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

NuShares Passed Grants
#48

!!

1 Like
#49

If you allow possibility of bad agent you should not forget possibility of voting for anything with those 100m if he orders them to his wallet.

#50

@Phoenix

  1. How confident are you that you can get the peg back to $1?

  2. How long do you think it will take to get back to $1 with full reserves?

  3. Do you have an idea on the amount of NuShares it will take to build our reserves back up to 100% at $1?

  4. Shareholders don’t want unnecessary dilution through wastefulness of NSR. Will you conserve printed NSR for sale as much as possible?

  5. How long do you expect your role as chief of liquidity operations to last? Would it only be until the $1 peg has been returned, or do you plan to stay in the role sometime after that?

  6. If you plan to stay in the role after the $1 peg has been returned, will your payment method be changed to NuBits, or will it stay with NuShares in order to help maintain the 100% reserve?

2 Likes
#51

How do you know ? Whose words do you take for it? Only his. You would have to trust him because he is the only one who sees all the in and outs. I am not saying he intends to deceive, I am saying there is no reviewing, auditing, or measuring of the Chief’s operation effectiveness planned in the proposal.

#52

As far as I understand what he said above, FLOT would control the funds. He would simply direct FLOT what to do with them, so there is no possibility they could be stolen by a single person or used for voting.

#53

Is there anything you believe that could be added here to improve it? It seems he’s saying that all the data will be provided, but it’s up to shareholders to analyze it.

#54

That is the easy part. You never know , for example, if someone is front-running the wall movements, and who are benefitting from betting against nu.

1 Like
#55

I have an idea. It will never happen with this plan (in my opinion).

100% reserves on 700k outstanding NBT equals, well, a lot of money. And NSR demand is somewhat anemic at the moment. There is a limit to the total amount of money that people-would-consider-buying-NSR even own, and it may be less than that number.

#56

Maybe the most important part: don’t rely on a single person!
It seems you are hoping that Phoenix could be JordanLee.
After all you know, you should be afraid that Phoenix could be JordanLee!
Don’t rely on single people if you can avoid it at reasonable cost.

JordanLee has successfully targeted FLOT.
FLOT doesn’t work like it did before.
That’s the result of JordanLee’s attacks.

Now you want to rely on a pseudonym that likely is a sock puppet of Jordan?
Don’t let you lure into a trap, just because of having been made desperate.
JordanLee made you desperate! He attacked and then abandonded Nu.
You won’t find salvation in anything that’s related to JordanLee.

Take responsibility. Stop following false leaders. Elect a group of leaders. Don’t let them be attacked. Don’t listen to single evil actors.

4 Likes
#57

I am not a fan of this proposal and most shareholders think the same as well, it seems.
This has only very low support.

The reason I am not a fan is because it gives too much power to a single node.

1 Like
#58

I was initially voting for this, but I stopped because I realize now that NSR sales most likely won’t be enough to raise over $700k. If it somehow was enough, then it would most likely mean unlimited NuShare dilution. I’m ok with limited amounts of dilution, but not unlimited amounts (billions of NuShares for example). The only path forward that I see of having the most chance of success is helping B&C to get finished and then relying on a percentage of their profit to help lift Nu out of debt…

1 Like
#59

I do not think we need to raise that much. Why should we be able to buy every outstanding nubit out there?
We should stick to the standard first.

1 Like
#60

With 10% dilution we can gain a fully reserved buy wall at 0.1. Then we start from there. In that sense i s upport @Phoenix’ 0.1 peg that rises. i’d support 3m share compensation in exchange @Phoenix’ promise to carry out his plan, without giving a blanc check of power. He would have to convince shareholders and flot on te way

2 Likes
#61

Maybe this is a solution indeed after all. let me consider it again.

1 Like
#62

A rising peg is very expensive without any other measures in place than just stopping new NBT creation. Where would the funds to do so come from and what is the incentive?
It doesn’t make sense to me. I believe creon’s option is more viable.

#63

Me too

#64

there are other forces at play when there is a bottom of thr nbt price. it’s not only nu buying btc from selling nsr to fill the reseerve alone. trader could take advatange of nbt/btc market fluctuation to trade between ranges when there is a certain bottom. Nu could use the flow to replenish its reserve while keeping traders happy.

#65

Nu could also set up an asymmetrical offset to do a little spread trading of it’s own. Just like MoD had it.

#66

I think that this needs to be part of any proposal worth looking at. But don’t expect a major stream of revenues from it. Try the calculator and include the BTC risk. It won’t work on its own and will just slowly drain funds.

#67

Single points of failure are bad. Single points of anonymous failure are even worse.

7 Likes