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.
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.
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
Other options need to be considered and evaluated.
What about purchasing bitUSD? What are the benefits and drawbacks?
Is bitUSD capable of multisig tx?
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.
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.
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…
What are the options for FLOT to anonymously store USD? Aside from crypto?
It would be perfect to maintain USD reserves.
i don’t trust USD, i prefer BTC instead!
edit: i mean i don’t trust it as a fiat, not as a monetary value
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?)
25 posts were split to a new topic: Thinking outside the box for custodians
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:
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.
To calculate the NuBits in circulation, I will start with all 3,047,774 blockchain NuBits. The following are tier 4 funds that should be excluded:
Using this method I arrive at 763,674 NBT in circulation. 15% of that sets the reserved tier 4 buy side funds at 114,551.
The BTC/USD exchange rate as of the end of Friday UTC was $363.70. Tier 4 buy side funds consisted of 714 BTC valued at $259,698. $114,551 excluded from the share buyback calculation equals 315 BTC. 399 BTC sits in the share buyback pool. 10% of this (39.9 BTC) will be used for share buyback next week. That is equivalent to approximately $14512. This will be the 11th weekly share buyback.
It is my understanding that FLOT will provide @NSRBuyback with the 39.9 BTC.