FLOT BTC Operations (buy side)

[nmei]

FLOT is still elected. You all have to decide. You still hold the BTC. I just offered my 2 NBT that we’d be throwing it away now. Pearls after…

[cryptog]

I am still hesitating on that since i d like to know what Nu is going to do over the next few weeks to go on.

[Financisto]

This is anarchy.

Hour after hour the situation here is getting worse than the BTC block size debate.

The difference is: while BTC’s debate might last for weeks or months and Bitcoin might remain relatively functional, I can’t say the same for Nu’s situation here.

[mhps]

25.74036791 BTC to NuLagoon Tube

There are 25.6btc (17228 nbt) sell orders placed below 0.993*feedprice (0.001723btc). A buy order placed at that price will instantly clear those orders. Whether traders read the transaction post and reacted accordingly or not (from the perfectly matching numbers), the above amount will be consumed in milliseconds, not many satoshis will show up on the buy side.

Let’s not try to catch a falling sword with the last bits of our hard currency. The funds signed off by FLOT is not only for liquidity, but also for develpment. I’d rather have some fund which could be useful.

[jooize]

The funds signed off by FLOT is not only for liquidity, but also for develpment.

I do not recognise this. Grants are for development funding, which are in NuBits. Providing Bitcoins from Tier 4 for development while withholding them from and bypassing general NuBit holders seems against NuLaw, although perhaps not strictly the wrong approach.

Seeing as the situation is such of a wall presumably having little effect at this point, and the rest of FLOT either exercising discretion or is unavailable, I think we’ll need a plan passed as motion. I myself is as of yet not confident enough about a specific approach to invoke discretion.

I agree having funds should be useful. I think those funds should have needed to come from NuShare sales, but discretion may leave room to do it like you suggest. In any case that’s what appears to happen.

Tier 4 Fund Management Discussion

Rules for use of BTC or other tier 4 buy side funds:

FLOT will be bound by the same rules established by shareholder motion to conduct share buybacks in cooperation with @NSRBuyback. BTC will be used to purchase currency when a specific currency’s buy side funds falls below 40% of total liquidity in tiers 1, 2 and 3 for that currency. The currency proceeds will be placed in the multisig currency address controlled by FLOT.

The preceding should be interpreted as guidelines, and FLOT may exercise discretion. Communications between FLOT members regarding decisions on how to use funds must be publicly visible.

[ConfusedObserver]

Grants are for development funding

I asked for a summary about what’s going on here.
Meanwhile I’ve found one, but on my way through the forum I have found the answer to this. I don’t know if it’s still valid:

Finalized evolution of liquidity operations

Tier 4This liquidity can be provided by custodians not dedicated to liquidity operations. A present example are the proceeds of NuShare sales. They are intended for operational and development expenses, but can be used to support the critical function of liquidity provision as needed. When these funds are used for liquidity, they are exchanged from one type of asset to another, but are still available for their original purpose, such as development

I’m trying to understand this “tiered” liquidity. Is the post from which I quoted still the reference?

[mhps]

I do not recognise this.

search “development” in Tier 4 Fund Management Discussion

I can’t find where the original idea of having development fund also in T4 was from but it’s always been my understanding that the FLOT has responsibility there.

[dysconnect]

New address with the remaining members in lexicographical order:

3DAmQyBriCMLvCn654mkQ9DWUndrPGusYA

redeem script:

53210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c072102435b894b94b4b27dd24436b3f9ad0b9409d855ab4be6e91141d445804e84750b2102e2fcdfe246e9cd4864d9119b8af465487385eccd0ea30a8cb21d44d36818189f2102e2fcdfe246e9cd4864d9119b8af465487385eccd0ea30a8cb21d44d36818189f2103a5fc09a5de595e4758bfbc3a932e2c448cc49a557dd6e64788cee530a76225212103da8082062298c40f0b473b74f3c95b57eaaebe3e67ed30ce56347b2e727915fb56ae

