FLOT BTC Operations (buy side)

I’d rather trade NBT at NuLagoon than letting gateways sit with empty buy sides.

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No. The only motion ruling when FLOT deposits to gateways is the FLOT motion itself, which specifies a global liquidity of 40% before injecting funds.

Let’s also trade about 5k NBT with NuLagoon while sending in those buy funds.

No. It is up to FLOT how the gateways are used. I just made a statement regarding prior experience about ALP and MLP liquidity. ALP may stand down whenever the users see fit. NU Lagoon may have a nubot outage at any time (as any gateway) thus the more wall makers we have, the better :wink:

needs one more signer (or three more votes against signing it).

@cryptog, @Dhume, @jooize and me signed it.
@mhps expressed why he doesn’t want to sign it.

@ttutdxh, @woodstockmerkle, @dysconnect what about you?
I’d like to see a reason why you are reluctant to signing this tx that was initiated almost two days ago (Apr 24, 11:04 PM) or your signature :wink:

by the way i think that this tx is not necessary at the moment since the buy side is higher than the sell side.

I created this tx just following the non-motion non-grant logic of keeping gateways funded on each side.


I am not sure whether to sign it right now because it feels we are depleting T4 while the overall liquidity is okay. We need to take back some funds we’ve sent into NuLagoon before, unless we think BTC will drop and believe that NBT sales will solve the problem.

Though the main reason was that we weren’t pinged and I didn’t notice this transaction didn’t go through… :sweat_smile:

You’re right. Keeping the overall balance in the view is important.
But keeping gateways funded is important, too.

Well done to create an NBT -> BTC exchange tx at NLT (NuLagoon Tube).

This might help getting the 13.2 BTC deposit done:

After 7,000 NBT were traded at NLP, there should be little reason not to deposit funds at @zoro’s gateway, right?

FLOT members need to follow the development closely :sweat_smile:

If it had been an emergency, I’d have paged the FLOT members who can sign it; but I saw no emergency.
I only paged them recently, because I wanted to raise awareness to this tx.

There will then be strong reason. But if I have to choose one depleted gateway and almost delepleted T4 when overall there is an overall balance, I will keep the coins in T4.
Remember a year ago when the buy side liquidity was low, we let bittrex run drry for days in a row.

Why are we so afraid of selling NSR to replenish T4 BTC reserves if we aren’t reluctant to buy NSR if there are plenty BTC in reserve?
The reserve limit of 15% of circulating NBT is artificial.
If we hadn’t bought back NSR, we still had BTC in reserve.

There are more than 50,000 NBT parked at the moment:

    "version" : "v2.1.1-RC1-15-gcf6a10f-beta",
    "protocolversion" : 2000000,
    "walletversion" : 1,
    "walletunit" : "B",
    "balance" : 0.0,
    "newmint" : 0.0,
    "stake" : 0.0,
    "parked" : 0.0,
    "blocks" : 849473,
    "moneysupply" : 1297117.2439,
    "totalparked" : 51413.9887,
    "timeoffset" : -1,
    "connections" : 8,
    "proxy" : "",
    "ip" : "obfuscated",
    "difficulty" : 0.00019094,
    "testnet" : false,
    "keypoololdest" : 1460528227,
    "keypoolsize" : 101,
    "paytxfee" : 0.01,
    "errors" : ""

Still the NBT demand is low enough that the T4 BTC reserve is almost empty (if I hadn’t started the termination of my gateway there would be only 13.2 BTC left; now it’s 43 BTC and if the 7,000 NBT get sent to NuLagoon Tube it will be 15 more).

@JordanLee doesn’t respond to the request to deposit to @zoro’s gateway - I’m not complaining that he doesn’t deposit, but a reason for it would ne nice.

The problem isn’t that @zoro’s gateway has no buy side.
The problem is that T4 BTC reserve is almost empty.
Should we really sit and wait until there’s 0 BTC in reserve?

Sitting idly is not one of my strengths.
Not filling a gateway arguing that the reserves are low, but not starting to think about an NSR sale doesn’t compute in my brain.

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I think we have 2 more weeks before mandatory selling triggers:

This needs rework, because it’s unflexible and doesn’t match market needs.

What about this: FLOT sells NSR not by auction, but on an exchange :wink:
The motion doesn’t regulate that!
Would you be willing to be an executor for that?
Just in case there’s FLOT consensus about that measure?

…I don’t see immediate need for it with roughly 40 BTC on reserve and 15 BTC more to come from a trade with NuLagoon Tube.
But better start discussing these things early…

The auction starts at 1,000,000 NSR, valued at ~$2,500.

If we pass the standard motion, we would start with ~2x that. But that’s only because we were so late to the punch on both park rates and auctions.

The standard motion is frozen at 43%.
We need an alternative in case the T4 BTC reserves go down any further.

If the reserves hit 0 in the next two weeks without the standard motion passing or FLOT taking unprecidented action by selling NSR themselves, the peg will indeed suffer. However, I also don’t think that’s likely unless BTC really hits the moon hard very soon. Still 75 days yet till the halvening though.

No need to sell NSR or anything. Just a little BTC rebalancing between the tube and my nubot would be nice :wink:

The buyback calculator now shows

732193.394300 NBT in circulation
Tier 4 buy side funds total 103.355275 BTC, 0.890000 PPC, and $30000.000000, valued $78409.971176 (167.406745 BTC)
167.462176 - 298.795895 = -131.333719 BTC in the share buyback pool.

We are 50BTC better than last saturdday,

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Right, but 30 BTC are from decommissioning my gateway.

So that’s not really structural improvement.

I don’t say, that we need to sell NSR now.
I want to raise awareness for the fact that we might come into a situation, in which the motion to regulate NSR auctions doesn’t trigger an NSR sale, the standard motion isn’t in place and FLOT should sell NSR to support the peg.
If we start discussing that only when in fact action would be needed, it brings the peg in severe danger.

Saying that they “will be restarted at one million NSR in the case that interest rates are offered continuously for 30 days” doesn’t imply thay can’t be started earlier.
This motion explains when to continue NSR sale, but in a not exclusive way - other circumstances could trigger a sale as well.

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Right, There is not much actual improvement. Current pool amount doesn’t reflect liquidity situation.