FLOT NSR Operations (buy side)

[crypto_coiner]

We’re trusted to do liquidity operations, not decide what development Nu pays for.

Right

[jooize]

No response from Poloniex … Sent another message asking them to confirm the account manually.

I would really rather not mix the accounting.

[henry]

@jooize, what is your plan of selling NSR?

[jooize]

Why: It’s expected according to the tier model until shareholders pass a motion or maybe if FLOT (NSR?*) may invoke discretion somehow.
How: According to FLOT (NSR) or motion.

* Uncertain whether it would be the whole FLOT or only NuShare division.

[mhps]

I think the simplest way is getting a latest 24hr average price (eyeballing it is ok) and putting a wall of 0.5N there and 0.5N at price*1.1, where N is the number of shares to sell.

[henry]

Are u going to operate a NSR/NBT auction or not? That is most needed in current situation.

[ConfusedObserver]

An NSR/NBT auction is indeed more important than an NSR sale at an exchange in the NSR/BTC pair.
The BTC from NSR/BTC won’t help you restore the peg.
The NBT from NSR/NBT auction will reduce liability; a debt-equity swap is important.

henry, you are involved in Nulagoon, right?
Can you offer NSR for NBT at a given rate? Like Nulagoon Tube, but one-way and at a rate determined by Nu and no price feed.

I don’t know if Nu can trust you with that, but at least you have the infrastructure ready and have an interest in keeping Nu alive.

[jooize]

Since there isn’t a NSR/NBT pair on Poloniex, which manual steps would be required for that? Any other exchange that makes sense to trade on?

Anyone else is very welcome to do this instead of me. I want quite detailed instructions and to avoid much thinking on my part. It feels too much to manage manual trades off exchange, but if there’s a market I’m not impossible.

[Nagalim]

Either let people email you with bids then make the trade with the highest bid(s), called blind auction, or use my auction software.

[henry]

@Nagalim can you hold such an auction with your own software?

[Nagalim]

I drop off the face of the earth in 2 days.

[henry]

OK. We can hold a NSR/NBT auction on the behalf of Shareholders, if no one step out. But, it much better if @jooize can do it.

[Sentinelrv]

I drop off the face of the earth in 2 days.

What does that mean? Vacation? Giving up? Work related matter?

[jooize]

or use my auction software

That seems neat, assuming people can and dare use it. Can you explain how it’s used?

Seeded auction instructions (draft)

https://github.com/Nagalim/SeededNuAuction

Auctioneer

1. Run Nu with RPC password set in config (set by default?).
2. Run auctioneer.py.
3. Enter block height at which point auction will end.
4. Present NBT and NSR addresses to participants.

Participant

1. Run Nu with RPC password set in config.
2. Set nbtauc and nsrauc in participant.py to what the auctioneer says.
3. ?
   Please explain nbtpar and nsrpar. Does the auctioneer need to collect and enter them somewhere?
4. Set volume and price.
   How do these work?
5. Set appropriate folder.
6. Run participant.py?

[Nagalim]

I hitch a ride with vogons.

[nmei]

I hitch a ride with vogons.

Don’t forget your towel!

[Nagalim]

1. Auctioneer puts address pairs in addresses.txt (first line should be the self pair, the auction addresses). The auctioneer’s wallet should be empty aside from these 2 addresses. All other address pairs are registered by participants via email or whatever.

2. Auction proceeds.

3. After auction is over, auctioneer runs auctioneer.py and enters the block height of the close.

4. Auctioneer reviews the manysend command then sends it.

Participants can simply send nbt to the auction address. The difficulty is that they have to send them from a registered address and only from a registered address. The simplest way to do that is coin control.

[nmei]

Or we can just use a Google Sheet too.

Not trying to put down Nagalim’s hard work. But sooner is better than later…

[Nagalim]

For what? Blind auction or what?

[nmei]

Yes - for blind auction. Auctioneer keeps the record and releases it after the auction is final.