Same reason to remove ppc and all other reserves but the ‘core btc reserve’. The concept here is that the way we buy nbt is with btc. If we run out of btc all our operations hit really weird territory where FLOT becomes a complete governmental body deciding which operations get paid and which dont. We need to be concerned only with the btc reserve when determining the standard.
Using outstanding is the assumption that we do have NuSafe funds, though they are not liquid. It puts them in as negative debt rather than positive reserve to indicate that illiquidity.
the standard and core motion doesn’t say when to use NuSafe but went on to exclude it in the reserve. That is another reason teh current situation looks over scary.
bitfinex BTC mid price is 437.385 USD
btc-e PPC average price is 0.000785 BTC
Tier 4 buy side funds 106.822468 BTC, 0.000000 PPC, and $30000.000000, valued $76722.545127 (175.411926 BTC)
Of the 735013.307400 NBT in circulation, 735013.307400 - 30000.000000 = 705013.307400 NBT are outstanding.
15.00 percent of outstanding Nubits, 105751.996110 NBT (241.782402 BTC), are reserved and excluded from the share buyback calculation.
106.822468 - 241.782402 = -134.959935 BTC (76722.545127 - 105751.996110 = -59029.450983 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -6.7480 BTC (~ -2951.47 NBT)
Standard < -2500: Sell 2951.47 NBT (6.7480 BTC) amount of NSR next week.
Auxiliary reserve flow is 0.666667
PPC Standard is -3525.066537 NBT
Standard x F (-1967.648366) < -1000: Sell -1967.65 NBT (4.4987 BTC) amount of PPC next week.
Ok, looks good to me, but this is for today not friday. We need one number for the week, and I’m sticking with the -$2446.59. Of course, it is up to FLOT ultimately, but I’m pretty sure everyone is going along with what you and I are saying.
bitfinex BTC mid price is 505.365 USD
btc-e PPC average price is 0.000775 BTC
Tier 4 buy side funds 11.551468 BTC, 0.000000 PPC, and $30000.000000, valued $35837.707580 (70.914503 BTC)
Of the 699175.402600 NBT in circulation, 699175.402600 - 30000.000000 = 669175.402600 NBT are outstanding.
15.00 percent of outstanding Nubits, 100376.310390 NBT (198.621413 BTC), are reserved and excluded from the share buyback calculation.
11.551468 - 198.621413 = -187.069945 BTC (35837.707580 - 100376.310390 = -94538.602810 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -9.3535 BTC (~ -4726.93 NBT)
Standard < -2500: Sell 4726.93 NBT (9.3535 BTC) amount of NSR next week.
Auxiliary reserve flow is 0.666667
PPC Standard is -3345.877013 NBT
Standard x F (-3151.286760) < -1000: Sell -3151.29 NBT (6.2357 BTC) amount of PPC next week.
should be considered a suggestion if NuSafe is not to be used. Assume 100k NBT will stay parked next week we would have 200BTC less liability. If half of NuSafe is further coverted as T4 reserve in BTC, we would have
41.610685 - 175.598544 = -133.987859 BTC (35764.355759 - 87626.307390 = -66861.951631 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -6.6994 BTC (~ -3343.10 NBT).
Can NuSafe be used to substitute NSR buy back? The Standard and Core doesn’t really say.
Id really rather we operate based off the 4726.93 number. NuSafe deployment will be used for next calculation, we don’t know how long those funds will last either.
Just one nsr amount, determined before taking them to market. Of course FLOT can do what they feel they must, but it is important that we stick to the plan for now.
bitfinex BTC mid price is 571.07499999999995 USD
btc-e PPC average price is 0.00067 BTC
Tier 4 buy side funds 19.742368 BTC, 0.000000 PPC, and $0.000000, valued $11274.372754 (19.742368 BTC)
Of the 710197.995900 NBT in circulation, 710197.995900 - 0.000000(NuSafe) = 710197.995900 NBT are outstanding.
15.00 percent of outstanding Nubits, 106529.699385 NBT (186.542397 BTC), are reserved and excluded from the share buyback calculation.
19.742368 - 186.542397 = -166.800029 BTC (11274.372754 - 106529.699385 = -95255.326631 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -8.3400 BTC (~ -4762.77 NBT)
Standard < -2500: Sell 4762.77 NBT (8.3400 BTC) amount of NSR next week.
Auxiliary reserve flow is 0.666667
PPC Standard is -3550.989980 NBT
Standard x F (-3175.177554) < -1000: Sell -3175.18 NBT (5.5600 BTC) amount of PPC next week.
This was the week when btc started to rally almost continuously
The buyback pool was -40 BTC then, meaning that the pool was short on fund. During the rally in mid-April and late May Nu T4 reserve lost rate was about 90BTC/week to defend the peg. Had there been no buybacks, Nu would have 555.6 BTC more in its reserve. These reserve could last 6 weeks of unstopped btc rallying, starting May 21.
Selling NSR in a time, when NBT doesn’t look all great is hard enough.
Selling NSR in a time, when NBT doesn’t look all great, because of a BTC bull run is even worse; people just don’t want to trade their BTC for NSR - for two reasons…
