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

[mhps]

Maybe it is possible to split the bks to several custodians who mint their own bks to hold and mint with the collaterals?

[Dhume]

I like this idea and it’s the best one I could think of as well with the least drawbacks to Nu however it’s not easy to arrange. It relies on finding multiple custodians that 1. Essentially already mint full time + 2. Have already build up enough trust that we can store large amounts of BKS with them without significant counterparty risk and 3. Are willing to provide such a service for a very low fee (maybe a few% of the BKS minted?)

Also in such a case (however unlikely) that they do end up taking off with the collateral how would we salvage such a situation, would Nu repay for any BKS lost?

[mhps]

I won’t have problem counting you as one of them ( then simply just ask you to submit less collateral BKS) The risk in your running off is doubled though.

[jooize]

I think FLOT BKS should send the 8,800(.2?) BKS in FLOT BKS Multisig #1 to @Dhume.

@Dhume: Address?

[cryptog]

NuSafe has been totally used right?

[jooize]

Yes.

FLOT BTC Operations (buy side)

I’ve withdrawn the remaining 10,196 BTC to the FLOT multisig Tx: ef184065b2a38a1a421f9cd88884601c6ad2bbf5c89f19a17af410282c795794 With this NuSafe has been completely emptied I’ll make a final report about all the proceedings next week in the NuSafe topic.

[cryptog]

Then we should return the funds.

[Dhume]

Yes please do you can use the following address: 8XyinfDRRytGDjvB8kmEpZVWd3fAFw2uHP

[jooize]

I suppose nobody has a super convenient tool for crafting multisig BlockShare transactions? We may need to create one since there’s one input per BKS and I’m not a robot like @masterOfDisaster.

We’ll figure it out.

[Dhume]

Oh god for real, damn thats inconvenient :S

[mhps]

I tried the redeem script here but my browser hangs when loading the script.

[ConfusedObserver]

@Dhume, did you ever get your BKS back?
My understanding that the contract has not ended, if you didn’t get your BKS back.

For this service @Dhume will charge a 300 NBT fee per month, totaling 900 Nubits per 3 month service period. @Dhume will take payment after every 3 month operation period by requesting a grant to be passed at the end of the operation period.

If you didn’t get your collateral back, what about the fee of quarterly 900 NBT?
It should be easy to find your payments somewhere in the books.
Oh no wait, it’s all ultra transparently written in the blockchain.

[Dhume]

I have not received my BKS back yet.

[Sabreiib]

I have not received my BKS back yet.

That’s really bad.

[jooize]

Patched Cointoolkit to run over insecure HTTP and access B&C Explorer over HTTP as it doesn’t handle HTTPS anymore.

FLOT’s BlockShare address: 97zQy9VWLYcM6BeYGBv7bEJpRdxAy5cvEH (balance: 8,800.20 BKS)

Redeem script:

53210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c0721023c41edc461814e825a0847f9031fddf9b2610bb91992724920107f5fd07b492221029684f165042b44197bce605d81e3e9b22acb8ae677ea4ea3412307b3ff26ea6e210304571109f4e9dd3ce67133df452375597d20f583894cdd8ed09c65a3a3e3be5a21034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff55ae

Create transaction with patched Cointoolkit over HTTP.

I’m currently having it generate the transaction. How high fee do we need?

Cointoolkit lists only 7,500.20 BKS, but perhaps it’s some limit and we can send the rest afterward.

[Dhume]

That is because the 8800 is an incorrect balance, no clue why the explorer makes that error. It’s supposed to be 7500 BKS.

[jooize]

Took less than two hours. The transaction is 1.6 MB. Now loading the signing page.

I worry that 0.2 BKS is insufficient fee. Didn’t want to burn your BKS excessively. How much will be required? 1.6 MB plus signatures.

The process of signing may make your computers unusable for a while. Alternative is handing over your private key to a trusted party.

[jooize]

Return BlockShares to @Dhume

Address: 8XyinfDRRytGDjvB8kmEpZVWd3fAFw2uHP
Amount: 7,500 BKS
Fee: 0.2 BKS (too low?)

Signed 0 of 3-of-5

https://jooize.github.io/cointoolkit/?mode=blockshares#sign

https://gist.github.com/jooize/43f47de7fc463df8d3d49d93d7638ac5/raw/6b492e9b9b95b584caccb32ef489fa873d27db83/NuSafe-transaction-unsigned.txt

(@jooize) @cryptog @mhps @woodstockmerkle @dysconnect

[dysconnect]

I vaguely recall the default fee is in the range of 0.01-0.02 per kb. So the fee should be somewhere between 16-32 BKS, plus a little. I couldn’t find a definitive answer after skimming the BCE sourcecode, but it seems the fee is voted on per block so one might need to check with the client.

[mhps]

I cannot verify what is in NuSafe-transaction-unsigned.txt in https://jooize.github.io/cointoolkit/?mode=blockshares#verify