FLOT NSR Operations (buy side)

[jooize]

Poloniex just responded and seems to be close to activating my Nu account in case we need it.

Activated.

3,175,000 NSR received.

[jooize]

Nu Blind Auction NSR #1 (draft)

Lot: 3,175,000 NSR (NuShares)
Reserve price: 0.001 US-NBT/NSR
Minimum bid: 500,000 NSR or 500 NBT
Closes: End of Friday 2016–06–16 UTC

• I promise to keep identities confidential, but blockchain transactions cannot be hidden.
• All bids will be publicly listed after auction closes, before payment has been collected.
• Winning bidders will be sent a unique US‑NBT address and need to pay within 48 hours after time specified in message (the time I send it).
• Time of bids with be set according to when the client says it was received (forum, email server, Bitmessage).
• Proceeds will be burned within three days of receiving them, and burn transactions posted publicly.

Contact

Use subject: Nu Blind Auction NSR #1

• Private message.
• email@address
• BM-xxxxxxxx3LNLDSGxJF4DCLnF3mxxxxxxxx

---

Any terms I’ve used ridiculously wrong? https://en.wikipedia.org/wiki/Auction#Terminology

To track payment, is there any better approach than using a different NuBit address for each participant?

Look OK?

[cryptog]

after all shares are traded?

I d suggest after auction ends.

So putting a deadline to make a bid is important.

[mhps]

Minimum bid: Should I set this?

100,000 NSR or 100 NBT seems good?

[jooize]

I d suggest after auction ends.

When exactly is this? When I stop accepting bids or have done all trades? I think the former makes most sense.

What happens if a bidder doesn’t pay? Should there be a time limit after participants have been asked for payment after which the next bidder gets the chance, or do I abandon the bid? 48 hours? Three days?

Please advice on length of auction, i.e. how long I will accept bids. 3–7 days? 4 days?

4 days bidding, 2 days payment window, 1 day for next calculation (if the auction results affect that), and repeat?

I wish to begin the auction soon, of course, but want most of the procedure figured out first. Almost there, I think.

[Nagalim]

[Passed] NSR sale and NBT burn

My apologies to @Nagalim for this. I hope you don't feel I am stepping on your toes. The discussion you started was quite useful and you can see my content is based on yours and reflects the results of your discussion as well. This is a modest rate of sales that will result in less than 0.4% dilution per month. Motion RIPEMD160 hash: e91340fdbda5c2a7a1362c66eece05b9c67d2496 =##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##= 1 million (1,000,000) NSR will be auctioned…

[nmei]

4 days bidding, 2 days payment window, 1 day for next calculation (if the auction results affect that), and repeat?

Sounds good. I bet you’ll run out of NSR after this auction.

[jooize]

I set minimum bid and duration according to motion. FLOT may override, but I’ll start the auction soon. Speak out whoever you are.

My main remaining question is what happens if a bidder doesn’t provide payment?

[nmei]

If no payment - no NSR.
Move down the list to the next bidder.

[henry]

Ask anonymous users for some deposit to accept their bids. Otherwise, bad guys can submit fake bid orders

[ttutdxh]

Otherwise, bad guys can submit fake bid orders

I did not hear problems with that before, don’t know why would it happen now. Anyway if they do then at payment time:

If no payment - no NSR.Move down the list to the next bidder

In my opinion it can only hurt legitimate buyers having to put a down payment on promises.

[nmei]

All I’m saying is once the auction closes, they have to send payment first. Before NSR are sent out in response.

[jooize]

Auction live.

[mhps]

deposit

might be too much overhead. there was a bidder who didn’t pay in teh last auction.

[mhps]

Multisig #2

Address

Snvrc5q82wfe2NjEjaQAyStpPKseWrsNqn (pubkeys in lexikographical order; @dysconnect part of it, although he announced his retirement; we just can’t delay this any further)

I don’t understand why this address has added @dysconnect who has quit as a signer but removed me. @masterOfDisaster did you make a mistake?

ps. It seems that the new NSR address was made with the NBT FLOT members’ NBT addresses. Now I suspect if this new nsr address can be used.

[ConfusedObserver]

I don’t understand why this address has added @dysconnect who has quit as a signer but removed me

It was not good to remove you, but add dysconnect to the signers.
masterofdisaster seems to have done a lot of things. Obviously he didn’t always have a perfect overview.
I read the post, in which he announced the creation of the NSR address.
He sounded like being in a hurry, afraid JordanLee would create a single signature NSR address.
Well…

It seems that the new NSR address was made with the NBT FLOT members’ NBT addresses

I come to a different conclusion.
Look at: https://backpacker69.github.io/cointoolkit/?mode=nushares&verify=53210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c072102547427fc2ea3a0ab9ef70f5e1640ff5112b113f65696948f992bd0770b9425712102a144af74d018501f03d76ead130433335f969772792ec39ce389c8a23415525921034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff2103661a4370dfcfbcea25d1800057220f4572b6eecab95bb0670e8676a9e34451dc55ae#verify
It’s the pubkeys from the NSR addresses.

As dysconnect announced his retirement and masterofdisaster seems to be gone, moving the NSR to an appropriate NSR address, once the grant has passed is recommended.

[mhps]

It’s the pubkeys from the NSR addresses.

how did you compare? say @masterOfDisaster’s nbt pubkey is 02a1… the ssame as the one used in the new nsr address

and how to explain why the identity column has NBT in every line, and why dysconnect is in it?

[ConfusedObserver]

I had a look at the associated address reported by Cointoolkit.
Maybe some people used the same pubkeys for different tokens? Isn’t that possible?

[mhps]

then the identy column should show NSR, too. Look at the first NSR address.
and

why dysconnect is in it?

[ConfusedObserver]

Mmmhh…
You mean like “Nu FLOT @dysconnect BTC, NBT”