[Passed] NuSafe - An 30k hedge of Tier 4 funds in USD

NuShares Motions
#28

I am currently on the road (on mobile) and wasn’t supposed to return until monday I have changed my plans and will be home tommorow (due to ip restrictions I can only acces the account from my home address). I can send the funds tommorow afternoon, unless a different request comes along I will send the funds to above mentioned addresses.

3 Likes
#29

The current liquidity situation looks like this:

Pasted image1577×619 64.6 KB

Oh my god, no orders at Poloniex!
Don’t worry, $9,000 add up to the bid side. They are not reported by ALix, because they have an increased spread:

status of zoro dual side NuBot at Poloniex:
nud getliquidityinfo B | grep BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo -A 2
        "BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo" : {
            "buy" : 9029.16,
            "sell" : 11400.701

Btw. - those funds were merely reduced by a few hundred USD today when Poloniex had practically no funds on bid side at a tight spread.

Following your motion

I recommend that we initiate a discussion amongst FLOT members.

I see some need for activating the funds, but it’s almost sure that the regulations from “Standard and Core” motion kick in this week and NSR get sold to replenish the buy side. Then again this will not bring enough funds to make the T4 reserve look good.

We could as well wait some more to see what happens next - we have some time, because we still have gateways, which by the way hold some BTC.
And as soon as BTC drops, it will look better. Do we want to gamble on that?

If we just want to make the books look better, let @zoro terminate the Poloniex operation, I have roughly 2 BTC at hitBTC, @Cybnate has funds at Bittrex and Poloniex.
Except for hitBTC I dare say, we need the BTC where they are, though!
I was rather trying to imply that it doesn’t look as bad as it might appear at first glance because the major exchanges NuLagoon Tube and Poloniex don’t look very bad, while the rest of the liquidity network is in no perfect condition.

Terminating NuLagoon now will once more show how BTC volatility is a problem.
@Dhume, please remind me: how many BTC did you get from Nu to convert them to USD?

I fear we seriously need to consider activating NuSafe.
@cryptog, @dysconnect, @jooize, @mhps, @ttutdxh, @woodstockmerkle, what do you say?

1 Like
#30

Thanks @Dhume. Can you clarfity what time that will be UTC or some other specific time zone please?

#31

Trying to act like having governance we should at least wait for some more FLOT members.
@Dhume seems to be in favour of activating NuSafe and I’m inclined to be on the same side.
That makes 2 of 8. Not exactly what I call consensus.

1 Like
#32

From my understanding this is what NuSafe was created for. I’m in favor of using it.

3 of 8.

#33

@FLOT (@cryptog, @dysconnect, @jooize, @mhps, @ttutdxh, @woodstockmerkle, @Dhume)

please have a look at

and the succeeding posts.
Is the liquidty situation not as bad as it seems?

2 Likes
#34

I think I should count. I say we sell NuSafe.

1 Like
#35

I say go. 4 of 8 FLOT for it.

#36

I think we should sell half of NuSafe and put it under FLOT control.

#37

I am ok also with selling half of NuSafe and put the btc proceeds under FLOT control for replenishing the buy side quickly
But at the same time we need to start selling some NSRs to replenish the reserve.

#38

Okay guys, I’ve bought for an average price of 498.37$ (including transaction costs) this has resulted in 60,196 BTC in my possesion. Where do they need to go?

#39

tube+flot

#40

I dont have a paired address for the tube though, so should I send all to FLOT and then make a transaction to send part of the funds to the tube afterwards (50/50 split)?

#41

yes plz. Fees>0.0002 plz

#42

I don’t think @Dhume is authrized to send the btc to anyone other than flot 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe . however i am good if he sends 20 btc to the tube.

1 Like
#43

I think you get reduced tube fees with a registered address so I’l make a Tx afterwards for 20 or 30 BTC to send BTC from our multisig to the tube.

5 Likes
#44
#45
2 Likes
FLOT status and potential reformation
#46

Thank you for your NuSafe service, which proved to be the last resort with regard to reserve Nu had in the last days.
Without it, we’d barely have had funds for the gateways, which are the last resort with regard to liquidity.

Now that you fulfilled your contract, it’s about time to send the collateral back.
Sorry for coming up with it that late. I was rather busy with other things…

I suppose the address from where you sent the BKS is appropriate to receive them back?
Can you please confirm?
This approach would keep your BKS safe from theft, even if your forum account were hijacked.

2 Likes
#47

NuSafe working as intended hopefully can set a precedent for similar operations in the future. I will post a report tomorrow about the proceedings and what the next steps should be in my opinion.

4 Likes