Hi Everyone,
Please accept my apology for the delay in proposing this motion. It has not been easy for me to decide how I wanted to handle this. On one hand, I am very excited to see Nu succeeding and I want to do everything in my power to help it continue to succeed. On the other hand, I am concerned and disappointed that I do not see more community members rising to task of liquidity support. Without the peg, we will likely fail, and for long term sustainability of this network, we are going to need other primary custodians besides Kiara and myself. I signed up for this to help get the network off the ground. I very much hope that after our first year of operation, mine and Kiara’s role will be shared by many and that liquidity will be much more evenly distributed amongst all custodians.
Please bear in mind that given Kiara’s new dividend distribution strategy, the more liquidity this network has, the more everyone will earn in dividends and thus ultimately in share value. I want to thank Kiara for all of her hard work and commend her for coming up with such a brilliant plan to strengthen this network and provide incentive for others to offer liquidity.
Concerns being addressed by this motion:
- The Nu network cannot currently afford to loose any of the liquidity being offered by the grant I operate.
- Stability of the peg in this early stage of the network is far more important than profit from dividend distribution.
- Dividend distribution should be based on network liquidity and not a sales goal or set point in time.
- The role of Nu custodian carries great responsibility. This can be stressful at times. Custodians need to have a way to end their duties in a way that does not harm the network.
The following motion gives me a way out of this operation at the one year point from which it began. If the motion passes, I will consider continuing it’s operation past the one year point only if an additional fee is granted to help with my operating costs. If this motion does not pass, the grant operation will switch to sell-side on February 5th and dividends will begin being prepared for distribution.
Jamie
Motion hash: 4C1FA7B6B7B435BB215B93A771681232F1FD6237
Begin Motion
Passage of this motion will amend Proposal to Provide Dual-Side/Sell-Side Liquidity and Shareholder Dividends (amended), Revision 0.1.1, by Jamie Miller (https://gist.github.com/jmiller99/8273219429deec2f0381) in the following ways:
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The grant will continue to provide dual-side liquidity to the Nu network until 01-Oct-2015, at which point the funds will be removed from exchange and secured until further directed by shareholder motion.
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Custodian addresses are only able to submit liquidity info to the Nu client for a period of 260,000 blocks, or approximately six (6) months. Therefore, on 20-Feb-2015, the grant operator will request that a new grant address and amount of 1 NBT be voted for. Upon passage of this address, continuing grant operation will provide liquidity info through that address.
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Dividend distribution will be removed from the conditions of this grant. This applies to currently held funds as well as any additional funds accepted from other Nu custodians. Release of any funds being stored or operated under this grant will occur only if one of the following conditions are met:
- a) The grant operator is requested by shareholder motion that some or all funds be permanently destroyed (burned with no compensation to shareholders or custodian)
- b) The grant operator is requested by shareholder motion to transfer some or all funds to a different custodian
End Motion
Edit: Found issue with hash. Corrected.
