Predicting the market is difficult. Some shareholders might have an incentive to sell their NSR at the lower purchase walls that are placed, if they are looking to sell many NSR and are concerned the total buyback (currently around $25,000) won’t be enough to satisfy all shareholders looking to exit. Likewise, shareholders could sell some of their shares on a Friday at inflated prices, but discover that the NSR market has accelerated in the wake of this positive news, removing their ability to buy back lower in the future.
I think we can agree that these share buybacks will be an effective tool for enhancing price discovery at the very least.
True, but the standard shareholder with no intent of actually exiting has an incentive to be the one Nu buys from. It is indeed possible that a $2k buy will start a blazing pump, but it is more likely that the price will shoot up during buybacks and drop down shortly thereafter. A shareholder is therefore incentivized to short in order to support the network and provide a lower nsr price for buybacks, and will most likely win out on the spread too.
The BTC/USD exchange rate as of the end of Friday UTC is $237.20. Tier 4 buy side funds consist of 436.2 BTC valued at $103,467. $80,000 excluded from the share buyback calculation equals 337.3 BTC. 98.9 BTC sits in the share buyback pool. 10% of this (9.9 BTC) will be used for share buyback next week. That is equivalent to approximately $2347.
The BTC/USD exchange rate as of the end of Friday UTC was $243.77. Tier 4 buy side funds consist of 426.3 BTC valued at $103,919. $80,000 excluded from the share buyback calculation equals 328.2 BTC. 98.1 BTC sits in the share buyback pool. 10% of this (9.8 BTC) will be used for share buyback next week. That is equivalent to approximately $2389. This will be the third weekly share buyback.
The BTC/USD exchange rate as of the end of Friday UTC was $262.75. Tier 4 buy side funds consist of 416.5 BTC valued at $109,435. $80,000 excluded from the share buyback calculation equals 304.5 BTC. 112 BTC sits in the share buyback pool. 10% of this (11.2 BTC) will be used for share buyback next week. That is equivalent to approximately $2943. This will be the fourth weekly share buyback.
The BTC/USD exchange rate as of the end of Friday UTC was $276.73. Tier 4 buy side funds consist of 405.3 BTC valued at $112,159. $80,000 excluded from the share buyback calculation equals 289.1 BTC. 116.2 BTC sits in the share buyback pool. 10% of this (11.6 BTC) will be used for share buyback next week. That is equivalent to approximately $3210. This will be the fifth weekly share buyback.
The BTC/USD exchange rate as of the end of Friday UTC was $328.51. Tier 4 buy side funds consist of 466.2 BTC valued at $153,153. $80,000 excluded from the share buyback calculation equals 243.5 BTC. 222.7 BTC sits in the share buyback pool. 10% of this (22.3 BTC) will be used for share buyback next week. That is equivalent to approximately $7326. This will be the sixth weekly share buyback.
Given the extended duration of buybacks so far - six weeks and counting, with no defined end date announced - I’m informing shareholders that I may or may not engage in personal NSR transactions in limited circumstances. If this happens I will be approaching people individually for private sales, as long as they have not communicated with @NSRBuyback in any way. I also may purchase NSR with my private funds from existing sell-walls on exchanges on every day except Fridays, when @NSRBuyback purchases from sell walls.
Generally speaking, if I choose to complete private NSR trades it will not use insider knowledge or front-run shareholder buyback funds from @NSRBuyback.
I hope by being transparent it won’t be an issue, but shareholders should consider electing a new representative for @NSRBuyback if there is any disagreement. I’m an enthusiastic shareholder just like everyone else and I won’t agree to an indefinite ban on personal NSR trading.
i think abstaining from purchasing or selling personal NSR during periods should be lifted if you chose too make private trades I have no problem you doing so on private trades as long that the maximum amount of NSR are burnt for the Maximum amount of BTC available for the purchase of nushare
also just a idea I had maybe Nushareholders could have someone run a NuBuyBack bot that would make preset buys orders below the market price of Monday through Friday same tactic mention in the Motion with Buy&Burns commands once the purchase NSR From the BTC balance all remaining btc will be added for the next Burn week with updated in the forum BuyBacks Assistant bot style just a thought
One downside to a buyback bot is that a specified time each day would have to be programmed, which would create a risk of a user artificially inflating the buyback price one minute prior to the bot’s purchase. Having the purchasing done manually at a random time during the 24-hour period on Friday pretty much eliminates that attack vector.
