That’s why a credible attempt to restore the peg needs to be done.
Some key parameters have been identified:
- have a reliable revenue scheme (thousands and thousands of tx in the future are NO reliable revenue scheme, for you will never get there without making revenue on the way to it)
- focus on NBT/USD
- when trading on BTC/NBT adjust the spread so that the revenue from the spread covers the expenses (= risk * funds at stake)
Shareholders have been beaten to a bloody pulp.
But the lack of accounting combined with at least one evil actor played the major role and not removing the last few thousand of USD from a tight spread.
If the (buy side) liquidity wouldn’t have been pulled or put at increased spreads, Nu would have nothing left.
With nothing I mean: no BTC, no assets but NSR.
Nu would of course have hundreds of thousands of USD debts - oh wait, they are here anyway.
In a time when action would have been appropriate, a time consuming thrashing of liquidity providers that were operating with Nu funds was made. That was another reason to get shareholders beaten so badly.
Selling NSR would have been more effective, if NBT wouldn’t have started to float freely - only because no BTC were left at an appropriate spread!
@Phoenix, go and burn yourself. You might come back as a more clever bird. Don’t burn more of Nu than already has been burned.
I think I understand what you mean. I’ve come to a similar conclusion. Let’s focus on restoring Nu and not on speculation about what brought Nu here.
Regarding speculation - or rather the end of it in certain areas:
it’s time for some data, cash flows, addresses, balances, bills, payments, etc.
I’ve been watching the forum closely, but didn’t find anything that helps undertstanding the financial situation of Nu’s existence until FLOT was created. After that it was slightly better, at least transparent.
The only transparent information are the grants.
But a lot was paid from the development fund.
Where are the bills? Where’s Angela?
Is that the reason for JordanLee to not come back?
Doesn’t he want to account for what happened?