[Closed] Motion to cease shareholder-funded NBT/PPC operations


#1

First, a quote from @desrever:

This is a motion to act on this analysis.

BEGIN MOTION
This motion mandates that shareholder-funded custodians, currently @KTm and @jmiller, immediately cease operations on PPC-based currency pairs. The peercoins held in the buy walls of these pairs may be exchanged for BTC to support another currency pair, or be held for a future dividend distribution, and the custodian’s discretion.
END MOTION

To vote for this motion, use the following motion hash:

Vote for: d29b0997816d9f5ef8de5c238cca1e618dafc974

I believe this matter is urgent, in order to protect shareholder assets. Thank you for your consideration.


When Bitcoin crashes
We need to find an exchange with liquid USD operations
Today is the 100th day of the Nu network. NuBits has reached second overall in worldwide trading volume for the day!
Modelling a parametric order book
#2

Why PPC in particular? Volatility?


#3

i voted although i don’t understand how this attack is working.
I just trust you guys :slight_smile:


#4

Voted.


#5

I have voted for this.


#6

I am voting for this as well.


[OLD] Cryptog's datafeeds - BETA
#7

I presume the attacks desrever refers to are what I described here:

The Peercoin community trusts us, and NuBits by extension, so I am not keen to see PPC no longer tradable for NBT.

The long term solution to this is to change NuBot as detailed in the thread referenced above. Before the solution is automated, it can be approximated with some additional manual changes and transactions. I suggest we do this, although it will create a little extra work for KTm until NuBot has gone through several additional iterations. So, my proposal is dependent on the approval of KTm. I would like her to comment accordingly.

To vote for this motion, enter the following motion hash in your Nu client:
1ce96336ac866c29cbcbf0908b0752b0065a3af4

Begin motion
Motion d29b0997816d9f5ef8de5c238cca1e618dafc974, if passed previously, is nullified.

The PPC/NBT trading pair should feature approximately 20,000 NBT in total liquidity. When this becomes unbalanced with more than 80% of liquidity on either wall, PPC should either be purchased or sold to balance the wall. KTm or other custodian shall receive 1% commission on balancing trades. Balancing trades should be conducted on CCEDK for KTm’s ease and to encourage development of PPC liquidity there.

For example, suppose that PPC is exchanged for NBT such that there is now 20,000 NBT in buy support (as PPC) and 0 NBT for sale in exchange for PPC. To balance this, 10,000 NBT worth of PPC is removed from buy support. It is sold on the PPC/BTC pair. The BTC proceeds are then used to purchase NBT on the BTC/NBT pair. The NBT proceeds (after 1% commission is substracted) are placed for sale on the PPC/NBT pair, balancing the walls. This way, change in demand for PPC is reflected in the market price of PPC.
End motion


#8

I’ve updated my vote to Jordan’s motion.


#9

changed as well


#10

Not volatility but trading volumes. The other at risk is BTC but its large volume on the order books makes the exploit less useful

voting for 1ce96336ac866c29cbcbf0908b0752b0065a3af4


#11

I also support Jordan’s proposal. I’m not sure that the reduced liquidity is a sufficient safeguard, but it certainly helps.


#12

1ce96336ac866c29cbcbf0908b0752b0065a3af4

voted

another question, should I cancel the old vote(eg.kiara’s dividend) which already executed?

BTW, plz add a comment space aside the hash in our GUI, I forget which is which.

EDIT: and add the link to status of vote so that we can easily find the voting result.


#13

I need this too
And if we can keep track of motions results, with labels and links to their threads in the voting tap it would be great :smile:
Also a link field in the Elected Custodians table would be great, i can’t find the proposal that got 4M NBT to read it.


#14

It’s worth nothing that withdrawing custodial support from NBT/PPC and NBT/BTC will force volume to move to NBT/USD.

Say there is only custodial support for NBT/USD
If you want to purchase NBT, then you will get hit with a bid/ask spread if you purchase NBT directly using BTC or PPC. You can minimize this slippage by first converting BTC to USD and then converting USD to NBT. This will lead volume to shift from NBT/PPC,NBT/BTC to NBT/USD.

tl;dr; You cannot wait for volume in the NBT/USD market to develop before withdrawing custodial support. If you don’t withdraw support from NBT/PPC and NBT/BTC, then the NBT/USD market will never develop (or at least not for a very long time).


Always $1, except when they 7 cents
[SURVEY] Liquidity Custodianship Business - Profitable or Not Profitable
Attract voluntary liquidity providers with NuBot
[Passed] Promoting Nubits to internet payment processors, exchanges, and gateways
#15

This motion is nearly passed. It has exceeded 4500 of the past 10000 blocks, and is continuing to climb. @KTm may wish to start considering the best way to fulfill it. Note that the motion mandates that any trades occur on CCEDK.


#16

This motion has tapered off at 46.5% of the past 10000 blocks. If you would like to support this motion, please add the motion hash, 1ce96336ac866c29cbcbf0908b0752b0065a3af4, to the Motions window inside the Vote tab of your Nu client.

You may prefer to take no action or remove the hash, if you are against this motion.

Thank you!


#17

I believe this is caused by a big drop of minting shares in the last few days. The minting difficulty is dipping to the lowest point since late August according to http://blockexplorer.nu/charts/posdiff

I can only guess that the drop is caused by many shares have moved, e.g. to new shareholdeers from Jodan and to the exchange when there is a big move in the market.


#18

The undistributed shares held by Jordan aren’t minting, so your second guess is a more likely cause.


#19

Would it be possible to increase margins on more volatile coins like PPC?

Also one problem with Jordan’s proposal is that the price could have slipped a lot by the time you choose to balance.


#20

I now support @Chronos original motion to cease PPC operations.

After last weeks of trading activity I am more convinced that our long-term direction should be stopping providing liquidity on risky pairs. PPC is without doubt currently the more risky : low liquidity.

Instead of requiring additional complexity for developers, shareholders and providers, I think we should send out a clear sign that we intend to provide liquidity only on BTC and USD, to finally move to USD .


Finalized evolution of liquidity operations