NSR Buyback #11 - Week of December 7, 2015

NSRBuyback · December 4, 2015, 3:42am

This account will be conducting NSR buybacks in accordance with this motion. Each buyback week a new thread will be created for shareholders to monitor. At the conclusion of the week the final results will be posted here along with a confirmation link showing the NSR burn. The thread will then be locked.

The only goal of this account is to purchase as many NSR as possible each buyback week to be destroyed using the funds provided by shareholders. A successful NSR burn will result in all shareholders attaining a larger equity percentage of the Nu network than they held before the NSR burn.

If you would like to sell us your personal NSR for less than 70% of the market price each week, send a bitmessage to BM-2cVFzzfWwKkdxLmgZwhSFfGmKwqDrddDfv to negotiate a deal.

Previous Buybacks:

Buyback #1: Week of September 28, 2015
Buyback #2: Week of October 5, 2015
Buyback #3: Week of October 12, 2015
Buyback #4: Week of October 19, 2015
Buyback #5: Week of October 26, 2015
Buyback #6: Week of November 2, 2015
Buyback #7: Week of November 9, 2015
Buyback #8: Week of November 16, 2015
Buyback #9: Week of November 23, 2015
Buyback #10: Week of November 30, 2015

dysconnect · December 5, 2015, 4:49pm

Sorry to hijack this thread, but could you provide a BTC deposit address for FLOT to send you next week’s buyback funds?

NSRBuyback · December 5, 2015, 8:39pm

A PM has been sent to the FLOT team with deposit instructions for this week’s buyback. Thank you.

huafei · December 7, 2015, 4:35am

@NSRBuyback the buyback fund on the way from FLOT?

Nagalim · December 7, 2015, 12:15pm

@masterOfDisaster @Dhume @dysconnect @mhps @ttutdxh @cryptog @jooize @woodstockmerkle

This is now top priority. How many signers have signed? How long until this is taken care of? We’re already out of time.

dysconnect · December 7, 2015, 1:00pm

FLOT members have been very diligent in signing, but are hindered by subtle technical issues. Basically we have forged and signed raw transactions over and over again but they could not be sent over the network.

For instance, this transaction could not be sent through the network, despite having 5 signatures that can be confirmed via “verify”.

masterOfDisaster · December 7, 2015, 1:00pm

Technical issues are preventing the FLOT from broadcasting the signed transaction.
The attempt with 3 outputs (bter deposit address, poloniex deposit address, FLOT multisig address) failed.
After that we tried to create a transaction with 2 outputs (bter deposit address, FLOT multisig address).
That transaction can’t be broadcast as well.
Troubleshooting is going on.
@JordanLee has been activated and will transfer funds to @NSRBuyback in case the FLOT transaction can’t be broadcast.

edit: I hope that I don’t give the wrong credit, but it looks like @ttutdxh and @dysconnect fixed it.
A wrong order of the signatures (in relation to the pubkeys) was the reason.

huafei · December 7, 2015, 9:36pm

please do it after fully test

Nagalim · December 8, 2015, 12:22am

Can we get an update here?
@masterOfDisaster @NSRBuyback

NSRBuyback · December 8, 2015, 12:24am

Tuesday, December 8, 2015

Beginning amount of buyback funds: 39.9 BTC (10 BTC on Poloniex, 29.9 BTC on BTER)

Market price: 0.00001525 BTC

Buyback price: 0.00001220 BTC (80% of market price)

Exchanges: Poloniex & BTER

Buy walls are set.

Notes: The Monday buy wall was cancelled and we are beginning today at 80% of market. Thank you to FLOT team members who have worked very hard behind the scenes to ensure everything was fixed as quickly as possible.

Nagalim · December 8, 2015, 12:32am

So this was done with FLOT? That’s pretty excellent, champagne all around.

masterOfDisaster · December 8, 2015, 2:34am

Maybe I shouldn’t have added this info as “edit” to my last post:

@ttutdxh identified this update of code as change that introduced the bug.

