Sorry, I didn’t notice your question until now. Here are the auction results:
High bid price: 0.00352 NBT
Lowest winning bid price: 0.001111 NBT
Number of NuShares paid for: 91,507,463
Number of NuShares not paid for yet (not included in proceeds) 8,492,537
Proceeds of auction: 185,014 NBT and 32 BTC for a total of 193,819 NBT value
Average price per NuShare: 0.002118 NBT
If you are among those who haven’t paid in accordance with a winning bid, please do so within a couple days. Those who default on their obligation to purchase NSR according to their bid will be reported to the community so others will know they may not keep their commitments.
Distribution of auctioned NSR is still ongoing, and should be completed within a couple days.
I realize some shareholders will not pleased with the average price of the winning bids. It would have been better to auction fewer shares to increase the average price in retrospect. While a minimum price was suggested, a minimum of 70% of the market value would have yielded no winning bids. It isn’t worth analyzing the deficiencies of this auction too much, because it is already certain that nothing resembling it will ever done again.
In the future, I suggest public bids be solicited by shareholders, which will take the form of a motion including the the price of and quantity of NuShares desired by the bidder. If shareholders pass the bidder’s motion, they will burn NBT as payment. Once the burn is complete, shareholders will pass an NSR grant for the bidder.
The auction was a great success in that it yielded a value approximately equal to half the value of all NuBits in circulation (about 350,000 before the auction). While future results may vary, we have proven that at this point in time tier 6 liquidity can permanently remove half of all NuBits from circulation. We have also proven that by offering a mere 2% premium for parking for 3 months we can remove 56,000 NuBits from circulation temporarily. This amounts to 16% of all NuBits in circulation a few weeks ago. So, we pulled 249,000 NBT or 71% of all NuBits out of circulation over the last few weeks using tier 5 and 6. Of course, tier 5 (parking) is by no means exhausted and could be expected to provide much more buy support if the absolute rate were increased from its current level of 2%. Given that there is at least 125,000 NBT of buy support (that I am aware of) in tiers 1 through 4, this means we have proven we can purchase every NuBit in circulation a few weeks ago at full value. That is remarkable. And this in the face of shutdowns and defaults in rapid succession at our three biggest exchanges, imposing losses via counterparty risk the network was not designed to withstand. With the recent shareholder commitment to use only self funded LPCs, counterparty risk will be removed from our network, in accordance with my original design. This means after the next few months the network will never experience a crisis again from counterparty default.
The way the network has maintained the peg throughout a counterparty default crisis it was not designed to withstand and gracefully recovered brings me great satisfaction and confidence in the future of the network. We have passed a very severe test admirably.
