FLOT US-NBT Operations (sell side)


To further the preparation just in case the BTC makes an extended nosedive, which would create pressure on the sell side, I prepared a transaction that deposits funds to these gateways (I dare say we can’t rely on ALPv2 at the moment):

The amounts for @Cybnate’s gateways is considerably lower, because she limited here gateway operations to 15k

and already has 10k there

In total 65,000 NBT to gateways as listed above

Signed 1 of 3/5


@dysconnect, @ttutdxh, @jooize, @woodstockmerkle, please give this transaction only a second signature for now!

The intention is to get it signed and broadcast as fast as possible, once the need is detected.
This is why it’s already created and should couch with 2 signatures for the BTC price drop.
Then only a third signature is required to get the funds sent to the gateways.

Ideally someone knowing the he/she will be available on short notice in the next days should withhold from signing it, whereas a less available (I wouldn’t want to wait for 36 hours after a need is recognized; with “less available” I mean more than a few hours!) person should sign it as second signer.

I intentionally signed it already, although I should be highly available. As the deposit brings funds to my gateway, which already has some BTC and might receive 20,000 NBT soon, I don’t want be the one in charge of depositing additonal funds to it.
We all know about the risks that go along with that.
On the other hand we might be in a quite bad position if not for the gateways. They are all that is supporting the peg at the moment. Taking this risk might pay out.


Signed 2 of 3-of-5




@woodstockmerkle, would you mind signing (and broadcasting?) this deposit to my gateway?

That would make mine funded on sell side (@zoro and @Cybnate already have sell side funds), while the other deposit, you recently signed, needs only one additional tx - just like planned.


Time to get some NBT to my gateway - only 161 NBT left:

Mon May 30 06:45:31 UTC 2016
status of mOD dual side NuBot at Poloniex:
nud getliquidityinfo B | grep B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt -A 2
        "B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt" : {
            "buy" : 12120.12,
            "sell" : 161.9209
status of zoro dual side NuBot at Poloniex:
nud getliquidityinfo B | grep BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo -A 2
        "BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo" : {
            "buy" : 7250.03,
            "sell" : 23365.5783

20,000 NBT to mOD’s Poloniex gateway

Signed 2 of 3/5


Paging @dysconnect, @ttutdxh, @woodstockmerkle


Can you please explain to me again why you need NBT at your gateway?
We have ALP sell side, my Pybot and Zoro providing NBT sell side.

My Pybot is on the top of the orderbook on Poloniex and not selling 1 NBT.


To be prepared for a BTC downswing - isn’t that obvious?
I’m aware that there are NBT in NuLagoon, ALP, @zoro’s gateway.

I just wouldn’t want to sit here shrugging and watching how the sell side gets drained without having made preparations to compensate that.
We shouldn’t wonder if more than 100,000 NBT get sold in a short time, if BTC makes a nosedive.


Well there is 80k on NuLagoon and a lot more than 20k on all the gateways. And then I haven’t counted ALP which surely will come to the party.


Will you really want to risk the peg getting lost in the other direction as well, only because BTC makes a big nosedive, making us look like we’ve learned nothing in the last days?
…maybe we haven’t learned enough.

I will back out here.
I’m tired of fighting that much against resistance for which I don’t have enough understanding.
I was about to do that days ago.
But then I felt, I’d be needed.
Maybe that was wrong.
Maybe I’m just bothering.


Am i the only one that believes that btc will not nosedive at least until the halving? :wink:
But then who knows? right?


It’s no matter of belief.
It’s a matter of being prepared.


The reverse situation of breaking the peg upward is less likely to happen, although we would miss out on sales and volume however we will have to accept a higher exchange risk. Let me explain.

I think we are prepared to sell 120k immediately. You think that should be higher in case an unlikely nosedive happens.
I see an increasing risks of exchange failure with those amounts of Nu funds on exchange. I believe we can reasonably quickly transfer NBT funds from the reserves towards gateways when a BTC nosedive appears to happen and we have sold more than 50k of NBT in the last day or so.

I hope you haven’t forgotten the exchange hacks in February earlier this year.


I hope you don’t overlook how unreliable ALP is.
Do you want to rely on LPs not pulling their sell walls, if BTC nosedives?

I haven’t forgotten about the exchange hacks.
I was the one who tried to remind @ronny of his debts not long ago.
Back then were hundreds of thousands of $ on exchanges.

Of course. I already prepared two tx, which only need one more signer to be broadcast.

I was asking to prop up my gateway by 20k NBT to have redundant supply and wait before the second tx with 65k NBT total volume gets executed.
I won’t ask any further.
I won’t prepare any more steps.
I come to the conclusion that this is not wanted.
I’m tired of talking when action would be appropriate.


I very much appreciate that.

We should make sure this doesn’t happen again. We have half of the sell side liquidity on NuLagoon, which is good and relatively safe, but still I believe around 50k on all our Poloniex gateways. Do you really want to increase it with 85k? The 20k increase is ok, not sure about the other 65k.

That is an issue indeed, what was supposed to be solved with ALPv2 but currently still doesn’t work well. Whether we need to significantly increase the rewards to solve this issue is not yet clear to me. Or should we just forget about ALP as it doesn’t provide value for money? There are a few things to think about here.

I’m glad you are still talking. The silence on the forum is deafening. Everyone still shocked? We do have to keep the business running, but let’s make sure we try to make rational decisions based on risks assessments as good as we can, either positive or negative.


I don’t exactly feel encouraged to be talking.
And I don’t feel what I say is appreciated.
I rather seem to bother, annoy people.
I don’t feel like the gateways are understood as what they are.

I don’t even receive comments from FLOT members that explain why they don’t sign the 20k deposit.
Well, the 36 hours aren’t over…
…maybe I just expect too much.
Can you understand that I feel a lot of weight on my shoulders?

I explicitly described what should be done with the 65k deposit. I even checked the funding of your PyBot operation, before I crafted the tx.
I think I acted very carefully.

Yah, once again I’m tired, frustrated and think I should better back off.
I can’t do anything further.


Though i am not a nbt flot signer i am fine with it because it is good to increase the ways to sell nubits.


Is polo insured? Default risk is real. How about getting a tx signed by two members so it is ready to go if another signer signs after some of the proceeds btc returns to FLOT?


Both tx are already signed by two members.
One should be signed by a third.


I will sign it as soon as sell side starts to drop. For now I see it static/growing.


Your feedback is highly appreciated.
Please ensure to select the right tx in the first step (20k to my gateway) and keep the other tx (65k to multiple gateways) for step 2.


There’s close to 40k on the sell side albeit at rather high spreads. I’m not sure 20k is a good amount, but I appreciate the effort. I’ll sign the initial 20k as soon as the ~5k on sell side is consumed or there’s considerable sell-side volume on the Tube.