lost/locked BTC? How many has Bter turned back to your account?


#5

Proposal to Provide Dual-Side/Sell-Side Liquidity and Shareholder Dividends (amended) [B9fv9Di2Y4RxUHzrwjtfq5fetAhqULzWKL]

Passed 2014–10–02.

https://gist.github.com/jmiller99/8273219429deec2f0381


Safety of NuBits currently?
#6

Thanks for that grant!
It proves what I gathered: @jmiller provided liquidity with funds owned by Nu:
https://nuexplorer.ddns.net/address/B9fv9Di2Y4RxUHzrwjtfq5fetAhqULzWKL/1/newest

If the whitepaper had been followed, @jmiller would have received 4,000 NBT for providing liquidity with own 200,000 NBT, but received Nu owned funds.
Where does that deviation from the whitepaper come from?
And why was liquidity provided in the BTC/NBT pair and not NBT/USD?


#7

This motion has been hashed:

b708c516711348faf85d1513556dd1dc91f33c8a

I edited the motion to add an address that @masterOfDisaster (the community consensus is that he is also known as @ConfusedObserver) can send the 13 BTC that belong to liquidity operations he is still holding.

Obviously, in engaging with this thief and trouble maker, we aren’t interested in spending time answering his questions, which appear to have dubious motives. Rather, our priority is to get our money back. @ConfusedObserver, you need to return the 13 BTC to Bittrex gateway address 1uBH39hNa2xahaoPisVzMnZEtAWUZod8X, then we can consider talking about these less important matters.


#8

Shareholders have passed this with a landslide 65% support around the time it passed, from block 1244501 to 1245000.

@jmiller, @tomjoad, @masterOfDisaster, @Dhume, @ttutdxh, @cryptog @jooize , @woodstockmerkle and @dysconnect:

Will you comply with the simple and easy instructions provided by NuShare holders in the original post?

@jooize, could you please construct a burn transaction for each of the multisig groups (if a burn transaction has not already been formed)?


#9

My term of FLOT ended on Nov 15, 2016 . There is no need to disband FLOT. FLOT has ceased to exist already.

I don’t see obligation for me to DO anything with my multisig keys. I only see my obligation to NOT DO e.g. unlawful things. I could just delete them.


#10

It is very important for the security of the network that they be burned. Otherwise, any three key holders at any time in the future could spend the funds for whatever reason (to have the funds for personal spending is a powerful motive, especially in the absence of any sense of connection to the NuBit project, a sense which is sure to wane over time). That would harm the value of the network. Why be so determined to harm Nu? Why be anti-social?


#11

The point that FLOT isn’t paid anymore is valid. Leaving 70 M NSR in the FLOT multisigs is irresponsible. I would hope members of FLOT perform this one last task for free. Paying for just signing one or two transactions is possible, in which case how much? Most of FLOT was paid 5 US-NBT per day.


#12

I am happy to pay FLOT for the service of burning NSR and NBT. @jooize, @mhps and others: what rate do you think is fair?


#13

good question.


#14

50 US-NBT?


#15

I had in mind 30–50 US-NBT, so yes.

What does @Dhume, @dysconnect, @mhps, @ttutdxh, @cryptog, and @masterOfDisaster think about that?


#16

i d prefer payment in nsr.


#17

I can do that.