5 of 8
sorry , i mean how many hours will take?
It depends on how fast the FLOT members are aware of the situation and are ready to sign.
By terms most have 36 hours for that.
This deals with BTC and the multisig requires 5 of 8 signatures to move funds.
Another reason why Nu shouldn’t rely on the FLOT for balancing (temporarily?) imbalanced T1 walls…
The FLOT is just not made for that!
The tough part is volatility, which is a problem whether we deal with T3 or T1. We’ll need to take into account the price swings, and I guess we need to come up with protocols to handle that.
Perhaps T1 LPs should continue to contact FSRT and Jordan until T3 custodians become reality?
MoD is right about T4 (FLOT) and T1 interactions.
I think the effect of fixed compensation is even more important for situations like the current one.
Would you be willing to do business with the FLOT - sending NBT to a T4 FLOT address and receiving BTC in turn to put the BTC to Poloniex buy side?
Currently we have 2 FLOT members and no FSRT or JL. What MoD said about FLOT is just as true for FSRT and JL. FLOT needs to sign the other Txn for buybacks today or tomorrow anyway.
We are already on it FLOT BTC Operations (buy side)
But i think it will take a lot of time!
What do you mean we don’t have FSRT and JL? FLOT is very new to just replace them already!
They haven’t commented, I can only assume they aren’t watching. We have them on the long term, I was just talking about who’s here right now.
FLOT is not working at weekend ? but market time is 7x24:stuck_out_tongue:
Now you realize why the FLOT or Jordan or any other single instance is not able to keep the pace.
There’s no hard coded threshold at which the FLOT needs to be active (I was trying to establish that to no avail) and even if, the members have - based on the terms of their contract - more or less 36 hours to sign a transaction
The FLOT is already actively working on this
The delay of FLOT can be up to 36 hours. Do you still think it’s fair that the transaction would be settled on current rates?
Isn’t that a hard coded threshold?
With Jordan we had a 24h window but the transactions were settled in less than 30 minutes usually.
I am not sure how to limit possible loses for either side.
Is that measured with respect to when JL signed on and noticed we needed funds, then took 30 minutes to do it? Cause I would say it’s taken him over half a day to notice we needed funds before.
No, i mean after we made the agreement and sent him NBT or BTC.
Well then it’s not a fair comparison. The correct comparison would be to start the timer after at least 5 FLOT members say they will sign the Txn and stop the timer when they actually sign it, which I think you will find takes a matter of minutes.
How long between agreeing upon a price and settling the trade?
The timer starts when he tells me how much to sent him (agreement).
You cannot actually compare 1 person’s reaction vs 5