Placing low buy walls or even buying NBT from the market makes sense.
If the NBT/USD rate stays that low and the BTC/USD rate that high, you can buy tens of thousands of NBT (order of magnitude 50,000 to 80,000) with the 25 BTC.
You just need to buy slow enough to not move the market a lot. With a daily trading volume of up to thousands of USD at Poloniex this can’t be done in a very short time, but won’t take ages either.
We do that with the NSR auctions. We need to keep the sparse BTC to support basic infra operations and any cost to restart the business, e.g. developments on the client or gateways to name a few from my draft proposal.
Not keen to extent buyback operations with existing BTC before a good plan is in place. Agree you could argue for the other way around, but I suppose I’m taking a more conservative approach. A lot of NBT will be freed from the parking in the next few weeks, so the price might go down even further.
Diversification might be a good way for this as well:
keep a part of the BTC for development
use a part of the BTC for buying NBT (no aggressive buybacks of course)
Most of the parking was done by B&C. These NBT shouldn’t hit the market. But as we don’t know at which addresses the NBT are, you can’t track that…
As soon as Nu starts to create a reliable business plan, the opposite will happen.
Buying NBT at a BTC/NBT rate of 0.0004 buys you 2,500 NBT per BTC.
I doubt you will get significantly more NBT per BTC in the future. But of course I can’t know that.
Spending some BTC for that wouldn’t be the worst way to reduce the effects from BTC volatility while reducing debts at the same time.
It’s hitting two birds with one stone.
The NSR sale need to be continued to reduce debt (payment in NBT) or to increase your BTC assets (payment in BTC).
You should neither focus on doing only the one nor only the other. Do a mix of both.
I also think the more we buy back our debts, the more value we ll get out of nsrs.
So buying back nbts now gradually while at the same time finding ways to generate revenues is probably the best we can do.
Let us use a part of our btc reserve for nbt buy backs in combination of nsr sales/auction.
Three days ago it appeared there was consensus to hold an additional auction this week. However, there are no blockchain transactions moving shareholder NSR for this. I was expecting a thread about it like last week. NSR FLOT, was is the status of this week’s auction that is mandated by NuLaw?
The transaction request got lost for me in the noise of these threads.
Please keep it clean, this thread is destined for FLOT NSR operations, not parallel discussion.
My apologies I’ve been very busy and will probably continue to be for at least 9/10 more days. I’ll try to check as often as I can for signing but won’t be able to keep up with the latest developments or comment on them.
Thank you to @sigmike who diagnosed the error of trying to output 999 Million NSR from a 100 Million transaction. I’m surprised that the transaction wasn’t outright rejected by the client.
I’d like to get the opinion of other FLOT members about creating a new multisig, especially as it pertains to who would make up the new FLOT for NSR operations.
NSR auctions are proceeding as would be necessary with Tier-N distributions so a duty is for sure to fund that. Also potentially pending would be the establishment of the Chief of Liquidity Operations which, if passed, would be a destination of FLOT funds as well.
I think it is important to establish a new FLOT to diversify our ways to store reserves.
And the Chief of Liquidity Operations can be also a multisig group.
So I would be fine with being a member of this multisig group if shareholders entrust me with such powers.