Nu Blind Auction NSR #1 (closed)

Each time the NSR price dropped, after it was clear that NSR would be sold.
It’s precisely the anticipation of dilution that caused it.

Without revenue, you can’t sustain your business.
There will be no demand in the future, because there will be no belief, that NBT can be stable.

Most of all you need revenue.

I’ve had a look at Poloniex, which seems to be the major market for NSR.
There are over 3 million NSR below 0.0000013 for sale at the moment.
This will indeed create problems for the auction.

Maybe the minimum bid price created a price ceiling, which sellers at Poloniex undercut?
If the auctions ends with NSR left, maybe the next auction foregoes the minimum price and prevents such a ceiling from being formed?

Both defining/announcing such a minimum bid price and auctioning without it have risks.
You need to choose the one that seems most appropriate.

The chances for the auction aren’t as bad as they seem.
Payment is in NBT and NBT is at approximately $0.30 at the moment.
Bidding in the auction can be cheaper than buying with BTC at Poloniex.

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This +1

With NBT floating around $0.33 mark the real minimum bid price for NSR is around $0.00033 instead of $0.001. That is competitive I would say.
Besides any sells on Poloniex won’t benefit Nu directly as they are being sold in BTC instead of NBT through the auction. Therefore they are less attractive for current shareholders.

Bidding in the auction is a vote of confidence and at the same time taking away ‘buy’ side in the form of NBT liabilities. It is the first step to return to a normal peg. The next step is more difficult as it involves at least a sustainable model in the short term to maintain the peg, with a chance to obtain revenues in the longer term.

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Maybe clarify what happens when you need to choose bids at the same price: who gets chosen first? early time of bidding/paying, greater quantity, or partial offer from everyone?

I suggest add date and time in the BM message as the python BM client doesn’t keep time stamp in the header.

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NSR is rising. I do not feel people will be likely get NSRs at 0.001NBT per NSR unless NBT rises too.

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16 is a Thu.
So Fri 17 or Thu 16 ?

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Earliest highest bid (price) wins. Any valid quantity is accepted. Is this unambiguous?

I expected timestamps to do the job, though I’m curious to know how Bitmessage sets that. Can clients fake the timestamp to some degree? If the Python client doesn’t even set it, would it be acceptable to go by what my client says (assuming it does say something in that case)?

Everyone will get their 48 hours to pay. Bidders who do not follow through cause worse deals for others in this auction. What can be done about that? After 48 hours the next qualifying bidder will get a chance?

Oops, screwed that up. In draft I set end of Thursday because I intended four days of bidding, but then went by motion which says until end of Friday.

End of Friday 2016–06–17 UTC applies.

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A bids 500 nbt at price P on Monday
B bids 1000 nbt at price P on Tuesday

You only need 1000/P nsr. Do you choose A and B/2 or choose B ?

A and B/2.

So the highest priority is price, then bid time, then quantity?

Correct. Thanks for typing it out. I’ll put that in the post!

This auction closes in a little over an hour. Last chance to get your bids in!


Auction closed

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No more bids will be accepted.

Winning bidders will be sent a US‑NBT address where I expect payment within 48 hours from the time I send the request.

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@jooize Perhaps a few statistics on the auction? For example: total number of bidders, highest winning bid, lowest winning bid. Or whatever you think might be appropriate to share.


All bidders have been asked for payment.

View all bids. (Google Sheets)

Identities never touched the spreadsheet.

415,000 NSR remain unsold.

I will sleep now and answer any further questions tomorrow.


How do I target an address/transaction in which to burn NuBits?

I think you would have to use listunspent and craft a raw transaction to burn NBT from a specific address. The burn command just picks them by random.

Okay. Is there documentation for how to craft a burn transaction?