Undistributed NuShares

[JordanLee]

Though many of you are already aware of everything I will say here, it should be said here for those who are not yet aware and those who will read it in the future.

The following rules regarding the use and sale of undistributed NuShares will be followed:

1. Though undistributed NuShares minted blocks to bootstrap the network, they will never again be used for minting or voting.
2. Dividends will be paid to undistributed NuShares just like other NuShares. These Peercoins will be used for development similar to the proceeds of NuShare sales.
3. The first 700 million undistributed NuShares will be sold for a total of not more than 1.5 million NBT. This includes seed funding received last January.
4. The last 300 million undistributed NuShares (plus a small amount that were minted during network bootstrapping) will be sold for a total of not more than 5 million NBT.

These limits will facilitate the rapid decentralization of control of the network, which is more important than raising as much money as possible from the sale of NuShares.

Public monthly reports including the following information will be produced:

• Number of undistributed NuShares remaining
• Total funds raised from the sale of NuShares and funds raised in the last month
• How many funds were spent by category. Earnings of individual contractors will not be reported.
• How many funds remain unspent and what form they take (NBT, BTC, PPC)
• The value of all remaining funds in NBT.

The first report is being prepared and will be available soon. Additionally, every time the percent of undistributed NuShares remaining crosses even ten percent thresholds (60%, 50%, 40%, etc), the public will be notified immediately. Currently more than 60% of NuShares have been distributed. As the remaining NuShares are distributed, the sale price will increase within the limits described above.

Undistributed NuShares will be sold to people who have demonstrated skills that will be helpful to the advancement of the network. We are in a sense
picking business partners. People will need to contact us via Bitmessage
at BM-2cX8PF84t2uhvtWE9E387V2f5Fz5iF8uUj to be screened. As of 14/01/2015, NuShares are 0.01 NBT per NuShare. Payments may be in NuBits, Peercoins or Bitcoins.

[svk]

Hi, first of all congratulations on the launch, it looks very interesting!

I have a couple further questions on this subject.

First, how many of the initial 700 million have already been distributed?

Secondly, is the lot size of 5 million still valid?

Third, can shares only be purchased using NBT?

Cheers,
svk

[merockstar]

So I can’t buy NuShares unless I have 9 grand to drop? Is there no way for the little guy to get dividends?

[masterOfDisaster]

You can ask for smaller amounts of NuShares. But it seems that for now Nu is looking for investors who not only want to participate economically, but who have

demonstrated skills that will be helpful to the advancement of the network

If you don’t want to participate (or you are not “picked as business partner”) in what I’d call IPO, you might be able to buy NuShares later in smaller amounts or at exchanges.

As the NuShares give their holders votes for important decisions I understand that a decent amount of NuShares is wanted in the hands of people who are beneficial for Nu.
…the price for that “picking” is that it leads to frustration at some ends. But I think the frustration would be even bigger if Nu would be ruined by e.g. afraid competitors who could manage to get hold of enough NuShares to break Nu’s neck by silly decisions.
So it might be no perfect solution to treat the start of the NuShares distribution this way, but it might be the best one available…

[merockstar]

I hold peercoin, so I hope the project succeeds. But it sucks to sit here looking at something ground floor that could be profitable, but off limits for financial reasons. Kinda feel like I’ve temporarily stepped into the legacy financial world again.

[masterOfDisaster]

Holding Peercoin is (at least in my opinion) a good idea. But I can sense your disappointment regarding the way the NuShares are being distributed. I agree that it can feel like stepping in the legacy financial world. Huge parts of Nu resemble the systems they transported in the crypto sphere.

• holders of NuShares resemble in total a central bank
• NuBits resemble a currency that is emitted by a central bank
• NuShares resemble company shares with a voting right

I hold Peercoin as well, because I think it is a good investment no matter what the outcome of Nu will be. It’s frustrating to have a current financial limit to participate in this DAB (DistributedAutonomous Bank) of $9,000. But I hope you can follow my explanation why I see no better way of protecting Nu in its early days.
If you are interested in smaller amounts than 5 million NSR: http://www.peercointalk.org/index.php?topic=3399

[Chronos]

Jordan has clarified on Peercointalk.org that it may be possible to purchase NuShares in smaller amounts than the standard lot of 5 million. I recommend that anyone interested send a Bitmessage to him directly at the address in his opening post.

[Sentinelrv]

Hey Jordan. I just wanted to let you know that I sent you a PM on PeercoinTalk about my Bitmessage address. Hope I hear from you soon.

[JordanLee]

I would like to clarify that we have been selling NuShares in quantities much less than 5 million and will continue to do so. For purchase, I will set 1 million NSR as a minimum. The reason for this minimum to is conserve the scarce time resources of myself and my team.

There are other ways to acquire NuShares that require no money at all. People performing work that meet the needs of the network have been (in some cases) paid NSR since February. There is a mountain of work that can be done that utilizes a wide array of skill sets to promote and improve the Nu network and its supporting ecosystem. I encourage everyone to identify those needs and step up by approaching me with a proposal of what you can do for the network. You can be paid for your work in NuShares.

[CoinGame]

[Sentinelrv]

Jordan, just in case you never received my Bitmessage reply to your questions, I just wanted to let you know here. I sent them out either Thursday or Friday I believe, most likely Thursday. I’m only waiting on an amount and a payment address from you. Maybe you have already replied and I just didn’t receive it yet. Either way, I just wanted to let you know here that I did reply and I now have my wallets imported and am ready. I’ll be sending a second Bitmessage just in case it was lost the first time. If you already received the first one, just ignore my second message. If you already replied back with a payment address a couple days ago, maybe it was lost somehow. Anyway, just providing an update in case something went wrong with Bitmessage.

[Sabreiib]

wallets imported and am ready. I’ll be sending a second Bitmessage just in case it was lost the first time. If you already received the first one, just ignore my second message. If you already replied back with a payment address a couple days ago, maybe it was lost somehow. Anyway, just providing an update in case something went wrong with Bitmessage.

sentinelrv, me too. So just wait for a week. Now I really like NBT for its stablity when PPC price fluctuates voilently these days. I hate volatile coins,

[lg15x]

Me too.

[kschneezy]

I am eagerly awaiting a response from Jordan. After waiting a few days I sent a second bitmessage.

Both messages now display “Acknowledgement of message received”

I will update my situation as it unfolds. Hopefully I will have NuShares sooner rather than later (thats a smirking cat)

[JordanLee]

In accordance with my prior commitment about reporting NuShare sales, I need to let everyone know the proportion of NuShares that remain undistributed has dropped below 60%.

The queue of unanswered NuShare purchase requests is now several days long. Everyone who paid before the 30th has received their NuShares.

[rodchi]

Hi Jordan. Thank you for the response. I was wondering about this because I have sent to Bitmessages with no response yet. I will be patient. I know that you have a very long queue. In my Bitmessages, I talk about my skills with technical writing, Linux, GIMP, LibreOffice, Audacity, and other open source software. I am still trying to find Ben’s thread where he talks about what skills the Nubit community needs.

Thank you.

[Ben]

You can’t find that thread because it doesn’t (yet) exist. First I’ve heard of it, too, so I’ll pull something together when I get a chance!

[kschneezy]

I sent my BM on the 26th and have yet to receive a reply. I sent a test message back and forth with another user so BM seems to be working fine. Maybe others have gotten a response in that timeframe, as I am a small fish in a big sea. I wanted to help others understand the potential length of this process. I will stay eagerly patient as I wait for a response

[GLock]

Same here

[crypto_coiner]

Same here - Bitmessage acknowledged on 9/26 - No reply back yet