Nu blockchain statistics. Poll closed. Data presented

[mhps]

I am dumping Nu blockchain to get statistics of the network since it started. It will help us understand Nu and plan the future of Nu, for example by giving us a basis to estimate Nu’s revenue potential through fees.

Data dump will take some time to finish.

Let’s take a survey of people’s guess in the mean time of how much Nubits were burned as tx fee in the first 6 months after the 1st block was made.

If you know the answer, please don’t tell and don’t vote.
Answer will be posted on Monday.

• fee <= 10
• 10 < fee <= 50
• 50 < fee <= 100
• 100 < fee <= 500
• 500 < fee <= 1000
• 1000 < fee

Show results

OK the poll is closed. The answer is

29.9724 NBT

only, less than most thought.

Here are statistics taken every 6months after block #1 for the following:

txS: number of nsr transactions
txB: number of nbt transactions
stakes: number of POS blocks found
feeS: nsr transaction fee
feeB: nbt transaction fee
burnS: burned nsr
burnB: burned nbt
genS: coinbase generated nsr excluding POS reward
genB: coinbase generated nbt

Block 1 2014-08-03 17:44:14 UTC

** Accum txS 0 txB 0 stakes 0 feeS 0 feeB 0 burnS 0 burnB 0 genS 2500000 genB 0

Block 208208 2015-02-03 00:00:29 UTC

** Accum txS 4461 txB 2891 stakes 207797 feeS 28986 feeB 30 burnS 2889 burnB 0 genS 1000000000 genB 6286368

Block 466440 2015-08-03 00:05:05 UTC
** Accum txS 7282 txB 9467 stakes 466020 feeS 41440 feeB 117 burnS 11658722 burnB 1750033 genS 1000000000 genB 6340137

Block 729467 2016-02-03 00:00:43 UTC
** Accum txS 9049 txB 20009 stakes 729038 feeS 48591 feeB 255 burnS 231891214 burnB 3592485 genS 1025000000 genB 6816393

Note:

For a NSR transaction:

• if the output is 40NSR greater than the input, it’s regarded as a POS tx; if more than 40NSR greater, it is regarded as a coinbase generation.
• if the output is less than the input by 100NSR or less, the difference is considered fee; else the diff is considered burned NSR

For a NBT transaction:

• if the output is greater than the input, it’s regarded as a coinbase generation.
• if the output is less than the input by 1NBT ot less, the difference is considered fee; else the diff is considered burned NBT

A transaction that has rawtransaction longer than 128k byte is ignored.

@sigmike, using the output of

./nud decoderawtransaction ./nud getrawtransaction

is there a sure way to tell if a transaction is POS block or NSR coinbase printing of new 40NSR?
And, is there a way to distinguish fee and a small amount burning?

edit: tx size > 128k are counted. sttistics updated

[cryptog]

You should add [poll] to the title i think.

[mhps]

Block 729467 2016-02-03 00:00:43 UTC
*** Accum txS 8470 txB 19998 stakes 714210 feeS 37390.369600 feeB 253.705800

In the firstt 1.5 years there were ~20.000 nbt transactions. The transaction fee was ~ 254 nbt. It would be unrealistic to expect this kind of revenue rate to support Nu operations.

[Sabreiib]

Glad to see Nu shareholders begin to do accounting.
Could you tell me if the peg at spread of 2%, given with same NBT trade volume in the first 1.5 years, how much revenue can you get?

NuBits (USNBT) price, charts, market cap, and other metrics | CoinMarketCap

I can check everyday’s trade volume here, but difficult to summarize it.

Nowadays, Nu has 700,000NBT debts, for a 550 days(1.5years) period, if you can charge 1272NBT as a spread trade fee, on 2% ratio, means the trade volume of NBT per day is 64,000NBT, it seems that Nu can achieve 64,000NBT average daily volume easily.

It’s stupid to give up spread pegging. This team doesn’t know how to do business at all, hope community learn it quickly if there was a 2nd chance.

In fact if the official spread is 5%, and leave the room for volunteer LP to operate on their own, i.e. they are self funded and self management, LP can become a zero expenditure business. Just like BTC miners are all self management without compensasion from outside.

[mhps]

Could you tell me if the peg at spread of 2%, given with same NBT trade volume in the first 1.5 years, how much revenue can you get?

It’s not possible as most transactions happened off-chain in exchanges.

http://coinmarketcap.com/currencies/nubits/

I can check everyday’s trade volume here, but difficult to summarize it.

