The NuBit Network is the first intentional and complete DAO

[cryptog]

I cannot agree more.
Tks jordan for inventing it, tks to all active shareholders for working hard to make nu and bce a success.
I believe the only killer app of the blockchain is actually daos or dacs or more simply businessess over the blockchain.
I wrote a post about that here:http://nuventures.org/news/archives/23

And Nu is the only true authentic viable template for that.
I expect we ll see the birth of a huge ecosytem of dacs derived from Nu.
NuBits would be the currency to exchange value between those daos and bce would be the dac to exchange the shares of those daos.
Doing a business remotely together collaboratively is possible via Nu (advanced peetshares) because Nu enables unriggable voting based on a very powerful proof system: proof of ownership.
The world is realising that the blockchain is only useful when applied to daos as i predicted here at the start of 2016: http://nuventures.org/news/archives/22

Now is a huge opportunity to promote the voting system of Nu.

[Sentinelrv]

NuBits would be the currency to exchange value between those daos and bce would be the dac to exchange the shares of those daos.

As I said in your other thread, this is definitely possible. If B&C forms a multisig group, a certain portion of B&C’s profit could be converted into NuBits and shareholders could instruct the multisig group through motions what to do with the money when expenses need to be paid. Any other Peershares based DAO could form the same model and use NuBits as the primary stable currency to keep its savings in.

[zoro]

Do you feel sometimes that NU is ahead of its time?
I do

[Sentinelrv]

This must have been posted in response…

Dash: The Original DAO • r/CryptoCurrency

Edit: @JordanLee, I responded to your post on Reddit in case you want to respond. Maybe it would be a good idea to talk about what your definition of a DAO is and how Dash matches up.

[crypto_coiner]

Cannot agree more.
Nu as a money currency issuance org is the primary basis for other businesses over the internet. Otherwise you just can not invest and run them correctly.
Peershares is kind of business over the internet protocol – the peers with their votes are now the new rare commodity
We need marketing wise another dac to come forth whose business is easy to understand, with obvious profit and dividends and a popular business practice. –
BCEX is ideal for many reasons for nu but i would love to see many more right now that create demand for nbt.
I am personally in peershares based ecommerce or market place.
Anyone?

[Sabreiib]

As I said in your other thread, this is definitely possible. If B&C forms a multisig group, a certain portion of B&C’s profit could be converted into NuBits and shareholders could instruct the multisig group through motions what to do with the money when expenses need to be paid. Any other Peershares based DAO could form the same model and use NuBits as the primary stable currency to keep its savings in.

As long as Nushare holders(also BKS holders) agree to vote BKC as an anti-infation currency. Otherwise, I refuse to use NBT on B&C platform, yes, I have many BKS. I would rather perfer Tether, if Nu company’s financial report disappoints me.

BTW, I have not found the financial report of Nu company after it’s 2 years operation, without it, why would I trust this product?

[Sabreiib]

Can Nu’s wallet automatically produce the financial statements? Since we declare NU/B&C are DAO, i.e companies. What’s the Price–earnings ratio of NSR?

1)Balance sheet?
Asset: ? $
liabilities: ? $
owner equity: ?$

2)An income statement?

3)A Statement of changes in equity?

4)A cash flow statement report?

A financial statement (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.

Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:[1]
1.A balance sheet, also referred to as a statement of financial position, reports on a company’s assets, liabilities, and owners equity at a given point in time.
2.An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company’s income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
3.A Statement of changes in equity, also known as equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
4.A cash flow statement reports on a company’s cash flow activities, particularly its operating, investing and financing activities.

[cryptog]

As I wrote here it is very difficult to get to know precisely the revenues.

A much better way to assess the financial health is to look at the ratio liabilities/assets, in my opinion.

EDIT:typos

[Sabreiib]

So you are saying we are running a company and don’t know what’s our revenue or where it comes from or the exact revenue number? Come on, how dare am I to cooperate with such people running a company!

At first, we need to confirm the accounting unit, USD? YUAN? BTC? NBT? The unit of accounting, it is one of three core functions of currency.

Then, we need to know:

owner equity = (asset - liability), you may also think “owner equity” as “net asset”.