So the bot that was being proposed is somewhat different than just automating what is currently done. It would be designed to apply buy pressure on a somewhat continuous basis, as well as providing sell liquidity at a wide spread. The concept would be to simultaneously generate liquidity in the NSR markets and to make for a nice smooth, market responsive buyback.
That said, automating the system as it stands should not be super difficult. Random numbers in python, for example, are quite simple.
The BTC/USD exchange rate as of the end of Friday UTC was $373.45. Tier 4 buy side funds consist of 510.4 BTC valued at $190,609. $80,000 excluded from the share buyback calculation equals 214.2 BTC. 296.2 BTC sits in the share buyback pool. 10% of this (29.6 BTC) will be used for share buyback next week. That is equivalent to approximately $11054. This will be the seventh weekly share buyback.
68.83 BTC was added as a result of NBT sales this week. 22.3 BTC was spent on share buybacks. 2.33 BTC was used to pay for liquidity services in compliance with passed motion f651bef0d942fe47cbc0d47bd3c38ce0fff7f902. This is 0.5% of tier 4 buy side liquidity. The fee increases 0.5% each month, which means another 1% will be charged on December 1 if liquidity operations are not transferred to others in accordance with a motion that shareholders will need to pass. The purpose of these fees is to make my liquidity services uncompetitive so others take the role over. This will allow me more time to function in the role in which I am most useful: a blockchain architect.
The BTC/USD exchange rate as of the end of Friday UTC was $336.56. Tier 4 buy side funds consisted of 623.9 BTC valued at $209,980. $80,000 excluded from the share buyback calculation equals 237.7 BTC. 386.2 BTC sits in the share buyback pool. 10% of this (38.6 BTC) will be used for share buyback next week. That is equivalent to approximately $12991. This will be the 8th weekly share buyback.
60 additional BTC was already received in the new week and will be included in next week’s calculations.
The BTC/USD exchange rate as of the end of Friday UTC was $322.09. Tier 4 buy side funds consisted of 891.5 BTC valued at $287,143. $80,000 excluded from the share buyback calculation equals 248.4 BTC. 643.1 BTC sits in the share buyback pool. 10% of this (64.3 BTC) will be used for share buyback next week. That is equivalent to approximately $20710. This will be the 9th weekly share buyback.
Shareholders should be aware that this account is restricted to $14,000 per week of withdrawals from Poloniex. If weekly Poloniex demand increases beyond this amount, shareholders should consider electing a new executor of share buybacks. We will notify shareholders if this appears likely. This withdrawal limit is not a problem on BTER, or B&C Exchange in the future.
i have a suggestion if cant find a second buyback executor for the time being but should be a priority too elect one or more as soon as possible
1, while keeping weekly buybacks going maybe have a week day burn for the current total holdings from withdrawals and bought through shareholders not necessarily the full amount
2, have a burn every 2 weeks for current total holdings or when ever the balance is withdrawn from all exchanges the NSR balance bought pending withdrawals are safe in storage waiting too be withdrawn for the next burn
3, get the nubits devs too contact polo directly and get them to increases the daily limit for the NSRBuyback account poloniex are very reasonable im pretty sure they would understand the situation
and make a exception for level 3 Verification for Nushares buybacks
until a second or more executor are elected by shareholders could be a small solution for now
While I don’t think Poloniex can legally give level 3 to someone who has not provided the proper identification, I think it may be possible to have Poloniex burn NSR in that account directly. This would be a very interesting deal to be made with the exchange, that they burn all NSR in that account once every week.
