Sorry I guess I run in the world of finance too much where APR is just a term that I assume others understand.
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The unique NBT/USD peg on SouthXchange is NOT broken. Fiat can exchange with Nubits at 0 spread. This solves the not-getting-my-type-of-currency problem above. Maybe we should advertize parking where fiat is (especially paypal)
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I agree it is working at SX. As is the paypal withdrawal. But you do pay 5% fee.
Ouch.
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Exactly. So - in case of emergencies…it is acceptable.
That’s why I proposed the Tether gateway for Nu. Again - in better times.
And what’s up with the rate? Still hanging at 22%.
Come on Nu people. Restore BTC buys and park rates need to go hand in hand.
Right. @Cybnate are you still believing people will prefer longer rates after seeing Clayton’s reply here?
Not saying they will prefer that under these circumstances. Just advocating that longer park durations should have higher rates to offset exactly the risks he is describing. As NSR holder I’m trying to sell something 
Agree that the current situation is not very inviting to invest large amounts. But some people might be willing to bet when we accompany this with a clear plan going forward and a good quality peg (<=1% SAF) maintained. One way to do that is to commit a portion of the remaining reserve (e.g. 50%) to a peg to a fiat pair. Either NBT/Tether or maybe just the NBT/USD pair on Southexchange to make that statement. That will provide some certainties that people can redeem NBT later.
It’s is an unfortunate coincidence to have CCEDK off-line till the end of the month. I believe that would have mitigated the situation somewhat by moving reserves to the fiat pairs and show a more sustainable peg then the NBT/BTC pair.
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We are getting only 17 30 30 33 8 % for 11days to 6 month periods.
I am voting for 30 50 60 60 for 11days to 3 months.
We need to increase more.
I have seen the light! This will destroy us in the long run. It just increases Nu’s liability, which we can’t pay off now. We need to reduce our liability - reduce NBT and keep our BTC.
I’ve made a motion:
I am voting for 0% park rates as soon as I get to my wallet.
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I’m with you for the short term. I think I will keep the 3 month and 6 month park rates as there is still a lot of sell side.
Of course we can only pay for it if we have found a way to make profit, but that is the whole point. We don’t know that yet and have to keep those NBT away from the sell side. It is unfortunate that we can’t cap it though, that would help to cap the costs.
I am still voting for more than 30% up to 3 months but since the peg has been totally hammered, the effectiveness of parking has been too.
However there must be still some speculators speculating on the recoverof the peg and therefore trying to get some interests in the future so nullifying the rates would not be good.
But what is a good percentage under current circumstances ?
15% apr up to 3 month
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Reminder to adjust the park rates, if
passes and the new client is complete.
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It may need to happen as soon as the motion appears to pass. Need to think about that a bit more.
While shareholders directly control park rates, because they are an important part of liquidity operations, I may issue recommendations for park rates.
NuLaw currently prohibits park rates in this recently passed motion.
Park rates inevitably result in the issuance of additional NuBits, so they are prohibited until the peg is restored, as I see it. I wish I had specifically mentioned them in the motion for clarity, however.
I will likely recommend park rates at the time we begin to solidify the peg at $1.00.
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parking is borrowing nbt from nbt owners. parking removes sell ressure. you need to evaluate benefit/cost instead of only looking at cost.
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I agree that one perspective on park rates is a cost/benefit analysis. I was looking at it more from a NuLaw perspective. There is some ambiguity about whether it is prohibited. I suppose because parking doesn’t place NuBits into circulation, it is in the strictest sense permissible. What isn’t compliant is the premium paid when NuBits unpark. So technically, parking is permitted while unparking is not. Of course parking inevitably leads to unparking. However, if you start with a presumption that the peg will be back within three months, technically you could justify 3 month park rates as compliant. However, you can’t guarantee the peg will be back in any specific time period. In practical terms, it seems the motion prohibits park rates.
I think this is a moot point as any shareholder can still vote for park rates at any time. Voting can’t be prohibited with NuLaw. Leaves you with recommendations as you said which is fine.
With the price of US-NBT currently at $1.00, as Chief of Liquidity Operations, I am recommending that shareholders set park rates of 20% per year for durations 22.8 days, 1.5 months, 3.0 months and 6.1 months. It should be marketed as “10% for six months”.
This will help us build a buy wall at $1.00 immediately.
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