[Passed] 150k for tier 4 sell side liquidity (extremely urgent)

[crypto_coiner]

voted

[masterOfDisaster]

Thank you for telling us that.
Have you considered joining discussions instead of or in addition to posting voted?

[JordanLee]

There has been a marked increase in the level of demand for NuBits in recent days. I can’t predict where demand will be even hours from now, but I can say that if current trends continue the NuBits in tier 4 under my control will run out in 24 to 48 hours.

I am disappointed that this grant has not received shareholder support and that FSRT is not doing anything.

Did we come this far to lose the peg to the upside for refusing to release NuBits into the market? That is the question that FSRT and shareholders need to contemplate.

The peg is in serious danger right now. Disorderly and expensive liquidity operations by way of Nu borrowing NuBits from large holders could be as little as 24 hours away. How do shareholders and @FSRT plan to deal with this?

[zoro]

it seems that voting is not a proper process for this kind of “emergency”. Although i don’t believe that peg is in danger (unless of a sudden big BTC decline in value).
but NBT exist in other exchanges as well (at the moment).
I don’t think that speculators could be in so panic that will buy NBT at any price from a single exchange without a sell wall!

[Nagalim]

Getting the kind of support that this grant has gotten in the first couple thousand blocks actually tells me the shareholders are doing their job very well. Even if the peg breaks upward for a couple days, I highly doubt it will incite a panic. We will establish stronger mechanisms for this eventually. For the time being, our profit source is somewhat self limiting.

[Dhume]

I have voted for this motion yesterday but perhaps its due to the large amount of votes we have right now in combination with a grant for 100k that has passed quite recently that many shareholders are unaware. Perhaps additional visibility can be given to this topic by using EMERGENCY in caps in the topic title. While this is not a very elegant way of doing this it might help get this grant passed as soon as possible.

Right now we’re in a situation where many traders want to pull out of bitcoin as the market is very unsure in which direction its going, this is probably part of the increased surge in demand. We should also be very responsive to the market settling down and lots of people wanting to trade back their Nubit for bitcoin. Times like these are were our peg mechanisms are truly tested.

[woodstockmerkle]

What is the status of the FSRT? Slow to respond? Nowhere to be found? Has everyone lost the keys to the 4 million NBT?

Perhaps the FSRT should be disbanded – the 4 MM NBT handed back to Jordan Lee in a single-sig transaction or burned.

It may be a step backwards from this being a distributed solution, but as this is the first time the FSRT has been put to the test, maybe it was a flawed approach to begin with that is just being discovered now. Lessons that the FLOT can learn from.

To have availability, perhaps JordanLee can advance several motions for NBT grant, and the shareholders can modulate their voting, to keep the motions at under 50%, but close enough that liquidity could be provided in short order.

[ttutdxh]

The only way around I can find to overcome this situation in a urgent way and complying with motions is to “manually” reach the 40% sell side threshold, forcing @FSRT to come up and redirecting big buyers to trade with @FSRT directly.

[crypto_coiner]

I basically agree but See @JordanLee following comment
" I am disappointed that this grant has not received shareholder support and that FSRT is not doing anything.

Did we come this far to lose the peg to the upside for refusing to release NuBits into the market? That is the question that FSRT and shareholders need to contemplate."

[JordanLee]

Regarding @FSRT and the 4 million NBT they possess:

Each member of FSRT has remained active in the community, doing good work on a nearly daily basis to improve our network. They are all here. However, they are not responding with any consistency. I don’t know why.

[JordanLee]

[cryptog]

Given the urgency of the situation, 243e992e3b542644ec16147f543ad52e80d3491e verified.

Custodial Address: B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj
Amount Requested: 150000 NBT

voted.

[cryptog]

Excuse my ignorance but I have a couple of questions that I should have asked before voting but given the urgency of the situation I decided to vote before:

if current trends continue the NuBits in tier 4 under my control will run out in 24 to 48 hours.

• How can I check the quantity of NuBits in tier 4 under JL’s control? Is it under this address ?

With that in mind, we are well prepared to handle any sudden sell volume with more than 500 BTC in tier 4

• How can I check about that? What is this BTC address under the control of JL ?

In other words, currently, what is the quantity of NuBits in the wild (not under the control of shareholders) ?
I think this is something most shareholders want to know because they want to know to which extent Nu’s assets (NSR market cap and BTC Tier4 reserves) are higher than liabilities (NuBits in the wild not under the control of Nu).
It seems that assets/liabilities have been increasing a lot recently. I will try to update monthly P&L soon.

By the way, NuBits current daily volume is 24k but buy_side/sell_side is increasing. This could suggest that traders are buying NuBits and hoarding them to unfreeze them at the right time, which means Nu should be prepared for a sudden sale off.

Overall, I think it is a huge opportunity for Nu to expand. I am now convinced that the risk of losing the peg is negligible given our assets.

[Cybnate]

We should all be overjoyed that we are working on the problem of excessive NuBit demand. This is what winning looks like. We are in a very strong position. Now we need to meet the market demand for NuBits with supply.

Which I believe is a different thing from saying that the peg is in danger.

The peg is in serious danger right now.

I don’t share that view. I do share the view that we are loosing out on an opportunity to meet the market on BTC pairs on some markets. However that also increases our exposure for attacks

How do shareholders and @FSRT plan to deal with this?

I believe the shareholders trusted the FSRT to deal with these kind of ‘emergencies’ and see themselves to be forced to act in ways which are a step back and they are not entirely comfortable with.

What is the status of the FSRT? Slow to respond? Nowhere to be found? Has everyone lost the keys to the 4 million NBT?

Agree. We still haven’t heard why @FSRT can’t respond and whether the future FLOT might also be exposed to this issue which might require another response.

It’s up to the NSR holders whether they prefer a set of band aid solutions or a sound framework.

I prefer to think over all the parameters. Your motion is not necessarily bad but forces to make me an all or nothing choice. Given the time required to study this and the fact that Nu is still a startup and is paving the way I prefer to walk through the key decisions step by step. When things are better understood and some experience is gained a motion like yours will be valuable.

Will add this grant to my datafeed as I think we can do with some additional sales, although I share the view that we should increase the reserves slightly to mitigate the risk of short-term attacks

[zoro]

if FSRT gives Jordan 100-200k NBT from the reserve, then this grand is not urgent of even necessary.
we have to be agile is situations like this.

[Hyena]

I stopped minting on my raspberry pi since it was only able to mint 10% of its true potential due to RAM issues. I’m now minting on my PC with full power, having subscribed to @cryptog 's data feed, so hopefully we get this motion passed now. I can only mint today and tomorrow though, then I will be away from my PC for a week or two.

[Yurizhai]

28.30%.

[Cybnate]

Passed

[Yurizhai]

Block explorer says 41% to me, has this actually passed?

[ttutdxh]

http://blockexplorer.nu/ is currently a day behind, check “Latest Blocks” age.