Phoenix will no longer be holding keys to shareholder funds

The Plaza
#78

If you could stick to facts, you’d be providing a valuable service by flagging up things that have gone wrong and need dealing with. But your insults, negativity, and lack of constructive tone means that you’re just getting in the way (which might be your aim).

I’d be happy to see you banned if you carry on like you are, though I’d prefer you kept the pressure on in a more measured manner, as I think that would be more effective than spamming and name calling.

This forum is a place where there is no censorship of genuine concern (or anything much else), so why resort to being a troll?

Why not keep to the facts and be less insulting?

1 Like
#79

I can only laugh at you as well. The problem many people on this forum seem to have really is to see the real difference between the financial damage that the word “fuck” causes and the financial damage that a “theft” causes. And while I say things like “fuck you @Phoenix”, he says “I am sorry for losing hundreds of millions of NSR shareholder funds, my apologies, I step aside for now”. And you know what’s even more ridiculous? There is nothing shady about me asking @Phoenix to fuck himself. That’s very factual, I clearly mean it. If @Phoenix says “there was a theft, funds were lost or stolen”, nobody on this forum can prove the substance of that and even worse, @Phoenix might be the thief himself and cashes in big time. So what? You seriously have more problems with harsh or offensive wording than with someone who believes that it is enough to say “I apologize for losing shareholder funds, but this is a huge buying opportunity as most of it has already been dumped right into your face and the market cap is completely destroyed”? @DavidMc0 is there anything wrong with you?
See the thread for liquidity operations: @Nagalim pointed quickly out that the buyback price went up to 16 satoshi even though NSR could have been bought on the other exchange at 10 satoshi. You know what? I call @jooize an asshole for that. And what does he do? He apologized and admits that there is no valid excuse and that he simply lost oversight. He lost oversight, there are two exchanges trading NSR/BTC and he lost oversight. And he apologized. It is pretty simple to believe that he used shareholder funds to purchase his private NSR at a too high price. Can I prove it? No. But seriously, what do you believe is the motive behind purchasing NSR at such a high price? There are two options: personal gain at the cost of shareholders. That is theft. And I call a thief an asshole. Option two: he really lost oversight dealing with two exchanges at the same time. And that to me is complete stupidity. And that same person is controlling hundreds of thousands of shareholder funds. Are you all completely nuts?

#80

What in the world happened? I left for like one year and Tether has won the dollar crypto war, and even bitUSD is better than us, we only have a $200,000 market cap!? What happened did coins get burned? And why was there a security breach when this is supposed to be decentralized??? But then again I remember on Polo I bought 30 Nubits at .30 and sold at like .90 , didn’t think much of it but I didn’t think this would be the end of Nubits…

#81

There were three major thefts within three months, all successfully performed while shareholder funds have been more or less under the sole control of @Phoenix. While there is still a hand full of people on the forum who say that that is business as usual (I wonder why…), you can see quite clearly that the market has spoken and Nushares even after this huge run in the crypto space is almost worthless.

#82

How can we prevent this from occurring again? (in layman’s terms), or has this problem already been fixed?

1 Like
#83

The problem was only occurring after JordanLee crippled FLOT. They were keeping funds in multisig over an extended period of time safe and secure.
They were made the target of a witch hunt to install the dictator @Phoenix. Later the thefts happened

1 Like
#84

Hmm so does this means all hope is lost or should I rack up on some shares?

#85

@ConfusedObserver may I ask you to put the word “theft” in quotation marks? For anyone new here, it might help to get the message across better. @excell, @Phoenix says funds have been stolen from him three times within three months, some of the stolen funds have been used to dump the NSR market cap to oblivion. Nobody can prove whether @Phoenix himself dumped those funds and now says there was a theft. Even better, he calls the last theft a good thing after all, as now everyone has a great buying opportunity since NSR is more or less worthless after the stolen funds were dumped. Not sure if he is serious about it or making fun of people, he denies answer that question (like any other question).

#86

Are you looking for an investment or a gamble?

Declined. I was deliberately vague about who stole it :wink:

#87

Haha, convinced! :wink:

#88

Yeah, that statement about a perfect opportunity to buy in… NO! Its insulting in so many ways. :disappointed:

#89

I’m looking for a gamblevestment :smiley: . Let’s put it that way, bank interest rates are practically a joke. My mom used to tell me about when people could make a living off their bank interest rate, can we go back to those times? Actually not, that is practically why all crypto was created, to get rid of manipulative banks who work not for the people.

