I have no explanation other than they get cancelled when NuBot shifts walls and deletes all orders.
The plan to have the proceeds automatically available for NuBot was good, but…
I’ll transfer them to my other Poloniex gateway account, where NuBot is in hibernation.
Just in case we’ll need that address again:
Sidhvfpo93KGVpbu9pM3LgyiPdgesnT1G6 (mOD Poloniex gateway account #2)
Nice job!
Now that we are replenishing the buy side by using the proceeds from NuSafe, i think we should try to reduce the amount of NSR in order and increase their sale price.
I d be more in favor of 1m at 600 satoshis.
You can’t decrease it below the standard. As FLOT you can increase the amount you sell, but you have to do the mandated sales. Or at least try to follow the mandated stuff, not like blindly or anything, but don’t just go changing the market actions willy nilly.
All right. Just noticed that the standard mandates 2.4m nsr.
In that case it should be 2.4m.
I agree.
Remains the price variable which is not mandated by the motion.
PS: it seems that the standard motion gives us a good frame of reference for unlocking Tier6.
Does that mean, I should put all 2.4 million NSR on order at once?
done (2 NSR were used as tx fee):
3 Likes
What is the status of the sale?
The first 2.3 BTC were retrieved:
edit:
Final state of BTC proceeds from the auction:
What do we do with the next NSR that need to be sold?
We can safely assume that another round of NSR sale is required, although the buyback calculation will take place later.
1 Like
@FLOT, what do we do with the NSR, that need to be sold?
Putting them on order at Poloniex again?
How much of them? By whom? I don’t want to forge ahead, but can do it again.
$4,762 or do we need to include the PPC calculation?
Current NSR price is approximately $0.0015.
4,762 * 0.0015 = 3.175 mil nsr for sale this week.
1 Like
What about the PPC?
Not considered, because there is no PPC reserve?
How to bring the NSR to market?
If I were to sell them, I can do the same as last time: place several orders (I started wirh two and continued with three) and move the one with the biggest offset - and I recommend others to do the same. It worked quite well.
1 Like
I suppose. We could actively look for investors, or wait hoping Bitcoin’s value will fall and there to be NuBit sales replenishing our Bitcoin reserve.
If Bitcoin doesn’t fall, we have to sell more shares, right? If Bitcoin falls, we may not have to, but we better get back up as soon as possible.
How many Bitcoins do we need?
Theoretically, if nobody else sells their shares cheaply, the NuShare price would jump back up to previous levels once we’ve sold enough for liquidity restoration. 
Assuming Nu regains liquidity and begins keeping larger reserves (or otherwise improves the issue), then NuShares at moments such as this may become seen as the investment opportunity we believe it to be.
NuShare sales in combination with buybacks should work a lot better when demand is where I believe it should be, by how I value Nu. Have we been in this bad a situation before? I imagine our current lack of liquidity doesn’t make us attractive to invest in while we also continue applying downward pressure on the shares they’d buy.
I don’t understand Park Rates, but it seems we should leverage them.
The price support mechanism of offering interest for funds taken out of circulation is extremely robust.
[…]
However, there are a handful of individuals who believe there is a 30% chance that NuBits will still have value in a year because they are NuShareholders and plan to implement a bold and daring plan to change the protocol to meet different needs than NuBits have in the past. These individuals would buy NuBits if there was 400% interest rate offered for one year. So it will be offered by NuShareholders and taken by the speculators, and the peg will stand at $1.00 US.
Perhaps we should pay for and advertise that Parking Your NuBits Rocks.
The concern that high rates signify a crisis and will turn people away must be taken care of if it’s an actual problem. It is a crisis, but the system seems built to be able to recover with the right measures, and it will continue to grow more sustainable.
Parking interest rates should be easy to understand. The percentages are currently confusing people.
Another presented way to increase NuBit utilisation (transaction fee revenue, and sales?) is NuLagoon’s BearBTC and BullBTC. It appears costly, and would be easier to approve with Nu in better standing, but should we pay for it anyway? I’m uncertain.
I support selling more shares. I think it’d be much appreciated if you’d perform the sale.
We need to trust and use the mechanisms we have at disposal. It doesn’t feel great to sell shares, but we committed to that and what else can we do? I need to learn more about Park Rates (Tier 5).
3 Likes
I think we need to increase rates to 50% annually up to 1.5 months.
Assuming that we have 100k of sell side liquidityz
If those 100k were all parked for 1.5m, we would only pay for 6.5k nbt in 1.5 months. That s way below the price we are paying for nsr dilution: we have lost 300k nbt from a share price decrease from 0.002 to 0.0016 …
1 Like
I really don’t know about park rates in the current situation - it’s something different, if it’s about mitigating temporary issues.
Park rates try to postpone the trouble we have (lack of NBT demand) by creating additional trouble (park interest).
Is this really a temporary issue or is it a structural problem?
If it’s the latter, NSR sale is the way to fix it.
…I think it’s a combination of both; we need both: park rates at a reasonable level and NSR sale.
2 Likes
I can’t load teh redeem script to initiate a transaction. cointoolkit suspects that the explorer is down but it is not.
@Dhume, @ttutdxh, @cryptog, @mhps, we soon need to start creating a new NSR multisig address to request a new grant.
It isn’t impossible that the NSR sales push the NSR rate down and we see increasing numbers of NSR that get sold each week.
The rest of the 25 million might last only a few weeks.
Do we use new pubkeys fot that new address or do we want to create a new multisig address by changing the order of the pubkeys we already have?
Do you have scripts disabled in your browser?
Can you use @backpacker’s explorer or Cointoolkit?
1 Like
It’s not as serious. PArk rate is much smaller than how much we pay LPs. They are not highly comparable but at the end of the day they are both increading of liability.
1 Like
So far tier 6 NSR sales have raised very little additional reserves. The current process of posting the shares for sale above market and slowly bringing it down is too timid for the circumstances.
For the next sale of shares I’d suggest using a different strategy, here are some options:
Option 1: Start the sale at a point where there are less than 10,000 NSR already for sale. Continue reducing the price until sold.
Option 2: Start the sale at the same price as the last one concluded (0.00000275 BTC/NSR). Continue reducing the price until sold.
Option 3: Start the sale at the same price as the last shares were bought. Continue reducing the price until sold.
Option 4: Sell half the NSR into the buy orders, but the other half for sale whatever the first half concluded at. Continue reducing the price until sold.
Option 5: Sell all the NSR into the buy orders.
Option 1 is most conservative, option 5 the most aggressive. Given the gravity of the situation, I think option 4 is the most prudent course of action.
I’ll also point out that last weeks calculation resulted in:
"Standard < -2500: Sell 4726.93 NBT (9.3535 BTC) amount of NSR next week."
But the share sales stopped after selling only:
"6.9 BTC, at $533 per BTC at the time of writing valued $3,677"
This is more than 25% fewer BTC than the authorization.
1 Like