Auction proceeds in the amount of 2049 NBT have been received and burned.
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Is this week’s auction still on? Was not entirely clear from this thread, although I believe the motion tells us it should be.
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I have to admit I didn’t follow the complete discussion, and maybe someone already proposed it.
But what if instead of burning NBT, we use those NBT to buy NSR and then burn NSR?
It will reduce NSR supply and revitalize the NSR market generating arbitrage opportunity between the NSR/NBT pair and NSR/BTC pairs for other traders.
Thoughts?
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This motion came into place to balance the buy/sell side for NuBits. Burning NBT as a last resort as the park rates didn’t have much effect.
Your proposal is interesting but I believe serves a different purpose, maybe a discussion for another thread?
For sure my proposal won’t help reducing NBT supply. Sorry for checking in without proper understanding. Let’s leave this out for the NSR Buyback discussion.
I propose we nullify this motion asap:
What are the conditions of this week’s auction? I am confused
1 million NSR because the correction motion came out too slow.
Also, if park rates hit zero across all time scales this motion will be voided.
But the 2nd auction would still be alive even if we get tomorrow 0% for each period, right?
"If 50% or more of liquidity is on the buy walls and interest rates are zero for all durations, NSR auctions will cease immediately."
So park rates are currently zero, buy is about even with sell. I dunno, this motion has so many weird technicalities.
The time is 10:08 PM GMT, the buy is currently 39413.6947, the sell is 38302.60, and park rates are 0%.
Hi @JordanLee
The current Liquidity in the Nu network is:
39688 NBT on the sell side and 39420 NBT on the buy side.
Looks like the second auction just ended. Interested to hear the results.
Here are the auction results:
NSR auctioned: 1 million
Expected auction proceeds to be burned: 2000 NBT
Highest price: 0.002 per NSR
Lowest price: 0.002 per NSR
Total NSR bid for: 3 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 39420 and sell side liquidity is 39688. Because the buy side is smaller than the sell side, an additional auction will be held next week. According to the rules specified in the motion to make the auction size adjustable, 667,000 NSR will be auctioned with bids due next Friday UTC.
This does not reflect the fact that the buy side liquidity has been higher than the sell side over the pas few days and is now,
5:24 AM
Saturday, June 6, 2015
Greenwich Mean Time (GMT)
buy side: 36.6k
seel side: 34.8k
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I understand that, but if an auction is not held I am open to the charge of violating a shareholder motion, and I wouldn’t want anyone to say I didn’t play by the rules. Perhaps this next week will be the last auction for an extended period. 667,000 additional NuShares per week works out to an annualized rate of dilution of only 4.08%. It is very modest.
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The timing of taking the data from liquidity info bot appeared to be a temporary anomaly and certainly didn’t reflect the trend. It becomes clear that indicators like this needs averages over a period (e.g. a day) instead of just one sample. Or even better trending data.
Agree damage is minimal though, relatively cheap lesson learnt I would say.
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I don’t think that word means what you think it means.
It’s pretty hard to interpret the motion to make sizes adjustable to read “if interest rates are zero for all durations and 50% or more liquidity is on the buy walls during the 6 seconds per week I care to look, NSR auctions will cease immediately.”
The way I read it, it says if interest is zero and 50% or more is on buy walls, the auction ceases. Interest rates are zero, there’s 50% or more on buy walls, the auction should cease.
I will even accept that you did not have time to cease the auctions this week and will let it slide. If you continue the auction next week, you have violated a shareholder voted motion in my mind by selling from reserve outside of mandated action. Again, only in my mind, so if that doesn’t hold weight to you, you are free to ignore it.
How do you reach exactly the 4.08% calculation?