FLOT BTC Operations (buy side)

[masterOfDisaster]

Can you please remove the tx from your post FLOT BTC Operations (buy side)? It’s not the current tx any more.

[Nagalim]

Things for signers to do asap:

65 BTC ($30,732) to NuLagoon Tube and 4.23 BTC ($2000) to Cybnate’s Bittrex PyBot account

Also, can I send money from t3 to cybnate’s account?

Also, can cybnate balance bittrex off of polo?

Signer consensus would allow any or all three of these actions to bring back the peg today.

[masterOfDisaster]

The peg is still ok - at least at Poloniex and thanks to @zoro’s NuBot gateway.
The road on which Nu is, isn’t ok. Forcing the spread to below 1% will make the future peg quality worse.

Both @Cybnate and you are only allowed to trade with FLOT as far as I’m aware of your contracts (unless you consider the balancing with @Cybnate a T3 activity, which would give you green light for that ;)).
As both operations are NuOwned, I wouldn’t care if you did that to speed up the balancing.

Making FLOT the middleman of that activity neither increases the security of the tx nor anything else.
I say go for it.

[Nagalim]

@zoro might think about putting more funds up at the same close spreads as that is the main LP on polo right now.

I will probably put stuff about balancing NuOwned off each other in that motion.

[masterOfDisaster]

@zoro might think about putting more funds up at the same close spreads as that is the main LP on polo right now.

To get them drained as well?
I can only recommend to leave them at the increased spread!

[Nagalim]

What do you mean drained? @zoro hasn’t really been buying a whole lot, there are constantly ~3k at that spread and they aren’t being gobbled up. Why would increasing it to say 6k make it any more readily eaten?

Why not double the bookwall parameter for now?

[JordanLee]

I can only recommend to leave them at the increased spread!

Widening spreads now is simply stiffing people who trusted us, demonstrating that we are not trustworthy. DON’T DO IT! There is no reason to do so. This kind of behavior is deeply injurious to the network.

[masterOfDisaster]

Widening spreads now is simply stiffing people who trusted us, demonstrating that we are not trustworthy. DON’T DO IT!

This is nonsense.
Having some funds at 2% spread is better than having 0 funds at 0.5% spread.

There is no reason to do so. This kind of behavior is deeply injurious to the network.

Of course there’s a reason to do so!
Can’t you see it or don’t you want to see it?
This behaviour is not injurious to the network, it’s saving what’s left of it with regard to liquidity.

Do you pay close attention to what’s happening on an operational level or do you just say so from an architectural point of view?
Architecture wise I second that we should have loads of liquidity at a tiny spread.
Operation wise I say that this

• costs more money than Nu can afford
• is quite simply not possible without losing the peg completely

[zoro]

I know little about economics, but if this BTC rise is the “real” thing, then we will loose all of our reserves!
Is this a huge risk or not?

[masterOfDisaster]

That’s what you get if you try pegging NBT/BTC
But if that comforts you: we will get plenty of BTC back once it starts to drop and continues to do so…

[cryptog]

I think we need to start selling nsr to replenish our reserves asap.

[huafei]

It’s not a good idea

NSR will have a big drop after that

[Nagalim]

I disagree. A blind auction often doesnt have the effect you think it will have because traders already accounted for it. We’ve been announcing standards for weeks, everyone knows the rules (or at least that they exist). There will be a small sale this coming week, we’ll figure out how to do it, and it will increase long term confidence.

We are not yet relying on nsr sales. Now is a good time to iron out the kinks.

[zoro]

selling nsr

Don’t even count on that!

[JordanLee]

I think we need to start selling nsr to replenish our reserves asap.

We are quite close to that point. Whether we sell NSR now is a matter at the discretion of the NSR FLOT members @masterofdisaster, @ttutdxh, @jooize, @mhps and @cryptog.

It would be healthy for each of these individuals to state how they intend approach the question of NSR sales in the present circumstance.

It will lower the NSR price, but that volatility will bring volume to NSR trading, which we need.

These sort of economic cycles were planned for from the first draft of the whitepaper. We just need to carefully execute the plans we have made to protect the peg.

[Nagalim]

There is a buyback calculation today, at which point FLOT will be obligated to sell a particular USD value of nsr. We do indeed need to talk about how that happens. @JordanLee Would you be willing to hold a blind auction as you did last time?

[masterOfDisaster]

Today’s Friday.
Soon a buyback calculation will occur.
Based on the “buyback calculation” (the last one is here),

the “Standard and Core” motion will be executed:

[Passed] Standard and Core

Hash 392b89104ac63202baa11df9b4844db5f91532ed Text: Dependencies 65CB60D096508A7FA9ECC2017B38BC3AFEB5663D - Tiered Liquidity Structure 7b4955e91781e0e32f1e0c0c974fd4a7a9f972a3 - NuShare Buybacks b1ef96aed5c7f9dec482467b254b40c82bf66d23 - Circulating NuBits 6311782b5d731cd45dd6873b24bcd6e62846fb2d - Peercoin FLOT Reserve 25d8226a7aeb47370e8db0c2035296fb7e2c4095 - Bitcoin Reserve Background and Definitions The goal of this motion is to provide a Tier 6 (T6) source for recovering…

There’s not very much room for discretion, but I declare that if this deposit

The liquidity situation got derailed by BTC’s price jump. The buy side is almost empty (except for e.g. @zoro’s NuBot gateway at Poloniex): [image] status of the ALP last 15 minutes: bid total 7807 USD, bid side ratio 6% ask total 116152 USD, ask side ratio 93% I propose trading 65 BTC at NuLagoon Tube to balance the situation. That leaves a remainder of 15 BTC that might be useful to fund gateways if need be. 65 BTC ($30,732) to NuLagoon Tube and 4.23 BTC ($2000) to Cybnate’s Bittrex Py…

gets signed after the buyback calculation was made, I will inspirit another calculation and advocate an NSR sale (if that wouldn’t happen with the 65 BTC still in FLOT reserve, which I doubt…).

[cryptog]

It would be healthy for each of these individuals to state how they intend approach the question of NSR sales in the present circumstance.

How urgent is the situation?
If we need the nsr sales proceeds within 48h hours, a blind auction is not appropriate I believe.
In that case we need to find an executor (for a management fee) that would sell on Polo perhaps in several chunks.
But how much fund do we need?
NuLagoon needs 33k USD on the buy side to balance the liquidity.
We have 65 btc being sent which is roughly 30k USD.
But given the fact that BTC might go up more and than we have plenty of NBT parked, perhaps we need 50K USD of fresh funds to have some margin.
I am not sure.
Which would amount to 25m NSR at 0.002 usd per unit in that case.

EDIT: We should probably be more economical and sell just the right needed amount.

[Nagalim]

25m NSR

Yah so selling 25 mil nsr in a 48 hour period is exactly what i mean we shouldnt do when i say ‘dont panic’.

[cryptog]

what i mean we shouldnt do when i say ‘dont panic’.

I agree.