Transferring all Nu assets to B&C? - Liquidating or 'archiving' or mini-Nu?

[crypto_coiner]

Why? The minimum price is too high but why despair?

Nu has all these infrastructure of a pegged crypto figured out – minters network that runs reliablly, wallets of several kinds, nubot and pybot, liquidity pools (MLP and ALP), FLOT that is a distributed low risk source of funding controller, motion and grant system, web site and forum … all these were working before the reserve was squandered.

Nu has an very much alive community and your proposal will disband it. I for one think talking and working with all these smart people in Nu community has more value than those $$ I have in.

I second all that

[ConfusedObserver]

The same can be done with NBT, why does NBT need to be pegged to BTC? Never fully understood that

Pegging to BTC made it easy to trade NBT for anonymously transferable tokens.
This was handy, when the 100,000 were dumped on the buy side.
Just imagine you had to deal with $100k in that case!

It made this possible:

• sell NSR for BTC (especially during the buybacks)
• buy NBT with BTC
• dump NBT on the buy side to get back your BTC
• wait for the system to collapse and buy NSR at a fraction of what you got during the buybacks
• buy some cheap NBT as well. They might provide some gain, if Nu recovers

Increase your share in the corporation and still have massive gain left just in case Nu is ruined (the difference between the buyback price of NSR and now is tremendous).
If Nu still makes it, you have an increased share in the corporation.
You can only win.

[Cybnate]

It is a very dark scenario, but indeed not impossible. It is what they call a long con.
It is a problem with having anonymous shareholders. Still have hope left for other less cunning scenarios which may increase the possibility of a healthy Nu going forward together with the lessons learnt in the last few weeks and months.

[mhps]

It made this possible:

sell NSR for BTC (especially during the buybacks)
buy NBT with BTC
dump NBT on the buy side to get back your BTC
wait for the system to collapse and buy NSR at a fraction of what you got during the buybacks
buy some cheap NBT as well. They might provide some gain, if Nu recovers

it has been discussed before

Balance Sheet Attacks

Alright, so I guess we start simple. What is a balance sheet attack? A Balance Sheet Attack (BSA) is an attempt to profit off of the logic of passed motions or fabricating situations that force shareholders to pass certain motions that can be profited off of. There are only three ways to defend against a BSA: Make the attack very expensive Make the attack require extremely large amounts of liquidity (preferably invested in the system) Make the attacker take on an extremely large risk I th…

similarly

Speculative Attack on Nubits

Nushares/Nubits is vulnerable to speculative attack. Currently, there are about US$2 million worth of nushares outstanding and US$2 million of nubits outstanding. This is alarming. To see why, suppose that I am a rich guy (or group of guys) with $4 million in BTC at my disposal. I decide to make some bank by bankrupting the nubits system. Easy. Here's how. 1) I put up a request to borrow up to 1 million nubits at a 50% annual interest rate. To back up my loan with collateral, I put up $2…

[ConfusedObserver]

The standard long con/balance sheet attack has been discussed before.

This scenario goes deeper and includes allegations that have to do with the introduction of

• BTC/NBT trading pairs and
• NSR buybacks

to make the attack more effective.

It will be hard to impossible to prove any of it.
But it will be equally hard to disprove the allegations.
Read the forum, question the motives, come to your own conclusion.

The standard speculative attack is performed from outsiders.
This looks like an inside job.

[Cybnate]

It will be hard to impossible to prove any of it.But it will be equally hard to disprove the allegations.Read the forum, question the motives

I agree that some of the reasoning in threads could support this. I wondered sometimes myself. It could also be from people having no understanding what they are talking about or trying to get some understanding by posting with wild statements and assumptions. Have seen that before

come to your own conclusion.

We probably should leave it with that, because…

It will be hard to impossible to prove any of it.

[ConfusedObserver]

It could also be from people having no understanding what they are talking about or trying to get some understanding by posting with wild statements and assumptions.

I hope I don’t come across as somebody who has no understanding and who is posting wild statements and talking without reason.
I admit that I might not have an in-depth knowledge about all this, but I have read a lot in the forum and some thoughts seemed to be rather obvious, albeit inconvenient.
It’s easier to follow a leader than trying to come to your own conclusion.
You appear to be one who isn’t prone to slavish obedience.

