We have demonstrated Nu can buy back every NuBit in circulation

The Plaza
#1

It is now a historical fact that Nu has reduced its available money supply from 820,000 at its peak earlier this year to 173,405. While this isn’t purchasing every NuBit back, it is very close. We successfully removed 79% of the money supply from circulation while maintaining the peg. It is true our record is blemished by the Augeas default, when rebellious decentralized liquidity providers lawlessly and cruelly shut down almost all liquidity operations for about 1 month. What followed clearly demonstrated the Augeas claim that Nu was bankrupt and out of funds to be completely false. In fact, it appears Nu has had sufficient funds to buy back all NuBits at all times. May and June were no exception. The funds available for currency buy back were so ample that even after Augeas destroyed about 85% of them (in the form of an 85% drop in the NSR price), there were still ample reserves remaining to buy back about 500,000 US-NBT.

This is an amazing validation of the liquidity model proposed by @JordanLee and embraced by shareholders in 2014. It works, with ample spare capacity for suboptimal use of the model.

It only fails when it isn’t used at all. What Augeas did in May and June was fundamentally and completely incompatible with the liquidity model mandated by shareholders. Most importantly, exactly zero NSR was sold before the peg was abandoned. In the following month, only 2.5 million NSR was sold, yielding only a few thousand dollars worth of peg support in one month’s time. Augeas had the benefit of 500 satoshi NSR. When I began supporting US-NBT for shareholders, the NSR price was around 70 satoshis. Yet under my leadership, we purchased somewhere around an average of 130,000 US-NBT each month for more than four months. Therefore, I was able to provide about 43 times as much peg support with only 14% as many resources. This means my support of the peg was about 310 times as effective and efficient as what Augeas did at the end of May and throughout June. That is the measure of the greatness of the monetary malpractice committed by the liquidity providers at the time. The Jordan Lee model was only utilized to at most 0.3% of the potential I have proven it has. But even my utilization of the model was imperfect and suboptimal.

Rejoice! Nu has proven a successful model for decentralized stable currency that has worked for nearly 2 years. The only limitation of the model is that, well, it does need to be employed.

NSR liquidity, more than anything, is the strength of the peg. I have been very skillful in cultivating liquidity. Prior to my time as Chief of Liquidity Operations, daily NSR trading volumes were approximately 0.1% of all NSR. Today, they average around 3% of all NSR, a 30 fold increase. Hopefully, we can maintain this as the NSR price rises.

The future of the peg is looking bright.

[Poll] When do you think the next NSR buyback will occur?
#2

Augeas came later.
You are a liar.

You plummeted the NSR rate to 25 Satoshis, because you didn’t listen to recommendations regarding revenue.
Of course it was part of your plan to get even more cheap NSR, which you want to sell with a gain after having pumped the whole scam; you are fantasising about NSR buybacks.

Be careful - during the next buyback you will face the NSR sell pressure of people exiting your scam.

Continue to write your nonsense.
Anyone who’s interested in a more detailed version of the story can find it here in the forum.

#3

What is undeniable fact is that the Augeas client and blockchain was initiated in October, which is months after May and June.

Phoenix has elected to use the term Augeas to also apply to a subset of the Nu community, their posts and philosophies, as well as the actions (or inactions) of individual community members.

I post this so individuals who may not be close to the community or the dialogue on this board are aware that there is a definite distinction.

I encourage every individual to use critical thinking as to what “is” and what “is not” Augeas and not assume the definition based on one person’s interpretation or post.

I will point to the noun that is Augeas: a blockchain and a client, housing AugeasShares (AES) and AugeasCredits (AEC).

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#4

I appreciate your respectful and productive tone @woodstockmerkle. I agree the Augeas client was initiated in October. My assertion is that Augeas existed before that. It began as a community here on this forum. Shareholders of Augeas did exist at that time as well, as a subset and minority of shareholders on the Nu blockchain. What happened was that decentralized liquidity providers were paid very little. The key signers of FLOT NSR that held the fate of the peg in the short term (in the long term it is in shareholders’ hands) were paid less than $150 per month, as I recall. Other key players, such as @masterOfDisaster, were also paid peanuts. Chances are he received less than $3 an hour for his work. Nu was pleased to accept this very cheap labor. The problem is only people who don’t care much about money are in a position to work this cheaply. People who don’t care about money shouldn’t be trusted to defend the peg, as we learned. The reason is they don’t care very much about imposing colossal financial losses on shareholders and NuBit holders. They are motivated by the social fulfillment of working together in a group as part of a greater whole. They are motivated by principle in theory (although in practice Augeas has undermined its own principles with poorly calculated actions). If these are your primary values, and they appear to be the primary values of Augeas, when you get bored with the peg, you end it and move on to something more interesting and novel that the group can develop together, which is exactly what this forum community tried to do in June. You don’t care about the peg, you care about the community. The community, to the extent they were decentralized liquidity providers (which most community members were), was destroyed when decentralized liquidity operations at a scale of less than 1 million USD was proven to be a failure. The portion of the community that valued the community above the peg couldn’t accept the loss of the community (and their role in it) and fought their replacement: me. Augeas, then, to my understanding, is that majority of forum participants that cares more about the community than the peg.

The fact that Augeas formed with no specific product or line of business in mind is very revealing of the motives of those involved. They aren’t trying to create a product for customers. They are trying to maintain a community for themselves. Augeas was a minority on the Nu blockchain. They couldn’t control Nu. Rather than take control of Nu by purchasing very cheap NSR that was very accessible on Poloniex and elsewhere, they decided to separate into a blockchain where they would have a majority. This suggests there is very little money behind it, which substantiates one of my main points: Augeas doesn’t care about money as much as it does its community. We can’t trust such people in Nu. We have to know our people are focused on producing economic value and growth.

Augeas consists of the unemployed decentralized liquidity providers fired by NuShare holders who valued community over building economic value. Such people will not stand by the peg.

Finally, remember that, as a blockchain, Augeas is exactly that minority subset of NuShare holders who consistently rejected peg support in recent months. Its community members are those who opposed the peg in June. It is very concise to call the group that opposed the peg in June Augeas.

#5

You are correct that money is not the reason why I became disillusioned with Nu after jordanlee blew up at the liquidity providers and a dictator was instated. It is the ethics, the transparency, the decentralization that Nu now lacks. If i wanted to just make money I would latch on to legacy banking and leech off the modern society just like every wallstreet banker out there. They clearly have shown that that is where the big bucks is. I thought we were doing something bigger with cryptocurrency than simply making money.

As for what Nu is, it is just pheonix, abusing the reputation that was crafted by the members of the community that he has started calling AES, even though there is not actually a direct connection between the community that crafted Nu’s reputation pre-Pheonix and the blockchain that woodstockmerkle spun up. Pheonix has taken that reputation under the heading ‘Nu’ and sold it for every penny he can get. And here he is peddling his insider traded pump and dumps to the next poor sucker who he can squeeze some dimes out of. No thank you, the house always wins and Id rather not play in Pheonix’s casino where he rigs all the decks.

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