FLOT BTC Operations (buy side)

[mhps]

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.

He wanted to be the Chief of Liquidity Ops, not the development manager. actually he has said he hasn’t been managng Nu deveopment for a while and not interested. It’s up to nushareholders to decide how much btc to be kept for development.

Shareholders can sell NSR to pay developers but I fear that @Phoenix will drive nsr price to ground for a while to liquidate his nbt holdings at $1 asap, when Nu needs fund to pay devs. I am thinking leaving 1-2 months dev fund which translate to $10-20k in btc (15-30 btc) might be good.

[Phoenix]

What happened with NBT that were held by JordanLee in reserve for development? Should we consider them stolen at this point?

They haven’t moved. NuLaw states:

Existing NuBits in tier 4 held by FLOT, FSRT and Jordan Lee must be held at their current address or burned.

Jordan Lee asked to burn them some time ago, but there was opposition at the time. He is doing what NuLaw requires.

[cryptog]

I think we should use 10% of the btc reserves not half for buying back the nubits.

[jooize]

10% of BTC reserve daily is what’s currently intended. Do you mean something else?

[cryptog]

Yes i meant that but 12 btc does not look like 10% of current btc reserve.

[Phoenix]

12 btc does not look like 10% of current btc reserve.

True. I asked for more than 10% out of consideration for FLOT members. I know we are asking you to sign transactions more often than is ideal. Asking FLOT BTC to hand over BTC daily for each daily NBT purchase is too cumbersome. With other funds we are raising, 12 BTC would likely be enough for nearly a week, maybe more, depending on how NSR sales go that @jooize receives the BTC proceeds for.

[cryptog]

Verified and signed 3 of 5-8.

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

Verify.

[mhps]

Seeing no objection from the community and other flot members I signed 4 of 5/8. verify.

[backpacker]

if i had any say in the matter, i would definitely reserve at least 15btc for development/operational costs, but given current share distribution any such motion is doomed.

[mhps]

if i had any say in the matter,

community member’s opinion is important.

[backpacker]

maybe important for other community members, but not for blockchain consensus.

[jooize]

12 BTC to Poloniex for US-NBT purchases

Signed by: @jooize @woodstockmerkle @cryptog @mhps

Reminder for other signers: @Dhume @dysconnect @masterOfDisaster @ttutdxh

Seeing no objection from the community and other flot members I signed 4 of 5/8. verify.

[mhps]

@Dhume and @ttutdxh usually need to be notified by a PM

[Dhume]

I’ve acctually witheld signing this on purpose, I don’t feel this is the right course of action and it’s been put into motion by what I believe to be a malicious actor. I want this bird situation cleared up before I feel comfortable emptying our last reserves.

[jooize]

Thanks for posting your objection.

@ttutdxh has been messaged.

[jooize]

I don’t feel this is the right course of action and it’s been put into motion by what I believe to be a malicious actor. I want this bird situation cleared up before I feel comfortable emptying our last reserves.

What would the plan be? Go rogue with the money? Whether we like the results or not, Nu is supposed to be controlled by what the blockchain says.

FLOT members promised to follow passed motions. If blockchain consensus cannot be achieved in favor of whichever purposes a minority shareholder base desires because let’s assume the actor you refer to is in sole control of Nu, FLOT will need to steal the money.

FLOT is a liquidity team, not an elite group of fund managers.

I think the situation is clear-cut, albeit certainly not comfortable.

[jooize]

25.74 BTC to Poloniex buy wall at $0.995

Description: All remaining FLOT BTC funds to Poloniex for US NuBit peg support.
Address: 1L55nYrmDEVSmwrLRBkXDCRc7kRJ9YDKVP (Nu Poloniex Gateway @jooize)
Amount: 25.74096065 BTC
Fee: 0.002 BTC

Signed 1 of 5-of-8

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

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

Discussion

US NuBits purchased for over $1

There are now over $16,000 in US-NBT buy orders on Poloniex above $0.995. There are over $2000 of buy orders at $1.002. There is a total of $41,000 in buy orders at or above $0.96. That is very strong support of our currency, which has a money supply somewhere near 250,000. Approximately 7% of the entire currency supply could be sold at Poloniex without breaking peg. We can regard the peg as having full strength when reserves are at the prescribed level. Until then, we are still in some degree…

[dysconnect]

With me, mod and ttutdxh practically absent, Nu is on the brink of losing control over the address, so I support that this migration should be completed ASAP.

verify

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

[woodstockmerkle]

Signed 3 of 5-of-8

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

Verify

[mhps]

The current situation is that the peg has been restored. Extrat fund would help but without the 27 btc in FLOT’s hand the peg will still likely be bolstered.

I invite members of the community to air their opinions whether the fund should be put into the peg – it might get dumped on by big nbt holders in a flash – or for development – @Dhume is right that getting enough people to sign can be a problem if the fund is in FLOT’s hand.

I will sign it if I don’t hear convincing objection in three days.