Phoenix will no longer be holding keys to shareholder funds

[MaVo]

The buyback plan was extraordinarily well planned. He pushed for the low reserve ratio in the first place, then raised hundreds (thousands?) of bitcoins and converted them into Nubits, knowing that that would lead to a boost in Nu’s reserves, thereby leading to huge buybacks. HUGE buybacks that I as a BKS holder never ever expected to destroy my whole investment. He is indeed a master scammer, but you fail to understand that a scammer can also have good intentions in the first place. He put himself in a position that always left him with many options. One option was huge success with the project itself. The other option was to milk this whole thing like a cow all the time. If Nu explodes in price and is extremely successful, he wins because of those mysterious “seed investor shares” that actually belong to him. If Nu seems to go in a rather bad or stagnant direction, he makes sure to have enough control to do with the project whatever he wants in order to still make some bitcoin off it while others lose big time. Nu is set up in a way that someone like @Phoenix can abuse it without producing any hard evidence. Who is @henry? Where is @henry? Who are those mysterious seed investors? Btw, for both projects Nu and B&C there have been “seed investors” as far as I know. This is just ridiculous. And your “belief” in the project doesn’t change that fact. Your “belief” is directed by the stake you hold in the network. My belief isn’t directed by the stake I hold in B&C. It used to be, but now my belief is directed by my desire for truth-telling and responsibility for newcomers. You suck, I don’t, because you are doing everything for money, I don’t. I give a fuck about the almost $20,000 dollars that I invested into B&C and that have been spent on buybacks for Nu. I spent even more money on stopping @Phoenix from succeeding with his scam, but I will not further elaborate on that at this point.
Go, @woolly_sammoth hide my posts in order for your Nushares to rise in price. You poor little faggot.

[creon]

Why, if Phoenix is such a master scammer is he still here and posting? Why go to all the effort of creating support teams/white papers/automated bots and all the other infrastructure that came in the early days if the whole intent of the project was a con for a few grand?

Most of this wasn’t done by him but by people he hired from other people’s money. In fact he has no clue about the technical functionality about both the Peershares template or NuBot and by now I am convinced that he hasn’t written a single line of code of any of these software packages.

However, you will notice that at any point in the game Jordan was on the winning side. He either got a salary or enjoyed significant trading advantages or had access to later mysteriously stolen funds throughout the whole project, while he did not provide anything of value except exploiting the endless faith so many forum participants had in him. On the contrary: He used the trusted funds to push his opinion on a seemingly decentralized system, which in the end is the sole reason why his funds could be stolen since he needed to have his wallet unlocked.

He was in for the money when he initiated the project, he was in for the money when the project flourished because of other people and he is now in for the money where the project is struggling to stay alive. And he makes a lot, so he doesn’t stop.

[woolly_sammoth]

@MaVo, why do you do it? You had written a well constructed post to counter my argument but couldn’t resist a thinly veiled threat and a little, adolescent, sweary insult at the end which ruined the whole thing

Both you and @Creon put forward good narratives but both contain conjecture presented as truth. If that is removed the rest of the narrative looks weaker.
What if the ‘Seed Investors’ aren’t so mysterious and just choose to remain silent partners (I have worked for companies in the real world like that)?
What if Henry was a developer who built some things for Nu but then got hit by a car and that is why he was suddenly absent?
What if Jordan wasn’t possibly probably taking a salary in the early days?
Or if he was, what if, when the peg broke, was replaced by the “initial partners” (or mysterious seed investors) for a paid project manager with strict instructions to turn the project around?
I’m not saying that what you write isn’t entirely possible, I just shy away from presenting it as the solid truth when alternative narratives exist.

I’m sure Jordan was in it for the money as we’re many other participants in the project. Given that everything possible was done to regain the peg I would say that the first option of huge success with the Nu project must be massively more lucrative than the second ‘scam the network’ option.
If that is the case, isn’t it worth aiming for?
If everything that is bad for the network has been Jordan/Phoenix (if they are one and the same - having communicated with both, they do have very different styles), then surely this thread marks the start of a new period in Nu’s history where there isn’t such a tight hold by your proclaimed bad actor. Isn’t that worth exploring?

[creon]

What if the ‘Seed Investors’ aren’t so mysterious and just choose to remain silent partners (I have worked for companies in the real world like that)?
What if Henry was a developer who built some things for Nu but then got hit by a car and that is why he was suddenly absent?
What if Jordan wasn’t possibly probably taking a salary in the early days?

The probabilitiy of all this things is diminishingly small compared to the hypothesis that Jordan acted maliciously, for which this very theft is evidence since otherwise the shareholder reserve funds wouldn’t have been in the hottest wallet possible. And Jordan took a salary, it was openly stated, just not the amount. He also takes a compensation right now, something around 90 USD per hour, but doesn’t disclose how many hours he credits himself.

