Park Rate Voting

[nmei]

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.

Get NuBits' liquidity flowing

I counter with this:

[Withdrawn] Make Firing and Replacing Incompetent Liquidity Providers Our Top Priority

@creon you are brilliant. The only thing I would change is 0.25 guaranteed annual interest rate on protocol level so parking does not seem like a punishment.

We need to implement a way to reduce NBT liabilities - as in reduce NBT. This needs to be first priority.

1. Stop park rates
2. Stop diluting NSR
3. Pay hard BTC to make a hard fork
4. Wait

I’ve made a motion:

[Voting] Enable Dynamic Transaction Fee in NBT

It has been hashed: 07998c78c75eebeb3cee7756be32f1fa513a3a4e —Begin Motion— Nu needs a source of revenue to continue liquidity operations. One step can be accomplished by implementing a dynamic transaction fee based upon coin age. We set the fee to reduce NBT by X% every year. Where X% is a variable to be determined and voted on by shareholders in a manner similar to voting on park rates. This would generate a yearly revenue stream for Nu which would be less than X%, but greater than 0 becau…

I am voting for 0% park rates as soon as I get to my wallet.

[willy]

https://www.parkingyournubits.rocks/parkinglot/

Total due: 6061.9027 (103 TX)

[Cybnate]

I am voting for 0% park rates as soon as I get to my wallet.

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.

[cryptog]

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 ?

[mhps]

15% apr up to 3 month

[ConfusedObserver]

Reminder to adjust the park rates, if

[Withdrawn] Think big, act small and establish revenue stream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

passes and the new client is complete.

[Cybnate]

passes and the new client is complete.

It may need to happen as soon as the motion appears to pass. Need to think about that a bit more.

[Phoenix]

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.

A temporary moratorium on the issuance of NuBits will be observed by shareholders and custodians.

…

This moratorium on the issuance of NuBits will lift when the NuBit price is $1.00 again.

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.

[mhps]

Park rates inevitably result in the issuance of additional NuBits, so they are prohibited until the peg is restored, as I see it.

parking is borrowing nbt from nbt owners. parking removes sell ressure. you need to evaluate benefit/cost instead of only looking at cost.

[Phoenix]

you need to evaluate benefit/cost instead of only looking at cost.

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.

[Cybnate]

I was looking at it more from a NuLaw perspective. There is some ambiguity about whether it is prohibited

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.

[Phoenix]

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.

[Financisto]

@Phoenix

Reactivate Nu’s Official Twitter account in order to spread the recent events.

Reading Twitter and Reddit, Nu and B&C seem dead long ago for anyone outside this forum.

Just to remind us: a lot of people (like me) follow recent cryptocurrency events reading the Twitter and Reddit “feeds” from coinmarketcap.com like those below:

NuShares (NSR) price, charts, market cap, and other metrics | CoinMarketCap

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

BlockShares (BKS) price, charts, market cap, and other metrics | CoinMarketCap

[Sentinelrv]

Who controls access to these accounts now? It used to be @tomjoad, but I’m not sure who it is now. I thought maybe @CoinGame had access too, but neither of them have posted in a while.

[Phoenix]

I have credentials for the Bitcointalk, discuss.nubits.com, Twitter and possibly GitHub B&C Exchange accounts. I didn’t really want them, but they came my way.

I don’t have the Nu Twitter account credentials.

[Phoenix]

It is probably worth noting that as park rates just begin to be offered, there are 10,667 US-NBT already parked. I will be watching parking activity going forward to help me form my park rate recommendations.

[Phoenix]

Park rates have just arrived at 20% annually. No more than 2500 US-NBT have been parked. We ought to move them higher. I am recommending 26% for periods between 22.8 days and 6.1 months. We can present it as “13% for six months”.

[Sentinelrv]

No more than 2500 US-NBT have been parked. We ought to move them higher. I am recommending 26% for periods between 22.8 days and 6.1 months.

How many people even know about these park rates though? Have the existing numbers been properly advertised before we think about raising them even further?

[mhps]

Currently you can lend BTC at > 25% APR (0.085% /day) on Poloniex. Poloniex is centralized. So is Nu, although one still has the tokens in the wallet when they are parked.

[Phoenix]

How many people even know about these park rates though?

Probably not many.

Have the existing numbers been properly advertised before we think about raising them even further?

I haven’t seen them advertised, except in the client and by my mention on the forum.