From the Bitcoin core client debug window:

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"version" : 1,
"locktime" : 0,
"vin" : [
{
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"sequence" : 4294967295
},
{
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"vout" : 0,
"scriptSig" : {
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},
{
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"scriptSig" : {
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},
"sequence" : 4294967295
}
],
"vout" : [
{
"value" : 29.90000000,
"n" : 0,
"scriptPubKey" : {
"asm" : "OP_DUP OP_HASH160 f7eb09ac2bf52698dba16aea1c09551871039839 OP_EQUALVERIFY OP_CHECKSIG",
"hex" : "76a914f7eb09ac2bf52698dba16aea1c0955187103983988ac",
"reqSigs" : 1,
"type" : "pubkeyhash",
"addresses" : [
"1PbsU6RsQjueUgtx2jC9oKaN62kXMjo8u5"
]
}
},
{
"value" : 10.00000000,
"n" : 1,
"scriptPubKey" : {
"asm" : "OP_DUP OP_HASH160 0c70e95bff7e770b046952652f0bb8b737c61837 OP_EQUALVERIFY OP_CHECKSIG",
"hex" : "76a9140c70e95bff7e770b046952652f0bb8b737c6183788ac",
"reqSigs" : 1,
"type" : "pubkeyhash",
"addresses" : [
"128nNY1hpeiJkWGNPow5K48Acpaf8fpFYL"
]
}
},
{
"value" : 68.39998000,
"n" : 2,
"scriptPubKey" : {
"asm" : "OP_HASH160 f716edbaa472c1470d36a3e78b17a4c9bb547fcf OP_EQUAL",
"hex" : "a914f716edbaa472c1470d36a3e78b17a4c9bb547fcf87",
"reqSigs" : 1,
"type" : "scripthash",
"addresses" : [
"3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG"
]
}
}
]
}

NSRBuyback · December 9, 2015, 1:11am

Wednesday, December 9, 2015

Beginning amount of buyback funds: 39.9 BTC (10 BTC on Poloniex, 29.9 BTC on BTER)

Market price: 0.00001493 BTC

Buyback price: 0.00001344 BTC (90% of market price)

Exchanges: Poloniex & BTER

Buy walls are set.

Nagalim · December 9, 2015, 5:02am

well that was interesting.

NSRBuyback · December 9, 2015, 5:15am

We have completed our purchase of 39.9 BTC worth of NSR. We are pleased that we were able to purchase approximately 2,962,915 NSR for burning this week. 2,350,000 NSR have been withdrawn and the remainder will be withdrawn within 48 hours. We will provide transaction details of the NSR burn on Saturday or Sunday, similar to previous buybacks.

This buyback was completed about five hours into Wednesday. The trend appears to suggest there may be multiple shareholders looking to liquidate their shares and competition could be fierce. If you want to guarantee your sale of NSR next week, you should consider sending us a message with an offer below 70% of market price.

zoro · December 9, 2015, 7:42am

I don’t know guys.
I have a feeling that BTC is slowly becoming mainstream.
Is wise to keep selling them?

masterOfDisaster · December 9, 2015, 11:14am

Don’t get ensnared by the temporary success of Bitcoin. The economical model of Bitcoin is fundamentally flawed. The technological success of Bitcoin might not prevent Bitcoin from failing.

The costs for sustaining it are not long-term covered by the revenue that processing transactions creates. With 25 BTC coinbase reward it’s worthwhile to operate miners. With 12.5 BTC it will be different. The halvings will go on.
The tx fee can’t help fixing that, because the same time the BTC rate goes up, people sending tx will reduce the fee per kB of tx size - they don’t want to pay double the fee just because BTC price doubled.
Operating the mining armada based on fees will very likely not work.
Bitcoin price is mainly driven by speculation but not by the revenue model of miners collecting tx fees. In the long term the coinbase reward will play an evanescent role. Tx fees can’t compensate that.

If you want to read an assessment of that, have a look here:

NSRBuyback · December 11, 2015, 12:13am

Update:

The withdrawal from Poloniex will be complete in approximately five hours.

BTER has had our final withdrawal listed as pending for almost a day now. We are aware of at least one other user who is experiencing the same issue. BTER support is supposedly looking into the issue. We will keep shareholders notified of the situation, but it is probably worth avoiding deposits to BTER in the meantime.

We are all looking forward to a day when B&C Exchange will be our buyback channel.

NubitGuy · December 12, 2015, 2:07am

i just tried one small withdrawal one large withdrawal and 1 deposit didn’t have any issues got the coins in the balance few Minutes pretty much normal speed its happen to me a few time to get a long processing time once they got the Ticket was about 48 hours the process went through I wouldn’t worry about bter as much as Cryptsy is a disaster waiting to happen

huafei · December 12, 2015, 2:12am

@NSRBuyback you can ask there QQ support, they don’t know the account detail of buyback account.