The reason I have no concern about SURF is that

the team can easily either burn their USDN for SURF or swap USDN for Waves and lock these for SURF.
The only question I have is, why we don’t see this happening?

Because they don't think it is a good invesment obv

It’s a selffulfilling investment, easiest way to make money imo.

Or they want to keep this possibility available for when there really is no other way..

Roughly to (100+50)/700 = 21%. Burning usdn would be 100/(700-50)=15%

Well my point is that 50M is a fuckton of money even for Sasha, and even that amount doesn't makes BR attractive

there’s more than the 50mln you are talking about, so not sure what you mean. The br going to 115 is attractive enough for Sasha I would say. Especially if you can do it without pumping Waves into the atmosphere.

There are hundreds of millions of excess USDN in team hands, now outside the vires system, and mostly as a vault for paying in one year. A significant part of it can be burned via SURF, and then collected later when BR goes above 115%.

What are you talking about, these funds belong to vires whale lenders

You are wrong. Most of it belong to the team.

and how to pay debt?

Yes but the purpose of SURF is to recapitalize Neutrino SC. It cant solve the problem instantly. And it doesnt have to do that. It just helps to make sure that if people wanna cash out they are able to do so. You dont need a BR of > 1 all the time. Thats not the problem. The problem is that at some point people who want to cash out cant do it because of a insolvent protocol. And you have to make sure that anyone who want to cash out can cash out. And SURF helps there. But if you liquidates people money to SURF they cant cash anyway. And then it makes no difference for the people whether BR is 0.1 or 1. And If people cant cash out your BR doesnt mean anything. And shifting the deficit from Neutrino SC to SURF and increasing it by x4 just makes it more difficult to make sure that nobody lose money by investing in USDN. If the vested USDN disturbs you. Then just calculate the BR without it the vested ones...^^

you need to increase BR in order to start to profit. Increase of WAVES is also a factor that increases BR. If waves price don't increase, no solution will work.

The problem is using doesn't need collateral that can be burned directly. If you buy a stock you need to sell it at market prices. Now the next problem is stable coin and it's use it needs to be 1usd in any volume not the collateral. So br is better to be a functional system (permanently locking of part of the funds) If collateral is going to zero Waves it's not going to survive if it's self healing it's always going to have value. Surf getting part of the collateral will be interesting if in theory the recapitalisation never can reach zero. For now whales keep dumping because of security reasons surf is not really useful because it only pushing Waves price down.

Yes i know and i understand your point. But its not all about a BR. If you back an asset by a protocol you have to make sure that the people who invested in this procotol can get their money back. Especially if they invested in a stablecoins. And you have to think about why people invest in stablecoins. And actually the risk is that neutrino protocol will be empty so that people who want to cash out cant do that. And then we have a problem. But if you liquidates peoples USDN to SURF you already have the problem you want to avoid. People cant cash out and they have to wait for a lot of cycles to get their money back. So on the paper BR is>1 but if people still cant cash out if they want whats the point about the BR? And as we all know people dont cash out if they make profit. They just want to know that they can cash out. And thats the most important point. You have to make sure that people believe that they can get their money back everytime they want.

Waves cap like 600 something where get 700? Rougfly?