[Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

You can do this with nud, but I simply used a debug console from the gui.

The standard command for constructing a raw transaction is:

createrawtransaction ‘[{“txid”: “ID_OF_THE_TRANSACTION”, “vout”: OUTPUT_N}]’ ‘{“RECIPIENT_ADDRESS”: AMOUNT_TO_SEND, “CHANGE_ADDRESS”: CHANGE_AMOUNT}’

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:

  1. 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

  2. Construct the raw transaction using the txid from your temporary holding transaction to the desired burn address and do not provide a change address:

createrawtransaction ‘[{“txid”: “44da74b59b4e522784380bb022304cf44972f721146234e96d75240d9edb3455”, “vout”: 1}]’ ‘{“BMdEGVo9oSmsFHDKiL39CYhaSD3AmCv4s4”: 0.01}’

  1. Use the transaction hex that the above command returned to check and make sure you’ve entered everything correctly:

decoderawtransaction 01000000ac22fe54015534db9e0d24756de934621421f77249f44c3022b00b388427524e9bb574da440100000000ffffffff0164000000000000001976a914bc65851004a5b595762bd16ce51194ad7c663a3388ac0000000042
output:
{
“txid” : “106a1da853f6e578e2b2fec76d5cc8b707d8f4aee1d580419eb6a7aa66023eb5”,
“version” : 1,
“time” : 1425941164,
“locktime” : 0,
“unit” : “B”,
“vin” : [
{
“txid” : “44da74b59b4e522784380bb022304cf44972f721146234e96d75240d9edb3455”,
“vout” : 1,
“scriptSig” : {
“asm” : “”,
“hex” : “”
},
“sequence” : 4294967295
}
],
“vout” : [
{
“value” : 0.01,
“n” : 0,
“scriptPubKey” : {
“asm” : “OP_DUP OP_HASH160 bc65851004a5b595762bd16ce51194ad7c663a33 OP_EQUALVERIFY OP_CHECKSIG”,
“hex” : “76a914bc65851004a5b595762bd16ce51194ad7c663a3388ac”,
“type” : “pubkeyhash”,
“reqSigs” : 1,
“addresses” : [
“BMdEGVo9oSmsFHDKiL39CYhaSD3AmCv4s4”
]
}
}
]
}

  1. Sign the transaction using the same transaction hex. This will output a new transaction hex:

signrawtransaction 01000000ac22fe54015534db9e0d24756de934621421f77249f44c3022b00b388427524e9bb574da440100000000ffffffff0164000000000000001976a914bc65851004a5b595762bd16ce51194ad7c663a3388ac0000000042
output:
{
“hex” : “01000000ac22fe54015534db9e0d24756de934621421f77249f44c3022b00b388427524e9bb574da44010000006b483045022030378722de92cd279cdb3fe7eb62e867b48a40e30b3034db0beeea9215a6142b022100861dee5807ac0d0557f74770c8afe3c34dac882567ebd65205d1c876b9a8423501210362721967f873d43bc320d4fc5b90cf8156bdf18a4e48d7ded8fcdaa4b7c19d97ffffffff0164000000000000001976a914bc65851004a5b595762bd16ce51194ad7c663a3388ac0000000042”,
“complete” : true
}

  1. Now send the transaction using the signed transaction hex. This will send the transaction and output your final txid:

sendrawtransaction 01000000ac22fe54015534db9e0d24756de934621421f77249f44c3022b00b388427524e9bb574da44010000006b483045022030378722de92cd279cdb3fe7eb62e867b48a40e30b3034db0beeea9215a6142b022100861dee5807ac0d0557f74770c8afe3c34dac882567ebd65205d1c876b9a8423501210362721967f873d43bc320d4fc5b90cf8156bdf18a4e48d7ded8fcdaa4b7c19d97ffffffff0164000000000000001976a914bc65851004a5b595762bd16ce51194ad7c663a3388ac0000000042
output:
6390f9015efc66adf423a80eb81ea43d13a1d4d0e52e11f020985f998bbb5353

3 Likes

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

2 Likes

Posted to Twitter & Facebook: https://twitter.com/OfficialNuBits/status/575105027171315712

Posted to Reddit: http://www.reddit.com/r/NuBits/comments/2yie7a/a_nubits_custodian_has_completed_a_historic/

Reddit text:

Link: [Passed] Motion to end LPC operations of KTm, Jamie and NSR sales of Jordan

Proof of burned NBT: http://blockexplorer.nu/transactions/6390f9015efc66adf423a80eb81ea43d13a1d4d0e52e11f020985f998bbb5353

What does this mean, and why is it a big deal?

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.

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.

The future of Nu is bright!

Text was slightly modified for /r/cryptocurrency

3 Likes

Excellent.

Excellent indeed -
How does exactly Burning work?

Shareholders:

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).

Proof of this burn exists in the Nu blockchain and can be verified by reviewing the transaction ID: e4e4e0127f58df1c7f0e5a2e7e6ebac71453d4beb64e906a25d4ab2c7c5e6329

For more information please review the post that details the breakdown of the status of my grant funds.

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.

Addresses that the burned funds were sent from:

Thank you.

//KTm

4 Likes

Does the burning shown in money supply report in the wallet? I don’t see 0.25 million down step in coinmarket 7-day chart

It needs to be reported to Coinmarketcap.

@KTm - any update on the planned NSR burn?

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)

//Kiara

Shareholders:

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.

Partial burn transaction, for historical reference: 3da1d77e7c794b583322761a9c6f683e9e896e0f9757eb38c585a37723364818

//Kiara

2 Likes

Shareholders:

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.

2,736,787 NSR (total: 2,746,787 NSR taking into account the 10,000 NSR burned in the small transaction due to the incorrect output size specification) has been burned for fees in a transaction sent to SVsMVp7QpzQ3qbtbEHMcudhvNrBjPgyJTA.

This fulfills the first portion of my burn schedule and going forward will be burning in accordance with the timeline specified by this motion.

//Kiara

4 Likes

Shareholders,

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

Jamie

1 Like

The burn transaction is complete. You may view it on the block explorer by clicking the following txid link:

8da2ca8d458c212c5850a4f4a59208a3f32804d88335f9de5472477e8d95e2d3

5 Likes

@jmiller Good job!
And @KTm When will do this job ?

Today.

NBT burn address: B53UwF2iJZBykmZqTxeYgxoTP4HNYtvEgW
Amount: 253,202 NBT (of the remaining 767,279 NBT held)

NSR burn address: SVNeTTKYGMujZ59DERpxkxwwXeBRHz28nf
Amount: 2,719,319 NSR (of the remaining 8,240,363 NSR held [CCEDK settlement funds])

I will include the transaction IDs of the burned funds once they appear in the block chain.

//Kiara


NBT Burn TxID in block: 307,390c6d670ca72a8bf2b2fd21f4043b66730af76a01645d9af8a050f87cfdf9f22b4

NSR Burn TxID in block: 307,403
5365485eb68e683cac328a35b3481990e9cb238b544b104b944c83bc8c97b14b

This process always makes me think of Mike Caro burning benjamins at the poker table to make his opponents think he’s crazy. :smile:

A technical issue with burning by sending coins to fees seems to be that moneysupply reported by the client doesn’t show the consequence. Or does it?

It does.

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.

This is great. Thanks.