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

NuShares Passed Grants
#42

I have prepared NuBot on a special machine.
Also, I have contacted @ronny of ccedk to set my account. I can remit USD any time now.

1 Like
#43

I’ve been voting on your new address for a few days now.

1 Like
#44

Getting 16% right now.

1 Like
#45

Getting now 38.61%. Tks for your support.

Do you know by when I need to get more than 50%?

1 Like
#46

Within a 10,000 block rolling window. So there’s no “deadline,” per say. If people were to stop voting your grant’s voting percentage would start to slip down.

#47

I am sorry, but I am very much against this. 10% a month for providing USD liquidity is not worth it. Think about this:

There is a bitcoin trader looking to cash out some bitcoins to his bank in Denmark. CCEDK has low fees for withdrawals in Denmark, just speculating. A Denmark bitcoin trader sees an opportunity to cash out $5000 with NuBits. He trades his bitcoin to NuBits and then to USD. He makes the withdrawal. Now there is no buy side liquidity on NBT/USD for the next 30 days.

If this likely scenario were to play out, the network paid $500 for this trader’s single withdrawal. He would have a very hard time cashing out $5000 worth of bitcoins on CCEDK otherwise.

1 Like
#48

Further, this is the second time I have spoken against a NBT/USD LPC proposal and I really do understand how important USD liquidity is to the peg. So I thought I would comment about how I think this can more efficiently work.

I think a possible solution to this is to find somebody who can easily put USD onto an exchange that would be willing to provide the service at a much lower fee, OR find an exchange owner that realizes that providing USD liquidity to NBT/USD is a low risk way to increase overall USD liquidity on their exchange.

@ronny have you at all thought about providing USD liquidity to NBT on your exchange as an LPC with the added possible benefit of increasing overall liquidity?

I have a large USD balance on BTC-e, but I have never wired money there. I am sure there are many others in my position.

3 Likes
#49

That is a realistic scenario indeed. The problem I have is that no other options to provide liquidity on the NBT/USD pair are available. That is the reason I’m currently voting for it, until someone has a better proposal.

I’m looking forward to alternative proposals as you suggest.

2 Likes
#50

I see. So if 50% is not reached within that 10,000 blocks window, the protocol automatically dismisses the motion hash or custodian address? If it does not, what if 50% is reached at a point beyond that window, say 12,000 blocks later for example?

#51

the window moves with blocks

#52

Why not sell NBT on Payeer and other payment processors / gateways. They have USD.

1 Like
#53

So my grant can pass say 1y later and be totally ignored for 12m prior to that?

EDIT :Typo

#54

Yes, as long as the Shareholders have confidence that you would execute it, it could pass. No deadlines from the Nu system.

1 Like
#55

Right - it’s not a matter in which 10,000 consecutive blocks the majority was voting for a motion or a grant; it’s a matter of whether or not there is ever such a majority!
Am I right that the way to step down from a proposal would be to withdraw it before it has passed?

#56

Yes, that is correct. Withdrawing a proposal before passing is the only way to ‘step down’ from an earlier submitted proposal before passing.

#57

Getting 40.83% right now. Please vote. My proposal is certainly not perfect but this is the best solution to support NBT/USD right now.

1 Like
#58

I am losing support. Getting 32.54% now.
I do think supporting NBT/USD should be the priority.

#59

Not sure why this is falling.Try cross posting to our subreddit?

#60

Maybe [a big fraction of shares stop minting][1] because they are moved to exchanges?

edit: mental note: when trying to get a motion to pass, pick times when NSR is cheap. :wink:
[1]: Current Proof of Stake Difficulty

1 Like
#62

done.