[Passed] Elect Phoenix as Chief of Liquidity Operations (compromise version)

Sentinelrv 2016-06-15 20:32:57 UTC #18

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?

ConfusedObserver 2016-06-15 20:36:22 UTC #19

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.

Phoenix 2016-06-15 21:16:17 UTC #20

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.

ConfusedObserver 2016-06-15 21:20:02 UTC #21

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?
…great plan…
Maybe you get some help from superman!

Chronos 2016-06-15 21:25:13 UTC #22

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?

ConfusedObserver 2016-06-15 21:25:53 UTC #23

There:

Phoenix 2016-06-15 21:26:38 UTC #24

As detailed in the compensation section, the 3 million NSR is personal compensation for me.

Chronos 2016-06-15 21:27:06 UTC #25

Sorry @Phoenix, I didn’t notice the update to the opening post. I’ll take a look now. Thanks.

Phoenix 2016-06-15 21:29:24 UTC #26

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.

ConfusedObserver 2016-06-15 21:30:21 UTC #27

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”

creon 2016-06-15 21:38:53 UTC #28

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.

Sentinelrv 2016-06-15 21:39:42 UTC #29

@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.

MaVo 2016-06-15 21:39:54 UTC #30

Your impudence does not know any limits. You have probably made more than 100k US dollars from the buybacks and you keep asking for compensation. Let’s go for performance-related compensation! With every $0.10 that the peg is being raised and kept for 72 hours, you will receive 500k Nushares. First compensation kicks in with the peg level at $0.40.

Sentinelrv 2016-06-15 22:09:06 UTC #31

@Phoenix, it needs to be made clear in your motion that you don’t have the power to hold the reserve or NuShares for sale by yourself, meaning you cannot order FLOT to send them solely to yourself for any reason. They need to be kept under multisig control with FLOT. You can give FLOT orders on how to proceed with sales or liquidity operations using the reserve, but you cannot hold either yourself without multisig protecting the funds from theft. Can you please add something like this into the grant?

Phoenix 2016-06-15 22:11:15 UTC #32

Yes, FLOT will continue to hold the bulk of the NSR in multisig. I plan to ask for 5 or 10 million NSR from FLOT to begin with, to be split in single key addresses controlled by myself and one other person (it won’t be a secret who this is, but the person hasn’t been selected yet, but I will say I am planning on having a conversation with @jooize about filling this role). This NSR will be sold, likely through auction and Poloniex.

Sentinelrv 2016-06-15 22:13:47 UTC #33

That’s great. Can you please put the above limitation of power that I described in your grant just so it is official and shareholders have protection?

Confucius 2016-06-16 01:21:23 UTC #34

Sadly, I think that is wishful thinking.

Financisto 2016-06-16 02:40:56 UTC #35

If this motion passes - as Führer/Duce of Liquidity Operations - will Phoenix have the power to delegate his liquidity operations to unknown/non-reputable individuals?

BTW this seems to lead to a Guided/Managed democracy way.

This reminds me of some thoughts from Hayek: he claimed that a limited democracy might be better than other forms of limited government at protecting liberty but that an unlimited democracy was worse than other forms of unlimited government because “its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise”.

ConfusedObserver 2016-06-16 02:45:33 UTC #36

@Phoenix, important parts of what you are going to do

describes behaviour for which @JordanLee created a post called “Make Firing and Replacing Incompetent Liquidity Providers Our Top Priority”

That doesn’t make much sense unless you want to

be marked as incompetent
acknowledge that this behaviour (especially increasing the spread) is the only reasonable behaviour, if the funds are low on buy side

Do you plan to make the spread symmetric?
And if, what for? To prevent Jordan’s motion text from strictly applying to what you do?

Or would you be trying to match the market needs?
Finally some reason…

I’d rather see somebody more competent than you apply for such a role and hope you don’t get much support for this motion. The only good thing is the transparency promised by this motion.

Are shareholders desperate enough to elect a pseudonym fro this job that registered a few days ago?
Seriously?

There are some good threads that try to deal with the situation:

This motion here isn’t among them.

Sentinelrv 2016-06-16 03:13:18 UTC #37

@Phoenix is @JordanLee. I believe I’ve read enough of his replies over the last several years to know the way he writes. Jordan would have called this person out a while ago if he was an impersonator trying to trick shareholders. I still don’t completely understand why he’s using an alternate identity. I thought he was trying to make a point about authority yesterday, but it doesn’t really matter. Voting for this grant means you’re putting Jordan Lee, the architect of Nu in charge of liquidity operations.