Park Rate Voting


#552

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 ?


#553

15% apr up to 3 month


#554

Reminder to adjust the park rates, if

passes and the new client is complete.


#555

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


#556

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.


#557

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


#558

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.


#559

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.


#560

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.


#561

@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:


#562

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.


#563

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.


#564

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.


#565

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”.


#566

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?


#567

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.


#568

Probably not many.

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


#569

Then raising the rates will make parking more attractive to people who already know about them, but it would cost the network much less if we first tried to advertise the new rates before trying to raise them again. This is only one of the reasons why our social media accounts like Twitter, Facebook and Reddit are important to keep going with updates, as well as posting on Bitcointalk, etc…


#570

Who has the Nu twitter, facebook and reddit accounts? Are there any other accounts that were intended to be shareholder property that are inactive and unaccounted for?

As I mentioned before, I have several of the B&C social media accounts. I didn’t want them. The situation is that the credentials were sent to me without me asking for them or me indicating any willingness to be responsible for them. It is merely a fact I have them. I suppose I could use those, although I would theoretically prefer others do that. In any case, the B&C accounts I have credentials for will be treated strictly as BlockShare holder property. This means they must be used in a manner calculated to benefit BlockShare holders optimally. It also means I will comply with any shareholder directive to transfer the credentials regardless of my own personal opinion of the shareholder directive.

However, for the present question of using Nu social accounts to advertise parking rates, I don’t see how I can be of any help. We need to figure out who can help. @tomjoad? I will say here that my Bitmessage address is BM-2cU99iZPcZ4AJUCzU2G797SNc9aRkLkyL9.


#571

Park rates are currently 20% for 6 months on US-NBT. That is 40% on an annualized basis. The annual rate is the same for durations down to 22 days. It is a great time to get a high rate of return on a stable currency.

Due to the senseless Augeas default in June, it is now a fact that US NuBits, can, under some circumstances, lose value. NuBits can’t gain value. So, a monetary instrument that has under limited circumstances lost most of its value but can’t gain in value isn’t very appealling. The best way to remedy the situation is offer NuBit holders a gain on their NuBits, in the form of park rates. Once we establish growth in demand for NuBits with park rates, we should slowly lower the rate we offer over an extended period. I expect we should be offering park rates on NuBits for an extended period. Right now, they should be very high. This can help us counterbalance the likely reduction in demand as a result of the Poloniex delisting.

As Chief of Liquidity Operations, I will sell NSR down to 1 satoshi if needed to defend the peg. I am committed to it, so long as shareholders grant me sufficient NSR. I fully expect the value of US NuBits to remain $1.

Let’s spread the word of these generous park rates.