Chronos,
Sorry for butting in, but I think I may understand the answer to this.
It is now confirmed that CCEDK will be allowing us to trade a NBT/USD pair. This means that proceeds from the sell of granted NBT will be in USD, which is not the easiest thing to transfer to other exchanges. This would require the custodian to purchase Bitcoin (most liquid market = least amount of price slippage on large orders), transfer it to a different exchange, then buy Peercoins. The cost of this maneuver (in fees and slippage) could end up being more than putting USD up for sale on CCEDK’s PPC market, at a very slight premium, with the intention of allowing arbitrage to do the work for you.
This approach accomplishes a few things: a) It’s possible to get a better average price, since your very large buy orders will be less likely to drive the price higher before they’re filled – with arbitrage, the orders will just flood in from other markets to be filled at your slight premium. b) It’s possible to get a better average price because you’re cutting out a lot of extra fees, plus avoiding unforeseen fluctuations in the price of Bitcoin. c) We reward CCEDK for being the first exchange to list NuBits by giving them a huge piece of the PPC market.
Pennybreaker, thanks for the reply. Your explanation makes sense, but it doesn’t seem to align perfectly with the proposal at hand. You mention keeping all dividend funds at CCEDK (or the exchange(s) where they became USD) until PPC is acquired. On the other hand, the proposal describes spreading the USD over multiple exchanges before it becomes PPC.
I might be misremembering, though – the original Github Gist proposal is not reachable at the moment. Can the links in the opening post please be double-checked? Thanks!
I apologize for the delay in responding. I had a couple of things that I needed to take care of to close out a couple of existing projects, so I could focus on Nu going forward. Couple that with a well-needed break with the family and it meant I didn’t get online much.
The issue with Github should be resolved. They had flagged my account as a possible bot, and had locked it while they investigated. Strangely, they didn’t send an email about it, just left a message when I logged in that said to contact them. The key take-away here being that if anyone else goes the same route that I did, and uses Github as a repository for information like this: remember to fill out your profile information. That seems to be the big red flag for Github’s spambot.
Now, to address your questions about the dividend distribution. Pennybreaker’s analysis of the dividend is accurate, and I’d like to add two more points to his list:
At the time of the publication of this grant proposal, we did not know which exchanges would be available on Day 1. CCEDK was a possible option, but there were still questions. In the case that we didn’t have a solid exchange with USD support available, we were going to have to use a C2C market (BTC/NBT, PPC/NBT). This would have facilitated a much better transportability between exchanges for the purposes of acquiring dividends.
The timeline that I’ll be working with to get dividend funds purchased and readied is 72 hours. It is not reasonable to believe that I can just drop a big order out on the open market and wait for it to be filled. The time frame provides a narrow margin for trying to identify a good entry point; rather than trying to make the best of the current market.
It’s most certainly my intent to maximize shareholder value and to return the best possible number of peercoins per dividend distribution period, so activities taken while acquiring those peercoins will be done to forward that goal.
I’ve got my hands a bit full right now running things manually, but I’ll provide a review of operations to date later today, if we can get the coin/coin bot tested and running.
24 hours have passed since launch, and the web address in the proposal, https://nu.pearlknight.com/, is still offline. Do you have a time estimate for the report?
At 09:30 AM today with Desrever’s assistance, I was able to bring online three market NuBots, and could stop manual updates of the walls. After that I slept.
Now I’m awake and working on the reporting for the past 24 hours. I would have like to have had these out sooner but it just was not possible. The reporting domain is not yet live due to a DNS mistake, but I will find a place to store the information temporarily and make it available.
I have a family obligation to attend to this evening but will work tonight on finalizing the numbers. I am consolidating the data feeds from each of the exchanges and markets into a single representation for a simple display. Here is what you will see in the reporting page:
@KTm: I recommend you try to find a way to automate the creation of these reports – maybe there’s a way to use the APIs to post the latest information. It would save you time, and also make it easier for people to review the data.
It’s been a long time coming and with the challenges we’ve endured with the bots and arbitrage traders getting a complete reporting hasn’t been easy.
I have pulled together numbers after reviewing the transaction data from both CCEDK and BTER and would like to report on the current status of the grant.
I need to publish a topic that discusses the dividend payout schedule and concerns that I have now, after managing the grant, that I did not originally anticipate (but that in retrospect are clear). You are welcome to ask questions on this post about the report that I just posted but there are many items that will be discussed in the new topic I will create so you may find that the answers will be provided there.
I have worked with @Ben and @desrever on the bot problems and to simplify how this grant can be reported on. I cannot promise daily reporting, yet, but is our goal to soon have a website that the shareholders can visit to get a real-time view of the grant’s operations. I will let @Ben and @desrever make updates on the software and once it is ready and running for me, I will post the URL where you can see it. Until then, I will continue to manually enter the information in reports.
Thank you for your continued patience. I do hope that we are out of the difficult times and will see more smooth operations.