Still not possible. For the same 100 nbt volume, if you trade 100 once the fee is 100 times smaller than trading 1 nbt 100 times.

[Sabreiib]

@mhps

It’s not possible as most transactions happened off-chain in exchanges

You can get each day’s volume off chain, on exchange, if you patient enough.

For the same 100 nbt volume, if you trade 100 once the fee is 100 times smaller than trading 1 nbt 100 times.

There is 2% spread between our Buy and sell wall, if someone buys 100NBT and sells 100NBT, twice trade, 200NBT trade volume and charged 2NBT. If someone buys 1NBT and sells 1NBT, 2NBT trade volumem, charged 0.02NBT, if he repeats 100 times, charged 2NBT.

[mhps]

Oh OK. I was saying exchange fee which are fixed.

In the spread case we need trade history of all LPC and pools.

btw this thread is made to discuss on chain data. I am not going to discuss off-chain tx in details here.

[Sabreiib]

The preliminary conclusion is the 2-5% spread can be a sufficient revenue for peg, at least at NBT/USD pair.

BTW, we can do some experiments on BKC if B&C released. And BTC is a very very bad accounting unit for its volatility, of course USD is good accounting unit I should use.

[cryptog]

The preliminary conclusion is the 2-5% spread can be a sufficient revenue for peg,

This matches @BusinessGuy s insights here.

[Sabreiib]

Off topic,BTW.

But @BusinessGuy as a guy with 20years business experimence, he is right, and some community members such as @masterOfDisaster and I (early as Sep 2014) all agree with the spread pegging.

I know there are some opinions disagree with spread pegging, if so, let us do the experiments on BKC since BKC is a blank paper and we had no pegging plan at all.

[sigmike]

is there a sure way to tell if a transaction is POS block or NSR coinbase printing of new 40NSR?

If the first output of the transaction is empty (0 value and empty scriptPubKey), then it’s a CoinStake that generates 40 NSR. This transaction may have a fee that reduces the reward if it’s too large, but I’m not sure this can happen in practice.

If there’s only one input and its hash is 0:

• if it’s an NSR transaction and “n” is -1 then it’s a CoinBase (and getrawtransaction mention it’s a coinbase). If it’s in the first 400 blocks then it’s the initial share generation, otherwise its value is zero and only there to make the network work.
• if it’s an NSR transaction and “n” is -2 then it’s an NSR grant
• if it’s an NBT transaction and “n” is -1 then it’s an NBT grant

is there a way to distinguish fee and a small amount burning?

No. I think there was a plan to add a new way to burn that would make them distinguishable but it’s not been implemented.

[mhps]

is there a sure way to tell if a transaction is POS block or NSR coinbase printing of new 40NSR?

If the first output of the transaction is empty (0 value and empty scriptPubKey), then it’s a CoinStake that generates 40 NSR. This transaction may have a fee that reduces the reward if it’s too large, but I’m not sure this can happen in practice.

For example tx 66994993d90fd35a1dfa98fc95b5c0322df53c531a226030cb14acf3511d2a9a , which is the 2nd tx included in block 401, it’s 1st vout is empty

   "vout" : [
       {
           "value" : 0.0,
           "n" : 0,
           "scriptPubKey" : {
               "asm" : "",
               "hex" : "",
               "type" : "nonstandard"
           }
       },
       {

but its 5th vout has an extra 40nsr

        {
            "value" : 60040.0,
            "n" : 5,
            "scriptPubKey" : {
                "asm" : "03e4743e988886dcb13546cf18dd30b832edb11e73c17d9ea18b3aae64a1f1f53c OP_CHECKSIG",
                "hex" : "2103e4743e988886dcb13546cf18dd30b832edb11e73c17d9ea18b3aae64a1f1f53cac",
                "type" : "pubkey",
                "reqSigs" : 1,
                "addresses" : [
                    "SXXFagQLbM7QLfMKEj9HVhzkXiAHxmBaB1"
                ]
            }
        },

As the total total vin = 100000.000000 total vout = 100040.000000, This tx looks like a POS block transaction instead of a CoinStake that generates 40 NSR.

[BusinessGuy]

Hi Guys,

Actually I am in favor of a spread peg in that I see Nubits as a currency and I have never seen a currency market without a spread even if it is pegged. HKD is a good example. It is pegged to the USD and does not trade at mid.

