@Superman I would accept a signed message from you as equally valid.
I have a big interest in getting the peg recovered as well!
But I have an even bigger desire to get accounting done.
This is one of the main reasons I identified for Nu ending where it is.
Getting the peg recovered on the expense of NSR is not what anybody should want. I doubt it’s possible this way.
There are way too many NBT out there.
You are at an NSR rate of 1 Satoshi, before you are even close to having enough of your NSR assets converted to other assets.
Revenue is the key to making a credible next attempt!
It’s the only way to get the debts covered.
I’m only advocating a 1:1 peg, because I don’t see how you’ll get from $0.1 back to $1 - not that a peg at $0.1 would work without revenue.
Just imagine there’s a sudden demand for NBT and you sell NBT at $0.1, because you change the rate of NBT/USD from 1:1 to 10:1.
How will you ever get the rate increased back to $1, if not by buying NBT, which you sold for $0.1, for more than $0.1 (up to $1)?
Where will you take the money from?
This is the main reason why I’m advocating for creating revenue schemes first and starting a new pegging attempt after that.
The first pegging attempt failed.
The second needs to be much better.
I doubt there’s a third chance.
Shareholders, giving a newbie like @Phoenix, who clearly has no idea how liquidity operations work, discretion to continue a path that obviously lead to nothing but failure, would be the last thing you should support.
This JordanLee sock puppet attack is not exactly helpful.
Posting the same crap from different accounts doesn’t support the bad ideas, for the people recognze them as what they are.
At this point I’m in a don’t give a fuck mood. If @JordanLee or @Phoenix or whoever thinks he knows how the system runs best because he architected it, then let’s just make him the head of the liquidity operations department like he asks.
If he succeeds then great, shareholders were wrong and he was right all along. If he fucks it up though and things don’t go the way he planned, then maybe he’ll realize that he doesn’t know everything. He’ll have nobody to blame but himself for not listening to shareholders about the importance of revenue and maybe he will learn some humility.
I’m willing to bet it all on red at this point. If he fails, then shareholders take back over Nu and do it their way. If it’s too late by that point then I’ll probably just go back to Peercoin full-time. Bring on your motion.
Your strong language makes me sad. Hang in there, buddy.
I agree, the decentralised model is the most efficient, but chosen for a reason.
Given the situation we need someone to lead the liquidity operations. After @masterOfDisaster stepped aside there is no one with adequate knowledge, time and let’s not forget some gut to do this.
However a expect a high degree of transparency and accountability from such a person. It also needs someone who is aligned with most shareholders.
Ideally this person would also be known and not hiding beyond a number of aliases when it becomes to being held accountable. There are reasons why e.g. BitShares and Dash are more successful than Nu even though they are also making mistakes costing them dear. But that is part of the learning curve we are all going through in this new world of cryptocurrencies. Taking lessons learned aboard, listen and respond to feedback and then move forward are important aspects of leadership.
Just throwing more money at liquidity operations is not the way to go. I’m for one am perfectly fine with a model without revenues or at least revenues in the next 3 months as long as we don’t continue putting 10k/month in a black hole to satisfy some traders betting against us. I don’t believe there is a valid business model there based on your expressed thoughts. But maybe you haven’t shared the missing piece yet.
Hope you take the above into account and you will have my vote. And please think of another title as it sounds not very professional for an operation like us. Maybe Chief Operations Officer Liquidity (can be abbreviated as COOL). Sounds more appropiate as we need a ‘cool’ head to do this.
@Phoenix can’t fail. Failure is not part of his repertoire!
Actually, he has perhaps realized this already. For a long time he said the value of NBT would be either $1 or $0. Now we see it can be stable at an in-between value ($0.33 at the time of this post).
Also, his idea of a $0.10 peg is one that he used to say was impossible.
I agree, transparency and accountability are very important. Also it would be much preferred if Jordan Lee use his real account rather than an alias so we can feel safer knowing that we aren’t being played by somebody trying to impersonate him. Also a more professional sounding title is also a good idea. @Phoenix, can you provide these things to shareholders?
I think it’s a pity that he stepped aside.
But he was not doing what JordanLee commanded him to do (and some shareholders were following Jordan’s lead). Maybe he thought, Nu would be better off without him, after he was being recognized as incompetent?
Nu mustn’t rely on single individuals!
…not even if they are called JordanLee…
It will not bring you closer to $1, but even more far away from it. You just can’t afford a tight spread right now!
How will you pay for that, even if it consumes less than 10k/month?
What peg do you have in mind?
To get a tight peg you first need to cleat the orders below $1. You don’t have the money for that.
Or are you considering trading a freely floating NBT?
Wouldn’t be one of the worst ideas trying to buy low and sell high.
Now and in an unforeseeable future, there’s no peg.
NBT rate is at the mercy of speculators.
You need to find a way to generate revenue.
You need to sell NSR for BTC to restock your (non NSR) assets (diversify them, utilize NuSafe, because you need them USD stable).
You need to sell NSR for NBT to reduce your debts.
Then you can try and start to slowly raise the NBT rate.
I have no other idea how to get back to a peg of $1.
If someone has a better idea, he or she may speak up for it.
Electing a Commander of Liquidity Operations Noob (CoLON) is no solution.
Voting has begun. Let’s get liquidity started again right away and never stop providing it again!
Custodial Grant Amount: 3,000,000 NSR
Grant Address: ShrB92Q61TiL9ZaQXZQCMB2qszYKqTMkGU
I have already spoken at length about what I think liquidity operations should be doing right now, so please review my recent posts for details.
To sum up my recommendation at the current time:
Get buy walls up at Poloniex and Tube at $0.10 right away. I will select and compensate a single gateway liquidity operator to manage liquidity at Poloniex. A modest sum of NSR would be sold approximately daily at Poloniex to fund the NBT buy walls at Poloniex and Tube.
Only 3 million NSR?
Dude, you won’t get far with that.
And you want to be the CoLO?
Are you sure you aren’t applying for CoLON (Commander of Liquidity Operations Noob)?
Or is this only your compensation?
What liquidity do you intend to manage?
…there’s not much available at the moment.
Unless you want to sell some NBT
Wait - you want to get control over close 120 million NSR as well?
A single, unknown, anonymous person, who joined 3 days ago?
Maybe you get some help from superman!
What? @Phoenix you are asking for 3M NSR, immediately after FLOT was granted 100M earlier today? Why wouldn’t we just use that?
Where did you see this?
As detailed in the compensation section, the 3 million NSR is personal compensation for me.
Sorry @Phoenix, I didn’t notice the update to the opening post. I’ll take a look now. Thanks.
That is personal compensation. The contract gives me use of the 100 million NSR in FLOT funds. I intend to use them if I am elected.
Reminds me of history class:
Does Godwin’s law apply now?
Can I stop posting, because I’ve lost the discussion?
“there is a tradition in many newsgroups and other Internet discussion
forums that once such a comparison is made, the thread is finished and
whoever mentioned the Nazis has automatically lost whatever debate was in progress”
You really seem to need money Jordan, but maybe find some help outside of crypto to achieve that. If this grant even gets minor support, then shareholders should get highly doubtful when taking the current difficulty into account.
@Phoenix, if this passes, is my understanding that FLOT will continue to hold the NSR in multisig? You will just have the power to direct them what to do with it? In other words, you will not be holding these NSR yourself, correct? Because that would be unacceptable for them to be held by one person.