#90

Anyone notice that the Bittrex ticker for nubits was changed to NBT from USNBT? Is that why Bittrex market link on coinmarketcap is not working? Did we really just go from NBT --> USNBT --> NBT , lol.

#91

Strange indeed, link is broken. Need to remove the US. However, they appears to still to the USNBT ticker else they wouldn’t show up under USNBT at all. Good find.

#92

Then you’re right at Nu! Lost of gamble here, maybe even with some potential for investment.
Better buy NSR than NBT.
One reason: you have a better ROI, which is an assessment solely based on my guesstimate. Just imagine Nu manages to shift gears and enter the CN-NBT market! Ponzi engine at increased speed. Woot woot!
Another reason: it helps the Ponzi engine keeping fueled. Which is why you need to wait until the NSR buybacks are through and NSR sales continue.

#93

For me, not all hope is lost, but the situation is bleak and chances of success are small… so I guess most hope is lost but not all.

For a very high risk investment it could be interesting, but it really is very high risk. At the moment there is little leadership around here, and it’s obvious that a lot needs to change if Nu is to be transformed enough to succeed.

Some key changes that are needed for long term success in my opinion include:

  • safe ways to hold & move funds
  • developing a clear revenue model
  • NSR distribution needs to be reassessed so that no single shareholder can control the network

These aren’t easy problems, but not insurmountable if there is enough will in the community to move things forward.

The activity in the forum gives me some hope, and the current fairly stable base with reserves in equilibrium seems healthy for now.

It’ll be interesting to see how the conversation develops in the coming weeks and months, but unless there’s appetite to invest time / resources to transform Nu in the ways required, it won’t happen on its own.

#94

I am impressed.

#95

A quite safe and documented way to get there, would be to replace Nu with Augeas.

The first one is easy, because multisig groups aren’t rocket science.
The second one is what you should focus on.

1 Like
#96

Operators of liquidity didn’t believe in the established model and devalued US NuBits off its expected $1.00 value when tier 1–4 reserves were running low because of declining demand. One proper NuShare sale was performed, but the proceeds were placed at 90% devaluation, offering NuBit holders $0.10 per US NuBit.

@JordanLee left and @Phoenix appeared. He managed to gain shareholder support for taking over liquidity operations and recover the peg. I’ve worked with him since. Phoenix recently strongly disappointed shareholders by failing to secure large amounts of NuShares. He’s since given up control of all shareholder funds to me. I will move them to a multisig group. Meanwhile, the best assurance I can give is that I had already been in control of backing assets (BTC) procured since NuShare sales began under Phoenix as Chief of Liquidity Operations.

People have been accusing the model of being flawed and us recovering Nu to be corrupt in some way. I understand being upset about the peg break, but the claims while not all impossible have been conflicting and essentially reflected not believing in the model that apparently has worked so far. Some have even called for excluding certain shareholders from the organization and use current shareholder funds.

If you believe the model is viable, Nu is currently healthy though its operations are costly for now. Causes for concern are centralization around me and downward pressure on NSR because of the losses (may have been consumed by the market already, but unknown).

I’m aware of that. In discussions with Bittrex at the beginning of the year, I only reached agreement for continued listing. They may be more open to changes now that our NuBit pair is producing some volume. We want to be shown under $-markets as well.

4 Likes
#97

You fail to mention the elephant in the room, the fact that reserves were low because they were frivolously wasted buying back and burning NuShares in order to boost the price. If shareholders didn’t support this when Jordan Lee advocated for it, Nu would not have been low on reserves in the first place and could have handled the decrease in demand.

Liquidity providers did not see any other choice and there was no time available to sell NuShares, so they acted in a way not authorized by previous motions and started buying NuBits back at less than $1. Some at Nu blame the liquidity providers for crashing the peg, but it’s difficult to see what other options they had. They had limited funds left that were evaporating quickly and it would have taken more time than they had to raise more funds by selling NuShares.

They were between a rock and a hard place and did what they thought would help the situation. Regardless of what the liquidity providers did or did not do, the peg most likely would have collapsed anyway due to lack of reserves.

There is an argument that park rates would have helped the situation by bringing some demand, but they were ineffective due to the fact that liquidity providers were not offering to buy back a NuBit at its full $1 value. After all, why would you buy and park NuBits if it’s not clear you’ll be able to get the full value back plus interest? It would not be profitable to do so in that case, so nobody would park. It’s unclear if this would have helped though, as potential parkers would have been weary of the dangerously low reserve fund. We may never know if park rates would have been effective if liquidity providers continued buying back NuBits at $1.

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