Backbone Reserve Operations (Tier 6)

[jooize]

2016–09–16

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[serfer]

Why put so much sell pressure on NSR? NSR is the one thing that is keeping nu alive. People are interested in rising currencies (NSR). It would be far more beneficial to support the price of NSR rather than suppress it. A higher NSR price = more BTC to strengthen Nubit peg.

[DavidMc0]

A higher NSR price will only exist if there’s enough BTC to support the NBT peg, and that BTC needs to be bought by selling NSR.

It’s worth taking advantage of the good demand for NSR to generate the required liquidity to hold a stable peg. This activity in turn will increase confidence in Nubits, and therefore the value of NSR.

If too few NSR are sold, there won’t be the required liquidity to provide a strong peg, which would undermine the Nubits peg and the value of NSR.

As the peg has only just been recovered, my guess is that building up a good stock of BTC to support the peg is necessary.

[serfer]

But you could potentially be selling NSR for at least twice the value if you removed NSR sell pressure and let the market do its thing.

[Phoenix]

But you could potentially be selling NSR for at least twice the value if you removed NSR sell pressure and let the market do its thing.

This is a tempting line of thought. I suspect NSR FLOT members had similar thoughts in late May and early June. The NSR price was dropping rapidly, and it didn’t seem like a good time to sell NSR. Better to wait for a price recovery before selling. But the recovery didn’t come. Instead, US-NBT dropped to below $0.20 as FLOT waited for a better time to sell NSR.

Our model prioritizes support of our currency for good reason. It works out best for shareholders overall. @DavidMc0 explained it well. Still, moderation in all things. That is why I have limited NSR sales to 2 million per day when the NSR price is below 70 satoshis.

[ConfusedObserver]

Your view is one-dimensional, yet you manage to present the behavior of FLOT as a failure while you present the price limit of the NSR sale by your discretion as necessary?

I remember having read about FLOT and NSR. One of my early posts was in this very thread.
After this post

FLOT NSR Operations (buy side)

We need unspent transaction IDs for FLOT NSR Multisig #1 (SvtGbNjWE49pTM2TiUZrYKSNkxTJx75mmC). How to get them without NuExplorer? Ahh! We have NuExplorer at nuexplorer.ddns.net. http://nuexplorer.ddns.net/address/SvtGbNjWE49pTM2TiUZrYKSNkxTJx75mmC/1/newest TxID for 25M NSR: 0b115dc70b27f90bf4a981466ed16ee80f65e8d3fe4a5ebf36c00de01eb1c194 Now I can follow https://daology.org/u/jooize/articles/79c9ae029a1a4006747be888ec70fdc8575f8441 Send NuShares getrawtransaction 0b115dc70b27f90bf…

there was a lot of NSR sale related activity from FLOT.

Based on what statement do you say

FLOT waited for a better time to sell NSR

?

But most importantly - and I will continue to repeat it over and over:
you need revenue, if you want to save Nu. All else is a greater fools game or let’s call it how others call it: ponzi scheme.

[jooize]

2016–09–17

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–18

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–19

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–20

~2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[serfer]

~1.5 M NSR was sold at 79–75 satoshi in preparation for the 14th. ~9.5 M NSR was put on the orderbook at 80–89 satoshi to fill if the market moved there, resulting in ~8 BTC. ~1 M of those filled partially on the 13th around 22:40 UTC. With those funds it was decided to put them all on the wall for buy support.

NSR won’t be making any forward progress with this sell pressure in place, there isn’t enough volume to support it, especially with 2 million NSR sales everyday.

[jooize]

2016–09–21

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–22

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

~7 M NSR sold at 81–87 satoshi by market moving into set orders.

BTC Poloniex @jooize → Poloniex Gateway @jooize

~411 NSR sold to pay registration fee for NuLagoon Tube.

US‑NBT Poloniex @jooize → @jooize → NuLagoon Tube

BTC Poloniex Gateway @jooize → @jooize → NuLagoon Tube

[jooize]

2016–09–23

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–24

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–09–25

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Bittrex Gateway @jooize

BTC Poloniex Gateway @jooize → Bittrex Gateway @jooize

[jooize]

2016–09–26

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[GreatScott]

Was the Chief’s policy of not selling NSR below 70 satoshis revoked?

[ConfusedObserver]

Can’t the chief do as he pleases?
I mean, he’s the chief by election.
This also means he must be right, because shareholders don’t err, which can be seen at the track record of…
…wait a second

[jooize]

Was the Chief’s policy of not selling NSR below 70 satoshis revoked?

Policy is not to sell more than 2 M NSR below 70 satoshi.