FLOT BTC Operations (buy side)

[mhps]

I support the decommissioning, the fee, and thanks moD for his pioneering work.

[jooize]

I fear that violates the motion

Ahh, go with that then.

I thought about waiving the fee, but after thinking twice (and reminding me of how important it is to keep the awareness of NSR holders high), I tend to raise the daily fee.

I agree you shouldn’t waive the fee. You gave a long grace period, and it may put some pressure to improve tracking of these events. We should have a calendar. I began playing a little with one for FLOT cycles, but didn’t enjoy doing it in Calendar.app.

[Dhume]

I also support the decommissioning and very much urge MoD to take the well earned fee. You are already doing way to much for free MoD!

Part of the reason is also I feel we’re very high on the amount of liquidity we offer, we’re offering well over 210k liquidity (buy and sell combined) which I feel is a bit much.

[masterOfDisaster]

One more thing regarding:

I want to make sure the liquidity is under control before decommissioning your gateway

My gateway will be on standby after FLOT requested a complete withdrawal of funds. It won’t be completely unavailable:

[Passed] motion to permit dual side NuBot on Poloniex

Compensation scheme
The operator charges no fee for this operation for the first 45 days of operation.If the operation hasn’t been ceased by request of either NSR or FLOT after those 45 days passed, a fee of daily 15 NBT applies for the next 30 days, increasing 5 NBT per day each subsequent 30 days.The fee will be taken from funds on the exchange account if sufficient funds are available or raised by grant.If the operation is ceased by FLOT or NSR holder request and started again afterwards, this grace period won’t be applied again.

It can be activated on short notice.

I support the decommissioning

I also support the decommissioning

That makes
5 of 5 necessary votes from FLOT members (@dysconnect, @cryptog, @masterOfDisaster, @mhps, @Dhume ) to cease operation,

I’ll withdraw the NBT and BTC to FLOT multisig soon and have the gateway unattended on standby afterwards.

[masterOfDisaster]

30.35 BTC from my Poloniex gateway account to FLOT multisig address 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe; tx ID 019e9bf9e4bd93444192a3a31326af75c43c63719f589d81d4f61f9142ff0e67

[masterOfDisaster]

4.31 BTC (at 464 USD/BTC eq $2,000) to Cybnate’s Poloniex gateway

Just in case @Cybnate is in favor of this proposal:

Current Liquidity

What about $2,000 in BTC to your Poloniex account in exchange of 2,000 NBT?

Signed 1 of 5/8

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

Please verify and sign.

Reasoning:
network wide the liquidity is more or less balanced with a slight overweight on buy side, but the Poloniex gateway operations are almost empty on buy side:

Mon Apr 25 20:13:08 UTC 2016
###
status of the gateways in total:
bid total 1230 USD, bid side ratio 6%
ask total 17670 USD, ask side ratio 93%

This output includes the PyBot funds from Bittrex.

Bot status Poloniex only:

Mon Apr 25 20:23:32 UTC 2016
status of mOD dual side NuBot at Poloniex:
nud getliquidityinfo B | grep BFGMPykfKxXZ1otrCZcsbnTwJjKHPP9dsP -A 2
        "BFGMPykfKxXZ1otrCZcsbnTwJjKHPP9dsP" : {
            "buy" : 0.0,
            "sell" : 0.0
status of zoro dual side NuBot at Poloniex:
nud getliquidityinfo B | grep BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo -A 2
        "BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo" : {
            "buy" : 1.02,
            "sell" : 13646.1263
status of Cybnate dual side PyBot at Poloniex:
nud getliquiditydetails B | grep B954pkUEdkeT1G5Lq14Cisij5no3RVxHYe -A 20 | grep poloniex -A 2
        "1:NBTBTC:poloniex:LiquidBits" : {
            "buy" : 0.0,
            "sell" : 2000.0

[jooize]

