Nu Blind Auction NSR #1 (closed)

3 days since the end of the auction, no report, no proof of burn or accounting for the Nushares successfully sold and how much left.

Is there any good reason for that?

@jooize = @JordanLee = @IAmJordanLee = @Phoenix = @MrBean ?

1 Like


I will burn proceeds ASAP.

You flatter me. :flushed:

burn 2439.98 B "Nu Blind Auction NSR #1 Burn"

2440 US-NBT burned.

One participant (ID5) didn’t pay their 800 US-NBT for 750,000 NSR.


Are those 750k still available?

Put them in the next auction.

Because no rule was set before auction about remaining NuShares, I will not sell them to anyone without order from FLOT or reference to passed motion.

@crypto_coiner put up a motion to buy the expected remainder of 415,000 NSR.

I want clarification about how to handle unpaid and remaining NuShares.

I also wonder about the fee. I paid what asked, which was around 50 NSR for most. May I simply reserve some NuShares for that? I could probably take it from the winner’s amount, but I don’t want to add more steps of calculation for what is pennies.


I think this must be public information.
The auction protects privacy of bidders supposing and if they honor their bid

They should go to the next auction as keeping selling them is like prolonging the auction, which puts undue work load on the executioner, and encourages people not to follow the bidding process.

Of course anyone can ask to buy any amount of NSR at any price by raising a motion. For sporatic cases FLOT can do the selling. If it becomes prevalent, FLOT will have to appoint a sales managger.

What do other members think? @dysconnect @Dhume @ttutdxh @Dhume @masterOfDisaster @cryptog

1 Like

You can reserve or take from the next auction or get compensation for a summary amount frm FLOT.


I am fine with what u ve proposed here.

1 Like

I won’t release their identity. If you believe this should be the case, push for that to be the rule of future auctions. I’m opposed.

Bidders may be anonymous anyway. Edit: Unless we force them not to be, of course.

Would you be able to perform another auction this week?


To consider is reserve price. Do we want it at 0.001 US-NBT or less, if any? One person messaged saying they wouldn’t bid in this auction because of the reserve price.

1,164,801.00 NSR of Nu’s NuShares from Blind Auction NSR #1 remain in my wallet.

I think it’s most convenient accounting-wise to send the remainder back to FLOT and have FLOT send the whole amount to the auctioneer (me) for next auction (amount determined by the Standard).

I keep 5000 NSR for transaction fees. OK? They will be returned to FLOT at the time I’m no longer an auctioneer.

1 Like

If the FLOT prefer to carry-overm I think it is more convenient to both you and the FLOT if you lump them together with the next auction nsr, and auction the whole lot. But you decide.

OK with me.

The market price on Poloniex is currently 0.000496 USD for NSR and around 0.20 USD for US-NBT. That would imply an NSR market rate of 0.00248 US-NBT. I would suggest a practice of setting the reserve price 10% below the market price, which is 0.00223 US-NBT in this case. If NSR isn’t purchased because of the reserve price, then we are better off selling the NSR on Poloniex. Whatever isn’t sold in the auction should be sold on Poloniex.

One hazard of picking reserve prices is that the market rate of NBT or NSR could change before the auction ends, which would make the reserve price suboptimal. I don’t see a good way to remedy this, although it is possible to do so by selling only on Poloniex where reserve price doesn’t apply. We can look at the results of this auction and decide whether it makes sense to have another auction or sell on Poloniex.

So if 1 nbt=$1, the minimum price should be 0.000496 nsr/nbt. Or is nbt only $1 when it’s not us that’s buying it? If FLOT states nbt=$0.2, then the peg is already entirely gone and we need to admit that.

I am ok with sending back the remaining to FLOT and keepin 5000NSR as tx fee.

What s a reserve price?

I don’t think we need any reserve price, to be honest.


@jooize Have you received the NSR for Auction #2 / sales ? If yes I suggest you put all of the lot at the market price that you estimate on Poloniex until some time on Sunday that is convenient to you.

Auction is not feasible this week but if needed the proceed btc from selling nsr can be used to buy nbt later.

1 Like