migration transaction:
verify

010000000242aec1dd93ab22046136c94616616514ca233823c80d05ce5dbd30bc5fdfa95901000000fd130155210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c072102435b894b94b4b27dd24436b3f9ad0b9409d855ab4be6e91141d445804e84750b2102e2fcdfe246e9cd4864d9119b8af465487385eccd0ea30a8cb21d44d36818189f210312cd6eb361c9ebb0d90e44946492a237eab4c7a7d88a0db800f2f460937cc22f210326c19862fb329470c828ace6749b64c50b4d9a8da60d60e4e32ebe96b388b2ae21034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff2103661a4370dfcfbcea25d1800057220f4572b6eecab95bb0670e8676a9e34451dc2103da8082062298c40f0b473b74f3c95b57eaaebe3e67ed30ce56347b2e727915fb58aeffffffff3726e5688c228f237bbc5e6dc7be95a4adb951054f31b042a329f1a5c90972c902000000fd130155210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c072102435b894b94b4b27dd24436b3f9ad0b9409d855ab4be6e91141d445804e84750b2102e2fcdfe246e9cd4864d9119b8af465487385eccd0ea30a8cb21d44d36818189f210312cd6eb361c9ebb0d90e44946492a237eab4c7a7d88a0db800f2f460937cc22f210326c19862fb329470c828ace6749b64c50b4d9a8da60d60e4e32ebe96b388b2ae21034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff2103661a4370dfcfbcea25d1800057220f4572b6eecab95bb0670e8676a9e34451dc2103da8082062298c40f0b473b74f3c95b57eaaebe3e67ed30ce56347b2e727915fb58aeffffffff01c02c6f990000000017a9147de8eb1586a7eb6d1292d07cb6f1f9c92513c8c18700000000

Please check the details @cryptog, @Dhume, @dysconnect, @masterOfDisaster, @jooize, @mhps, @ttutdxh, @woodstockmerkle

[mhps]

lexicographical order:

This means sorted by pubkey, right? that is what i see from the redeem script.

There are errors in the address. it uses my deprecated key. My current one starts with 0326. it has Dhume’s twice and missed ttutdx’s.

Are we sure 3 of 6 works?

the OP is a wiki. when the errors are fixed, could you copy it to the OP?

[jooize]

How many Bitcoins do we have on gateways?

@Cybnate @zoro @masterOfDisaster

[Cybnate]

Zoro has none, he transferred all the NBT back to FLOT two weeks ago.
My status is unchanged since this post: [Decommissioned] PyBot passive gateway on Poloniex and on Bittrex
Not sure about MoD status. From memory, his last post in this context told that there are still some NBT and BTC at high spreads in the gateways.

[jooize]

2016–06–06

Get NuBits' liquidity flowing

FLOT BTC has 35.74 BTC. How many Bitcoins do we currently have on gateways? @Cybnate @masterOfDisaster 10568 USD is ~18 BTC. 35.74 + 12.28 + 18 = 66.02 66 BTC is ~38,505 USD.

2016–07–03

FLOT BTC Multisig #2: 25.74296065 BTC

"B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt" : {
"buy" : 9211.0609,
"sell" : 13323.1486
},

Gateway Poloniex @masterOfDisaster: 13 BTC?

Total: ~38.74 BTC

Anything I’ve missed?

[Phoenix]

As Chief Of Liquidity Operations, I request 12 Bitcoins be sent from 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe to @jooize’s Poloniex BTC deposit address. The funds will be used for our daily NuBit purchases, which are currently running about 4 BTC per day.

I have been elected directly by shareholders to do this. I campaigned on a platform of immediate and strong support for NuBits, and that is what shareholders voted for. I revealed what my policy would be far in advance of my election, and it was endorsed by shareholders. This includes the 10% daily purchase program I asking you to fund now. It is clear this is what shareholders expect of you.

Who are the signers for FLOT BTC?

[jooize]

12 BTC to Poloniex for US-NBT purchases

Address: 1ArtuYuSyGMtXwn38naZZ82qa3WJ9gV6CU (Nu Poloniex BTC @jooize)
Amount: 12 BTC
Fee: 0.002 BTC (1–2 USD)

Signed 1 of 5-of-8

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

@cryptog @Dhume @dysconnect @masterOfDisaster @mhps @ttutdxh @woodstockmerkle

[mhps]

Do shareholders want to reserve part of btc controled by FLOT for development?

[woodstockmerkle]

Signed 2 of 5-of-8

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

Verify

[Cybnate]

Do shareholders want to reserve part of btc controled by FLOT for development?

Not sure if this a useful question to the forum. It is best that @phoenix answers this. He apparently represents about two-third of the shares from people not on the forum.

[cryptog]

Well i guess it would be useful in that caee to write a proposal that would explicitly reserve some bcts to development but i guess phoenix s plan would be to restore the peg first by buying back nubits and then allow back nubits grants which would fuel development and projects, which looks logical.

[woodstockmerkle]

It does pose the question: What happened with NBT that were held by JordanLee in reserve for development? Should we consider them stolen at this point?

[cryptog]

Don t we need to have 100% reserve?
So on the one hand we need to buy back nubits by selling nsrs but on the other hand we need to build up reserves.
The nsrs sales are being executed.
I think we can use a part of the btcs in btc flot reserve to start the buy backs but not everything.
I would suggest half. Not more.
Would you be ok with such a thinking?