[discussion] T4 Zoology
[Draft] T5 reserve
Motion RIPEMD160 hash: 6311782b5d731cd45dd6873b24bcd6e62846fb2d
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Reserve DefinitionNu will attempt to hold the equivalent value of 5% of the circulating NBT in Peercoin (PPC) using a T4 FLOT multisig address. A second round of elections for FLOT members will open upon passage of this motion and will close on March 15th at 12:01 UTC. Current FLOT members can join the PPC multisig at will. This address is allowed to mint if technically able. If fewer than 4 FLOT members are found for the multisig this motion is void.
Market Actions and PPC Executor@Nagalim will volunteer to begin as PPC Executor to perform market actions on BTC-e to buy and sell PPC for BTC. No actions will be taken until April 1st. This service will come at no cost to Nu and will be provided indefinitely. @Nagalim will cease operations via post in Nubits forum with as much warning as possible. If there is no executor, the FLOT members in charge of the PPC multisig may come to consensus themselves as to how to proceed. As PPC is expected to have much more market volume than NSR, a strict regiment is unnecessary. However, a general outline for procedure is that around wednesday at 12:00 UTC the executor will switch from being a market maker to being a market taker.
Buying PPC and Modification to Current NSR Buyback ProcessThe velocity of the NSR buyback specified in motion 7b4955e91781e0e32f1e0c0c974fd4a7a9f972a3 will be reduced to 5% of the BTC overflow and limited to a minimum of $2,500 equivalent (below which the NSR buyback will be skipped for the week). Another 5% of the BTC overflow will be used to purchase PPC to place in the multisig account.
PPC overflowTaking the price each Friday at 12:00 UTC, if the PPC reserve exceeds 5% of the circulating NBT, 10% of the PPC overflow (that exceeding 5% of the circulating NBT) will be used to buy BTC, limited to a minimum of $1,000. If the value of the PPC reserve has exceeded its 5% of circulating NBT for the week, the overflow BTC that would be used for PPC purchase should be sent to the NSR buyback executor instead to purchase and burn NSR.
Peg BreakThe FLOT members assigned to the PPC multisig address have full authority to use the PPC to defend the peg. Confirmation of intended market actions should be sought from the PPC executor before moving funds and in dire situations FLOT has the authority to improvise an executor to defend the peg.
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