[Passed] Motion to permit NuShare custodians and burning transactions

[sigmike]

I only wonder how it will be prevented selling those NSR that will not be counted in dividend distribution to enter the market. How can they be told apart from “regular” NSR?

These NSR are just not spendable. It’s enforced by the protocol: nobody can sell them. They are burned.

Mr Burn burns some NuBits using the new RPC (and proves it?)

If he does all the operation under the same username and nobody else claims the burning it’s not really needed unless there’s a possibility his forum account may have been compromised.
He can prove it by signing a specific message (for example something containing his username and his NSR custodian address) with the private key of one of the inputs of the burning transaction(s).

There are N persons submitting a proposal in step 2? I can think several different scenarios of things that can happen. I guess we just created a competition/market, where the fastest/best proposal can pass fast(er). Unless N persons get together under a single motion.

Shareholders are responsible for not allowing too much burning. When new proposals appear they can adjust their vote if that changed their mind.

[mhps]

masterOfDisaster:
I only wonder how it will be prevented selling those NSR that will not be counted in dividend distribution to enter the market. How can they be told apart from “regular” NSR?

These NSR are just not spendable. It’s enforced by the protocol: nobody can sell them. They are burned.

I have been thinking the “NuShares” in the “Burned NuShares will not be counted …” clause is a typo for “NuBits”, because it is the currency (NuBits) that is going to be destroyed (burnt), not the share. The shares involved are going to be created by the protocol to dilute the share base. Am I totally wrong?

[sigmike]

I have been thinking the “NuShares” in the “Burned NuShares will not be counted …” clause is a typo for “NuBits”, because it is the currency (NuBits) that is going to be destroyed (burnt), not the share. The shares involved are going to be created by the protocol to dilute the share base.

It’s not a typo but indeed this is confusing.

While writing the motion I had to consider whether the new burn RPC (which is intended to burn NBT) would also be allowed to burn NSR. Since burning NSR is already allowed by the protocol (even if there’s no easy way to do it), I assumed the RPC should allow it. And it can be useful tool for shareholders too if they ever want to reduce the total NSR supply. The fact the NSR supply can be reduced has some implications though, that I formalized in the motion. One of them was making explicit the fact that burned NSR would not count in dividend distributions.

[mhps]

Oh OK. You are only asking technical protocol questions to enable currency burning in general.

[cryptog]

i vote for bda115840291067ba0814032f0c93d4d5900a5cf

[crypto_coiner]

The mint reward will be adjusted according to the total number of NuShares in the network. Specifically, each time the supply of NuShares reaches 50% and 100% of its original base (1 billion), the mint reward will also increase by 50% and 100%. For example, when NSR supply reaches 1.5 billion, the reward should be 60 NSR. At 2 billion, 80 NSR, at 3 billion, 120 NSR, at 4 billion, 160 NSR, and so on.
If the total supply goes below one of these thresholds (because of burning for example) the reward will be reduced accordingly.

The Number of total share is inflated - How will it impact price (or perceived value) per share?

[JordanLee]

This passed in less than 8400 blocks, indicating that shareholders are quickly responding to newly proposed motions and grants. Passage in this short window also indicates there is broad support for the action.

Let’s implement this motion in the 0.6.0 version of the client.

[masterOfDisaster]

Hooray!
One of the quite important steps has been taken!

edit: I was close to creating a topic at reddit, but hesitated, because I didn’t want to interfere with any planned activity to promote this very, very important motion there (and at other forums).
I know that it will be hard to place the information there in a beneficial way as it can be expected to attract bashing just because it’s related to NuBits.
I’d be glad if @tomjoad would do this as I believe he can do it more professionally than I could.

If it’s not planned to “advertise” this motion, I’m going to try

[desrever]

this was fast!

[tomjoad]

I’d be glad if @tomjoad would do this as I believe he can do it more professionally than I could.

Great to see this motion pass. I’ll be advertising it on social media within the hour once I figure out messaging, and I’m going to also add a mention of it somewhere in the NuShares section of nubits.com. Thanks for the reminder @masterOfDisaster!

[desrever]

@sigmike: I was taking a look at the RPC documentation of the burn method : how is the [comment] field used?

[sigmike]

how is the [comment] field used?

Like in the send commands: it’s associated as meta data to the wallet transaction. You can get it back in the transaction details in the GUI or in the listtransactions RPC. It’s not put into the blockchain.