Thank everyone who speaks out.
I feel it s better not to sell the shares on public markets.
Therefore I would prefer this motion over Nagalim’s proposal for large amount of NSRs but I would like to acknowledge Nagalim’s original idea.
However, I think it is worth experimenting with Nagalim’s protocol as well. Therefore I would be willing to vote for a proposal in which Nagalim would oversee the selling of something like 1m or 0.5m NSRs based on his protocol.
That way, shareholders would be able to see which protocol is better, without taking too much risk, I feel.
3 Likes
By the way, do we need urgently a nsr sale and nbt burn motion right now? I am not sure. We still have roughly 1:2 (buy:sell) liquidity ratio wise.
The buy side liquidity is dropping.
Therefore I decided to vote for this motion
[e91340fdbda5c2a7a1362c66eece05b9c67d2496] verified.
Any cap in the volume diluted (upon aggregation)?
Any provisioning on the NSR sale price?
You can’t really limit that, because keeping the peg is of utmost importance.
Saving some dilution but endangering or even breaking the peg by doing this would be the worse deal 
This motion passed!
Bids for the first auction are due prior to the end of Friday, May 29th UTC. Bids may be sent by email to nsrauction@vistomail.com or by Bitmessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Bids must include an NSR price and quantity. Payment must be made in NBT.
Bump. Don’t forget to bid, auction ends in about two days.
1 Like
Just a reminder that this auction for 1 million NSR ends in less than 8 hours at the end of Friday UTC. Bids can be sent to nsrauction@vistomail.com or by Bitmessage at BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ
Already any details on the results?
Here are the auction results:
NSR auctioned: 1 million
Expected auction proceeds to be burned: 2049 NBT
Highest price: 0.002098 per NSR
Lowest price: 0.002 per NSR
Total NSR bid for: 6 million
If you bid 0.002 or more, you will be contacted to arrange settlement, which must be completed no later than Monday UTC.
Buy side liquidity is 34044 and sell side liquidity is 44015. Because the buy side is smaller than the sell side, an additional auction of 1 million NSR will be held ending next Friday UTC.
The motion to make auction size adjustable has less than 48% support, so it will not be applied. If it had, the auction size would have been 667,000 instead of one million for next week.
4 Likes
That motion just passed in the last few hours. At least it can apply for next week, a bit unfortunate timing, but I think we survive an additional 333k of NSR to NBT burning.
Since this motion doesn’t address what happens when there is too much sell side, should we introduce a motion to buy NSR and burn them on a weekly basis until the buy side liquidity is equal to the sell side liquidit?
I think creating NuBits is the sensible answer, but I would be reluctant to do that as the situation seems to change by the day. Let’s see if we get a trend in the next few days.
If you mean creating NBT to buy NSR and burn the NSR (or buy PPC and distribute dividents, yeah) then I agree. If you mean creating NBT and doing nothing else I am worried. In fact a lot of Nubits have already been created. It’s the $4M of strategic reserve. NSR will be on a oneway street dilutted to oblivion as the buy side bobs up and down.
Vote park rates to zero to nullify this grant, then vote in a grant along these lines:
Problem solved.
It will be interesting how little some here will worry about the market price for NSR burning on the open markets, like they did for NSR inflation via secret auctions. I am very discouraged that this thought is on the table so soon after all this dilution.
OK, a draft motion to test opinions. I add a 20% buffer zone so we won’t fret on the ripple.
=##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##=
This motion superceeds e91340fdbda5c2a7a1362c66eece05b9c67d2496 (“NSR sale and NBT burn”)
Buy side and sell side liquidities will be measured on every Monday UTC.
1 million (1,000,000) NSR will be auctioned weekly until the buy side liquidity is equal to or greater than 0.8 times sell side liquidity. Minimum bid size is 500,000 NSR. Payment must be made in NBT.
2 thousand (2,000) NBT will be auctioned weekly until the sell side liquidity is equal to or greater than 0.8 times buy side liquidity. Minimum bid size is 1,000 NBT. Payment must be made in NSR.
Bids are due by the end of each Friday UTC and settlement must complete by the following Monday UTC. All proceeds will be burned no later than three days after the settlement date. The burn transaction will be publicly posted to discuss.nubits.com.
=##=##=##=##=##=## Motion hash ends with this line ##=##=##=##=##=##=
2 Likes
This is becoming a very fundamental question and I have a hard time to make up my mind and form an opinion given the wide range of pros and cons which have been discussed. In a sense I like the motion as it creates NSR as collateral, basically manually achieving what Benjamin is advocating. I’m also aware that this is not how Nu was originally designed.
Best I can come up with is that Benjamin’s approach works better when the peg is under pressure and the confidence/utility in the NU network is relatively low. When usage, confidence and ownership increases I think there is more room to loosen the 1:1 collateral to some extent. Haven’t made my mind up whether that can be 50% or 80% eventually.
I’m still having difficulties with selling NBT and return that to the Shareholders as dividend. If anything it should be returned as shared collateral which can be used when the peg is under fire. That doesn’t mean that this is dead money, it can certainly be used for e.g. short term lending.
Dividends should only be paid when the network makes profits e.g. from services on the network. Unfortunately we haven’t seen much of that yet.
Just my 0.02 NBT