@henry, would it be possible for NuLagoon to buy some NBT from FSRT when the sell side of NuLagoon is dried up? There certainly are times that you need to balance NBT and BTC, and buying NBT from FSRT should be cheaper than on the market. Given that FSRT would rather sell NBT at a loss (not something I entirely agree with), you might be able to distribute the difference as extra interest and take a part of it as a handling fee.
In the coming days I will try to build a crude workflow for multisig-based shareholder operations. If the FSRT is using some scripts already please let me know (or upload something to git hub), to avoid a duplication of effort. Also, if there’s anything that I can help please also tell me.
NuLagoon would be happy to do so if it is for the interests of NuShareholders and it accord with the rule that NuLagoon manage fund with.
Let us know how to do it when FSRT is ready.
That’s great. Checking the regulations for NuLagoon I don’t see anything that forbids this.
I hope FSRT comes back to this thread soon, but the process would probably be like this:
NuLagoon reports an amount in NBT it wants buy using BTC based on balancing targets. I presume there’s BTC sitting off exchange now, so that should be used first. It should be a conservative estimate taking into account BTC volatility.
FSRT and NuLagoon decide upon an escrow for exchanging NBT for BTC. Ideally, the ultimate destination of NBT would be an exchange account controlled by NuLagoon; for BTC it can either be a BTC address designated for Tier 4 funds or a BTC address controlled by the FSRT, whichever is easier.
NuLagoon and FSRT negotiate an appropriate BTC price. The BTC price should follow the formula already used for NuLagoon accounting, and FSRT should sell NBT at no less than 0.998 USD per NBT based on this BTC price.
The trade occurs.
See if anything here might break some rules.
At a reasonable price, it is in the interest of shareholders for NuLagoon to purchase NBT from tier 4. I can sell 10,000 NBT. Shall we meet in a chat room like gitter.im and exchange for exactly 1.00?
I think I understand why this is weird, it’s about the price. On the one hand, NuLagoon is trying to keep a spread on all nbt purchases. On the other hand, these are shareholder operations. The rules here are ambiguous.
Any MLP may buy nbt from Tier 4 funds (any nbt held in reserve under the direct control and possession of shareholder motion) at a price of up to $1. This is in contrast to current and future spread regulation motions which pertain to open market actions.
A PM has been sent to you.
In the the long term, the people who would do this kind of thing are going to be market makers. I don’t have a lot of NBT (or liquid crypto) but I guess I’ll try to set up some pair using NuBot.
We are happy to tell the community that the transaction between NuLagoon Tier3 and @JordanLee 's Tier4 was completed. NuLagoon has bought 10000 NBT and injected them into the network liquidity to mitigate the short of sell wall. Thank you.
i guess you have to do this again
poloniex is “empty”
Sell side is shrinking fast at the moment.
Shows 25% ask / 75% bid over the last 15 minutes.
sell side is not shrinking. it is empty for a long time now!
On poloniex, yes. I was talking over all!
We just promoted some NBT to poloniex’s sell wall.
Seems to be gone already. Someone is hungry for NBT!
Still 35% sell side, 65% buy side.
25% sell 75% buy over last 15 minutes!
If that were the case for more than 4 hours (ok, only below 35% for 4 hours would be required to trigger the action), my motion draft (shameless plug) would restore sell side to 45%
Assuming a constant buy side that would mean more than 20,000 NBT (roughly 21,200) were brought to market from T6 sell side and $20,000 (in BTC) would be put to T4 buy side. If they’d stay there, they could be used for NSR buybacks, dividends, whatever the NSR holders decide…
i just sent a message to Jordan to buy NBT for polo sell wall
Just for the record:
my motion draft (repeated shameless plug trying to raise awareness…) would have initiated restoration of sell side to 45% by activating FLOT to sell NBT!