FLOT BTC Operations (buy side)

[ttutdxh]

4 BTC to NuLagoon signed and broadcasted.

[jooize]

Txid: 0905766015b3393bff15d2cb2c4a93747f512bc29afba1859082ae7f1e875bff

[MatthewLM]

May I ask how many BTC have been used so far and how many are left?

[henry]

4 BTC to NuLagoon signed and broadcasted.

According coinmarketcap.com the Bitcoin price is $ 582.27 now at 9:09 PM UTC

4 BTC will trade for 2329.08 NBT

2329.08 NBT was sent to
BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js
by TX:
70817cd11b76e1e61d1f8e93d852cb9a2ee5a148dfb6f253b1fb24cc1807d33d

[mhps]

May I ask how many BTC have been used so far and how many are left?

You don’t need to ask. Just run the https://github.com/mh001/buybackcalc script. T4 btc is in the 3Hik address.

[mhps]

[Withdrawn] Make Firing and Replacing Incompetent Liquidity Providers Our Top Priority

Jun 8 Looking at CMC and Poloniex orderbooks, I believe NBT is now officially free floating exceeding the 5% threshold (0.93) and having less than 4 BTC on Poloniex buy side

@masterOfDisaster can you confirm this? If this is true, can FLOT and @JordanLee agree that the best thing to do for now is commiting 5 BTC to @zoro’s gateway which has run out of BTC and set at 1% spread (@zoro please confirm) and will report a trade history; and 5 BTC to @masterOfDisaster’s gateway set at 5% as a second line and for better PR. @Cybnate’s gateway will be a backup.

@cryptog, @Dhume, @masterOfDisaster, @jooize, @ttutdxh, @woodstockmerkle

please see tx page below for signing.

[zoro]

My nubot is already set with a buy offset at 1% (not spread, buy offset)
and currently has zero buy side!

[mhps]

My nubot is already set with a buy offset at 1% (not spread, buy offset)

Can FLOT agree that @zoro’s gateways shall be set to 1% SAF symmetric for the purpose of FLOT BTC Operations (buy side)?

@cryptog, @Dhume, @masterOfDisaster, @jooize, @ttutdxh, @woodstockmerkle

this post is a wiki.
yes: @mphs @cryptog

[Cybnate]

@Cybnate’s gateway will be a backup.

Gateway continues to be available on both Poloniex and Bittrex with symmetric 1% spread (0.5% offset on both sides)

[mhps]

symmetric 1% spread

SAF?
I worry that by the time we get enough signing you will be sleeping …

[zoro]

IMO, small buy walls every now and then in Poloniex will be consumed in second!
We need a “large” buy wall all at once in order to restore NBT value and confidence!
This is merely my opinion!

[Cybnate]

SAF?

Poloniex is 0.20% fee.
The gateways run unattended, so they can be funded any time automatically.
Will briefly check in my morning in about 8-9 hours time, just for this.

[zoro]

Poloniex is 0.20% fee.

0.15% for the makers, us

[Cybnate]

0.15% for the makers, us

That is what they advertise, but I noticed that for some reason I’m not always recognised as maker, so I reported on safe side

[zoro]

Yes, i have noticed too. It is due to different nubots trading with each other due to tight spread!

[mhps]

IMO, small buy walls every now and then in Poloniex will be consumed in second!We need a “large” buy wall all at once in order to restore NBT value and confidence!This is merely my opinion!

My calculation shows that T4 reserve decreases at 90btc/week during past btc price rises. That is about 13 btc a day. Our 35 btc reserve can last about 3 days, possibly less due to pent up demand now. Then we will be out of btc for any possible gradual spread reduction ops, unless nsr sales bring enough btc home. Do we want to do that?

Let’s discuss while we sign.
@zoro @Cybnate and @masterOfDisaster: please increase buy offset to 5% before FLOT has a majority (5 members) opinion.

FLOT members: If you agree to discuss while the gateways ops have 5% offset waiting, please sign. Here are

• a tx to transfer @zoro and @masterOfDisaster 5 BTC each signed by me 1 of 5/8. verify.
• and a tx to transfer @zoro and @Cybnate 5btc each signed by me 1 of 5/8 . verify

If MoD doesn’t respond when the 2nd signer sees this, please sign @Cybnate’s one.

[mhps]

Poloniex is 0.20% fee.

So it is 0.8% SAF ? Have you read @woolly_sammoth’s post pn small spread risk?

[cryptog]

FLOT members: If you agree to discuss while the gateways ops have 5% offset waiting, please sign. Here are

Discuss NSR sales?
I agree.
The peg is already broken. So I am ok with 5% offset in practice now. It is still not in conflict with any passed motions, right?

[mhps]

My calculation shows that T4 reserve decreases at 90btc/week during past btc price rises. That is about 13 btc a day. Our 35 btc reserve can last about 3 days, possibly less due to pent up demand now. Then we will be out of btc for any possible gradual spread reduction ops, unless nsr sales bring btc home. Do we want to do that?

I guess we can’t avoid a mid-term plan to have a short-term one. Here is what I think feasible

Get NuBits' liquidity flowing

I have to know the details. Jordan’s idea of extracting value from NSR as if there is no tomorrow may scare most investors away permanently. We have been discussing gradually closing the spread using existing T4 and NSR sales. Since there seems to be an agreement that on-off tight peg is still very effective, we can for example

1. use limited fund to deploy from 5% to <=1% SAF, for example at 1%, 2.5%, 5% simultaneously or sequentially from high to low
2. observe how fast it is broken,
3. commit most of our T1 fund to where the selling stops
4. replenish T1 with existing T4 and NSR sales, the amount is limited, approximately equal to that lost in the first 2 steps
5. do step 1 again after some interval or trigger
6. until the spread is not broken again.

Isn’t this a better path ?

So the near-term plan derived from the mid-term plan is placing 2btc @ 1%, 2 @ 2.5%, 2 @ 5% at the three gateways and watch. To do it sequentially only if a gate op agrees to as it’s work.

[mhps]

Discuss NSR sales?

Not quite. How many btcs to what spread. See my post above.

The peg is already broken. So I am ok with 5% offset in practice now. It is still not in conflict with any passed motions, right?

If most of the FLOT don’t agree, they will not sign. @Cybnate’s gateway is not funded so there is no harm but yes she indeed changed to 5% without evetual authorization; If they do sign, the tx is through and @Cybnate is authorized to set to 5%. She can wait the 5th member to sign to act so she is authorized all the time but she has to sleep. So I suggest she either refuse this altogether or set to 5%. Hard choices. How does the architect know?