[I have changed the custodian address after modifying some aspects of the proposal. Please revote taking into account thew new custodian address. ]
[Please note that the quantity of NBT requested has also changed]
As discussed here a bit with @jordanlee I would like to contribute to the NBT/USD pair on CCEDK.
As you must be aware the buy wall is very thin despite the fact that ultimately NBT/USD is the only pair that matters.
I believe that it is very important to start offering liquidity on that pair so that people can start buying directly NBT without using BTC or PPC. Liquidity for crypto traders is important but what is even more important is liquidity for consumers.
The RIPEND160 hash of this proposal is: 0d29544214dc78cbf9c946c25eb8994435394871 [Do not vote for hash since it is just for proposal modification check purposes. Instead vote for the custodian address below with the quantity indicated.]
Within 3 bank days from the latest date between the date of being elected/granted the grant and the date of having completed the set up of NuBot, I will send the equivalent of 5000 usd to ccedk and start supporting immediately the NBT/USD pair in dual mode for 1 month (30 days) using NuBot, once the funds are in place.
The funds will start on the buy side.
Every week, I will submit a report of the trades that occurred.
In compensation for the time spent, use of capital and the AML related risks taken, I am asking for 499 NBT.
custodian address: BTgryZQ1dQNJYMjm74K3ajdRnDfsCjh3c3
quantity: 499 NBT
Since the buy side is likely to be eaten up quickly,I will rebalance from time to time (from buy side to sell side) by
1- buying some bitcoins on NBT/BTC based on the proceeds of NBT/USD buy side.
2- selling those bitcoins on BTC/USD
3- putting back those us dollars for sales on NBT/USD.
The goal is to try to maintain at least 100 USD on the buy side of NBT/USD although it is not for sure since I will cap the maximum total exchange loss to 50 USD.
Justification for the 499 NBTs.
@xjabc requested roughly 1m ago 625 NBTS for proposing an equivalent of 5000 NBTs on NBT/BTC.
That corresponded to 12.5% of monthly interested.
I request only 9.98% because I will operate on NBT/USD which logically will not diminish the quantity of my funds as much as supporting NBT/BTC could because of BTC/USD’s volatility. However there is still a risk involved regarding AML over the whole remittance process (I got my money frozen for 3 month back in March this year because of a very stubborn Japanese bank…).
If I see a need for continuing the operations after this 30-day period, I will submit another proposal at the end of the operation.
- peecointalk: cryptog1
- reddit: cryptog
- twitter: cryptog1
I am also a shareholder of Nu.
PS: In anticipation of being elected, I will contact @desrever to guide me through NuBot if necessary. I got already familiarized with it 2 months ago when I tested it a bit.
Looking forward to your votes!
EDIT: Additional info
EDIT: Typo on the Twitter account
EDIT: Changed compensation
EDIT: Date of start
28DEC14 EDIT: Changed the content of the proposal with a new NBT custodian address
EDIT: Information added
EDIT: Added rebalancing
EDIT: Added information