[Passed] Motion to begin NSR buyback immediately

[Nagalim]

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…

[ttutdxh]

What are the options for FLOT to anonymously store USD? Aside from crypto?

It would be perfect to maintain USD reserves.

[zoro]

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

[masterOfDisaster]

It would be perfect to maintain USD reserves.

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?)

[CoinGame]

25 posts were split to a new topic: Thinking outside the box for custodians

[JordanLee]

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.

[JordanLee]

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:

BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC: 2,000,000
B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj: 150,000
BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi: 134,100

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.

[JordanLee]

To calculate the NuBits in circulation, I will start with all 3,197,766 blockchain NuBits. The following are tier 4 funds that should be excluded:

• BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC: 2,000,000
• B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj: 150,000
• BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi: 138,105
• BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js: 180,201

Using this method I arrive at 729,460 NBT in circulation. 15% of that sets the reserved tier 4 buy side funds at $109,419.

The BTC/USD exchange rate as of the end of Friday UTC was $456.30 (at Bitfinex). Tier 4 buy side funds consisted of 638.9 BTC valued at $291.548. $109,419 excluded from the share buyback calculation equals 239.8 BTC. 399.1 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 $18206. This will be the 12th weekly share buyback.

It is my understanding that FLOT will provide @NSRBuyback with the 39.9 BTC.

[Cybnate]

@NSRBuyback Given the issues on BTER with withdrawals is it worth considering putting some NSR walls on CCEDK?
Bet CCEDK is more responsive than BTER, haven’t heard of many issues with them they couldn’t solve or did not respond to lately. And there is of course NBT liquidity as provided through LiquidBits

[NSRBuyback]

We have no plans to support CCEDK for buybacks. Shareholders benefit the most from selling on exchanges with higher trading activity like Poloniex and BTER.

We will adhere to the terms of any motion passed by shareholders however.

It is my understanding that FLOT will provide @NSRBuyback with the 39.9 BTC.

We are in contact with FLOT and will be coordinating the transfer of funds soon.

[NubitGuy]

Given the issues on BTER with withdrawals is it worth considering putting some NSR walls on CCEDK

the issues on bter is a minor processing fix usually resolved pretty fast longest i waited was 48hr compared to what problems you will get with ccedk when withdrawals is concerned ccedk need Manually give permission Request on Moderation to release funds its a real nightmare ccedk locks account with out notice when large amounts activity are involved don’t get me wrong I like ccedk but just for a quick flip get in and out i wouldn’t want to risk my nsr to sell for NSRbuyback I had to many bad experiences withdrawal btc in the pass im sure im not the only one

[Cybnate]

I like ccedk but just for a quick flip get in and out i wouldn’t want to risk my nsr to sell for NSRbuyback I had to many bad experiences withdrawal btc

I understand that moving large amounts also causes delays on Poloniex and BTER.
Most exchanges deal with it manually these days.

Shareholders benefit the most from selling on exchanges with higher trading activity like Poloniex and BTER.

Agree, but it a bit chicken and egg. No walls, no trading. I’m not keen to have my funds either on BTER (China) or Poloniex (USA) other than some small change for experiments. CCEDK is European based which is more in my favour when defaults or issues occur. It appears to me that personalities get in the way of facts and common sense, but I hope I’m wrong and it is just my perception.[quote=“NSRBuyback, post:94, topic:2654”]
We will adhere to the terms of any motion passed by shareholders however.
[/quote]
Can’t remember we voted for having funds on BTER. I’m probably a minority and this is the wrong thread to discuss this in further detail anyway.

[mhps]

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.

I don’t see this mentioned so I post my thought here for discussion.

I think Nu shareholders should sell shares during buybacks. Shareholders have motivations to buy shares when T6 fund is needed because they recognize the value of Nu. Average traders have a stronger tendency to spend the proceeds elsewhere. It’s better to buy more shares from community shareholders during a buyback. This may sound like a paradox – “if you like Nu you should sell nushares” kind of logic - but since buybacks are a given, we may as well have more distributed value held by the shareholders.

[cryptog]

By the way, this motion does not specify any duration which leads to perpetual buy backs.

[Dhume]

By the way, this motion does not specify any duration which leads to perpetual buy backs.

They are limited by the minimal T4 requirement of 15% of outstanding Nubits.

[cryptog]

They are limited by the minimal T4 requirement of 15% of outstanding Nubits.

right.

[mhps]

They are limited by the minimal T4 requirement of 15% of outstanding Nubits.

Taking 10% of the current surplus everytime, you will never kill the surplus with buy backs, in theory.

[Nagalim]

In theory we have other things that we pay for with T4 (including btc volatility) and the asymptotic nature should not be a real issue. Meaning, buybacks aren’t the only thing that affect the value of T4 in USD.

[JordanLee]

To calculate the NuBits in circulation, I will start with all 3,198,900 blockchain NuBits. The following are tier 4 funds that should be excluded:

• BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC: 2,000,000
• B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj: 150,000
• BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi: 118,105
• BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js: 170,201

Using this method I arrive at 760,594 NBT in circulation. 15% of that sets the reserved tier 4 buy side funds at $114,089.

The BTC/USD exchange rate as of the end of Friday UTC was $463.70 (at Bitfinex). Tier 4 buy side funds consisted of 635.9 BTC valued at $294,865. $114,089 excluded from the share buyback calculation equals 246.0 BTC. 389.9 BTC sits in the share buyback pool. 10% of this (39.0 BTC) will be used for share buyback next week. That is equivalent to approximately $18084. This will be the 13th weekly share buyback.

It is my understanding that FLOT will provide @NSRBuyback with the 39.0 BTC.

[masterOfDisaster]

calculate the […] share buyback next week

Thank you for doing that.

It is my understanding that FLOT will provide @NSRBuyback with the 39.0 BTC.

The FLOT already has started creating the transactions to deposit funds at the @NSRBuyback Poloniex and Bter account.