Signed 2 of 5-of-8

0100000001670eff42911ff6d4819d589f71633cc475af2613a3a392414493bde4f99b9e0105000000fda801004730440220012be1d5d32293655714d5a607ae359c615477125c341aabd4d61f353f6e06a1022045b152a6edea0c29aaa144ce800925dbea3d0f206f199d9e1dbe3b60b2f4213501483045022100f6f0a917dcc18ab16a4a3a09a0ee5bdd234176d989c078b2a91af4b857c7a6d202203c521d3ee09f4121671656270e65b19883eca9385198afe5bc5fc5ddf08c60fb014d130155210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c072102435b894b94b4b27dd24436b3f9ad0b9409d855ab4be6e91141d445804e84750b2102e2fcdfe246e9cd4864d9119b8af465487385eccd0ea30a8cb21d44d36818189f210312cd6eb361c9ebb0d90e44946492a237eab4c7a7d88a0db800f2f460937cc22f210326c19862fb329470c828ace6749b64c50b4d9a8da60d60e4e32ebe96b388b2ae21034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff2103661a4370dfcfbcea25d1800057220f4572b6eecab95bb0670e8676a9e34451dc2103da8082062298c40f0b473b74f3c95b57eaaebe3e67ed30ce56347b2e727915fb58aeffffffff04c089b019000000001976a914e5d72ae77bdfcb6d885d30ebfed9aa0786c8150188ac00ca9a3b0000000017a914afd5c3c6fb0c40799f0a874396df7bfce2bc29a38700ca9a3b0000000017a914afd5c3c6fb0c40799f0a874396df7bfce2bc29a387a04604240000000017a914afd5c3c6fb0c40799f0a874396df7bfce2bc29a38700000000

[mhps]

Moreover, gateways are the last NU defensethus it is mandatory to have a non zero wall at all times!

Is there a motion for this statement? The overall wall liquidity being buy>sell, I think injecting more btc is not a good idea.

[masterOfDisaster]

I’d rather trade NBT at NuLagoon than letting gateways sit with empty buy sides.

[Nagalim]

Is there a motion for this statement?

No. The only motion ruling when FLOT deposits to gateways is the FLOT motion itself, which specifies a global liquidity of 40% before injecting funds.

Tier 4 Fund Management Discussion

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. The currency proceeds will be placed in the multisig currency address controlled by FLOT.

The preceding should be interpreted as guidelines, and FLOT may exercise discretion. Communications between FLOT members regarding decisions on how to use funds must be publicly visible.

[dysconnect]

Let’s also trade about 5k NBT with NuLagoon while sending in those buy funds.

[zoro]

Is there a motion for this statement?

No. It is up to FLOT how the gateways are used. I just made a statement regarding prior experience about ALP and MLP liquidity. ALP may stand down whenever the users see fit. NU Lagoon may have a nubot outage at any time (as any gateway) thus the more wall makers we have, the better

[masterOfDisaster]

Signed 4 of 5-of-8 01000000056dadbbac613e6b3ee6bae80cadec26124b93bab837d2399543dff970500b347a01000000fd39020047304402201a0a318acc0742b4e03f4e38b144903cc6108157bb60ca32b1736e256d92d41b02201303f69796963ac60027f796c37af0fd1429e0ccee09d5fb3c9122510a662b9d01483045022100f3b9673ce8ca7c3b2add2e998a127acceac663eddd8ce9b93734942251b618c80220378f7989f76ac613517840e123d159cf3c2bf88d2f125085bf6fd1262be6d9750147304402207e45d8f779b90ac981656899f8cf35344f53479639bf2f2fe1afc697b84a4753022036beeb9568022dc5875…

needs one more signer (or three more votes against signing it).

@cryptog, @Dhume, @jooize and me signed it.
@mhps expressed why he doesn’t want to sign it.

@ttutdxh, @woodstockmerkle, @dysconnect what about you?
I’d like to see a reason why you are reluctant to signing this tx that was initiated almost two days ago (Apr 24, 11:04 PM) or your signature

[cryptog]

4.31 BTC (at 464 USD/BTC eq $2,000) to Cybnate’s Poloniex gateway

by the way i think that this tx is not necessary at the moment since the buy side is higher than the sell side.

[masterOfDisaster]

i think that this tx is not necessary

I created this tx just following the non-motion non-grant logic of keeping gateways funded on each side.

I’d rather trade NBT at NuLagoon than letting gateways sit with empty buy sides.

[dysconnect]

I am not sure whether to sign it right now because it feels we are depleting T4 while the overall liquidity is okay. We need to take back some funds we’ve sent into NuLagoon before, unless we think BTC will drop and believe that NBT sales will solve the problem.

