Nu Blind Auction NSR #1 (closed)

Trading
#1

Lot: 3,175,000 NSR (NuShares)
Reserve price: 0.001 US‑NBT/NSR
Minimum bid: 500,000 NSR or 500 US‑NBT
Closes: End of Friday 2016–06–17 UTC

  • I promise to keep identities confidential, but blockchain transactions cannot be hidden.
  • All bids will be publicly listed after auction closes, before payment has been collected.
  • Bids are prioritised by price, then bid time, and last quantity. (Clarified)
  • Time of bids with be set according to when the client says it was received (forum, email server, Bitmessage).
  • Winning bidders will be sent a unique US‑NBT address and need to pay within 48 hours after time specified in message (the time I send it).
  • Proceeds will be burned within three days of receiving them, and burn transactions posted publicly.

Contact

Use subject: Nu Blind Auction NSR #1

  • Private message.
  • nu@esko.bar
  • BM-2cVrqHUd3LNLDSGxJF4DCLnF3moFwcxNgy

Examples

I’d like to bid 500 US‑NBT for 500,000 NSR.

I’d like to bid 800 US NuBits at 0.002 price (US‑NBT/NSR) (equaling 400,000 NuShares).

Selection

1000 NSR available.

A bids 500 US‑NBT at price P on Monday.
B bids 1000 US‑NBT at price P on Tuesday.

A wins and B wins the remainder, i.e. half of their bid.

Errata

I began the auction saying minimum bid is “500,000 NSR or 500 US‑NBT”, and later changed to “500,000 NSR (500 US‑NBT)”. Motion says “500,000 NSR”, but I have and will accept bids at 500 US‑NBT this auction.

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.

12 Likes
True or False?: NuBits are backed by NuShares
I have only 250NBT
[withdrawn] Purchasing 415,000 NSR for 500NBT
FLOT NSR Operations (buy side)
Possibility and implications of a majority shareholder
#2

Thank you! I know it is a burden.

1 Like
#3

Thanks @jooize for organizing this. You’re a trooper.

3 Likes
#4

Brilliant, @jooize . We are moving in the right direction.
We shoukd pin this above anyelse

#5
#6

You might want to provide a template letter sent from bidders to you, or at least minimum required info. for example

I’d like to bid ____ nubits for ____ nushares
I’d like to bid ____ nubits at _______ price (nubits per nushare).

1 Like
#7

I have only 250 NBT. Anyone wants to collaborate with me and add 250 NBT to reach the minimum biddable of 500 NBT?

#8

You can buy NBT quite cheap :wink:

2 Likes
#9

good point.

#10
#11

Advertisement

Nu Blind Auction NSR #1 (debt/equity swap) – NuBits insolvent

Do we want to submit it to r/Cryptocurrency and r/NuBits?

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Your call. Please check for typos and represent Nu professionally and honestly.

Suggest improvements. Wiki post.

#12

haha I just bought 1000 NBT for 300$

here’s what Nu should do — put some of the weight on the shoulders of the traders. Deliberately remove buy walls sometimes so the peg is lost but the traders will then rush in to buy cheap nbt that they hope to sell later. as more traders start to do this the peg will start holding on its own. checkmate

3 Likes
#13

So it is not a bad thing that we lost the peg. We learned that some speculators are ready to bet on the recovery and therefore buy nubits.

#14

I wouldn’t go that far, but I think there’s a lot we can learn anyhow. If we get NuBits back up or another product rolling, the event should have made us more resilient in areas we otherwise may have neglected, as we did.

1 Like
#15

I was joking a bit of course.
Another positive aspect.
The free advertisement. Like mtgox. :slight_smile:
I excpet we ll recover.

1 Like
#16

Is this a (small) step in order to recover NuBit’s peg once more?

I don’t wanna be pessimistic but a Lot of 3M NSR is only .3% of NSR’s marketcap.

Shouldn’t we have to auction more NSR to burn more NBT in order to increase its price faster and more significantly?

Nevertheless, congratulations for already being taking action instead of wasting time with endless discussions.

Actions are needed as soon as possible in order to recover from a momentaneous loss of confidence in the system.

2 Likes
#17

My understanding is that the 100M nsr, if approved by voting, will be sold/auctioned to support peg recovery.

How much nsr to sell/auction is the subject of discussion here.

1 Like
#18

Where does this figure come from?
Is the auction primarily intending to burn NBT?
What is the general motive and purpose?

#19

from last week’s buyback calculation (expressed in $) and a market price.

#20

Have you seen this?

1 Like