[Passed] Dissolution of FLOT and transfers

[Phoenix]

This draft motion is being managed at Daology.

Here is a quote for convenience:

Jamie Miller (@jmiller) has Bter funds that are locked down and
ineligible for immediate withdrawal, due to Bter hack and default in
February 2015. The account should be handed over to @Phoenix by
Bitmessage at BM-2cU99iZPcZ4AJUCzU2G797SNc9aRkLkyL9. The most recent account of the balance (which is 178.67 BTC) is here:

[Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

@TomJoad still has a variety of social media accounts, which should
all be handed off to @Phoenix by Bitmessage at
BM-2cU99iZPcZ4AJUCzU2G797SNc9aRkLkyL9.

All FLOT (First Liquidity Operations Team) multisig groups should
immediately burn all funds, whether US-NBT or NuShares. This includes
the teams holding funds at SvtGbNjWE49pTM2TiUZrYKSNkxTJx75mmC,
Snvrc5q82wfe2NjEjaQAyStpPKseWrsNqn and
BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js.

@masterOfDisaster shall either return the 13 BTC that belong to
shareholders as part of liquidity operations to the Bittrex gateway BTC address 1uBH39hNa2xahaoPisVzMnZEtAWUZod8X, or he may alternatively purchase US-NBT with the 13 BTC and then burn all the US-NBT proceeds.

[ConfusedObserver]

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:

###Use Case For Dual Side / Liquidity Provider Custodian

First someone who wishes to fulfill this role must seek shareholder approval via the custodial grant mechanism. Say a particular liquidity provider or LP custodian has 10 million USD he wishes to use to provide NuBit liquidity. He would expect compensation for lost opportunity cost (he could otherwise invest those funds in rental property, stocks or bonds) and for the risk of loss via an exchange default, such as we have seen with Mt. Gox and others. While the market will continually reprice this, let’s say in our case the prospective LP custodian decides a 5% return every six months is fair compensation for lost opportunity cost and risk of exchange default. So, he promises shareholders to provide 10 million USD/NBT worth of liquidity for one year in exchange for 500,000 NBT. Shareholders approve this using the grant mechanism and he is granted 500,000 NBT. Now he must provide 10 million in liquidity constantly over the next year. Alternatively, once shareholders have sufficient credibility, LPCs may be compensated after providing liquidity services. Lquidity may be provided through a single exchange or multiple exchanges. Let’s say he does this with a single exchange. He opens an account with the exchange, then deposits $10 million worth of BTC. He exchanges the BTC for USD.

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

[jooize]

Why then would @jmiller themselves say:

[Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

178.67 BTC is still locked up on Bter. These funds will be converted to NBT and burned when they are finally released.

[ConfusedObserver]

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?

[jooize]

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

Passed 2014–10–02.

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

[Passed] Proposal to Provide Sell-Side Liquidity and Shareholder Dividends

Edit: To the attention of all shareholders I am requesting a grant of 200400 NBT; My proposal has two versions : v.0.1.0 , and v.0.1.1 ; The first version is for sell-side liquidity only. The second version will operate the granted funds as dual-side liquidity for the first 90 days. You can find differences here To vote for using the funds as specified in v.0.1.0 just vote for 200400 NBT @ B9fv9Di2Y4RxUHzrwjtfq5fetAhqULzWKL To vote for using the funds as specified as in v.0.1.1 , in…

[PASSED] Motion to modify terms of custodain grant

Hi Everyone, Please accept my apology for the delay in proposing this motion. It has not been easy for me to decide how I wanted to handle this. On one hand, I am very excited to see Nu succeeding and I want to do everything in my power to help it continue to succeed. On the other hand, I am concerned and disappointed that I do not see more community members rising to task of liquidity support. Without the peg, we will likely fail, and for long term sustainability of this network, we are going…

[Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

Motion hash to place in your Nu client: ed7b9fc65dc4e9d9acad61e528420c2690f599d2 When our network began, we had a way to increase the NuBit supply at the will of shareholders. We then decided to add a way to decrease the NuBit supply at the expense of increasing the NuShare supply (due in the 0.6.0 release). It should not be surprising then, that a mechanism for reducing the NuShare supply would also be introduced, to complete our flexible supply of both shares and currency. Specifically,…

[Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

178.67 BTC is still locked up on Bter. These funds will be converted to NBT and burned when they are finally released. For now, they will not be included in this 50% burn calculation. All Bter points and securities were used to buy 22.9 BTC on April 22nd, which was sent to Poloniex to support the buy side. Bitspark.io has been removed from supported exchanges and those funds were sent to Poloniex or to offline storage. Currently managed funds: Allcoin BTC: 0.58 (136.22 NBT) NBT: 929.27 …

[ConfusedObserver]

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?

[Phoenix]

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.

[Phoenix]

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)?

[mhps]

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.

[Phoenix]

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?

[jooize]

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.

[Phoenix]

The point that FLOT isn’t paid anymore is valid.

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?

[cryptog]

good question.

[Phoenix]

what rate do you think is fair?

50 US-NBT?

[jooize]

I had in mind 30–50 US-NBT, so yes.

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

[cryptog]

i d prefer payment in nsr.

[Phoenix]

i d prefer payment in nsr.

I can do that.