Nu Blind Auction NSR #4 (closed)

Trading
#1

Lot: 5,940,000 NSR (NuShares)
Estimated reserve price: 0.0008 US‐NBT/NSR or 94 satoshi/NSR (0.00000094 BTC)
Minimum bid: 100,000 NSR
Closes: End of Friday 2016–07–15 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 or BTC address and need to pay within 48 hours after time specified in message (the time I send it).
  • Proceeds in US‑NBT will be burned within three days of receiving them, and burn transactions posted publicly.
  • Proceeds in BTC will be handled according to then current regulations.

Contact

Use subject: Nu Blind Auction NSR #4

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

Examples

Not updated for auction price.

I’d like to bid 150 US‑NBT for 100,000 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.

Reserve price

Estimated reserve price is set at the beginning of auction.

Final reserve price is set at the end of auction. A bit of discretion will be employed to counteract potential market manipulation.

Reserve price is set to 15% below market price.

Calculation

NuShare market price: $0.000718
NuBit market price: $0.77

15% below NuShare market price: 0.000718 * 0.85 = 0.0006103

0.0006103 * (100/77) = 0.000792597

0.0008 US-NBT/NSR

0.0006103 USD is 0.00000094 BTC (94 satoshi).

94 satoshi/NSR

#2

Last day to get bids in.

#3

Auction closed.

Auction details.

Final reserve price

NuShare market price: $0.000605
NuBit market price: $0.84

15% below NuShare market price: 0.000605 * 0.85 = 0.00051425

0.00051425 * (100/84) = 0.000612202

0.0006 US-NBT/NSR

0.0006122 USD is 0.00000092 BTC (92 satoshi).

92 satoshi/NSR

#4

Have buyers already got NSR bought, or when transfer is going to happen?

#5

The winner (ID1) was just contacted and asked to provide payment at a US NuBit address under my control. They will have 48 hours to pay (until 2016–07–18 00:22 UTC). Because FLOT NSR has not provided me with NuShares for this auction, @Phoenix will send them to the buyer when I notify him. When the transaction is completed I will burn the US‑NBT received.

FLOT NSR Operations (buy side)
#6

It’s looking as though ID1 will not pay within their 48 hours. They have until 2016–07–18 00:22 UTC.

I need to determine whether bidder ID3 or ID4 has bid more US‑NBT at end-of-auction market price per NSR.

ID3 bid 3718.44 US-NBT for 5.94 M NSR at 0.000626 US‑NBT/NSR.
ID4 bid 4.8114 BTC for 5.94 M NSR at 81 satoshi/NSR.

Bitcoin market price at end of auction: ~$664

0.00000081 * 664 = 0.00053784
0.00000081 * 664 * (100/84) = 0.000640286

4.8114 * 664 = 3194.7696
4.8114 * 664 * (100/84) = 3803.297142857

ID4’s bid is worth more in market priced US‑NBT. ID4 takes 2nd place in auction.

Is this properly calculated? I’ve messaged @Phoenix about it, but haven’t received a response yet.

I will have to assume it’s correct if nobody objects within two hours.

ID4 has been asked for payment.

ID4 has declined.

Auction concluded.