FLOT BTC Operations (buy side)

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

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:

Signed 1 of 5/8


Please verify and sign.

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
1 Like

Signed 2 of 5-of-8


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

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

1 Like

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.

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

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 :wink:

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 :wink:

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

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


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… :sweat_smile:

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:

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

FLOT members need to follow the development closely :sweat_smile:

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.

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.

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.

1 Like

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

This needs rework, because it’s unflexible and doesn’t match market needs.

What about this: FLOT sells NSR not by auction, but on an exchange :wink:
The motion doesn’t regulate that!
Would you be willing to be an executor for that?
Just in case there’s FLOT consensus about that measure?

…I don’t see immediate need for it with roughly 40 BTC on reserve and 15 BTC more to come from a trade with NuLagoon Tube.
But better start discussing these things early…

The auction starts at 1,000,000 NSR, valued at ~$2,500.

If we pass the standard motion, we would start with ~2x that. But that’s only because we were so late to the punch on both park rates and auctions.

The standard motion is frozen at 43%.
We need an alternative in case the T4 BTC reserves go down any further.

If the reserves hit 0 in the next two weeks without the standard motion passing or FLOT taking unprecidented action by selling NSR themselves, the peg will indeed suffer. However, I also don’t think that’s likely unless BTC really hits the moon hard very soon. Still 75 days yet till the halvening though.