[Passed] NSR sale and NBT burn

[Nagalim]

The only personal “attack” I made on Jordan was to say that he was personally responsible for the detrimental effects the b&c auction had on Nu. Perhaps this wasn’t fair, but perhaps there is more truth to that painful perspective than many shareholders would like to admit. However, I tried to show that all humans are capable of making poor choices when confronted with conflicts of interest. I never once said Jordan has or will fraud the community, only that motions like this especially are prone to such corruption.
I will not say any more about this motion as I can see the mob sharpening their pitchforks already.

[tomjoad]

My apologies then if I misunderstood your tone. My reply is in response to this paragraph:

If no bid is submitted, what happens? Clearly, Jordan will buy them himself for $.0000001/nsr.

[Nagalim]

That would not be fraud given the wording of this motion. I’m incredibly unclear about what happens in that instance and I was using Jordan as a proxy for “auction distributer”; it was supposed to be an example of a case that goes unspoken in this motion that my motion speaks to. I know I can be abrasive, but I’m a little upset about the way this all was handled and i think it’s better to let it out than to take my shares to market.

[mhps]

Thank everyone who speaks out.

[cryptog]

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.

[cryptog]

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.

[cryptog]

The buy side liquidity is dropping.
Therefore I decided to vote for this motion
[e91340fdbda5c2a7a1362c66eece05b9c67d2496] verified.

[crypto_coiner]

This is a modest rate of sales that will result in less than 0.4% dilution per month.

Any cap in the volume diluted (upon aggregation)?
Any provisioning on the NSR sale price?

[masterOfDisaster]

Any cap in the volume diluted (upon aggregation)?

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

[Cybnate]

This motion passed!

[JordanLee]

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.

[Cybnate]

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.

[JordanLee]

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

[Cybnate]

Already any details on the results?

[NSRAuction]

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.

[Cybnate]

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.

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.

[mhps]

Park Rate Voting

The buy side liquidity is now 42k, the sell side liquidity is now 35k.

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?

[Cybnate]

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.

[mhps]

I think creating NuBits is the sensible answer,

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.

[Nagalim]

Vote park rates to zero to nullify this grant, then vote in a grant along these lines:

Some Suggestions To Eliminate Peg Maintenance Expenditures

Hello, I thought I would chime in with some suggestions. I will briefly describe a possible revamp of the peg maintenance system and then explain its potential advantages. System: 1) In each PoS block, Nushares record a binary vote about the current Nubits/USD exchange rate on external markets. 1 if the price of Nubits is > 1 USD or 0 if the price of Nubits is < 1 USD. 2) Every 24 hours (approximated in terms of blocks), an auction of Nubits and Nushares is conducted within the block ch…

Problem solved.