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

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

I like this idea and itā€™s the best one I could think of as well with the least drawbacks to Nu however itā€™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?

I wonā€™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.

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

@Dhume: Address?

NuSafe has been totally used right?

Yes.

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Then we should return the funds.

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

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

Weā€™ll figure it out.

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Oh god for real, damn thats inconvenient :S

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

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

If you didnā€™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, itā€™s all ultra transparently written in the blockchain.

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I have not received my BKS back yet.

Thatā€™s really bad.

Patched Cointoolkit to run over insecure HTTP and access B&C Explorer over HTTP as it doesnā€™t handle HTTPS anymore.

FLOTā€™s BlockShare address: 97zQy9VWLYcM6BeYGBv7bEJpRdxAy5cvEH (balance: 8,800.20 BKS)

Redeem script:

53210234139729dd413c84a71a0bfd6f236790be861b37311cef3240277c940e4b0c0721023c41edc461814e825a0847f9031fddf9b2610bb91992724920107f5fd07b492221029684f165042b44197bce605d81e3e9b22acb8ae677ea4ea3412307b3ff26ea6e210304571109f4e9dd3ce67133df452375597d20f583894cdd8ed09c65a3a3e3be5a21034b0bd0f653d4ac0a2e9e81eb1863bb8e5743f6cb1ea40d845b939c225a1a80ff55ae

Create transaction with patched Cointoolkit over HTTP.

Iā€™m currently having it generate the transaction. How high fee do we need?

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

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

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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. Didnā€™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.

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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

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 couldnā€™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.

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