That’s why this makes me wonder:

We probably should leave it with that

If those questions and food for thought isn’t welcome here, I can stop it. It can ease your mind and save my time.
Do you fear this undermines trust in certain people/pseudonyms?
Do you really think the damage that’s been done can be increased?
Tell me: how will you prevent making the same mistakes, if you don’t want to see possible mistakes being spelled out?

[Cybnate]

Tell me: how will you prevent making the same mistakes, if you don’t want to see possible mistakes being spelled out?

It is good to spell out and discuss possibilities and scenarios to prevent them from happening (again). Please continue with that if you wish.

It not so great to make allegations to certain people/pseudonyms without being able to prove them. That is not about damage, that is about civilisation. Not guilty until proven guilty.

[ConfusedObserver]

It not so great to make allegations to certain people/pseudonyms without being able to prove them.

You are right. I’m aware that the damage can’t be undone. But future damage might be prevented. This is the only reason for me to write them down.

Not being able to prove the allegations is a part of the plan, which I fear was executed:
it’s been so well hidden from the public that most wouldn’t dare even spelling the allegations out.

As I already said: it will be hard to impossible to prove it.

Not guilty until proven guilty.

In a lot of countries this is true for criminal law.
Civil law is often treated differently.
And what this community or a group of shareholders does with these allegations is another different matter.

Would you say that I can do whatever I like without being questioned, just because you can’t prove it?
Hidden facts used by anonymous entities is a prime example for how to do as you please and get away with it.
Unless you dare spelling out allegations, for which no proof is available, but only presumptive evidence.

that is about civilisation

From time to time you need to radically question the current civilization if you want to improve it.
These are radical times.
Radical questions and thoughts may now fit better than ever.

[Cybnate]

These are radical times.Radical questions and thoughts may now fit better than ever.

But I won’t support blame games, flame wars and Middle-Age like prosecutions and eliminations even though they are hard to physically execute. I hope we have learned from that and moved on.

And I believe that anyone guilty of doing something will eventually be caught. They will either boast to others which may share that wider eventually or they will try again and make mistakes because we would be more alert. I’m patient

[MaVo]

It not so great to make allegations to certain people/pseudonyms without being able to prove them. That is not about damage, that is about civilisation. Not guilty until proven guilty.

Comment of the day. Made me laugh a lot, thanks @Cybnate.
@Cybnate tell me one thing that constitutes a perfect thief?

[Cybnate]

@Cybnate tell me one thing that constitutes a perfect thief?

The one who can never be caught.
However, it will be hard to trick others with the same twice. A third time will even be harder and only idiots will be left. Thinking of another trick to successfully perform and not get caught again can only be done by the very few with a lot of luck. Those very few can earn money by any means, so why would they bother to take such risk.

If the above weren’t true, we would all be stolen from every day, for some reason that is not happening. Think about it.

[Dhume]

My apologies I’ve been very busy and will probably continue to be for at least 9/10 more days. I won’t be able to keep up with the latest developments or comment on them for a while. In large terms I agree with @Cybnate.

1. Pledge remaining Nu funds to finish B&C development and vote to use X % of future B&C profits to buy NSR with (thereby raising funds for Nu to settle their debt)
2. Reform a new B&C development team (with @sigmike as architect if he is willing) and make adjustments to the design if needed
3. Calculate how much funds B&C needs to finish development and build a website, raise those funds from Nu and by selling BKS
4. If we don’t hear from @Jordanlee anymore consider it an rogue entity and try to locate all the Nu & B&C funds he still holds and fork to freeze/burn them to prevent future shenanigans.
5. Keep offering NSR – NBT debt swap (auction w/e you want to call it) to reduce outstanding NBT debt
6. Formulate revenue streams that could be utilized now or in the future and make a new “vision/whitepaper” based on those

I feel this is the general outline of steps needed to be taken to finish B&C and in the long run reestablish Nu and a workable peg.

[Sabreiib]

@Dhume, I agree with you, and hope you vote for my proposal of electing sigmike as B&C leader.