I’m not getting into the blame game, too many emotions here. Will try to stick to facts and way going forward.
Clearly we can’t sell NuShares fast enough and at a high enough price to keep up with the demand for BTC which rised in the last fortnight and appear to continue to do so. Putting tight spreads in place right now, would likely result in depleting the BTC reserves within days or sooner.
The only reason to do that is when we have a good idea how much NBT is still in the sell market. The we can compare that with the BTC reserves. We don’t know that information and given the amount of reserves it is a high risk bet.
When running out of reserves there is no peg at all and NBT goes into free float and NSR will likely crash.
+1
As suggested earlier we should look into selling more NSR and faster (lower prices). I doubt the NSR price will withstand that unless some large stakeholder is willing to bet on NBT almost blindly. But I believe it is our best chance to get out of this situation. Any other known potential reserves should be made available now.
Chicken and egg problem[quote=“Sentinelrv, post:55, topic:4036”]
We can’t put all of the Bitcoin we hold right now into a tight spread, because it could be gone quite quickly leaving us with no defense at all
[/quote]
So raise motion with plan to tighten peg and put 80% of BTC on order and increase NSR sales. Let it pass and execute.
I will vote for that for just one reason. It is plan/bet which may obtain confidence.
I don’t see this motion passing and I can’t support it in its current form.
[quote=“JordanLee, post:63, topic:4036”]
Let’s talk about who would be fired as liquidity providers if this motion passes. I haven’t reviewed the evidence on this site, but from memory I understand those affected to be:
Agree
Let’s leave it like that for now and come back when there is evidence. There is not much value in debating scenarios in this highly emotional context without facts.
True, and have seen that to, both Sentinel and I have openly admitted to have bought shares to support Nu in last week or so. And with a good plan I would buy even more at these low prices. However this motion is not helping. See my suggestion earlier to what we should do imo. Lacking time to draft such a motion in next 24h though, might do it later if no one beats me.
