Current Liquidity

[zoro]

What do you mean we don’t have FSRT and JL? FLOT is very new to just replace them already!

[Nagalim]

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.

[huafei]

FLOT is not working at weekend ? but market time is 7x24:stuck_out_tongue:

[masterOfDisaster]

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.

[kiddinMode]
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
[/kiddinMode]

The FLOT is already actively working on this

[dysconnect]

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?

[Nagalim]

There’s no hard coded threshold at which the FLOT needs to be active

[Passed] FLOT Management

BTC will be used to purchase currency when a specific currency’s buy side funds falls below 40% of total liquidity in tiers 1, 2 and 3 for that currency

Isn’t that a hard coded threshold?

[zoro]

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.

[Nagalim]

less than 30 minutes

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.

[zoro]

No, i mean after we made the agreement and sent him NBT or BTC.

[Nagalim]

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.

[dysconnect]

How long between agreeing upon a price and settling the trade?

[zoro]

The timer starts when he tells me how much to sent him (agreement).
You cannot actually compare 1 person’s reaction vs 5

[masterOfDisaster]

Isn’t that a hard coded threshold?

Yes, but tell me - do we have a T1 problem or a T1-3 problem?
Despite the fact that I see no T1-3 problem, the FLOT is caring for it.

[dysconnect]

Technically it’s mostly me caring for it, not really appropriately. I hope @henry could step in soon to move money from tier 3 to tier 1.

[Dhume]

We could agree to put say 50 BTC in a 2 out of 8 multisig address, exactly for reasons stated above. If only 2 out of 8 would be needed I think FLOT reaction time will be much quicker. Although technically it would better to fix tier 1-2-3-4 flow so that FLOT is not required to balance tier 1.

[masterOfDisaster]

Fixing the flow is the solution.
Having 2 or 3 of 8 addresses with some funds on them should be a viable workaround.

[jooize]

I imagine FLOT will usually be a lot quicker than 24–48 hours, but the delay concerns stated should be addressed anyway.

I have to say I’m uncomfortable with only 2-of-8 if that approach would go forward. Can you motivate it? 3-of-8 seems much safer with only one more, which I hope wouldn’t affect response time very negatively. Not that I think anyone is about to run away with funds, but I’d plan around the possibility whenever feasible.

With Jordan we had a 24h window but the transactions were settled in less than 30 minutes usually.

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

The timer starts when he tells me how much to sent him (agreement).

I didn’t catch how those times would be applied. What should happen if FLOT takes 30 minutes, and when it takes 30 hours?

Procedure

1. Establish terms between FLOT and @zoro (does your role have a title?).
2. FLOT receives NBT corresponding to the amount of BTC agreed to trade.
3. FLOT sends BTC to @zoro (plus compensation for volatility during signing delay?).
4. @zoro applies liquidity.

Anything more?

At how many confirmations should we consider a transaction secured?

Proposals

FLOT BTC Operations (buy side)

I propose to sell to @zoro 15.8 BTC at a price of 0.00264722 BTC per NBT, which matches the lowest sell side order on Poloniex at the time of writing. The total sale proceeds will be 5968.53 NBT, rounded to 2 decimal places.

There was an alternative suggestion at 10 BTC, but it’s better they explain it themselves.

[zoro]

The procedure is ok.
(1) and (2) could be very fast, matter of minutes.
(3) needs the most time since it needs 5 FLOT members to sign the transaction
but by the time the transaction is signed, BTC could have been changed and thus one side
would gain and the other would loose, probably. More time, bigger the risk.
(4) is lighting fast, since the addresses i use is polo’s and thus the bot take care of liquidity.
Polo needs one confirmation for BTC and 10 for NBT. We can keep the same scheme
This procedure could be applicable with every ALP and MLP custodian.

[huafei]

no buy fund inject to polo?

[Cybnate]

I have to say I’m uncomfortable with only 2-of-8 if that approach would go forward. Can you motivate it? 3-of-8 seems much safer with only one more, which I hope wouldn’t affect response time very negatively.

Share that nervousness, a little less risk given the fund sizes would be better. 3-8 at least, maybe we need to add more FLOT members in order to end up with more ‘quick’ signers?