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2, have a burn every 2 weeks for current total holdings or when ever the balance is withdrawn from all exchanges the NSR balance bought pending withdrawals are safe in storage waiting too be withdrawn for the next burn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.
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.
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?
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.
I’m not talking about a bitUSD/NBT pair, but selling BTC on bitUSD/BTC pairs instead.
That could provide Nu (the FLOT) with T4 bitUSD reserve.
This could be used to diversify the T4 buy side in different types of coins.
The thin bitUSD/BTC market is what makes this a bad idea, right?
I mean, in case bitUSD would need to be traded for BTC, it would be harder than trading NSR for BTC, because of the illiquid market.
bitUSD would be quite stable compared to BTC, though.
Its not the selling that’s the problem, it’s the buying. If we can get bitUSD for $1 a piece, fine, great. However, if we’re buying it at a 10% markup…
There are not so many coins pegged to USD and each has significant drawbacks, but only little benefits (over bitUSD):
coinoUSD - nearly no volume, no tight peg, centralized (coinomat required), multisig? source code?
TetherUSD (TUSD) - low volume, tight peg, centralized (USD collateral held by “Tether limited”), no multisig (according to white paper from April 2015 a “future innovation”), source code?
MØ - volume? (I don’t know where traded), peg? centralization? multisig? closed source, strange names for algorithms instead of sound explanation
bitUSD is the only coin pegged to USD that at least had some volume, although with no reliable peg, which is decentralized, that might support multisig and has the source code available (it’s in the BitShares code, right?)
Due to the passage of this motion last week, BTC equal in value to 15% of the NuBits in circulation will be excluded from the share buyback pool.
To calculate the NuBits in circulation, I will start with all 3,042,792 blockchain NuBits. The following are tier 4 funds that should be excluded:
BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC: 2,000,000
B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj: 150,000
BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi: 146,082
Using this method I arrive at 746,710 NBT in circulation. 15% of that sets the reserved tier 4 buy side funds at 112,007.
The BTC/USD exchange rate as of the end of Friday UTC was $354.48. Tier 4 buy side funds consisted of 782.2 BTC valued at $277,278. $112,007 excluded from the share buyback calculation equals 316 BTC. 466.2 BTC sits in the share buyback pool. 10% of this (46.6 BTC) will be used for share buyback next week. That is equivalent to approximately $16519. This will be the 10th weekly share buyback.
