The origin of this problem stems from the NSR buyback program. Why the hell this program was permitted in the first place is still beyond me. Blaming master of Disaster for these problems is Despicable.
All I know about engines is that they need gas/fuel to run. Taking the analogy one step further the fuel is $$$ -> BTC. And Nu is all tapped out of that. I’ve got my skin in the game. So unless someone with big pockets comes along or the hill shifts so we can kick start then engine down the hill, we’re stuck.
We all need to stop whining. If we want to solve this problem as shareholders and we need to step up to the plate and all purchase NBT and park them. We need to park them for years. This is the only way to solve the liquidity crisis.
Do you know what I’ve found in my mailbox? Another conversation with Jordan reporting about liquidity operations, including buyside offset. Not a single word from him regarding it.
@JordanLee, is it ok, if I copy some of your conversations here?
You try so hard to make me look like a fool, I might even forget my courtesy and post without asking.
But I’m different
Might I just quote your response with my own words?
"I’m impressed by you"
Damn. That were your words. I hope you take no offence in having that single sentence quoted as reply to what I wrote.
What I sent you included:
Anyone got 50BTC…that would go along way. And then we can stop fighting.
Can we all please stop witch hunting and tying them to stakes and burning them alive as well? I start to smell burned…
When you speak with someone, and the topic touches on points of disagreement, do you always make a point of your disagreements? People deal with the business at hand and push their disagreements aside.
I’m voting for 75%+ APR park rates. That way, even if the offset doesn’t get changed in the near term - there is still profit.
Love this plan, and I am impressed @jooize. It is perfect. Let’s flesh out the details and go!
I agreed to put in $1,000 into NBT over the next two weeks on these conditions:
number one the buyback program is never reinstated. It’s a terrible idea to begin with. We are not following in the footsteps of Wall Street and the current stock buyback program. These circumstances and scenarios are different
Number 2 at least 25 shareholders or the equivalent of $25,000 can be purposed to his cause
Number three Master of Disaster is not held culpable for the situation and Focus energy into the future and learning from this lesson
For those advocating extremely high interest rates, Park rates, this does nothing and only exacerbates the issue of insolvency.
I’ll pledge another $1000. In for a penny…
@masterOfDisaster I am impressed with your tireless and dedicated efforts, no doubt. They have been incredible. I still am impressed with your hard work and dedication today. Haven’t changed my mind about that at all. However, your actions indicate that you don’t understand the dynamics of liquidity operations well enough. That has really hurt us. Your tireless dedication makes this very difficult to do.
If it’s an ad banner on Coinmarket cap or another site, tell them to link the banner to https://www.parkingyournubits.rocks/, which explains everything about how to park and provides a calculator so people can immediately figure out how much they can earn. @tomjoad, would you know the person who created the NuDroid banner? Do you know how much it would cost to create something less fancy for park rates (without actual numbers since they will change) and how long will it take CMC to get the ad up? Do we need to schedule it, or can it be immediate? If no ad space is available right now, do you have any other suggestions for advertising them, so many more people know? @mhps gave a good example of marketing for parking the other day, which is to tell people to “lend your Bitcoin to Nu” and receive interest.
Such an important topic?
You’re slaughtering me, because it’s that important.
Push disagreements aside. Bullshit.
There wasn’t even disagreement.
You’re always right, Jordan, even when you’re wrong.
It’s always the others’ fault. That’s so convenient, isn’t it?
If I stand in you way, I might back out. This is what you want, right? So you can slaugter the rest of what’s left without defence? Would have been so nice, if I were more shy.
But I’m tired.
Enough of this.
@masterOfDisaster please improve your understanding of our liquidity model and then start doing things again. Or, just stay outside the liquidity operations space.
This has to include you as the buyback program ultimately failed the ability for the system to provide proper liquidity.
@JordanLee, I’m trying to understand your liquidity engine model better. You say that it is made possible by crypto. Is this model only possible in crypto because it is possible for users to destroy/erode the currency supply itself through transaction fees? Without crypto I don’t think this is possible to erode the currency through fees in order to keep the peg. Even as a crypto right now, we don’t have enough transaction fees in order to make a dent in eroding our supply, which I believe is why you say that reserves are needed until the system matures. If the system matured in the future, there would be no need for a reserve, because there would be enough transaction fees by users of the network to burn away whatever amount of NuBits we needed to create in order to incentivize liquidity providing. Without enough transaction fees though, the network remains immature as it can’t sustain liquidity provision without keeping a reserve.
Is my understanding of your liquidity model here correct? Am I missing anything? If it’s correct, it seems that we were well on our way to this scenario last January with the huge volumes we received. The engine seemed to be getting stronger with each passing day, however the engine stalled and Nu was derailed when our exchanges got hacked. Since then we have struggled to restart the engine back up and we’re running out of fuel to do so.