Decentralized long term USNBT purchase and burn program

We have quite a few more funds (at $256,000) than at certain times in 2016, when we had nearly zero funds. We are on the cusp on closing a $200,000 USNBT purchase program with @smooth and a purchase and promotional program with BarterTrade worth more.

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The price of NBT has been going down again and why does it take so much time with the Bartertrade deal.You guys should at least complete the deal with @smooth ASAP.

Things take time and we are not quite ready yet. But we are getting there. It is better that it is done properly and takes months, than to rush into a less than optimal solution, causing things to ultimately fail.

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@smooth and I have spoken in the last day to coordinate the next steps in creating and testing multisig wallets. Once those wallets are in place, @smooth will make a $50,000 payment to the BTC multisig address.

@Phoenix, I appreciate your continuous effort about Nu project, but I still believe that “liquidity engine” is of very low efficiency because the big gap between buy & sell price, too much money will leak out of this system by officially buy high and sell low for NSR. Furthermore you have to maintain relative high liquidity for NSR which is unnecessary.

Good luck to your leaking engine.

K i hope this will have an effect on USNBT price.

I can’t speak for the Bartertrade deal as I know nothing about it whatsoever other than what was posted, but I can say that any delay in my deal is entirely my fault. Nevertheless things are moving forward.

No one can predict or promise market prices but I have a hard time believing that around 50k NBT/week being bought and burned won’t have an effect. I guess we will see.

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I agree with @smooth: I also strongly suspect buying and burning around 50,000 USNBT each week will have a major impact.

@smooth and I have created multisig wallets. The multisig BTC address we will be using to fund the weekly buybacks is 3Lv9C4JtFQmVMhFtyYK43GncwweMi341NT. A test signing is underway. Next comes a $50,000 transfer into the address from @smooth.

@Phoenix I have a question for you. If you manage to get NuBits back off the ground a second time and keep it that way, do you have any plans on utilizing Peercoin as Nu originally intended to in the beginning, as a dividend coin? Or are buybacks the norm now?

I’m not sure how closely you’ve been following us, if at all, but we have not been idle. Over the past year we started the Peercoin Foundation and hired a number of full-time contractors. We’re on the verge of upgrading to SegWit and will work on integration with Lightning next. This will be the first time Peercoin is current with Bitcoin in terms of development since before 2015. You can see this in Peerchemist’s recent interview here…

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The network is still set up to distribute dividends in Peercoin. While some shareholders have expressed interest in receiving dividends, the majority appear to favor other use of funds at the present time.

We have completed our multisig test send from the 2 of 2 BTC address:

https://www.blockchain.com/btc/address/3Lv9C4JtFQmVMhFtyYK43GncwweMi341NT

The next step is payment to that address to fund and finalize the deal in the original post.

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I have proceeded with the next step of the deal which is funding the 2-of-2 multisig.

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I have received the first week (1/13) installment of the returned BTC collateral and begun buying NBT for burning.

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I’ve completed the first purchase of NBT

NBT purchased: 50065 NBT
BTC spent: 0.32587913
price/BTC: 0.00000651
price/USD: 0.0819

Burn will be posted soon

Process will repeat next week.

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Where are the NBT purchases being made? Are you buying in one big chunk each time or is it being spread out? I don’t see a 0.32 BTC transaction on SouthXchange…

In fact this week it was all purchased on southxchange but not in one chunk (which would often be quite expensive given limited liqudity) but rather gradually over a period of a few days.

Going forward I intend to buy whereever I can get the best price in order to burn the maximum number of NBT.

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I have begun the purchase of the second week’s installment of NBT, although I have not yet completed the burn from the first week (I required some clarification on some wallet functions, which I have now received) and while I have received a partially signed transaction from the Nu team for return of the second collateral installment, I do not intend to broadcast it until I have competed the first-week burn.

These steps should occur within the next few days at the latest.

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Burn has been completed for week 1

txid f41e0bb2251c787670b75af97371202c1d55dd26dff35330e5c8e1a162a6dd4d
https://explorer.nubits.com/block/2535989

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