@Cybnate there are too many factual errors in your post for me to address individually. However, it seems to me that what has happened is that you lost money on your investment due to the Augeas default, and you are upset. That is understandable. It is human nature that you would look for a cause and someone to blame. You value the community here, so the explanation that Augeas continues to present destructive behavior is not to your liking. You and others don’t like the fact that I have replaced your former role in the community. It seems like I have a lot of power and control. So you blame me. But you can’t produce a logical reason to blame me: it just feels good, that is all you know about blaming me.
There has often been the claim that I am a majority shareholder. This is really quite ridiculous when examined logically. Let us imagine that someone was a majority shareholder before the Augeas default, although there is no evidence to support that. Since then the circulating NuShare supply has tripled, so to maintain this majority shareholder status, at least 800 million NSR must be purchased. There’s no evidence any single buyer has done such a thing. But suppose they did. Would they not be properly entitled to control the direction of the network? Why would our organization choose to vilify someone who would have done more than everyone else combined to fund our project? Such a person should be regarded as our hero, our angel investor.
The bottom line is there are a lot of people who seem to feel entitled to control the network without buying NuShares. There are also a lot of people who are mad about their financial losses and facing the reality that the source of the loss is the lawlessness and unprofessional actions of this community is not something consistent with their emotional need to be a part of the community as it was more than 6 months ago. So, we see a lot of very vague accusations of serious misconduct, except no one can say what the misconduct actually is, like this:
Please explain how I’ve extracted money from shareholders to reduce my losses. You can’t even begin to describe how that would occur. You are just mad that you lost money and that the community you enjoyed being a part of now has no purpose or place. As I recall only 5% of minting shareholders supported your last decentralized liquidity provision proposal. That isn’t just me opposing it. Obviously, there is very broad consensus among shareholders that decentralized liquidity operations have been a failure at the current scale. Shareholders recognize there are not enough competent and dedicated people involved to decentralize operations at all right now. That is an effort we will need to revisit when our market cap is 20 million dollars or more. It is ironic that the very people crying here about a lack of decentralization are the very people who have done the most to make less decentralization necessary.
What matters right now is meeting our customers’ needs so that we can grow. People need to know that we aren’t going to cheat them by abandoning the peg. It appears that empowering me is the best way shareholders could find to bring stability, continuity and confidence in our trustworthiness. Shareholders have spoken. Decentralization is not their priority. Customer service, stability and building confidence in our peg while cutting ongoing expenses seem to be shareholders’ values.
People still are having a lot of trouble understanding what a NuShare is. It is among other things, the most volatile crypto. One of its purposes is to accept the volatility the market wants to impose on NuBits. That means when there is a currency demand contraction, we will see an outsized depressive affect on the price. Conversely, when the currency supply expands, it will become a powerful factor in creating a NuShare bull market. With the outstanding currency already having dropped from 820,000 to about 173,000, we can say with certainty that NSR sales resulting from currency supply contraction can’t go much further: it can’t go below zero. Certainly most of the current contraction is behind us. In fact, we know for certain there is at most (173,000 / 820,000 = 0.211) 21% of this NSR dilution ahead of us. But it could also end today.
Also, consider the strength that NuShare buybacks will have at 24 satoshis. Let’s imagine in the short term we could only bring the currency supply back to half of what it was: 410,000. That would be an inflow of about $237,000. We only need about $170,000 to meet our T1 to T4 reserve at that level. That would leave $67,000 less any money spent going forward for NSR buybacks. With a market cap of only around $270,000, that is going to have a very powerful affect. But what if we brought the total NuBit supply to 2 million USD with the help of Chinese NuBits? You would get an outstanding return on any NuShare purchase you made now.
So, let’s get to selling our product and put an end to the unprofessional behavior we have seen here recently. Once again, more than anything in recent months I have been amazed at the self-defeating behavior displayed here.