It’s not a good idea
NSR will have a big drop after that
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.
Don’t even count on that!
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.
2 Likes
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?
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:
There’s not very much room for discretion, but I declare that if this deposit
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…).
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.
Yah so selling 25 mil nsr in a 48 hour period is exactly what i mean we shouldnt do when i say ‘dont panic’.
1 Like
I agree.
sold out NSR , and what can we do at next time we no have BTC ?
The FLOT NSR reserve can be replenished as often as necessary.
All we need is a new NSR multisig address and passed grant for this address.
Can we stop being headless, lean on what we have and if necessary improve it?
Btw. forcing a spread of below 1% is no improvement of the liquidity reliability; it merely increases the quality - but only as long as it lasts.
I dare say sacrificing the reliability and endurance of liquidity provision for the sake of providing a tight synthetic USD peg at BTC pairs is making customers even less happy.
Tell me: would you rather sell your NBT at 1% offset (I assume the 2% spread to be evenly spread across buy and sell side) or not at all, because no BTC are on order?
after sold out the NSR , burn same amount NBT?
NSR get sold for BTC.
Those are put to BTC reserve (T4).
From there they might find their way to lower tiers and ultimately get sold for NBT.
These NBT can end in the T4 NBT reserve (directly when being traded through NuLagoon Tube).
Once they are on T4, they are effectively out of circulation.
Whether they get burned or not, doesn’t really matter (as long as FLOT is trustworthy).
burn them is good for NU system ,vote again if FLOT need more NBT.
That is the plan. We should go ahead and do it if condition is met.
1 Like
There is a problem with the signature of that transaction. It is not valid.
Signed again 1 of 5/8, @masterOfDisaster and @cryptog please verify and try again.
Strange.
I signed your tx and it still shows 1 of 5/8.
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I guess you are signing with the wrong key or the wrong coin key?
When I click the signature list it is still only showing mine. Even your first tx was not showing your signature.
Nope. Right key, right coin… I’m clueless.
Verified and signed. 2 of 5-8.
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