FLOT BTC Operations (buy side)

[henry]

Suggestion to the plan:

1. Begin selling NSR asap, and ask for another NSR grant.
2. Selling NSR for NBT on exchange or auction.
3. Holding on the BTC TX to NuLagoon until #2 begin.

Reason:
We need a strike instead of continous and gentle work to restart the engine. Creating a moment NBT can be sold in large volume for what ever you like in NSR and BTC. When people see exit door widely opened, they are more likely to stay a while more.

[cryptog]

But isn’t it against passed motions? See this.

Or can we use discretion to adapt to the situation?

[Dhume]

I don’t see any rule that enforces us to use all funds available at a 1% spread. And even if there was such a motion if it leads to suicide should we follow it? This is not a time we can afford to be careless with funds.

[cryptog]

I agree every rule is subject to interpretation.
The motion does mention:

Tier 4 Fund Management Discussion

The preceding should be interpreted as guidelines, and FLOT may exercise discretion.

==
So it further leaves room for some adjustment.
Therefore I am fine with your decision not to sign.

[henry]

We just set the offset of the Tube to ±5%. Now we suggest FLOT contintue to sign the TX. It is better to put remaining BTC on Tube buy side at 5% spread than sitting on T4.

Let those pessimists who believe NBT won’t worth $0.95 exit first (with $0.5/NBT lost). If BTC can stay there a while, at least there is a message that over 60k NBT holders beleive NBT will worth more than $0.95.

But the most important is begin NSR selling asap! Buy side won’t stay long at any large spread if there is no other NBT exit provided. Urgent!

Tube will lower the spread when NBT buyback begin.

Suggestion to the plan:

1. Begin selling NSR asap, and ask for another NSR grant.
2. Selling NSR for NBT on exchange or auction.
3. Holding on the BTC TX to NuLagoon until #2 begin.

Reason:
We need a strike instead of continous and gentle work to restart the engine. Creating a moment NBT can be sold in large volume for what ever you like in NSR and BTC. When people see exit door widely opened, they are more likely to stay a while more.

[dysconnect]

EDIT: I signed for 5% offset but it was changed to 2.5%. proceed with caution

EDIT: please sign Dhume’s proposed transaction below

[Dhume]

Seeing as the Tube is now at a 2.5% spread I suggest sending 7 BTC to them and 15.7BTC to a gateway set at 5% offset. Is there any gateway at 5% offset availalbe now?

@masterOfDisaster, @Cybnate, @zoro

[Dhume]

If you adjust the spread I would be willing to send 10 BTC to the Tube I feel the rest should go to a gateway so funds are visible on Poloniex.

[henry]

Tube is now at a 2.5% spread I suggest sending 7 BTC to them and 15.7BTC to a gateway set at 5% offset.

We just set Tube to 5% offset. We suggest put all the fund at the same spread and the same place to let people see them.

Again:
The most important is begin NSR selling asap! Buy side won’t stay long at any large spread if there is no other NBT exit provided. Urgent!

[Dhume]

Thank you henry! I’m confused do funds in Nulagoon also appear on Poloniex?

[henry]

NLG Tube’s fund wont appear on Polo. NLG Pool have 10k fund on Polo, they all in NBT now

[Dhume]

Can you put part of the funds we send you on Polo? I feel it’s very important we have visible funds at both places.

[zoro]

my nubot is at 5% offset

[Dhume]

Great thank you! I suggest sending 13 BTC to Nulagoon Tube and the remainder of funds to your Nubot (roughly 12.73 BTC). Lets see how long those funds last when all are put at a 5% offset (aka 0.95 cents)!

Verified and signed 1 of 5/8:

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

Ping: @cryptog, @dysconnect, @masterOfDisaster, @jooize, @mhps, @ttutdxh, @woodstockmerkle

[Nagalim]

So this would be T4 buying nbt at $1.05? NLG pockets the 10%?

[Dhume]

Oh darn you’re right, @henry can you make the offset 1 sided so the seling price remains the same?

[henry]

We still think a large size of buy order looks more confident.
We can refund the spread of selling NBT to FLOT

[Dhume]

Larger would be better of course but this is all the funds we have and I feel it’s important to put them up on both Polo and the Tube. We need to make sure that we don’t increase the price of buying Nubits so if the tube can’t be set to buy Nubits at 0.95 and sell at 1.00 then I’m in favor of sending all the Poloniex on @Zoro’s bot.

[henry]

We are OK to these options. Just want to say again:
The most important is begin NSR selling asap! Buy side won’t stay long at any large spread if there is no other NBT exit provided.

[nmei]

We need to stop this…it is madness. There is no confidence in NBT right now. Everyone wants out and they will pay the 5% - easy.

We need to spend the BTC left on implementing Creon’s hardfork. This will reduce NBTs outlying liabilities.

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

@creon you are brilliant. The only thing I would change is 0.25 guaranteed annual interest rate on protocol level so parking does not seem like a punishment.