This motion passed.
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Bter: 1CWYRjQe7FqemhXuS38ExfPwG2TajDzrpp
Polo: 1PfP4MNz1EHfEnr1YaYXSDdXwFGZYR4Aei
I suggest FLOT split the funds 50/50 from now on, my withdrawal limit on polo is plenty.
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As the deadline is approaching we should elect another interim executor. Ideally it would be someone already in the NSR group of FLOT @dhume @mhps @cryptog. If nobody steps up Iāll go ahead.
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Go ahead. Since itās been I who do the weekly calculation I slightly prefer not to also execute the buy back. I canāt promise to run the calculation script at exactly 24:00 Friday so there is room for nudging/manipulation (actually a possibility of manipulation is there even the calculation uses data taken at 24:00 Friday).
Any manipulation would require timing an action taken by FLOT or a trusted custodian (to mess with T4 reserves) or manipulation of the btc price on bitfinex. Note that the easiest access point for this is trusted T3 custodians or gateways.
Next week the standard and core motion will likely pass and we will likely need to do a dilution. I am available as executor and will follow the inverse of the buyback operation (ending with a btc withdrawal to FLOT). However, it will cost 175 nbt and for the first 4 dilution weeks, as per the OP.
FLOT is of course free to seek alternatives such as blind auctions.
any idea of how much?
Thereās gonna be a standard calculation this weekend and @mhps open sourced the code for it I think. The real question is how FLOT deals with the NSR/USD price when determining how much to dilute. The target USD will be clear, but the NSR required to achieve that target is another question. Iām guessing this will start with vague estimates of the price which eventually end up as a week long volume-weighted EMA of exchange APIs or whatever.
In the end, dilutions and buybacks will always rely on an NSR market.
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Are all sales going to be on Poloniex? Nothing at CCEDK or BTER?
Poloniex is not that accessible for non US citizens without handing over a whole raft of identification documents Iāve learned. So if only Poloniex we would leave out a lot of potential ābargainā hunters for the Nu sales, not great.
Seems to be a good idea to me.
We lost 1% to Bterās weird fees the last time we used it for buybacks. CCEDK hasnt had nsr volume in like a year so if we use it weāll need to seriously advertise I think. May be hard to coordinate.
Canāt we just have FLOT distributing based on an allocation e.g. 80% sales Poloniex, 10% BTER, 10% CCEDK?
Happy to help with placing orders on CCEDK (NSR/USNBT pair) and advertising it if FLOT allows. Just a bit wary of a potential conflict of interest as I might be one of the buyers when NSR goes on sale.
How will the sales be done? Starting at market price and moving down 10% per day? All exchanges have to move together.
Can this be an action? Itās too late to propose a seeded auction? Will it do if FLOT allows @nagalim to allocate M nsr and N nbt and let him seed the action in synchronization wit the exchange sales price? The unused nsr and nbt will be returned to FLOT. That would solve the exchange redtape and default problems.
Iām totally for seeded auctions!
But using exchanges might lead to a bigger presence of Nu on the market - the price for that is bearing the exchange risk.
I can run a manual seeded auction. However, seeded auctions are best when done regularly with high levels of continuous participation.
We could also do a blind auction as has been done in the past. We could probably even get JL to host it.
So how do we move forward from here? An auction or just putting NSR on polo?
Well, it wonāt be till the standard and core motion passes or another 3 weeks of park rates. However, I really think we should talk about using an auction because thatās what the precedent has been for NSR sales. Meaning, only accept NBT and you must have a bitcointalk or nubits forum pseudonym.