And the silent seed investor hypothesis replacing various people in this forum of half-experts is really borderline crazy, sorry. He always acted within his very own interest through exploitation and insider information, and luckily you are very lonely by now if you are not seeing that. I know you still are on his payroll, but I remember from private conversations with you that you are an honest person. Your developments were the reasons why Nu had its great times, not Jordans.

[woolly_sammoth]

Ah, I wasn’t attempting to offer alternative ideas, merely pointing out that basing a whole narrative on a conjecture can bring the whole thing into disrepute. I was playing the what/if game to highlight that it is the same game that is played often in this forum.
I’m happy that it is so clear to you and others what has happened. I maintain that there are enough holes in the fraud argument for me to stay and try to work Nu out of this hole.
Thank you for thinking me honest. I do pride myself on that. I will continue to honestly do what I think is right. Currently that is working towards a better Nu network. As you say, my developments have been good for Nu before. I hope they can again and aim to prove it so.

[MaVo]

Both you and @Creon put forward good narratives but both contain conjecture presented as truth. If that is removed the rest of the narrative looks weaker.
What if the ‘Seed Investors’ aren’t so mysterious and just choose to remain silent partners (I have worked for companies in the real world like that)?
What if Henry was a developer who built some things for Nu but then got hit by a car and that is why he was suddenly absent?
What if Jordan wasn’t possibly probably taking a salary in the early days?
Or if he was, what if, when the peg broke, was replaced by the “initial partners” (or mysterious seed investors) for a paid project manager with strict instructions to turn the project around?
I’m not saying that what you write isn’t entirely possible, I just shy away from presenting it as the solid truth when alternative narratives exist.

LOOOOOOOOOOOOL

[MaVo]

And btw, if I tell the truth and call you asshole at the same time, it doesn’t change the fact that the truth is the truth.

[woolly_sammoth]

What an eloquent and well made point. Thanks for joining in.

[MaVo]

And the truth is that Nu is shady as fuck. SHADY AS FUCK! That is the truth, no matter whether you hide this post or I call you asshole @woolly_sammoth. Shady as fuck!

[MaVo]

And please, don’t forget that I myself still have almost 20k at stake. But I seriously changed my mind. I have been one of the biggest advocates of this project for a long time. I do use another name on bitcointalk.org, but I promise, I did a lot to even get friends involved because I said that Jordan is THE architect. I was wrong, and I admit that, and I apologized for that because my friends invested money just because I told them to do so.

[MaVo]

If everything that is bad for the network has been Jordan/Phoenix (if they are one and the same - having communicated with both, they do have very different styles)

LOOOOL, @woolly_sammoth, please stop. Seriously, just stop. My god…

[MaVo]

You are about as blind as @jooize, and while I wouldn’t say that your IQ is as low as that of @jooize, your payroll might well be as high as that of @jooize. I am sorry for you anyway.

[Cybnate]

If enough of the remaining known community members feel that the forums are enabling problematic behaviour, rather than enlightening people to the positives and negatives, I’ll shut them down immediately.

I have arrived at that point. Some people are so emotional they are unable to engage in normal conversation without swearing and using inappropriate words. I’ve been moderating a number of those posts containing swear words not containing any other content or flagging them as off-topic. Haven’t been consistent as I lack the time to do so but tried to provide my share to keep things readable for others.

I’m sure you can verify that my moderation activity has been almost wholly since the post mentioned above. Censorship has not been my aim, more effecting moderation requests made by a selection of forum members.

I supported @woolly_sammoth in his moderation several times as per the thread were we agreed this. So it shouldn’t be surprising to anyone moderation takes place when these very basic rules the moderators agreed to are being breached.

And I will keep on flagging offensive posts as agreed by that thread from whoever until my moderations rights are taken away. That will be the moment I will leave this forum and move somewhere else where reasoning prevails.

[Cybnate]

I am sorry for you anyway.

I feel sorry for you too. My god. Just move on with all your F*** and A***** and knee jerk reaction. Get on with life or engage in a normal conversation. [quote=“MaVo, post:61, topic:5224”]
I flagged it myself. Is that cool?
[/quote]
Keep on doing that, saves me work

Forgot to say, I’m also available to be sued. I’m reasonably public, so bring it on with whatever case you have against me. Just check which country would allow suing for moderating. The suing appears to be your favourite hobby, very productive unless you are a lawyer of course. Very strange behaviour after having invested a lot of money in an anonymous actor who now appeared to have lost or taken your money in your words. Maybe you should have thought about that beforehand. Every swear word you are using against someone here is one against yourself.
Maybe this is a lesson learnt and you need to move on and make some money in funds who have public actors who you can sue in your country. Less profits probably, they will have to take heaps of insurance to take against people like you. You can’t have it both! Think about it.

[DavidMc0]

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?

[MaVo]

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?

[excell]

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…

[MaVo]

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.

[excell]

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

[ConfusedObserver]

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

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

Motion hash for voting: c070f654c2ff3e43a10fc5ff1dbf8ad74e36b18f This motion content is being managed on Daology here. Here is the full text, for convenience: tl;dr: The peg has not been lost. It has been abandoned. Replace everyone who abandoned it.