Asset: initial investment, our accumulated profit, share bought back(not shareholder’ share)

liability: NBT in circulation

NSR in shareholders’ hands are not Nu company’s asset, although it is your peosonal asset. NSR price is the embodiment of “net asset” of Nu, although share price often fluctuates around due to other factors such as profitability, market speculation even the public psychology. If you count share price as asset, you double count.

revenue: transaction fee destroyed, NBT sale
expenditure: the payment to liquidity providers, dividend, share buying back cost

NBT sales proceed is NOT our profit(equity increase) at all because when Nu sells one NBT, asset added by 1$ of BTC, and liability added by 1$ of NBT, so ZERO profit! It’s both revenue(added to asset) and liability.

Of course, the BTC as asset of Nu may get FIAT price promotion, that’s the increase of asset. But when BTC price declines, Nu’s asset shrinks.

Well, what’s the “net asset”(owner equity) of Nu? Simple as elementary school mathematics.

[Cybnate]

I’m with you here from an accounting perspective. The truth can be bold. The only profit is made by transaction fees which reduces the number of NBT in circulation and with that our liability. Increasing the number of NBT (and NSR) transactions on the network should therefore be the most important objective. The investment in NuDroid is just a small step in that direction, basically piggybacking on Bitcoin’s payment network. Unfortunately I don’t see any movements in directly utilising our network for NBT transactions, but a focus on increasing transactions on exchanges without Nu getting a slice of it as it all happens outside the Nu network. Hopefully with decentralised exchanges as B&C this will change but is at best a mid term prospectus.

The Peercoin community has lately shown some interesting ideas (messaging etc.) which likely can also be transferred into the Nu network without too much effort, although investments in App development would be required.
The other option is making money from the reserves (sold NBT) by lending as discussed before.

I believe we should explore and invest in other revenue streams to keep the DAO healthy going forward.
We have all the governance tools and the track record to make it work as the first DAO. Let’s make it work and not fool ourselves with e.g. buybacks of NSR from our own reserves for short term wins and long term losses.

[Sentinelrv]

The Peercoin community has lately shown some interesting ideas (messaging etc.) which likely can also be transferred into the Nu network without too much effort

PeerAssets can also be added to Nu in the form of NuAssets, which would help in lots of different ways to erode the supply of NuBits, so we can make final revenue. Read my replies on it in this thread…

PeerAssets

http://peerassets.github.io/WhitePaper/

[ChrisS]

The Peercoin community has lately shown some interesting ideas (messaging etc.)

That project hasn’t been updated, FOREVER. Sounded awesome.

[Sabreiib]

Agree, I guess the online content consumption payment is a potential big revenue, As for my own experience, I have to deposits small amount of money on various webesites to download articles, attachment, etc.

And I hate to pay 10$ monthly to apple music because sometimes I don’t listen a single song in that month. I would rather pay 0.02$ for each song enjoyment.

There are millions of websites providing content and hated by billions of customers for the advertisment. Why not customers directly pay the content? VISA/MASTER can not handle the tx treatment because they only have 4000-40000 tx per second ability.

But ThunderNetwork of BTC will do it, so should NBT/BKC’s thunder version.

[Sentinelrv]

That project hasn’t been updated, FOREVER. Sounded awesome.

I tried emailing Emeth about the status of the project about 2 weeks ago and received no response. It doesn’t look good.

[Sabreiib]

I guess Nu’s owner equity(net asset) is around minus 500,000 NBT? So the NSR price should be minus? Of course, the share price is very complex including psychology, as long as NSR holders have hope, the price is not negative.

As per real world rule, NSR is “ST NSR” and CEO get fired. I don’t know what’s response of DAO in cryptoworld at this situation.

[mhps]

NBT sales proceed is NOT our profit(equity increase) at all because when Nu sells one NBT, asset added by 1$ of BTC, and liability added by 1$ of NBT, so ZERO profit! It’s both revenue(added to asset) and liability.

That is correct. Using proceeds of nubits sales to buyback shares is not distributing profit, but storing cash (btc) in a distributed store. Although we can see it is not a very good store. It auto-shrinks when you need it most.

[Cybnate]

It auto-shrinks when you need it most.

It behaves like a bank when you need money

[Sentinelrv]

I tried emailing Emeth about the status of the project about 2 weeks ago and received no response. It doesn’t look good.

Scratch that, I just received an email from him. He is very much dedicated to Peerapps/Peermessage, but it’s a passion project and some other things are taking up his time at the moment. He hopes to get back to working on it soon though.

[ChrisS]

do you think there is any incentive that we can provide to the creator to get the project done quicker?

[rtGG]

The first DAO that failed. That way you created the first one, otherwise BitShares were the first DAC or DAO. Changing the C to an O is just a fake protection from regulators.