Kiara is extremely busy helping debug the new reporting tool, so I have taken it upon myself to draft up a motion to change dividend period 001. I see no good reason not to get this ball rolling. As you know, anyone can propose a motion and it is up to the shareholders to decide if it should be enacted. Kiara has reviewed this motion and has approved it’s content.
The RIPEMD-160 hash of the motion that you need to enter into your client to vote for this motion is:
3AE690D8C1F6ABE82125A41284655D8B744DA529
Begin motion
Dividend period 001 of Kiara Tamm’s Proposal to Provide Early Stage, Dual-Side Liquidity and Shareholder Dividends, Revision 0.1.0 (https://gist.github.com/KiaraTamm/c30172f9d5d73e970bf2) will be changed in the following way:
Period 001 will be split into two (2) distributions. The first (1st) distribution of 50,000 NBT worth of PPC will be prepared and delivered to shareholders no later than 72 hours after the passing of this motion. The remaining portion of 22,000 NBT worth of PPC will prepared and delivered to shareholders no later than 72 hours after the funds become available from the proceeds of continued NBT sales. After the second (2nd) distribution of Period 001 is paid, the grant operations will continue as outlined in the original proposal, with no other changes. End motion
If PPC or BTC quickly crashes in value, there is a chance that KTm will not have the 50,000 NBT worth of PPC available to fulfill this motion. However, in that case, I think shareholders can assume that common sense will prevail (or another motion amendment may be passed).
The amounts stated in the motion were given what we feel to be an appropriately sized margin of error in the event of decline in the value of PPC and BTC. I am confident that there is enough existing reserve to fulfill the terms of the motion.
Basically, if you support this motion you’ll need to enter this RIPEMD-160 hash of the motion into your Nu client to vote:
3AE690D8C1F6ABE82125A41284655D8B744DA529
Let us know if you have any difficulties with this and we’ll help you out further.
The client has changed a little since that video was produced, because it now supports multiple motions. Instead, click the plus sign, then double-click the white box that appears and paste the hash inside. Then click OK.
Again, just post here if you have any trouble. Thanks!
So there’s no time limit on motions? It just has to enough enough people voting for it, and over time it will eventually hit 5001/10000 blocks and be considered passed?
Yes, and custodial grants work the same way. This means a 45% minority might be enough to pass a motion if it eventually gets lucky with minting. However, a 25% minority, for example, has pretty much no chance of accidentally exceeding 5001 of the most recent 10000 blocks. A majority of coin days destroyed is also required to pass a motion or grant.
The motion passed today at approximately 14:50 EST. This time should be used for valuing the purchase of dividends.
The value of PPC/USD at 14:50 EST was: 0.732
The value of PPC/BTC at 14:50 EST was: 0.00197
This means that approximately 68306 PPC should be purchased for the first distribution. The amount of the second portion of dividend period 001 should be announced by @KTm once the funds become available.
@KTm has 71.66 hours to complete the first distribution.
I don’t think the amount of PPC to be purchased for the second distribution can be determined at this time. When it is time to make the announcement of the second portion, it makes sense to use the price of PPC at that time to make the calculation.
@KTm Will the original plan for funds acquisition be followed, or has the conversion to PPC already taken place?
The peercoins required to fulfil the distribution of dividends will be purchased on the open market.
Exchanges with a lower amount of peercoin trading volume are preferred, primarily because we’ll be able to offer better-than-average prices for larger blocks of peercoins. If attempted on a deeply liquid exchange (such as BTC-e), the net effect will likely be a run-up of price, or a backing-away of the order because traders will view it as an intentionally placed “wall,” rather than a real order.
A premium may be required to attain a better price.
We will attempt to push traders to raise volume on secondary markets through their attempts to arbitrage the price difference made available.
The Custodian will split orders between one and four exchanges (divided proportionately each exchange).
Splitting the trades across exchanges lowers the exposure risk of exchange default(s).
