@woolly_sammoth I won’t be able to serve as a key holder at this time as I’m already fully committed to other projects, and my ability to consistently respond to issues in a timely manner may be inferior even to what you describe to be the status quo.
While it may have looked that way, my comments were not at all intended to be positioning for personal involvement. My interest here is as an observer and long-time crypto enthusiast who would very much like to see a decentralized stable cryptocurrency succeed. So far they have all stumbled in various ways, so I would submit that despite its own obvious stumbles, Nu still has a shot (albeit a long shot) at this potentially enormous market.
But to do that requires restoring trust, and restoring trust requires not only words, but substantive changes. I take it from reading some of the past forum posts that these issues have been discussed many times before with no real action ever taken, so perhaps it is a lost cause. If you want it not to be, then I still strongly suggest recruiting some reputable outsiders and vesting them with real power and authority to serve as a check on the existing team (as well as reforming the governing rules and transparency processes such that the situation of a poorly-trusted team can not recur).
Just take the deal guys, it’s the only shot you have. I’d suggest just immediately restoring the peg though because if people know you intend to gradually restore the peg then nobody will sell NBT for anything less than $1 and you then won’t be able to buy it back to burn. If the peg is functioning then you can gradually buy NBT to burn from the normal pegbot operations over time and reduce supply. But the points about trust in the team REALLY need to be addressed with substantial governance changes otherwise Nu will not attract any new buyers.
I agree with @Ghaleon ,the longer u go without restoring the peg the harder it will get.Imagine people knowing this through various telegram channel’s,everyone will accumulate slowly and it will be impossible to fix the peg after that.After the deal goes through,it will be best to immediately fix the peg.
Hell with it, I’ll join your team if it means things get dealt with faster. That you can’t even get a hold of @Phoenix@jooize and @Cybnate for an important decision like this is very telling.
The idea of it being impossible to restore the peg if people won’t sell below $1 is silly. If people won’t sell below $1 then the peg is restored!
Anyway, it is highly debatable and an open question what the best strategy for restoring the peg given limited resources (this amount is far below what would be needed for a truly credible reserve) or alternately the best use of the limited resources toward restoring the peg even if it can’t get all the way there. Getting trust issues addressed is more critical.
I have heard from Cybnate but not with any details of an address to use for MultiSig. As voting really needs to start on this custodial grant I have entered a single sig address that I control as the grant address. Please could voting shareholders put the details from the Original Post into their clients to begin voting for this proposal please. @Ghaleon. Thank you for you offer of joining the team. More team members able to be available for such decisions will be of a huge help when the peg is regained and Nu needs operational maintenance.
As @smooth says I’m not totally convinced that a fast buy back is necessarily the right approach to restoring the peg but I also feel that this is a larger debate and we should probably create a new post to discuss it, then open it to a vote. We should start to use the machinery that Nu has in place once more.
I think similar should be done with regards the issues raised around governance and trust. I am a Nu team member but I don’t control Nu. All I have ever done is try to carry out tasks in line with the wishes of NuShare holders. Votes have been won that gave executive power to make day to day decisions about the running of Nu to the liquidity/Nu team but if something different is wanted then the power to raise these issues and gain support for something different is available to everyone. Convince NuShare holders that your idea is worth voting for and it will become NuLaw if passed.
It does seem that there are issues around trusting the current Nu team so we shold start looking at ways to adddress that. I would hope that some members of the BarterTrade team would become more involved in the running of Nu as they will have a keen interest in Nu’s success. I think that would be a conversation to have after this deal is complete though. I would welcome other suggestions from others too though.
@woolly_sammoth It is maybe outside the scope of this thread but my intuition is that current team members hold an enormous share of the voting power, possibly an absolute majority. As such it isn’t likely that proposing to vote to impose changes upon the team would turn out to be an effective course of action.
Therefore (and even if the above supposition merely might be accurate), I’m making these comments with the hope that the team will see the value in voluntarily enacting changes upon itself (creating greater transparency, accountability, and trust) in order to restore the value to the project. If my suspicion is correct then the team has more to gain than anyone else from doing so, but of course, it would also be fully capable of ignoring my suggestions and carrying on as before.
The button on the bottom left marked ‘Custodian Vote’ is what you need. That will open up a new window containing a table with 2 columns. Click the ‘+’ button at the bottom to add a row. Double click the first column in the first row and paste the Address SUB431FXaoYg1vKjpEUGd8gmmDgipRaCAb. Double click the second column in the first row and paste the amount 700000000. Click ‘OK’ and your vote will be registered in any blocks you mint.
I recall hearing at one point that there was some optimized way to mint nsr by splitting your nsr into 10k chunks. Is that still a thing? How would I do that if so?
There is a splitshareoutputs command that can be passed as a flag to the Nu daemon or set in the config file. Setting that to 10000 would ensure your NuShare trasnasctions were split into outputs of 10k. I believe that is the default though as detailed here https://docs.nubits.com/nu-client-commands/.
You can check this by activating “coin control” in your wallet (Settings > Options > Display) and then viewing the inputs available to you on the “send” pane.
Think the first job is to restore the peg. When this is restored than social media should be used again.
How higher the volume of USNBT how more harder it is to return its peg.
Sorry for the delay in replying. Yesterday was a busy day. I agree that a better presence on social media would be a good thing, especially for advertising this vote. I’ve not had access to the official social media accounts so far but I’m trying to sort that now.
Mix of both, if people see a heavy precense on social media, and that theres work being done and progress, then like the guy said above, people will start buying and accumulating without selling below 1$.
this place is all about fake profiles answering fake profiles. bullshit here is the goal. PASCAL HAMONIC and JULIEN YUKI HAMONIC SCAMMERS ! You will spend good time in jail ! liars ! good luck to everyone.