However, my main concern is revenue and also Nubits Unique Selling proposition (which I will make a post about later today). As mentioned you could have a spread, a transaction fee or both. If for example the view is that US-NBT are to be perceived to be fungible with USD and therefore a spread is not workable then a transaction fee must be charged instead. Either way the effective amounts actually received and paid by the Nubits holder would either be or need to equate to that overtly displayed in a spread. It’s just about the optics.

Also the 2% to 5% was really a big guess on my part. The Transaction Fee% (or spread%) should = Liquidity Engine maintenance fee + BTC volatility fee* + any other cost of operation + profit margin *If possible the BTC volatility fee should be priced like a currency option premium so that the charge is more in volatile periods.

In my opinion (for what it’s worth) if the fee required is more than the market can support based on say 12 months of operation, then either the model needs to be changed to add more value or to create more efficiency. Also the way in which the fee is expressed must be easily understood by an average user.

Can anyone tell me what the tx charges are now to Nubit holders? I have seen much discussion but am unclear as to the actual outcome.

[mhps]

Can anyone tell me what the tx charges are now to Nubit holders? I have seen much discussion but am unclear as to the actual outcome.

most pay 0.01 nbt fee per transaction. if you bundle a lot of unspent tr output and send them, the fee is 0.01 nbt per kb of transaction record in the blockchain.

[BusinessGuy]

Thanks @mhps . For the uninitiated is 0.01 nbt per transaction the same as USD 1 cent per transaction (independent of amount) or 1% of the transaction amount? Sorry about the ignorance.

[mhps]

it’s a flat $0.01. Even you send 1tr nbt.

also see

[Draft] Volume-dependent Transaction Fees

Motion RIPEMD160 hash: tbc =##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##= The variable transaction fees, implemented as per motion 7283C71D2BDDC3B71E2EB7CD0693E28E3665BF66, will be replaced with variable, volume dependent transaction fees. Where shareholders would previously be voting on the flat fee, they will instead vote on a proportionality constant for the fee (labeled 'p'). Every output to a transaction with a target address that is different from any source ad…

[Passed] Prioritizing Volume Dependent Transaction Fees

Motion RIPEMD160 hash: ae95fa181a040ebc12bd93346cc3a416d01efbeb =##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##= Volume dependent transaction fees, being a clear and long term source of profit for the network, are a high development priority. Shareholders will look favorably upon any motion estimating the cost for such development. =##=##=##=##=##=## Motion hash ends with this line ##=##=##=##=##=##=

this one is being discussed. It use fee to burn a large amount of liability to restore the peg, while leaving a way out for nbt holders, if they park

[Withdrawn] Think big, act small and establish revenue stream

https://daology.org/proposals/3323face040b3005c6805230f6ae3740fea78a05 The full proposal is a 12 minute read, but what is 12 minutes for the future of Nu? :sunglasses: Below the summary to warm you up. Summary The proposal establishes a US$1 peg and focuses on supporting B&C and decentralized exchanges. It does this by reducing the NBT liabilities by burning them at a relatively high rate by protocol in a period of about 3 months to pay off debt and increase reserve rates to at least 50%. I…

[sigmike]

This tx looks like a POS block transaction instead of a CoinStake that generates 40 NSR.

I’m not sure what a “POS block transaction” is to you. I’d say it’s exactly a CoinStake that generates 40 NSR.

[mhps]

I’m not sure what a “POS block transaction” is to you. I’d say it’s exactly a CoinStake that generates 40 NSR.

I mean it looks like the transaction is from a POS minting and the 40NSR is the reward for finding a POS kernel.

I thought when you said

then it’s a CoinStake that generates 40 NSR.

You meant it was an NSR grant of 40NSR. But now I understand you also call mintng reward coinstake.

So is this correct: for an NSR transaction whose vout > vin, if the vin is 0 it is a grant ("coinbase printing“ above); if vin > 0 it’s from POS minting.

[sigmike]

So is this correct: for an NSR transaction whose vout > vin, if the vin is 0 it is a grant ("coinbase printing“ above); if vin > 0 it’s from POS minting.

Yes.

[BusinessGuy]

Thanks for the info. Ok so I think that most people in the forum would acknowledge that 1 cent for a BTC/NBT transaction is practically the same as being free, especially if no allowance is made for the transaction amount and hence the volatility risk. It’s good to see attempts made to try and address this. For Nubits revenue is the life blood, the injury is almost fatal but a transfusion is in the wings