[Passed] Peercoin FLOT Reserve

you are right , we still in a crypto world with up and down…

we could buy options to hedge btc price risks. and crypto assets pegged to non-crypto assets.

there is still counterparty risk. But at least our risk portfolio is diversified.

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We can use centralized stable tokens as reserves as long as they would have multisignature wallets available.
For example FLOT could make a paypal multisignature account and keep some BTC there as fiat. But i don’t thing that paypal provides this service yet.
What about tether?

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Great to see this passed!

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Just a reminder to all that this means Peercoin FLOT Elections are now open for voting. Please feel free to submit your motion containing your conditions for shareholder approval. The standard voting window must be achieved by March 15th at 12:01 UTC.

Current FLOT members may ignore this message, as they do not have to be re-elected to join.

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Given the current state of the NSR group and the fact that Peercoin shares the same multisig code with Nu, I’d suggest reusing the NSR group.

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That’s a good point. We’d need consensus from the NSR group. Maybe we can still hold new FLOT elections (we kind of have to by word of the motion) and we can just put them on the tether multisig instead. I attempted to make the wording of the motion such that when an FLOT member is elected they are elected for all of FLOT, not specifically for any one reserve.

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@dhume @cryptog @masterofdisaster @mhps @jooize

To avoid moD being overworked perhaps I can take his place here.

I’m all for this, can’t see a scenario where NSR group is suddenly going to start getting busy so should be fine to do the PPC multisig as well in my opinion.

Thank you for considering that.
The real issue is rather that I had to back out and I think it might need to stay like this for some more time.
I won’t be available for PPC multisig.
I will continue to fulfill my roles unless I announce otherwise.

We should first sketch out how much work there will be for PPC reserve FLOT.

Once a week plus emergencies, same as btc flot.

The number of emergencies could be vastly reduced by the dual side NuBots on Poloniex. We seem to have a arrived in a time, in which emergency is not the standard.

PPC emergencies are expected to be far rarer than btc ones.

And even the “BTC emergencies” are more or less under control at the moment.

I can be a peercoin FLOT member as it does not entail additional work compared to being a BTC FLOT member except for managing a peercoin private key but I would also encourage other members (especially the ones that made a FLOT membership proposal that did not pass such as @crypto_coiner ) to propose their services.
The goal being to further decentralize the network.

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A lot of the overhead is probably in monitoring walls and figuring out how to balance liquidity. Supporting PPC will not cause more work immediately (the infrastructure is not in place yet for PPC/NBT), but there will be some extra burden at some point.

There has been less signing in the past month, and the NSR group is already not as busy as the NBT group. The division of NSR/NBT groups was an artificial one as limited by the multisig support by Nu. This should not give a total division of labor; some responsibilities can and should still be shared by both groups, at least within the extent of the 145 NBT pay. Sell-side and buy-side are two sides of the same coin so FLOT operations can greatly benefit from discussion coming from both sides.

A better solution, of course, is to ask @sigmike whether standardizing 15-of-15 multisig can be done in 2.1, so that all of us are in the game.

It can be done, but it won’t work very well until many nodes have upgraded, because older versions will not propagate these transactions (they will accept them within a block though).

Another solution is to build a 2.0.x with only this change.

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Great, it would be even better to put it in 2.0.x. If there are no hidden traps then the sooner the better, to shorten the wait for a critical mass to do efficient propagation. Thanks!

a[quote=“cryptog, post:56, topic:3337”]
the ones that made a FLOT membership proposal that did not pass such as @crypto_coiner ) to propose their services.
[/quote]

I should be able to make myself available

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