In the group's interest...
I'm not trying to undermine Larry, but rather just trying to be fair. If I went along with this, I wouldn't sleep right at night so here I am.
Larry adamantly doesn't want to convert the NMC to BTC. He wants to payout directly in NMC. Converting to BTC makes the process about 99% easier. Not only will we not have to keep track of the past payouts and keep a ledger like we do with BTC, we will ensure everyone gets paid out their share. Larry refuses to solicit a vote on this and is using an executive decision to payout NMC directly even though most people haven't linked their addresses. I do understand that a formal vote would take a while to complete.
I haven't done any real analysis on this but it looks like 32 users have linked their addresses and there are way more than 32 shareholders in this group. There's probably around 125 members in the group. So maybe 25% of the group has linked their NMC to their BTC address. This concerns me greatly.
Here's the list:
http://bitcoinfun.ca/nmcsign/viewlist.htmlWe can look at that as a vote and assume only ~25% (more or less) want to be paid out directly in NMC. You can argue that we could payout that subset of memberes their share in NMC and convert the rest and pay those out in BTC... but that this becomes unnecessarily complicated and I don't want to spend the time discovering and working out the kinks. If we payout in NMC to the subset of members, who gets the rest of the NMC? Do we incorrectly split the entire amount among the people who supplied their NMC addresses?
I say we should convert them to BTC and add them to the mining income address and payout as a BTC dividend. This covers all the bases. There's a fee to do this at an exchange, but it's minimal especially when spread out across the entire group.
An example if we did it right now...
Amount NMC: 3671.53861891
Price per NMC: 0.00479 BTC
Total: 17.58667 BTC
Fee: 0.0352 BTC
Converting to BTC does have risk like what if NMC doubles tomorrow compared to BTC? Well, at least everyone got their payout today. No one can predict the future.
Larry's point was getting flak about exactly when to convert. In other words, he doesn't want to be responsible if he picked the wrong time to convert BTC to NMC. I think it's pointless to worry about this at this point in the game. You could argue that we should have been paying out NMC all along... but if we had, less than 25% of the group would have registered their NMC addy.
Thoughts?