Why bother when Jordan hasn't shown for days?

[ChrisS]

Why does this community continue to put its efforts into solving problems when Jordan has not shown his face for days?

[cryptog]

Good question.
I d like to know at least what he thinks is the main reason for the peg failure.

In the worst case, the community can replace him and find another architect.
After all the source code is open.

EDIT: I personally think that losing jordan lee would be a tremendous loss for Nu

[ChrisS]

Given his prior statements regarding master of disaster what makes you think his position has changed? And if it has changed, what does that really say about him?

[Yurizhai]

Who is Jordan Lee anyway? Is he multiple people? Why is there an apparent clone of himself under the alias @Phoenix? @tomjoad where are you? The whole situation is just bizarre.

[woodstockmerkle]

JordanLee has always wanted for Nu to be more than just one person. He has brought the community together, but we are seeing here how Nu has grown to become the decentralized organization, and fortunately this happened ahead of the most challenging of times, including the potential loss of the architect.

I see a pattern in the key contributors a true desire to make crypto work – to take what Bitcoin started, what Peercoin and Peershares improved, and make something that actually will work in real-world scenarios.

The $1.00 peg is important, but it is not all that is Nu Distributed Org, and the best community in crypto.

There may or may not be hard data as to why the peg failed. In my mind, it is rather simple:

• many traders accumulated NBT as a stable store as a hedge against NBT, but a way to retain wealth in the Crypto economy
• Bitcoin started on its tear, and they wanted in and sold NBT for BT
• due to what was a fractional reserve situation – and not knowing that a very large % of NBT holders were traders using it as a hedge, Nu depleted the ability to service this trade.

Personally, I look at the potential 3:1 upside on buying NBT now to be in before the peg gets stabilized as a tremendous opportunity.

[jooize]

Many of us are shareholders. Nu is not solely @JordanLee’s operation. I want Nu to succeed and I optimistically believe there should be value in this community regardless somehow. I’m opposed to unlimited dilution of NuShares for this reason (and because later with multiple currencies I think we would have to set a limit for how much we support each one with Tier 6).

I think the reason of peg failure is simple. We didn’t have sufficient reserves to handle the amount of selling that occurred, which didn’t provide enough time for NuShare sales (Tier 6) and confidence in NuShares to replenish the reserves. We didn’t push the maybe non-insignificant buy-side liquidity we had at the time causing NuBit holders to lose confidence and want to secure as much of their funds as possible, causing a bank run and the difficult situation we’re in now. In any case, we had too low reserves.

[zoro]

Who is Jordan Lee anyway?

by watching the latest episode of Game of Thrones, i would say he is “No One”

[cryptog]

the potential loss of the architect.

I sincerely hope he will not leave the community.

The $1.00 peg is important, but it is not all that is Nu Distributed Org, and the best community in crypto.

I agree. In the worst case, pegged crypto was a pretext to start the only real DAO in the world.

• due to what was a fractional reserve situation

We didn’t have sufficient reserves

I agree. So we needed to unlock funds from T5 and T6 very very rapidly when the btc price surged but we could not do so on time because the surge was too fast and FLOT was not willing to sell NSR in large quantity and parking rates did not rise enough fast enough.

[tomjoad]

@tomjoad where are you?

I’m still here silently observing.

For what it’s worth, I support the plan to gradually return the peg to $1.00 that @Phoenix proposed. There’s no reason Nu can’t re-establish a $1.00 peg in the future and offer a safer product with full reserves.

The profit model in the future will be transaction fees, and some unknown percentage of NuBits that are lost forever by their owners. I spoke of this well over a year ago and am pleased the network is moving in that direction. The final step required is the abandonment of Tier 6 NSR sales because they are useless.

I’m also disappointed to see the forum overrun with smug competitors and gloating community members who left after their feelings were hurt. Nu is an experiment, it has always been marketed as such, and I have no respect for anyone who only arrives during troubled times without thoughtful solutions to the problems we face.

Let’s focus on solutions and repair our network. @Phoenix has presented an excellent starting point that can be improved on.

[ConfusedObserver]

Let’s focus on solutions and repair our network.

Good idea.

@Phoenix has presented an excellent starting point that can be improved on.

This is no starting point, but a different road to perdition.
It misses to fix one of the most important misconceptions: you need revenue to get this business restored.
With the little funds you have or can raise, you won’t reach the promised land in which the tx fees provide sufficient revenue.

You can’t sustain the system long enough to get there without much more adoptions than just the peg level.
You will lose that peg as well, if it’s the only important change.
What then - moving from $0.10 to $0.01?

You need to reconstitute confidence.
Provide your debtees with a plan.
Pegging to a different rate is no solution.
It can be part of a solution.
Before you think of a peg, you need to understand what you can afford.
Get your accounting sorted out.

[nmei]

Get your accounting sorted out.

Agreed

[ChrisS]

Frankly, it is completely unacceptable that he has chosen to abandon the community after the abandonment of the peg. After all the Glorious praise he has for our community and to not be active during the times of crisis renders his character false

[MaVo]

Once more for the record:

“Peershares such as NuBits and B&C Exchange are the most advanced form of decentralised blockchain governance to date. The work I have already done establishes me as the leading innovator in decentralised blockchain governance.” by @JordanLee

[mhps]

Once more for the record:

“Peershares such as NuBits and B&C Exchange are the most advanced form of decentralised blockchain governance to date. The work I have already done establishes me as the leading innovator in decentralised blockchain governance.” by @JordanLee

Where did he say that?

[MaVo]

https://bitcointalk.org/index.php?topic=1033773.msg14346014#msg14346014

[Sabreiib]

Support you this time!

[Sabreiib]

I understand jordan’s behavoir, he shakes off the Nu’s debts with a new account, what a good deal, what a sacrifice of reputation, so “phoniex” will lead us back to 1.0$ peg then the jordan will appear.

[crypto_coiner]

We didn’t have sufficient reserves to handle the amount of selling that occurred, which didn’t provide enough time for NuShare sales (Tier 6) and confidence in NuShares to replenish the reserves.

How we can have a much more rapid conversion NSR <–> NBT assets and a much smoother one?

[Cybnate]

How we can have a much more rapid conversion NSR <–> NBT assets and a much smoother one?

Pass a motion which doubles the NSR for auction as I tried before everything broke down.[quote=“tomjoad, post:9, topic:4121”]
The final step required is the abandonment of Tier 6 NSR sales because they are useless.
[/quote]
I can’t believe you are saying that. We need these T6 sales to establish at least a starting point with some reserves for some small scale operations which may become feasible because more and and more NBT will be taken from the market. It should also show that there is a group of Shareholders left with some confidence in re-establishing the peg. When this auction fails, I think it is really the end.

[ChrisS]

After all this time and still no sign of Jordan. It is assumed an alter ego has emerged named Phoenix. I am disappointed this community has decided to not reprimand this childish behavior. In the world we live in, and with consideration as members of the forum who act as a regulatory body, it is against our fiduciary responsibility to terminate the parasite in the organization. I am also disappointed the motives for his behavior were not challenged, by everyone. There is a clear link to personal gain of money and power over the system by the actions rendered by Jordan.

You are all so easy and nice. Nice doesn’t cut it for me. I want to make it clear to the public and for the record that the proceedings of this community are offensive and irresponsible.

Can you imagine if the founder of a bank made a huge mistake and came back a week later with a mustache and convinced everyone to keep working under his leadership? You are all in love with you captor like a beaten women is in love with her drunken man. Insecure and gutless. That is the Nu community.

Fire Jordan immediately to regain your dignity and the confidence of the shareholders. I urge you of this, please.