In Phoenix’s daology “A Report on Peg Abandonment and How to Proceed From Here” it seems the issue of contention was:
On May 27th, 2016, large NuBit sales were made by a single actor using a single address. In one day 14% of our entire money supply was sold. After these sales, our liquidity engine was functioning normally and was up to the task of replenishing our reserve, as is mandated by NuLaw in such a case. Shockingly, instead of refilling reserves using NSR sales and park rates, the entire liquidity engine was immediately shut down. Such an action had not been approved in any way by shareholders. It was a serious violation of many shareholder directives. It was the act of rogue and incompetent liquidity providers no longer acting as representatives of shareholders.
Maybe the intention was never to crash the peg but only to encourage NSR dilution? Same aim, different reason? Obtaining NSR under Tier 6 would seem to be a much better outcome than crashing the peg to achieve the same goal, hence the anger. I think the peg crashing was never the plan however it seems obtaining a controlling share concentration may have been. Pheonix may be honest when he said that other shareholders see his point of view and voted accordingly. However, what is to stop shareholders creating a voting pool to achieve joint aims? I think this is more likely the case here. If correct then using inside knowledge to exploit a weakness in the liquidity engine combined with a weakness in the DAC structure could enable such a controlling interest (a solution for which needs to be found). From what I can see your forum is pretty open and any outside observer could have seen that you were having trouble with liquidity after May 27th and exploited the situation no? If you have information that person was Phoenix then so be it but unless you can prove it then it could have been anybody. Also, what is done with that controlling interest determines whether or not an actor(s) is(are) malicious. Until now it seems devious which is not a good sign not to mention that a controlling interest in a DAC goes against founding principals.
My main concern about Nubits was and still is the lack of an accounting and revenue plan. If someone wants to be leader then this should now be the no.1 goal. I can see that someone is trying to be leader but completely ignores these issues in favor of liquidity, a short term focus. How can the focus be long term sustainability without accounting and revenue? I know that there is plenty of support in the forum to make this a priority but the way I see it as shareholders you are and always were responsible for getting this implemented. If you tried and were overridden by a controlling interest(s) then I understand.
Anyway, plenty of lessons to be learned here for next time (especially for me :0))
