Funding of B&C Exchange / [discussion] paying for development

#1

The funding of B&C Exchange ended with $320,764 total funds raised.

How are the $320,764 kept - more or less 320,764 NBT?
I’m asking, because Nu might try to consider NBT that are paid for development hitting the buy side.

If large amounts of NBT are ending up at the exchanges buy side, it might sooner or later impact the liquidity situation.

So what I’m basically asking is:

  • how are the development funds kept - all in NBT or is a part of it in other cryptocurrency assets (which have no direct effect on the NBT liquidty situation)?
  • how many funds have already been paid for development?
  • how many funds are going to be released per month - is there a kind of schedule?
  • if the funds that are released are going to exceed the buffer provided by T4 buy side, NSR holders can prepare
  • to raise park rates
  • to negotiate with developers to offer them conversion of NBT to NSR (as BCE developers are Nu developers as well, they might have a soft spot for NSR)

The last bullet point might seem to make no sense in the light of NSR buybacks to increase scarcity of NSR.
It’s true that this would dilute NSR. I’m just trying to ask early for it, because depending on the amount of NBT that is going to hit the buy side, there might be no other chance, but to initiate NSR sales to remove NBT from the market.
If the NBT are traded are off exchange before it’s really necessary to do it, this has a smaller impact on the NSR price. Some developers might be interested in such a conversion (NBT->NSR).

I’ve put this in the “Liquidity” section because I think it’s more related to liquidity than to BCE

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#2

We could just buy their NBT directly using T4 BTC funds. We’ll buy at a price of $0.997.

#3

How about the selling and buying sides of NBT right now?

#4

If i m not mistaken, BKS were sold for NBT,PPC,BTC and fiat. Please correct me if i am wrong.
I guess the final amount is kept as nbt + fiat or only nbt?
In any case i doubt that all the funds are going to become btc or fiat at the same time :wink:

#5

B&C Exchange currently possesses assets valued at $241,459 which will be used to pay for development. The assets consist of:

  • 194,591 NBT

  • 10865 BKS which are reserved for specific contributors who arranged to be paid in BKS at the time development began at the rate of $4.16 each.

  • 4 BTC

$79,305 has been spent on development, marketing and all other expenses.

This depends mostly on how many hours developers invoice for in each period of time.

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#6

Thank you very much!
This should help planning (NBT liquidity) a little bit better!
It’s good to know that close to 200k NBT are in circulation, but not being able to hit the buy side immediately (not really circulating freely).

Is it more or less safe to suppose that there’s an upper limit of what developers can earn per month?
I’m speaking of a practical limit not a theoretical one (that has unlimited supply of developers working for BCE).
If close to $80k have been paid so far, I dare suppose that the monthly limit for NBT that are paid is between $10k and $15k. Is that order of magnitude appropriate?

And I’m glad to see that contributors are willing to be paid in BKS (which are based on the terms valued at $45198.4)!

#7

80k have already been paid using NBT. This in itself is already impressive.

#8

That’s not what @JordanLee wrote :wink:
It could very well be that $80k have been paid in BTC, PPC, BKS, NBT.
It would be nice to know how much of that $80k was NBT, though.
The important part is that close to 200,000 NBT are still in the development fund.

#9

Well, I remember he said that the funds received from the BKS sales were all converted to NBTs in order not to make the same mistake as with the NSR sales. (huge decrease in funds value when he held the funds in bitcoin).

Take a look at that.

#10

@JordanLee, so the majority of B&C development fund is kept as NBT?

#11

That’s right. Some contractors receive BKS reserved specifically for them, but most development is to be paid for with NuBits.

#12

We should prepare a plan in case of Nu cannot pay off its debts and B&C developers refuse to accept NBT as salary. In worst situation, Nu company should pay back B&C holders with BKS. i.e. Rearranging the BKS quantity distributed to NSR holders.

B&C company is one of the largest creditors of Nu company.

#13

The NuBit network is not a company. It is a new, strange and wonderful creature many people call a Decentralised Autonomous Organization. It is the first of its kind.

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#14

Anyway, you may need to explain to the B&C investors on Bitcointalk forum the status of B&C dev fund, it seems that you transferred BTC to NBT without B&C investors’ permission.

But it depends on you, after all you are the project manager.

#15

It may be news to you that B&C development funds are held in NuBits, but everyone else has known that for a very long time. Everything that has been done with B&C funds in terms of currency/asset exchange has been published here in the forum, in most cases well in advance of taking action with the funds. There is quite a bit of info on this forum about what has been done with B&C development funds.

You may recall that when NuBits was funded with Bitcoin and Peercoin BTC was $800 and PPC was $5. Those values dropped and we lost most of the funding we had to these price drops. It is prudent to ensure the value of development funds, although this was not possible to do at the time NuBits was being developed.

#16

Isn’t USD or BTC the best store of value for B&C dev?
So we rely B&C experiment on another on going immature Nu experiment, now I believe this community is a group of gamblers at heart.

#17

How do you propose a group of decentralized, anonymous developers holds and manages USD funds? If you have a solution that is superior to NuBits, you should be building that product right now, as the potential market is global.

We’re innovators and dreamers who believe in the potential of digital money issued by a decentralized group of users. Every month we’re improving the design and working out the challenges we face in our liquidity operations. If pessimism is your default viewpoint, you would be better served investing and participating in more conservative ventures. This is not for the faint of heart.

7 Likes
#18

Yes, I will participate other ventures after selling my BKS.

#19

Why would you sell your BKS when the exchange is almost complete? If something happened to Nu, I have to imagine there would be some kind of backup plan, like paying devs in BKS or promising future payment to them for dev work after we start to make our first revenues via BlockCredit sales.

1 Like
#20

I need to diversify my investment after putting all eggs in B&C’s basket, to sell a portion BKS is a good choice, this is an old lesson, but usually ignored.

Of course, we can possible get through hard time, but I find less and less common view here.