Nu Blind Auction NSR #7 (closed)


#1

Lot: 29,750,000 NSR (NuShares)
Estimated reserve price: 0.00043 0.00039 US‑NBT/NSR or 54 43 satoshi/NSR
Minimum bid: 500,000 NSR
Closes: End of Friday 2016–08–05 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 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 24 hours after time specified in message (the time I send it rounded to next hour).
  • Proceeds in US‑NBT will count toward the daily US‑NBT acquisitions currently set at 2000 US‑NBT and burned over time (daily).
  • Proceeds in BTC will be handled according to then current regulations. Currently used for liquidity operations.

Direct sales

You may contact me with offers for amounts higher than the auction lot.

Contact

Use subject: Nu Blind Auction NSR #7

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

Bid

Not updated for this week’s 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.

Lot

Decided by Chief of Liquidity Operations.

2000 US‑NBT per day for 7 days is 14,000 US‑NBT per week.

14,000 US‑NBT at current target peg price $0.85 is $11,900.

NuShare market price: $0.000400

# USD for week's US‑NBT divided by NSR price

11900 / 0.000400 = 29750000

29,750,000 NSR

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: $0.000400
NuBit market price: $0.790187
Bitcoin market price: $624.50

# 15% below NuShare market price.
# NSR * 0.85 = 15% of NSR

0.000400 * 0.85 = 0.00034

# NuBit value according to market.
# 15% of NSR * (100/US‑NBT) = US‑NBT/NSR reserve price

0.00034 * (100/79) = 0.00043038

0.00043 US-NBT/NSR

# 15% of NSR / BTC = BTC/NSR reserve price

0.00034 / 624.50 = 0.000000544

54 satoshi/NSR


#2

Emailed :cry: hoping the reserve isn’t a required bid.


#3

Updated estimated reserve price

NuShare market price: $0.000295
NuBit market price: $0.636612
Bitcoin market price: $574.41

# 15% below NuShare market price.
# NSR * 0.85 = 15% of NSR

0.000295 * 0.85 = 0.00025075

# NuBit value according to market.
# 15% of NSR * (100/US‑NBT) = US‑NBT/NSR reserve price

0.00025075 * (100/63) = 0.000398016

0.00039 US-NBT/NSR

# 15% of NSR / BTC = BTC/NSR reserve price

0.00025075 / 574.41 = 0.000000437

43 satoshi/NSR


#4

Auction closed.

Google Sheets

Final reserve price

NuShare market price: $0.000374
NuBit market price: $0.694022
Bitcoin market price: $575.04

# 15% below NuShare market price.
# NSR * 0.85 = 15% of NSR

0.000374 * 0.85 = 0.0003179

# NuBit value according to market.
# 15% of NSR * (100/US‑NBT) = US‑NBT/NSR reserve price

0.0003179 * (100/69) = 0.000460725

0.00046 US-NBT/NSR

# 15% of NSR / BTC = BTC/NSR reserve price

0.0003179 / 575.04 = 0.000000553

55 satoshi/NSR


ID1 wins the whole lot.


#5

ID1 didn’t pay.

ID3 has been contacted.


#6

But didn’t ID3 bid below the reserve price? Reserve price 0.00046 NBT, but ID3 bid 0.0004078?


#7

Oops, blundered again. Thank you for noticing!

@Phoenix: Should we under any circumstance sell below reserve price?


ID3 has been notified about the situation. Awaiting response from @Phoenix.


#8

Not under this circumstance.


#9

For those of an analytical bent, this exchange gives interesting information.

  • If ID#1 were Phoenix, he would most likely have made payment.
  • If ID#2 were Phoenix, he would most likely have bid using NBT rather than BTC.
  • If ID#3 were Phoenix, he would most likely have allowed the purchase.
  • If ID#4 were Phoenix, he would most likely have made a bid for more shares.

Therefore, I find it most likely that Phoenix did not bid in this auction. If Phoenix did not bid in this auction, it’s likely that he didn’t bid in others.

Therefore, the large network stake that Phoenix controls is most likely being diluted by these auctions.

(I could be wrong.)


#10

Alternative explanations:
@Phoenix is realizing that Nu is beyond saving due to the hundreds of thousands of USD debt, which can (lacking revenue) only be reduced by NSR sale.
Or @Phoenix doesn’t have enough money to do that or cuts losses by not spending more money on the NSR sale.
Or he already converted all NBT and is happy to see what happens now.
I could go on.for some time.

What I’m trying to say: you can barely find out who participated in the last auctions and for what reason by just looking at the most recent one and making guesses about the motives :wink:


#11

Darn I didn’t win :frowning: