Backbone Reserve Operations (Tier 6)

[jooize]

2016–10–03

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–10–04

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–10–05

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–10–06

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[jooize]

2016–10–07

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[PoP]

Why do we sell into buy walls on a daily basis exactly?

[jooize]

2016–10–08

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[PoP]

Ah hem?

[jooize]

Sorry, I’m traveling with a headache. I would prefer someone else explain this time. I’ll try to get back to you later if nobody does.

[jooize]

2016–10–09

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[Cybnate]

Why do we sell into buy walls on a daily basis exactly?

The answer is in this thread: Backbone Reserve Operations (tier 6)

[GreatScott]

To add to @Cybnate’s reply: the dumping on the market could also be ceased on a whim, if @Phoenix decides to, as he has done in the past. Really, it is all up to what he wants to happen at a particular time.

[jooize]

2016–10–10

2 M NSR sold into buy wall.

BTC Poloniex @jooize → Poloniex Gateway @jooize

[PoP]

wouldnt we make more money if @pheoniex announced a temporary cease in sell offs and we let NSR rise for a bit?

[GreatScott]

He did try that once, but he didn’t fool the market.

[PoP]

When was that?

[PoP]

Also, if we back NSR with the NBT Reserve and then backed NBT with a usd equivalent of NSR. Couldnt we still support nbt and similtaneously bolster nsr? Not sure of the details… something along those lines

[GreatScott]

Liquidity operations policy changes

The market seems to have received the memo that we won’t be selling many NSR below 70 satoshis going forward (the daily limit is 2 million NSR). Since I announced that two days ago, the buy wall has steepened and the sell wall has become quite thin up to around 70 satoshis. There are only 8 million NSR available below 69 satoshis. Not much buying would be needed for us to see a 40% gain from the current price of 48 satoshis to the high 60’s.

Trying to influence or predict the NSR market has been talked about since the beginning of the IPO, and it has never worked in a sustainable manner. Then we ignore it and try it again a few months down the road and fail again.

[PoP]

Ahh so clear solution here: why dont we just try to influence or predict NSR?

[mhps]

wouldnt we make more money if @pheoniex announced a temporary cease in sell offs and we let NSR rise for a bit?

@Phoenix would refuse starting with

This is a tempting line of thought.