I took the liberty of creating a separate thread out of @Dhume’s post because I had similar concerns I would like to discuss. I put this in the Motions category because I expect the discussion will result in a motion that phases in FLOT operations, rather than the sudden start currently planned.
A sudden start is ill advised simply because it is likely everyone in FLOT will be novices at forming multisig transactions, not to mention novices in their role as FLOT members. As such, operating on test net for a first run is advisable, followed by working with a small quantity of production funds for a period of time. The current value of the funds they will manage is over $400,000, so it makes sense to get a little experience first.
One problem with this new idea is that it will place extra burdens on FLOT members. It might be possible to address this to everyone’s satisfaction by offering some additional compensation to FLOT members.
Getting down to specifics, I suggest that FLOT create one multisig spend and one burn on the Nu testnet to start operations. Second, only 10% of the funds previously planned to be under the management of FLOT will be managed by FLOT during the first 30 days of their operation. I would continue managing the 90% of funds for those 30 days without the normal compensation, although that will only apply to BTC balances, because NBT and NSR will be given to FLOT directly by shareholders.
What does everyone think?
Edit: Because different software will be used to sign BTC multisig transactions, it should also tested before beginning production operations. This could be done using the BTC testnet, or it might be easier to use dust amounts of production BTC.