[Passed] Grant NSR to Phoenix for liquidity operations

[Phoenix]

This custodial grant is being managed on Daology.

Custodial grant address: SUrJhmYVeNThoG6oFWjY9pMawRJ3iCTHCq
Custodial grant amount: 20,000,000

This grant is for use in liquidity operations and will be treated as
shareholder funds. They will be used in accordance with NuLaw, which at
the present time demands NSR be sold. I will see that it is sold in
accordance with our internal regulations. The funds may also be used to
compensate liquidity providers (such as an individual conducting an
auction).
This grant is necessary and urgent because NSR FLOT is not
performing its duties as defined by shareholder passed motions. I will
faithfully execute the will of shareholders.

[mhps]

I will see that it is sold in accordance with our internal regulations. The funds may also be used to compensate liquidity providers (such as an individual conducting an auction).

I want to see that spelled out.
what "our internal regulations“?
itemize “also be used to compensate liquidity providers”.

[Phoenix]

what "our internal regulations“?

Passed motions and contracts associated with custodial grants. Nothing more, nothing less.

itemize “also be used to compensate liquidity providers”.

I expect to pay a couple people to operate auctions, gateways, and so forth. It may also be used to pay for Tube, although how that plays out with a floating exchange rate is an unresolved issue. I would like Tube to remain, but I am not sure how we can use it right now. I expect these compensations will be posted to the forum. Even if the right liquidity provider wanted privacy that way, their payment would still show on the blockchain in a list of transactions that are otherwise all well identified.

[mhps]

I expect these compensations will be posted to the forum.

i’d be more comfortable if you change expect to promise that and put it, with explanations you made above, in the grant request.

Grant and motions like this make radical changes in Nu governence model.

Why don’t you just apply to join FLOT ?

FLOT NSR only needs 3 sig and can be very agile.

[Phoenix]

Why don’t you just apply to join FLOT ?

Because NSR FLOT didn’t follow our rules about NSR sales over the last month. Even at this moment, they are failing to function in a mission critical context, so they are not reliable, even if they are being compliant with NuLaw and the problem is technical in nature.

If I had had 20 million NSR in hand to sell a month ago, I may have been able to save the peg, even without cooperation from decentralized liquidity providers. Being able to save the peg in a peg break scenario is incredibly valuable. It is worth the risk, given that we have learned relying on one multisig fund can lead to peg failure. That has to change.

[mhps]

Because NSR FLOT didn’t follow our rules about NSR sales over the last month. Even at this moment, they are failing to function in a mission critical context, so they are not reliable, even if they are being compliant with NuLaw and the problem is technical in nature.

9,000 years of human history shows that handing all power to one individual is not reliable. Don’t discard one of @JordanLee’s legacy creation, the FLOT. Improve it.

[creon]

Fun fact: 20M NSR are about 2% of the total supply. Given the current terribly low difficulty and the min age of one week you can assume that less than 5% of the supply is participating in the staking process right now, resulting in about 40% of the total staking power which you pass over to a single person.

So with this grant @Phoenix will basically be able to determine the result of every motion and even be able to print NBT and NSR.

[cryptog]

Given the current terribly low difficulty and the min age of one week you can assume that less than 5% of the supply is participating in the staking process right now,

In that case, Jordan Lee has already close to 100% of the network.
I guess he has between 30 and 80m NSR.
So he could do anything he wants already, which is not the case apparently.

[Sentinelrv]

Because NSR FLOT didn’t follow our rules about NSR sales over the last month. Even at this moment, they are failing to function in a mission critical context, so they are not reliable, even if they are being compliant with NuLaw and the problem is technical in nature.

How can you possibly blame FLOT for not acting if there is a technical problem preventing them from doing so?

[Nagalim]

JL sold all his nsr during buybacks.

[Sabreiib]

JL sold all his nsr during buybacks.

This is the biggest good news! Because he is rich enough to reboot Nu and continue B&C development.

