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

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Partial burn transaction, for historical reference: 3da1d77e7c794b583322761a9c6f683e9e896e0f9757eb38c585a37723364818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.

Has any talk been done about when Nu is in high demand about not burning fees and instead putting them into walls or dividends?

In regards to dividends, our FAQ answers it here: https://nubits.com/about/faqs#why-are-nushare-dividends-paid-in-peercoin

We require an asset external to our system to distribute dividends. The purpose of creating NuBits is primarily to meet increased demand for NuBits in a way that prevents the rise of the NuBit price. If we distributed NuBits to shareholders instead of bringing them directly to market, there would be no way of knowing whether shareholders would hold them or sell them, or for how long they would hold them. It wouldn’t permit the network to tightly control the supply of available NuBits, which is necessary to maintain the pegged price.

Destroying NBT as transaction fees means that brand-new NBT must be purchased from custodians if demand is static or growing. Those new NBT can eventually be sold for dividends if shareholders choose that outcome.

Shareholders:

This morning I conducted the third burn of shareholder funds (NBT and NSR) under custodianship as required by this passed motion.

NBT Burn

Amount: 257,031.985 NBT (50% of remaining 514,063 NBT held)
Transaction ID: 874477c08257837cc32d0238699a7b536f3bf6c1e6d2cb86c512ab3660bd5d80

NSR Burn

Amount: 2,760,487.6 NSR (50% of remaining 5,520,975 NSR held)
Transaction ID: 10981786a8d87009bd4e672f97666c6fa0cf4601172ff9d77878f33e288c78bf

Baring any changes to the requirements, the remaining NBT and NSR held in my possession will be burned within the next month.

Additional Information:
The ~24k EUR on the buy side of the CCEDK NBT/EUR market that I am the custodian of will be continue to be provided as liquidity until it is exhausted. NBT acquired from this trading pair will be burned either as part of the final burn or as an additional burn after that point as required.

//Kiara

3 Likes

I have burned all NBT held in excess of 250,000. As you may recall, I have received only 1 grant of 200,000 NBT. Additionally, all contributors except those receiving custodial grants and those receiving NSR have been paid with NBT I supplied. This means 346,215 NBT plus all the NBT paid to contributors was purchased on the open market to support the peg.

NBT Burn

Amount: 396,215.4116 NBT (leaving 250,000 remaining)
Transaction ID: c504f9c0d09cfc6cc155e73931dc5bf450f2ab85ae72649b047177485101bcae

2 Likes

178.67 BTC is still locked up on Bter. These funds will be converted to NBT and burned when they are finally released. For now, they will not be included in this 50% burn calculation.

All Bter points and securities were used to buy 22.9 BTC on April 22nd, which was sent to Poloniex to support the buy side.

Bitspark.io has been removed from supported exchanges and those funds were sent to Poloniex or to offline storage.

Currently managed funds:

Allcoin
BTC: 0.58 (136.22 NBT)
NBT: 929.27

Poloniex
BTC: 17.72 (4161.8964 NBT)
NBT: 34459.02

Off Exchange
BTC: 0
NBT: 137393.9
NSR: 667282 (1894 NBT)

Rates used:
Coinmarketcap.com (NSR)
0.002839
5/6/15 21:02 UTC

Coinmarketcap.com (BTC)
234.87 USD
5/6/15 21:02 UTC

Total managed funds:
178974.77 NBT

50% to be burned:
87592.92 NBT to BMJnwCJEf5PTsmF2o63HamU5hWK2nRfVVJ
667282 NSR (1894 NBT) to SY3uXFitM2LQcWCph8hXQM2hj5kJDUn4N6

Edit: Changed NSR burn address

6 Likes

The burns are complete.

NBT: e2add6ff8d2b40062a853c83bb821105efc58b78655766c279c3e410b5eb85e8
NSR: dc63b19eed1f86a90d8fb02899c58310eaeb98fd50b310df065350ce7f385519

3 Likes