Nu Blind Auction NSR #2 (closed)

[jooize]

Lot: 7,959,752 NSR (NuShares)
Reserve price: 0.0005 US‑NBT/NSR
Minimum bid: 500,000 NSR
Closes: End of Friday 2016–07–01 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 down to the minute, and last quantity.
• 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 #2`

• 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 1000 US NuBits at 0.002 price (US‑NBT/NSR) (equaling 500,000 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.

[mhps]

7,959,752 NSR (NuShares)

I assume this is from the latest calculation.

It would mean that you need
7,959,752 - carryover_from_last_week
transferred to you by the FLO NSR, right?

[cryptog]

[jooize]

I believe so, but I have already been provided with the shares.

[mhps]

The last NSR you receive was for last week’s auction/sale of 6.8M NSR, is that correct?

Based on the reserve level and impact to NSR market permitted by Standard and Core, last Saturday’s calculation showed that 6.2289 BTC worth of NSR should be auctioned/sold this week. Taking 80satoshi as the current NSR price, that is ~7.8M NSR, which I think is where this was from

7,959,752 NSR (NuShares)

Right? So no matter how many NSR were sold on Polo, you’d need ~1.1M NSR to fulfill this week’s action need. Am I understanding it correctly?

[jooize]

Lot includes remainder shares from Blind Auction NSR #1 and the 6.8M NSR sent to me.

Were additional shares intended to be on this auction? I am in possession of 7,959,752 NSR.

---

Are we advertising the auction anywhere?

[mhps]

m Blind Auction NSR #1 and the 6.8M NSR sent to me

but 0.4m + 6.8m = 7.2 m

I am in possession of 7,959,752 NSR.

anyway That is enough for this week.

Are we advertising the auction anywhere?

maybe @Sentinelrv @cryptog @crypto_coiner can use their media power…

[jooize]

One participant didn’t pay.

Nu Blind Auction NSR #1 was for 3,175,000 NSR where 2,010,000 NSR were sold, and 1,165,000 remain (minus fees).

I was sent 6,800,000 NSR from FLOT NSR last week.

1,165,000 + 6,800,000 = 7,965,000 NSR

Transaction fees consumed ~200 shares.

I sent 7,964,801 NSR to Poloniex and briefly put them at 80 satoshi (then down to 75). None were sold, unsurprisingly. I was too slow in realising my withdrawal limit wasn’t a hinder to put them there earlier.

3,982,376 NSR (2 NSR fee) from Poloniex to Nu Blind Auction NSR Auctioneer @jooize.

2,999,998 NSR (2 NSR fee) withdrawal is being processed. NuShare price going up impacted withdrawal limit.

982,378 NSR will be withdrawn as soon as possible.

3,982,376 + 2,999,998 + (982,378 - 2) = 7,964,750

I will have 7,964,750 NSR plus 5000 NSR for transaction fees.

Withdrawals from Poloniex will become smoother when I have properly verified with them.

[crypto_coiner]

Nu Blind Auction NSR #1 was for 3,175,000 NSR where 2,010,000 NSR were sold, and 1,165,000 remain (minus fees).

As corroborated in my purchase motion
I thought 415,000 NSR remained unsold because that was data presented to nushareholders as accounting of the Auction NSR #1 after completion here.

Does it sound reasonable that I withdraw my motion in such circumstances?

[mhps]

Thanks! I forgot that someone didn’t pay. I think the process should sell the remainder to the next bidder in line, otherwise one could use a fake high priced large bid to effectivey block an auction.

[jooize]

At that time we couldn’t know whether all participants would follow through with payment.

Good question about your motion! As those shares are now in this auction, I interpret your motion to have no effect if passed, unfortunately. You may however put up a motion asking to buy shares independently of the auctions and sales. I’m willing to process those.

I have a motion in mind to clarify my roles and the workflows we can have. I make no promise as to when I will produce it.

---

I think the process should sell the remainder to the next bidder in line, otherwise one could use a fake high priced large bid to effectivey block an auction.

That seems fair and should work fine. I will only give the next person in line the opportunity for 48 hours after the first 48 hours have passed. If that individual doesn’t pay, the shares are kept. I’d be glad to hear thoughts about how this could be improved. Perhaps adjust the timeframes.

---

Questions

• Are additional bids allowed?
• May bids be changed?

I guess it depends on how much work the auctioneer is comfortable with? Traditionally, I guess neither of those are permitted? What effects could it have?

I preliminarily decline both, but may be fine with later allowing increasing bids (with a significant amount).

[crypto_coiner]

Are additional bids allowed?
May bids be changed?

Primarily no – how would that bidding be different from and have benefits over trading on a market?

[backpacker]

I don’t see why increasing or adding bids should be discouraged, it’ll just lead to more work by auctioneer, having to deal with extra avatars of same persons.

[mhps]

I think the process should sell the remainder to the next bidder in line, otherwise one could use a fake high priced large bid to effectivey block an auction.

That seems fair and should work fine. I will only give the next person in line the opportunity for 48 hours after the first 48 hours have passed.

if it often happens you can just notify the unselected biidders in line to also pay when you notify the winners, with a note saying "Although your bid was not in the winner list, if you pay now, you have a chance to have your bid filled if there are people in front of you not paying in 48hrs. If you bid ends up not filled, your payment will be sent back, less a transaction fee."
So you won’t have to wait. But you sure will have more work.

[jooize]

I have attained Level 2 verification with $7,000 daily withdrawal limit at Poloniex and should have no related issues with withdrawals from now on.

[mhps]

I have attained Level 2 verification with $7,000 daily withdrawal limit at Poloniex and should have no related issues with withdrawals from now on.

Make sure you will have no issue with Poloniex or the tax authority for doing this.

[jooize]

Regulations of exchange trading on behalf of Nu

In order to avoid locking up shareholder funds, I ask for guidance regarding my role as executor of Nu trades at Poloniex (for the time being). Which concerns are there? Freezing of funds. Legal action against the executor. …? I’m a Swedish citizen, and Poloniex is based in USA. Should I worry about tax issues? I have Level 2 verification with a $7,000 withdrawal limit and use a Nu-specific account which is linked to my primary Poloniex account. I intend to apply for Level 3 unless there is…

[cryptog]

[jooize]

Auction closed.

Auction details.

Payment received and US NuBits burned.

Auction concluded.