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?
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.
This morning I conducted the third burn of shareholder funds (NBT and NSR) under custodianship as required by this passed motion.
Amount: 257,031.985 NBT (50% of remaining 514,063 NBT held)
Transaction ID: 874477c08257837cc32d0238699a7b536f3bf6c1e6d2cb86c512ab3660bd5d80
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.
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.
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.
Amount: 396,215.4116 NBT (leaving 250,000 remaining)
Transaction ID: c504f9c0d09cfc6cc155e73931dc5bf450f2ab85ae72649b047177485101bcae
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:
BTC: 0.58 (136.22 NBT)
BTC: 17.72 (4161.8964 NBT)
NSR: 667282 (1894 NBT)
5/6/15 21:02 UTC
5/6/15 21:02 UTC
Total managed funds:
50% to be burned:
87592.92 NBT to BMJnwCJEf5PTsmF2o63HamU5hWK2nRfVVJ
667282 NSR (1894 NBT) to SY3uXFitM2LQcWCph8hXQM2hj5kJDUn4N6
Edit: Changed NSR burn address
The burns are complete.
We should see the final burns from @jmiller and @KTm in the next 4 days. That’s very exciting. We have almost completed the transition to decentralized liquidity that has no counterparty risk from the point of view of the network. Never again will Nu be plagued with the loss of shareholder funds as a result of an exchange default, as happened with BTER, CCEDK and Excoin.
Jamie has funds on BTER that can’t be withdrawn and Kiara has funds on CCEDK that can’t be withdrawn as a result of the hacks on those exchanges, so they will continue to manage those as shareholder funds until they are released or defaulted on.
Providing decentralized liquidity is a success story that is at not yet in full bloom. But Nu already begins to have positive effects from it.
A lot of money is being operated by @henry in NuLagoon and even more in the 3 TLLP pools operated by @Cybnate, @Nagalim, @willy & @woolly_sammoth (in alphabetical order).
Now Nu needs to care for the robustness of the liquidity providing as it would be a big blow for the ability to keep the peg if the decentralized liquidity providing would be impacted by human or software failure.
The counterparty risk has been shifted from the Nu network to the liquidity providers. They need to be provided with proper tools and need fairly compensated for the risk they take. The competition will sort out what can be considered fair
I don’t wanna spoil the party (which I feel the Nu network should have considering these achievements) and I think the success of Nu is on very solid ground; I just wanted to say that Nu still is responsible for the liquidity (albeit not directly) and that the money is well spent on the pools - to provide liquidity and to provide an entry for people into Nu!
I’m looking forward to see @henry’s multi-signature pools and I’m looking forward to see improved versions of TLLP pool software and so much more TLLP pools on so much more exchanges!
Final burns is ok ?
The final set of currency burns occurred earlier this afternoon.
Amount: 257031.885 NBT
Transaction ID: 399b6bae558c91a4f374083b88277601d033300c73939d79f19d859e7c4128c1
Amount: 2,760,487.6 NSR
Transaction ID: 6b6d8be172355276b62d9a7918dc9aa8085cc261088390f61903598c1832352b
This represents the full amount of funds held (grant NBT and NSR from the settlement) that are not currently on exchange in the form of “buy-side” EUR, on CCEDK, or funds that were lost during the Exco.in and CCEDK exchange attacks in February. I am still seeking resolution to recover those funds, and I’ll put together a new post in the coming days detailing the remaining amounts that I’m seeking to recover.
At the same time I’ll try to see if it’s possible to consolidate as many of my operational logs as possible to make them available to the community for data analysis. I’ll start to review the different operating accounts that have logs to confirm that I have the bulk of them in a place that is accessible* and then evaluate what it would take to put them together in a collection.
Thank you for allowing me to act as a custodian for your funds. We encountered a significant number of unexpected challenges along the way, but even with the difficulties I’m proud to have been able to contribute to the network’s early days. Many of the conversations and proposals that I’ve read here on the forums would not have been possible to have without the large number of different events and situations that we’ve come across.
* I know for sure that the tranasctional from BTER during the early to middle of September are not available. BTER did not have a way of accessing this information beyond 24 hours after the trade occurred and I did not know about this until it was too late. I did not operate long on BTER before @jmiller started her operations, so the missing trade records only represent a tiny fraction of my total operations.
Your effort is great;y appreciated, Kiara.
Please accept my apologies for the delay in processing this round of burns. I’m working through an issue with Allcoin where the final withdraw of 1929.27 NBT failed to be transferred and was not returned to account balance. Also, the Poloniex withdraw process is taking a few days longer than originally expected due to their recent withdraw limit changes. I will provide a detailed update very soon. Thank you for your patience.
By the way, I am wondering about the amount of this commission. And was it eventually granted?
Yes. I’m sorry this has taken so long.
I suspect Allcoin of insolvency. If anyone has funds there, I would strongly suggest attempting to withdraw them. For several weeks, I have been attempting to withdraw the final chunk (1929.2719 NBT) of shareholder funds that are still held on Allcoin. This started as a couple of failed withdraw attempts, where I was given an error, the funds were returned to balance, and I was instructed to reattempt the withdraw. This failed withdraw error has happened again, but now I am no longer receiving replies to my inquiries from Allcoin support. This leaves me with nothing to suspect other than pending exchange default for Allcoin.
All remaining funds (91178.16 NBT) under my control, with the exception of pending Allcoin and Bter funds, have been burned in this transaction: 37546ba46b3b546d7c9edce3c61922993e2b4529723a4cef1e704748a894eed0
I will continue to monitor the situations at Bter and Allcoin until resolution or default and inform all of you as soon as I learn anything new.
Tks a lot for your update.
My NBT test deposit to allcoin.com didn’t show up (blockexplorer showed successful tx). My support ticket for the issue hasn;t been answered for almost a week. I think the Nu exchanges page should put up a warning of allcoin.com
Shareholders seemed to suggest that we should not be in the business of preemptively warning our users about potentially dangerous exchanges. From the recent motion to list all exchange resources:
This motion is to express the desire of NuShares holders to list all NuBits and NuShares exchange resources in all current and future marketing materials which are under the control of the Nu team. […] The exchanges listed are not endorsed by the NuShareholders by any means. The NuShareholders cannot be held liable for any funds lost by using these exchanges. This listing only intends to be an overview where NuShares and NuBits can be traded. Users of these exchanges need to do their own due diligence before using these exchanges. This can be done by searching the discuss.nubits.com forums for any previous events or asking questions in the community.
I would like to avoid acting unilaterally in the area of exchange listings, given my previous stance on CCEDK. If any NuShareholder would like to introduce a motion to remove AllCoin from the Exchanges page, I would be happy to comply if it passes. I would assume such a motion would include evidence of the risk the exchange poses to the public.