Decentralized long term USNBT purchase and burn program

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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10 posts were split to a new topic: Discussion on forum profiles

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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Week 2/52

NBT purchased: 49109.84 NBT
BTC spent: 0.32625044
price/BTC: 0.00000664
price/USD: 0.0691

Burn txid 668f0b2fae85bcb87cb145d8ef7bb01deb7223aba0b0c349ff99f670f476568a
https://explorer.nubits.com/block/2540871

Week 3/52

NBT purchased: 55344.01 NBT
BTC spent: 0.32587913
price/BTC: 0.00000589
price/USD: 0.0621

burn txid 1ffe354f2d502590dbd5400e5429dcc2c073221d563f736ae9745404dbe3277f
https://explorer.nubits.com/block/2543769

Could not post in a separate reply because the forum blocks 3 consecutive replies

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Hello Smooth,

You didn’t burn any NBT this week?

Last week was week 3 (see burn above). The burn happened quite early in the week because I was able to buy NBT quickly from aggressive NBT sellers.

As you can see from the multisig address we are now in the fourth weekly cycle.

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

For next week (4), the NBT buying is going a bit slower and is still in progress.

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Week 4/52

NBT purchased: 56430.31 NBT
BTC spent: 0.32587913
price/BTC: 0.00000577
price/USD: 0.0555

burn txid 18a9e8a0aeaa5d63ed54da062b2888bea747c8525b490ba977a7e5507ab616ac
https://explorer.nubits.com/block/2557952

Any idea why price is going down with the burns instead of up? A bit concerning.

My guess is everyone assumes it is dead, so only a small percentage of NBT owners are paying attention and know about the burn programs. I’m not sure that is a bad thing though, as low prices means more burned coins at less cost to Nu.

Exactly. I’m more interested in maximizing the number of coins burned than short term price increases. The former will be a sustainable fix for the peg and not just a temporary pump. (Or at least the foundation of a sustainable fix, some further changes are needed to prevent the situation from happening again, but at least it moves in the right direction.)

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Week 5/52

NBT purchased: 81251.01 NBT
BTC spent: 0.32588417
price/BTC: 0.00000401
price/USD: 0.0473

burn txid 437879ba6c6d0485a5e57aa762ce64f6de91e0e5e646803061fa84276538c92c
https://explorer.nubits.com/block/2571437

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Week 6/52

NBT purchased: 57031.39 NBT
BTC spent: 0.32587913
price/BTC: 0.00000571
price/USD: 0.0572

burn txid 22c09ee3ba2f55ec9168b66b01d5967b4f743ec9e9bbb378a01cf4e68a7bc83c
https://explorer.nubits.com/block/2581297

Week 7/52

NBT purchased: 40657.4 NBT
BTC spent: 0.32587913
price/BTC: 0.00000802
price/USD: 0.0832

burn txid f5a996393f3de0aefaccc0191a5671cdbadb3850d5b800577a5718b207b8c8f0
https://explorer.nubits.com/block/2593884

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