[Passed] LPC grant request for supporting NBT/USD on CCEDK

[cryptog]

[I have changed the custodian address after modifying some aspects of the proposal. Please revote taking into account thew new custodian address. ]
[Please note that the quantity of NBT requested has also changed]

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Hello everyone.

As discussed here a bit with @jordanlee I would like to contribute to the NBT/USD pair on CCEDK.
As you must be aware the buy wall is very thin despite the fact that ultimately NBT/USD is the only pair that matters.
I believe that it is very important to start offering liquidity on that pair so that people can start buying directly NBT without using BTC or PPC. Liquidity for crypto traders is important but what is even more important is liquidity for consumers.

The RIPEND160 hash of this proposal is: 0d29544214dc78cbf9c946c25eb8994435394871 [Do not vote for hash since it is just for proposal modification check purposes. Instead vote for the custodian address below with the quantity indicated.]

Proposal BEGIN*
Within 3 bank days from the latest date between the date of being elected/granted the grant and the date of having completed the set up of NuBot, I will send the equivalent of 5000 usd to ccedk and start supporting immediately the NBT/USD pair in dual mode for 1 month (30 days) using NuBot, once the funds are in place.
The funds will start on the buy side.
Every week, I will submit a report of the trades that occurred.
In compensation for the time spent, use of capital and the AML related risks taken, I am asking for 499 NBT.
custodian address: BTgryZQ1dQNJYMjm74K3ajdRnDfsCjh3c3
quantity: 499 NBT
Proposal END*

Since the buy side is likely to be eaten up quickly,I will rebalance from time to time (from buy side to sell side) by
1- buying some bitcoins on NBT/BTC based on the proceeds of NBT/USD buy side.
2- selling those bitcoins on BTC/USD
3- putting back those us dollars for sales on NBT/USD.

The goal is to try to maintain at least 100 USD on the buy side of NBT/USD although it is not for sure since I will cap the maximum total exchange loss to 50 USD.

Justification for the 499 NBTs.
@xjabc requested roughly 1m ago 625 NBTS for proposing an equivalent of 5000 NBTs on NBT/BTC.
That corresponded to 12.5% of monthly interested.
I request only 9.98% because I will operate on NBT/USD which logically will not diminish the quantity of my funds as much as supporting NBT/BTC could because of BTC/USD’s volatility. However there is still a risk involved regarding AML over the whole remittance process (I got my money frozen for 3 month back in March this year because of a very stubborn Japanese bank…).

If I see a need for continuing the operations after this 30-day period, I will submit another proposal at the end of the operation.

As for me, I am Cryptog, based out of Tokyo, developing the Peercoin/Nubits/Nushares communities in Japan via nubits.jp and peercoin.jp

• peecointalk: cryptog1
• reddit: cryptog
• twitter: cryptog1

I am also a shareholder of Nu.

PS: In anticipation of being elected, I will contact @desrever to guide me through NuBot if necessary. I got already familiarized with it 2 months ago when I tested it a bit.

Looking forward to your votes!

EDIT: Additional info
EDIT: Typo on the Twitter account
EDIT: Title
EDIT: Changed compensation
EDIT: Date of start
28DEC14 EDIT: Changed the content of the proposal with a new NBT custodian address
EDIT: Notice
EDIT: Notice
EDIT: Information added
EDIT: Added rebalancing
EDIT: Added information

[Yurizhai]

Hi cryptog,

Thank you for your proposal. Are you aware we already had NBT/USD custodian support and it saw very little volume (11 trades in 30 days)? Perhaps things have changed since then but CCEDK doesn’t seem to be getting very many USD deposit/withdrawals.

[mhps]

I still think you should ask for NSR from the undistributed shares as the reward. NBT directly paid to LPCs are not backed by USDs.

[cryptog]

Hi @Yurizhai . No I am not fully aware about that.
But I think that the more buy support we have the more people will be trading and cashing out in USD.
I think it is important to show the world that we enable traders to cash out in USD directly, if necessary,

[Yurizhai]

Chronos’ past custodial operation can be [found here.][1]

Just to clarify I think your fee is appropriate, and you are trustworthy; I am not against this proposal, I am just wondering if CCEDK and this present time is worth doing. I will wait for shareholders to comment.
[1]: [Passed] Proposal to provide NBT/USD dual-side liquidity

[cryptog]

Well first of all we have still a lot of reserves to back NBT right now, it seems.
See this.
And even if we were under a fractional reserve regime, I do not think it should prevent us from printing out NBTs to fund projects as long as the Nu economy is healthy and growing and as long as all NBT holders won t cash out their NBT at the same time.
Or maybe I misinterpreted your remark.
In any case, I would definitively prefer NSR.
I could edit the original proposal to take that into account.

[seki]

i believe also that you should ask for NSR even if it is not 1M. Or you may combine different proposals to reach the 1M fee

[cryptog]

@Yurizhai Tks for your trust. You might be right on the timing.

[cryptog]

@seki I prefer also shares.
I may modify my proposal to ask for shares instead within the next hours depending on the opinions that I get from the shareholders.

[mhps]

cryptog, that is what I meant. Even a couple of k nubits is not a big amount and NSR marketcap is higher than NBT in circulation, every bit counts. We don’t have a good way to take nubits back yet.

[willy]

exactly. @cryptog should ask for shares

[desrever]

I assume that when you write NST you are actually referring to NBT, NuBits . Is my assumption correct?

[cryptog]

@desrever Yes. Sorry. Have edited the title.

[cryptog]

@willy @mhps All right.

[cryptog]

Several people have advised me to change the compensation for the custodial work from a compensation in NBT to a compensation in NSR in order to keep a low ratio liabilities/assets of the Nu network as much as possible though @JordanLee seems to prefer NBT as you can see here.
Therefore I have decided to modify my proposal accordingly.

EDIT: link

[mhps]

I will vote for you.

[crypto_coiner]

I second that proposal - I’ll vote for it

[cryptog]

Currently having roughly 1.5% of shareholders’ support. I need more.

Please vote or let me know what you think about the current proposal.

Thank you very much.

[ronny]

I have voted for it as well. I believe Nubits really need as much support on the USD side as possible to stand strong in the eyes of any potential merchants, payment processors etc., so this should only be the first of many NBT/USD support’s made possible, more to show the support here in the beginning without putting too much emphasis on whether it will be used as such. This part will come but only if people can say that it is always there and available.

[cryptog]

I have now 2.4% of shareholder’s votes.
Some progress but still low.
Please vote or discuss the proposal so that I can modify some aspects of it, if necessary. Tks.