Let’s take a close look at what NuLaw says about selling NuShares to back the value of NuBits. Next, let’s examine the actions of the custodians of NuShares to see if they are in compliance with passed motions.
I invite community members to quote relevant NuLaw and perhaps state how it applies in the current situation.
Here are the highlights of NuLaw quoted and allegations of violations. We need shareholders to comment on whether NuLaw is being followed here:
This NSR auction was approved by shareholders. While the rules were specific to that auction, it does indicate the kind of auction rules shareholders find acceptable. Any custodian selling NSR could and should defend their actions by asserting they are comparable to what shareholders approved in this case:
This set the foundation for the NSR buyback/sales calculations script. It is has been modified by subsequent motions, but the calculations are a strict and perfect interpretation of NuLaw. Anyone disagree with this important assertion? Isn’t the result of this calculation the purest and clearest form of NuLaw?
Isn’t it clear this NuLaw was violated last week when no NSR were sold?
I’m not an expert on NuLaw, but sometimes precedent and reasonable expectation are important to law interpretation. Here, it seems to me that it was expected to begin selling NSR, at a certain rate per week, as soon as the peg support was below a threshold.
Jesus Christ. We have staff available for all kinds of activities. @IAmJordanLee could we ask your secretary Angela to keep track of your accounts? I expect her to require an incredible compensation for that, but who cares?
This establishes that we sell NSR regularly until there is balance in our liquidity engine. While it applies most directly to past auctions, it does set precedent. Custodians acting today need to justify their actions in terms of precedent established as NuLaw.
There are those suggesting we shouldn’t sell NSR to back NuBits. They can advocate that. However, they haven’t passed a single motion that is even vaguely suggestive that shareholders support their unpopular position. The body of motions is very clear and very consistent that we sell NuShares as needed to support the value of NuBits. Is there any question that the value of NuBits needs supporting today? So where are the NSR sales?
Firing incompetent share buy back managers should be our highest priority. It should be made clear to @jooize that stepping up and actually doing something will not be tolerated by shareholders.
NuLaw, hehe, who could ever have imagined that a legislative power has no effect if there is no judicial and executive power to associate those laws with real world cases and to enforce them. Joke aside, I just talked to Angela and @Phoenix and we all agreed that you are crazy.
Governance 101: You write laws by passing motions. Now answer me two questions:
Who decides if a law in a particular situation was broken or not and to which extend?
Who will then make sure that the decision made by entity (1) will actually have an effect in the real world?
You have laws, but no court or police. Police is actually the smaller issue by using security deposits on the blockchain, but defining and independent judicial power has not even be considered here in any way, and that although you have the leading innovator in decentralised blockchain governance, hrhrhr.