It’s not swift, it’s our most longterm solution. It’ll be vital once we have a thriving economy in my opinion.
With the 2.0 release, it is three times as swift as it used to be. Parking rates can be raised up to 3% per day, approximately.
Still, distributed consensus is a slow process. But it’s true that the network is plenty responsive to shareholders’ whims.
Only “totalparked” : 237.56, parked now.
totalparked: something like 130 NBT now
The latest share buyback calculation indicates reserves are slightly below our targets as established by motions. When reserves fall below the targets set by shareholders, it is time to take action to bring the reserve up. There are two methods of doing this that are under the direct control on shareholders: offering park rates and selling NuShares. Park rates should be used first. There is a regulation in effect that if park rates are offered for 30 consecutive days then NuShares must be sold and NuBit proceeds burned.
Technically right now shareholders should be setting park rates that will increase NuBit demand by a mere 283 NBT. A FLOT member has already signed a transaction, that if signed by other FLOT members would increase our reserves to where they are nearly 10,000 NBT over our targets. When the reserve requirement is met, park rates should be set back to zero.
A motion increasing the required reserves is very close to passing. If it does pass without any organic increase in our reserves, we will need to offer park rates to produce that additional reserve.
I agree with @JordanLee’s comments , though i believe the share selling motion should be updated to reflect our year of progress and things learned.
What do you suppose should be changed?
I think current crossing of buyback from positive to negative is still within static uncertainty. As mentioned here a half day’s timing difference could cause the buyback amount to fluctuate by several BTCs. Had two other NBT FLOT members signed this 10k nbt tx in time, the buyback would be positive.
So I think we should use the $2500 band @Nagalim set for buyback execution threshold also as the parkrate voting threshold to avoid over burden the shareholder.
What are our current reserves? in btc,fiat,other coins?
Do we have an updated list somewhere?
Start voting for park rates already. I’m at 1%, just to kick it off the ground. I may raise as high as 5% depending on the response of nubit owners to park rates. Our standard is going to be pretty negative this week, with the btc reserve motion passing.
With liquidity provision costs of several percent per month, some percent annual parking interest seems cheap!
We don’t need the motion to do what we should be doing right now: setting park rates. The only issue is that once we activate park rates we only have 30 days before mandatory dilutions begin under current NuLaw. Still, I don’t believe that we should live in fear of that motion, we should set park rates and maybe put some pressure on shareholders to talk about that motion.
Wake up! Our reserves are emptying, standard is farrrrr in the negative. Either set reasonable park rates or we will be forced to unneccessarily dilute.
Every indicator screams for park rates. What are shareholders doing?
Is it possible our data feed providers don’t completely understand the model you’ve proposed in your new drafts and motions relating to the standard, along with the math included? If so, they may not realize the indicators you see that would show park rates need to be raised. Maybe you should confirm with them that they understand it fully and if not help explain it more until they do.
Even without math it’s quite simple to answer the question: do you prefer parking interest or NSR sale to support the peg?
If there’s no support for raising the park rates, NSR sale needs to be done.
Simple as that.
As I understand it, the framework set up via shareholder motions which is summarised in the NSR buyback calculation script does indeed suggest there shouldn’t be any controversy about setting park rates now.
Yet, votes to raise park rates above zero for a 3 month term have dropped in recent days from around 26% to 16% now. I don’t know why it is moving that direction.
We have provided park rates on multiple occasions in the past. They have always returned to zero. I get the impression some shareholders are reluctant to provide park rates because it suggests we are not growing at the moment. That’s true, and such periods were always expected as normal fluctuations in demand.
We should make small adjustments before larger, less orderly adjustments become necessary.
I believe the main reason for our lack of growth in recent weeks is the low volatility of Bitcoin in that time period. That won’t last, and there is reason to think we will see more adoption once Bitcoin becomes volatile again, as it always has in the past. The odds of Bitcoin remaining stable for even two months is low.
Another important factor is that NuBits in the B&C Exchange development fund are being spent more quickly now, at a rate of 25,000 or 30,000 NBT per month. This is sure to be a temporary factor.