I am advancing this draft motion for discussion and editing:
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The section on inflation indexing has been removed to increase consensus.
We have refined this from a draft to a version ready to be put up for voting. I ask shareholders for their vote at this time.
The RIPEMD-160 hash of the above motion text is:
d2531650837299579f58e2dba4376ab796ae2e01
To vote for the motion, go to the Vote tab of your NuShares wallet, click the Motion vote… button and enter just the hash in bold above. The hash will be included in every block you mint.
You can see the progress of this motion reported for the 10,000 block protocol period (approximately one week). It already has 2% support for the week long period, which will naturally rise as votes cast before the motion was finalized pass out of the most recent 10,000 blocks.
This motion is currently enjoying a stunning level of support: 99.3% in the last 300 blocks (block height 3282569). It is more support than any motion or grant in Nu’s history. An unconfigured vote is counted as a no vote. Any minter who has not heard about this motion is also casting a no vote. It means minters are paying excellent attention and there is a phenomenal level of consensus to grant these NSR options. The motion is on track to formally pass in less than 3 days.
Doesn’t this push the supply in the wrong direction? Basically what happens is 3 people end up owning the entire nsr supply (which may already be the case) and will put downward pressure on nsr as they sell to convert nsr to money to pay bills. This also has the net effect of centralizing Nu. Nu would then have to come up with a different mechanism to support nbt pricing afaik.
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If taken to an extreme that could be a concern but the amounts are pretty small compared to the 6 billion supply. I considered this issue when decided whether to vote on the motion and concluded the amounts are reasonable.
There is only likely to be any meaningful selling pressure from this if the value of NSR is up a lot. IMO that is also acceptable and arguably even desirable because it provides liquidity to outside investors (a prospect more likely conditional on the value having gone up; not terribly likely just now).
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As a proof of stake system, our network only functions properly when those who have power within the network also have a stake. The roles the NSR option recipients have are power in the network, so we must ensure such people have stake.
What is more important than decentralization is that we have people working every day to solve Nu’s problems, and that they are incentivized to do so long term. Even so, it isn’t clear these options will centralize ownership at all.
These options will only create a 1% dilution of NSR per year. The idea is we will begin selling NuBits again. After building a reserve, eventually some of these funds will be used to buy back NSR. If Nu is a success even modestly, we will see the supply of NSR drop considerably.
Because shareholders control everything important that happens, informed shareholders are better than uninformed ones. The NSR option recipeints are perhaps the most informed shareholders.
Support levels have risen to 99.8% in the last thousand blocks. I never thought we would see any motion pass with anywhere near that level of support. Unity is a good thing.
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This has passed.
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I think nothing happens right away. Starting next December the contributors will have the ability to exercise 25% of their options which means receiving some amount of NSR from the treasury. The amount will depend on the price of NSR having gone up. Let’s hope that happens.
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Prices for:
November 27: $0.000506
December 4: $0.000354
December 11: $0.000452
Average price used for option pricing: $0.0004373