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

[ConfusedObserver]

There:

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Phoenix will have sole control over sales of NSR intended for use in liquidity operations. This includes all NSR held by FLOT and any other agent in control of shareholder NSR authorized for use in liquidity operations.

[Phoenix]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

What? @Phoenix you are asking for 3M NSR, immediately after FLOT was granted 100M earlier today? Why wouldn’t we just use that?

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

[Chronos]

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

[Phoenix]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Only 3 million NSR?Dude, you won’t get far with that.

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]

Reminds me of history class:

Enabling Act of 1933

Does Godwin’s law apply now?

Godwin's law

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]

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]

@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]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

That is personal compensation.

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]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Phoenix will have sole control over sales of NSR intended for use in liquidity operations. This includes all NSR held by FLOT and any other agent in control of shareholder NSR authorized for use in liquidity operations. All transactions will be reported as detailed in the transparency section. However, advance notice will generally not be given as that would put us at a disadvantage versus NSR buyers.

[Replaced] Elect Phoenix as Chief of Liquidity Operations

@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.

@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]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

@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.

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]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

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.

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]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

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.

Sadly, I think that is wishful thinking.

[Financisto]

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]

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

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Phoenix will have sole control over the pegged price.

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Phoenix will have sole control over the spread at which liquidity is offered. I intend to offer it at a 1% spread, although I reserve the right to change this at any time.

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

[Withdrawn] Make Firing and Replacing Incompetent Liquidity Providers Our Top Priority

Incompetent liquidity providers are defined as any person who has control of shareholder buy side funds (in single key addresses, multisig addresses or on exchange accounts) who increases the buy side offset above that of the sell offset or advocates doing so as a means of dealing with reduced liquidity. Dealing with reduced liquidity by reducing it further to save it for later is dysfunctional. It erodes confidence, which will only cause NuBit users to abandon our product.

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:

[Voting] Enable Dynamic Transaction Fee in NBT

It has been hashed: 07998c78c75eebeb3cee7756be32f1fa513a3a4e ---Begin Motion--- Nu needs a source of revenue to continue liquidity operations. One step can be accomplished by implementing a dynamic transaction fee based upon coin age. We set the fee to reduce NBT by X% every year. Where X% is a variable to be determined and voted on by shareholders in a manner similar to voting on park rates. This would generate a yearly revenue stream for Nu which would be less than X%, but greater than 0…

[Discussion] Proposal Think big, start small

With the auctions underway, it is getting more important to get into actions. The actions I'm proposing are not unique and have been proposed by other in some way or the other so I'm not taking credit for them. My proposal will certainly move some dust around the place but I believe this is a chance to get things restarted while we continue to think and start building profitable solutions. This is not a quick fix, it will take time and it will only for those in for the long haul or those seei…

[Voting] No Nu Liquidity Without a Revenue Model

OK Nu, this is my last attempt at sanity. A number of us have asked and asked. Instead of getting compromise or discussion we get motions that push us towards the same cliff. Motion Hash: 8688c842023109881ad6a77bc8bdfe8f5c1704dc --Begin Motion-- Nu will not utilize nu funds to perform liquidity operations - try to maintain a peg - without establishing an agreed upon (through motion) revenue model. --End Motion-- https://daology.org/proposals/c12868855eca0d201dfb744937255d42c75ad95b W…

This motion here isn’t among them.

[Sentinelrv]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

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

@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.

[Nagalim]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

Voting for this grant means you’re putting Jordan Lee, the architect of Nu in charge of liquidity operations.

All logic dictates that we cannot take this as truth, and must assume that @phoenix has built absolutely no trust with the community and may easily steal all funds entrusted.

Voting for this grant means centralizing all Nu’s power in some rando that just joined up a few days ago.

[Yurizhai]

This 100%. It’s completely against what cryptocurrency tries to achieve, decentralization.

But even if we had the proof needed to feel confident knowing this is JL (we don’t), the fact that he is doing this and completely dodging questions about it still makes it unacceptable to vote for him.

[Sentinelrv]

@Phoenix, please just drop the act and start using your @JordanLee account again. I’m 99.9% sure it’s you and most other people aren’t falling for it either. You write the same. You say the same things. You give long speeches about decentralization and liquidity. You act stubborn. You dodge questions about revenue. You put threads up for voting with no chance for shareholders to help in the drafting process.

It’s you. We all know it. Whatever the reason for this is, I have no idea, but it’s only hurting your chances of getting your motion passed. Just come back out as @JordanLee so we can get things done.

[ConfusedObserver]

[Replaced] Elect Phoenix as Chief of Liquidity Operations

so we can get things done.

Just having a statement that @Phoenix is @JordanLee wouldn’t be enough.

Why not starting with providing airtight accounting information?
Or a comprehensive description how to use the discretion?

We can gather about JordanLee that he has an understanding about liquidity in theory, but no practical experience.
On the contrary: he has an immense lack of knowledge, that others have.

This would be your first choice as dictator of liquidity operations?
Are you out of your mind?

Did @JordanLee ruin enough to present himself or even better - a sock puppet - as the best solution that’s available and you believe that?

Why not having @Cybnate in that role? Or @jooize? Or @mhps? Or @Nagalim?
Because they’d first think and act then in a reasonable manner?
Do you think you need somethign crazy now?
Maybe you should vote for @Phoenix or @JordanLee

[crypto_coiner]

Bitcoin invented the permissionless mining.
Nubits has invented the permissionless ideation and leadership.
This crisis is a tremendous opportunity to be all leaders, identify the cracks and fill them, one by one.