[mhps]

This is the biggest good news! Because he is rich enough to reboot Nu and continue B&C development.

Be careful what you wish. Someone who can pull it on Nu can pull it on B&C.

[Sabreiib]

Still better than B&C project terminated.

[cryptog]

JL sold all his nsr during buybacks.

How do you know?

[Nagalim]

i don’t, I’m not JL. Call it a baseless accusation. My point was that saying he has a large amount is similarly shortsighted.

[masterOfDisaster]

@Phoenix, you have no track record, are anonymous, a newbie and even worse: you follow a road that lead Nu to bankruptcy.

Can you please explain why anybody should be interested in granting you NSR?
Based on the current PoS difficulty that looks like suicide.

But I bet you promise that you’ll do no evil. Am I right?

[Phoenix]

Don’t discard one of @JordanLee’s legacy creation, the FLOT. Improve it.

I don’t intend to discard FLOT, although it needs to be reorganized. Experience has demonstrated we can’t rely on one multisig team. There have been multiple serious failures over the last month as a result of our reliance on NSR FLOT. Doing the same thing isn’t a responsible plan.

[Phoenix]

How can you possibly blame FLOT for not acting if there is a technical problem preventing them from doing so?

I am not blaming FLOT for violations of NuLaw this week. The assertion that they are unreliable (even currently) is self evident. If this grant had passed last week, I could have funded this week’s auction. As it is, we are still unable to do anything to support our currency. So that is concrete example of major benefits that can be achieved from passing this grant.

[ConfusedObserver]

There have been multiple serious failures over the last month as a result of our reliance on NSR FLOT

Can you please point to some of them?
I don’t remember having read about complaints, but found a lot of cases, in which FLOT performed remarkably well.

Or do you speak of the recent delays in the NSR sales?
If so, be glad that FLOT acts responsibly and doesn’t dump NSR in a time of no peg and no need to hurry.

As it is, we are still unable to do anything to support our currency.

You can do a lot to support your currency: develop reliable, credible revenue streams.
And if you are really @JordanLee, provide all accounting information about Nu - even that from before Nu officially launched.

major benefits that can be achieved from passing this grant.

There’s only one major drawback that can be achieved by passing this grant and that is giving a lot of power to a newbie pseudonym that hasn’t developed a single source of revenue as far as I can remember.
But please, show me one I have missed.

Why should anybody trust you?
Anyone with a track record would be way better trusted with 20 M NSR than you.

Those 20 M NSR aren’t required to support a peg, because there is no peg.
Are you aware of that?
Or is your answer to the current situation grant and sell as many NSR as necessary to compensate the lack of revenue?
And once the 20 M NSR are sold, you sell another 40 M, 80 M, etc.?
…which would just be another form of ponzi scheme, in which the future NSR buyers are the bigger fools in the game.

Revenue comes first!
Then you can try to find out what peg you can afford with that.

Btw. it’s remarkable how hungry you are for NSR.

[creon]

30 votes in the last 100 blocks. This is really looking good for you, Jordan.

Its quite interesting to look at the overlap of staking addresses that were used to generate blocks that contained the previous version of the Chief motion and this motion. Sb4oPvMWyuF1dPkSF6HUAMQQskzsAuNG6K for example takes a couple of blocks and got funded on June 1st with millions of NSR. Another one is SZoNo3aT7NYh5uG7iPA38iGZwhhZNankPP, much older, but always very on time whenever JL motions get released.

I would make the bold claim that JL currently controls at least 20% of the staking weight. I would have a very hard time to prove it, so take from that what you want.

However, if you think that it might not be a good idea to put 23million on top of that, and you have shares which are a week old, then I suggest to fire up a Nu client to put some counterweight to that. Trust positions within the DAO, LPCs, contractors etc can be fixed, but if you screw up your POS security then you can only do a hard fork to redistribute the shares.

I start to believe that Nu will never be able to improve as it must as long as the guy who ruined it and never admitted it has this large amount of voting power in the system.