FLOT BTC Operations (buy side)

[mhps]

half of the T4 funds in @JordanLee control are transferred to FLOT controlled address 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG

Fine with me.

[masterOfDisaster]

formally ask that half of the T4 funds in @JordanLee control are transferred to FLOT controlled address 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG

After all that’s what the FLOT is here for and I think it’s in the position to do that.

[dysconnect]

I think he said something to the effect that when FLOT actually forms he’ll cut some slack in his fee, but I couldn’t find the post.

[ttutdxh]

I also thought so, but couldn’t find it either. Maybe we wanted to believe that.

So how much do you ask to be transferred to FLOT? We need to be at least half

[masterOfDisaster]

Strange coincidence - I remembered the same, but didn’t find anything related from Jordan when searching after “fee” or “compensation”.
Maybe @JordanLee can shed some light on this.

[mhps]

I think he said something to the effect that when FLOT actually forms he’ll cut some slack in his fee, but I couldn’t find the post.

This one?

[masterOfDisaster]

Great find! Indeed:

Ramp up FLOT operations instead of sudden start?

Getting down to specifics, I suggest that FLOT create one multisig spend and one burn on the Nu testnet to start operations. Second, only 10% of the funds previously planned to be under the management of FLOT will be managed by FLOT during the first 30 days of their operation. I would continue managing the 90% of funds for those 30 days without the normal compensation,

[JordanLee]

I would continue managing the 90% of funds for those 30 days without the normal compensation

To me, the important question is whether or not FLOT is providing tier 4 buy side liquidity as needed. If FLOT is ready to take on that role as December 1 comes and allow me to play a backup role only, then I won’t charge the fee permitted by motion on December 1.

So, if FLOT asks for enough funds to do that (needs to be at least 10% of tier 4 buy side) and agrees to take on that role today, then I will not charge a fee tomorrow.

As it stands, 3 of 8 FLOT members have asked for 50% of tier 4 buy side sides, which is one vote short of the required consensus. While I will do whatever a majority of FLOT members ask, I do have concerns about handling that much money to begin with. The biggest risk is that FLOT members will miscalculate amounts in a transaction and end up giving a large amount of BTC to miners. That is very easy to do in a raw transaction. This risk could be mitigated by using multisig addresses with smaller quantities of funds.

[Nagalim]

+1 on asking for something like 15% instead of 50%

[mhps]

The biggest risk is that FLOT members will miscalculate amounts in a transaction and end up giving a large amount of BTC to miners. That is very easy to do in a raw transaction. This risk could be mitigated by using multisig addresses with smaller quantities of funds.

That is a very good point. I think FLOT members should take the suggestion to start with 10% of tier 4 buy side for the fist month.

[masterOfDisaster]

As it stands, 3 of 8 FLOT members have asked for 50% of tier 4 buy side sides, which is one vote short of the required consensus.

As moving the funds requires 5 of 8, it might be appropriate to have that level of consensus - or is the 50% consensus defined anywhere?
Am I right that you interpret my consent to transferring 50% to comprise transferring 15% as well; meaning I agree to a transfer of up to 50% of T4 buy side funds to the FLOT?

[Nagalim]

@masterOfDisaster yes, it carries over
@cryptog are you OK with 10% or 15% going to that address?

[cryptog]

I do find 50% way too much. I am much more comfortable with 10% first.
We should go gradually.
10% is already a lot.
I am fine with 10% max at the beginning.

[cryptog]

By the way, I got this signed tx after signing it with my btc priv key. Is that normal that I can increment the number of signers whenever I sign my own signed tx? To me that does not sound normal.

[Dhume]

I agree with either 10% or 15% both should suffice to start FLOT operations.

[woodstockmerkle]

I would be comfortable with the FLOT managing 15%

[JordanLee]

My understanding of the latest votes are:

Dhume: 15%
woodstockmerkle: 15%
cryptog: 10%
mhps: 10%
masterOfDisaster: 50%
ttutdxh: 50%

Because half (4) of FLOT members have requested 15% or more, 15% will be transferred. Tier 4 buy side funds consist of 722.1 BTC at the moment, so 108.3 BTC will be sent to 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG. I will transfer funds before the end of today UTC.

Are we in agreement that the planned transfer is correct and complies with all applicable motions? Will FLOT begin taking primary responsibility for tier 4 buy side support beginning December 1? I plan to only get involved in the event there is an unexpected problem with FLOT operations.

[masterOfDisaster]

Are we in agreement that the planned transfer is correct and complies with all applicable motions?

I find no contradiction. Please correct me if I’m wrong.

Will FLOT begin taking primary responsibility for tier 4 buy side support beginning December 1?

My take is: yes - this is what FLOT wa created for!

I plan to only get involved in the event there is an unexpected problem with FLOT operations.

That meets my expectation. The previous tests (relevant here:. BTC (T4 buy side), but NSR (T6 buy side) as well) showed that FLOT is technically capable of performing its job.
From an organizational perspective FLOT needs to be tested. But that’s what the split responsibility is for - at least in my opinion.
I’d say: go for it!

[Nagalim]

The only big responsibility that FLOT will need to take on immediately is to count the Circulating NBT and T4 buy side funds (this can be done verifiably), pick a BTC price for the week (needs to be agreed upon each week), calculate the T4 overflow, and send the required BTC to @NSRBuyback.

Overflow calculation:
Weekly Buyback Volume in BTC = 0.1 * [ (T4 Bitcoins) - (0.15 * Circulating NBT / BTC price) ]

[masterOfDisaster]

The only big responsibility that FLOT will need to take on immediately is to count the Circulating NBT and T4 buy side funds

Really? I think it’s one of the important responsibilities, but what about balancing the buy (and sell side) wall(s)?
And although this motion is up for voting only a few hours, very soon the FLOT might be involved in more than that: [Voting] T4 buy side / BTC - maintaining and refilling value