By dropping the last part (, “CHANGE_ADDRESS”: CHANGE_AMOUNT) any change will be put towards fee, or “burned” as we are calling it here. So, here are the steps I used:
Send a normal transaction of 57199.58 NBT to a temporary holding address and take note of the txid. In this case, it was: 44da74b59b4e522784380bb022304cf44972f721146234e96d75240d9edb3455
Construct the raw transaction using the txid from your temporary holding transaction to the desired burn address and do not provide a change address:
Nice bonfire. We should have had a ceremony and a count down for this. Be it known that Nu not only prints nubits. It systematically burns nubits as needed, too. Gone are the days when Nubits creation was a oneway street. My confidence in Nu just goes up by a notch. We should announce it in the news far and wide and record it in the journal @tomjoad
What does this mean, and why is it a big deal?
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It’s important because this is the first time that a Nu custodian has used the burn mechanism for NuBits. It definitively proves that the network is capable of removing NBT from circulation when demand
necessitates it. Any “ponzi” label attributed to us by our competitors should now be retired forever.
Soon, the Nu network will have the ability to grant NuShares to custodians who promise to burn a certain number of NuBits. In this way, modest NBT demand declines can be directly protected by the market valuation of NuShares. This NSR-for-NBT burn mechanism will be a complement to the existing parking rates mechanism.
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An additional supply-reduction mechanism - variable transaction fees - is scheduled for a future release too.
There should be no question at this point that NuBits is the world’s first truly flexible decentralized digital currency. In contrast to Bitcoin, which relies on preset protocol values to determine supply, NuBits combines the power of blockchain technology with the wisdom of human judgment.
My regular work is very busy this time of year and has me on the road frequently. I have just returned and wanted to provide my status on the steps required by this motion.
I have successfully “burned” as fees 25% of the NBT remaining from my grant, totaling 255,759.654 NBT (of 1,023,038.654 NBT).
The only change in my holdings between the day that post was written and today affects the “exchangeHeld” funds. The first settlement with CCEDK for a portion of the 87,200 NBT that was owed to me on behalf of the Shareholders occurred after that post had been written.
Accordingly, it is my plan to burn as fees 25% of the NSR that had been received in the settlement–totaling 2,746,787 NSR of the 10,987150 NSR–later tonight after I have confirmed that the burn process works the same for NSR as it does for NBT. I expect it does but will test with a small amount first to be sure.
I did not recognize this request the first time I read your post and apologize to the Shareholders for not submitting these addresses in advance.
I have not processed the burn of NSR yet. I had planned to do it yesterday after testing with a small amount but my schedule changed and I did not get home until very late.
The first chance I will have to burn the settlement NSR will be tomorrow afternoon. I will provide the addresses that I will be using before I start so Shareholders can verify the action live in the block explorer.
After that, looking ahead at my calendar, the next set of burns will commence in nine days and will account for:
253,202 NBT of the remaining 767,279 NBT held
2,719,319 NSR of the remaining 8,240,363 NSR held (settlement funds)
I will be initiating the burn of 2,746,787 NSR as fees in a few minutes. The address that I will be using is SYzjKXnv8waGjFavoHbopbyjwMFGVBSAas and once it has been processed and accepted by the Nu network this post will be updated with the transaction id.
Update:
That did not work as I expected it would. Only 10,000 of the NSR were used. I will reach out to the Nu Development Team to ask if there is a step that I need to do different from how NBT are burned to consolidate the inputs into a single output.
A new burn address will be provided when I have the process worked out. Sorry for the delay.
I am trying again after adding a parameter to my nu.conf file (splitshareoutputs=5000000) to increase the size of the outputs.
The replacement burn for fees address to be used is SVsMVp7QpzQ3qbtbEHMcudhvNrBjPgyJTA. Updates will be added to this post once I have manually generated the new transaction.
Update:
After including the parameter to appropriately size the outputs I was able to burn the amount for fees.
In accordance with the above motion, I am preparing to perform the next NBT burn. All available NBT and BTC has been withdrawn from Bter. Bter points, Bter securities, and outstanding BTC_B balances are listed but will not be included in the calculated percentage to be burned. Here is a breakdown of currently operated funds:
Allcoin
BTC: 30.25 (7678.36 NBT)
NBT: 3998.03
Bter
CNY: 25388.23 (4095.68 NBT) - converted from Bter points
BTC: 0
BTC_B: 178.67 - not included in burn calculation
Bter Points: 18575364.19 - not included in burn calculation
Bter Securities BTQ: 18575354.19 - not included in burn calculation
NBT: 0
NSR: 667298.73 (2071.96 NBT)
Bitspark
BTC: 10.97 (2784.52 NBT)
NBT: 2146.65
Poloniex
BTC: 85.2 (21626.35 NBT)
NBT: 23771.14
Off Exchange
BTC: 0
NBT: 202604.92
Rates Calculations Coinmarketcap.com (NSR)
0.003105
4/3/15 03:25 UTC
253.83 USD
4/3/15 03:25 UTC
Total NBT
270777.61
33%
89356.61 NBT
89356.61 NBT will be burned to address BH5KkzwvD9TzXuuDKBQ6BYdBpKce3ao4Y4
The minor issue compared to the solution proposed in the motion is we can’t differentiate an accidental extra fee from a burning. But it’s correctly removed from the supply like normal fee.