Though the main reason was that we weren’t pinged and I didn’t notice this transaction didn’t go through…

[masterOfDisaster]

it feels we are depleting T4 while the overall liquidity is okay

You’re right. Keeping the overall balance in the view is important.
But keeping gateways funded is important, too.

Well done to create an NBT -> BTC exchange tx at NLT (NuLagoon Tube).

This might help getting the 13.2 BTC deposit done:

FLOT US-NBT Operations (sell side)

2. Rationale for signing this tx

@zoro’s gateway has an empty buy side while a 13.2 BTC deposit (approx 6,000 NBT value) is withheld.This tx helps moving BTC from NuLagoon to @zoro’s gateway without creating imbalance in the sides.After this tx went through there’s little reason in the field of balancing that can stop from depositing 13.2 BTC to @zoro’s gateway.

7,000 NBT to NLT; verified and signed 1 of 3/5

After 7,000 NBT were traded at NLP, there should be little reason not to deposit funds at @zoro’s gateway, right?

the main reason was that we weren’t pinged and I didn’t notice this transaction didn’t go through

FLOT members need to follow the development closely

If it had been an emergency, I’d have paged the FLOT members who can sign it; but I saw no emergency.
I only paged them recently, because I wanted to raise awareness to this tx.

[mhps]

After 7,000 NBT were traded at NLP, there should be little reason not to deposit funds at @zoro’s gateway, right?

There will then be strong reason. But if I have to choose one depleted gateway and almost delepleted T4 when overall there is an overall balance, I will keep the coins in T4.
Remember a year ago when the buy side liquidity was low, we let bittrex run drry for days in a row.

[masterOfDisaster]

Why are we so afraid of selling NSR to replenish T4 BTC reserves if we aren’t reluctant to buy NSR if there are plenty BTC in reserve?
The reserve limit of 15% of circulating NBT is artificial.
If we hadn’t bought back NSR, we still had BTC in reserve.

There are more than 50,000 NBT parked at the moment:

{
    "version" : "v2.1.1-RC1-15-gcf6a10f-beta",
    "protocolversion" : 2000000,
    "walletversion" : 1,
    "walletunit" : "B",
    "balance" : 0.0,
    "newmint" : 0.0,
    "stake" : 0.0,
    "parked" : 0.0,
    "blocks" : 849473,
    "moneysupply" : 1297117.2439,
    "totalparked" : 51413.9887,
    "timeoffset" : -1,
    "connections" : 8,
    "proxy" : "",
    "ip" : "obfuscated",
    "difficulty" : 0.00019094,
    "testnet" : false,
    "keypoololdest" : 1460528227,
    "keypoolsize" : 101,
    "paytxfee" : 0.01,
    "errors" : ""
}

Still the NBT demand is low enough that the T4 BTC reserve is almost empty (if I hadn’t started the termination of my gateway there would be only 13.2 BTC left; now it’s 43 BTC and if the 7,000 NBT get sent to NuLagoon Tube it will be 15 more).

@JordanLee doesn’t respond to the request to deposit to @zoro’s gateway - I’m not complaining that he doesn’t deposit, but a reason for it would ne nice.

The problem isn’t that @zoro’s gateway has no buy side.
The problem is that T4 BTC reserve is almost empty.
Should we really sit and wait until there’s 0 BTC in reserve?

Sitting idly is not one of my strengths.
Not filling a gateway arguing that the reserves are low, but not starting to think about an NSR sale doesn’t compute in my brain.

[Nagalim]

NSR sale

I think we have 2 more weeks before mandatory selling triggers:

[Passed] Motion to make auction size adjustable

If the motion to hold weekly NSR auctions passes, the number of NSR auctioned each week will be modified in the following way:

The quantity of NSR auctioned will be raised by 50% from the previous week if either:

a) The percentage of liquidity on the buy walls is less than 40% of the total.
b) The highest interest rate on any duration is not zero and has not declined by at least 1% from the previous week. The highest rate offered at any any time during the week (starts end of Friday UTC) will be used.

If neither of these two conditions are met, the quantity of NSR auctioned will be reduced by one third (33.3%) from the previous week.

If 50% or more of liquidity is on the buy walls and interest rates are zero for all durations, NSR auctions will cease immediately. Once auctions have ceased, they will be restarted at one million NSR in the case that interest rates are offered continuously for 30 days.