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.
Would it be possible to program a bot to buy at random times?
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.
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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.
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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.
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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.
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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.
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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.
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Intriguing idea!
If Poloniex doesn’t want to keep support stuff busy with this kind of special requests, making the tx fee variable (the minimum will always go to Poloniex, the fee in excess gets treated like a “normal” fee) for withdrawals could do the trick.
Only what remains after the fee is subtracted gets deducted from the withdrawal limit!
Could we build into Nu a—perhaps superhacky—feature of making an address you control automatically burn coins? I guess basically broadcasting with the address’ private key that the address is now disabled permanently.
How to make more buyback fund stay in Nu system, instead of leaving Nu? Nu will need the fund to support buy side some day.
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Same feeling here.
One idea would be investing part of those funds to fund development, testing and liquidity provision of a market maker bot on NSR/NBT
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One option is to shift BTC to PPC.
This can help by both “parking” PPC on T4/T5 buy side and by distributing PPC dividends to NSR holders.
Other options need to be considered and evaluated.
What about purchasing bitUSD? What are the benefits and drawbacks?
Is bitUSD capable of multisig tx?
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No bitusd. I would 100% resist that until their community starts talking to us like they mean it. We can do openledger nbt if you really want.
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Price fluctuation of PPC before and after distributing dividends, or when buying/selling PPC of T4/T5, will mobilize speculators and arbitrageurs to move value out of Nu. Because there are much more (percentagewise) PPC not in the hand of Nu shareholders I suspect the leaking effect is stronger with dividends.
I disagree that ander is an example of value leaving the network. Ander gambled and won some btc but lost nsr. He will be regretting the sale a couple weeks from now. He got ‘free’ btc because he invested early in nsr before the pump. He was a shareholder that sold out, the money didn’t leave the system; he did, taking his liquidity with him. Again, later he will find out what a mistake that was.
If I buy ltc and it pumps then I sell, did I just get free btc, or did I just make 1 smart investment decision and then one raw gamble that the pump is over?
Of course the money did leave. That 1 BTC was in T4 and now will be somewhere unrelated to Nu. Whether Ander made a mistake is irrelevant.
But we got nsr for it. There was no guarantee that nsr would be there if ander didn’t sell it to us.
I agree. I do not think Nu lose money at the end.
At the end of the day, Nu got NSRs that it will be burning, decreasing the supply and therefore increasing the unit price, which will place Nu in a favorable position if it needs to support the buy side with T4 NSR reserve.
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