[Passed] Peercoin FLOT Reserve

Nagalim · March 2, 2016, 2:01pm

If no new FLOT motion is passed in the next 2 weeks, current FLOT will need to form the PPC reserve or sacrifice my services as executor. The reserve will require at least 4 signers.

mhps · March 2, 2016, 3:01pm

I can sign it under the same condition as for the BTC FLOT but only once a month. Might do it more often.

masterOfDisaster · March 2, 2016, 3:34pm

As PPC is supported by Cointoolkit and by design no frequent transactions are required, I’m available for PPC multisig.

jooize · March 2, 2016, 3:40pm

I’m available to be a signer for the Peercoin reserve.

Dhume · March 3, 2016, 4:06am

Still valid.

crypto_coiner · March 4, 2016, 2:13am

Still valid –

Nagalim · March 4, 2016, 4:06am

If you want to become a member of FLOT you only have 12 days to pass a motion.

crypto_coiner · March 4, 2016, 4:14am

I’ll propose a motion – thanks for the reminder

crypto_coiner · March 4, 2016, 9:53am

Nagalim · March 15, 2016, 8:18pm

@cybnate @crypto_coiner @jooize @mhps @masterOfDisaster @dhume @cryptog @dysconnect

Please get a multisig together and tested before april (15 days). 3-of-5 would be fine, i know @dysconnect and @cryptog expressed hesitations.

masterOfDisaster · March 16, 2016, 6:58am

Please post PPC pubkeys here:

crypto_coiner · March 16, 2016, 1:51pm

At your service–

mhps · April 2, 2016, 12:06pm

This

does not agree with this

in how PPC reserve is calculated. Is it 5% of the buyback pool (circulating nbt minus 15% minus nusafe) or circulating nbt ?

masterOfDisaster · April 2, 2016, 12:30pm

Why not? 5% of the overflow are used to purchase PPC until the PPC reserve exceeds 5% of the circulating NBT.
One defines when to buy PPC and the other until what threshold is reached, no?

mhps · April 2, 2016, 12:48pm

OK. It would be great if this ambiguity can be removed.

Nagalim · April 2, 2016, 1:35pm

MoD is correct, those are two different situations and could in theory be different numbers. For simplicity i just made them both 5%.

So we have two conditions that can be met both, either, or none.

One condition is ‘btc overflow’ which happens when the standard is positive (i.e. we have more than 15% btc reserves). When this condition is met we seek to buy nsr and ppc with a market velocity of 5% of the btc overflow for each.

The other condition is ppc overflow which has not happened and likely won’t happen for some time. That condition is met when we have 5% ppc reserves with reference to the circulating nubit debt. So:
ppc reserve - 0.05*(nbt debt) = ppc overflow
The market velocity is such that 5% of that overflow is sold for btc.

When both conditions are met the portion of btc overflow that would be used to buy ppc is instead used to buy nsr.

I know it’s complicated, but I thought there was sufficient precident for overflow mechanics that shareholders would understand. I’ll do my best to clear this all up in the upper tier motion. Using the language of the ‘standard’ will be helpful I think.

mhps · April 2, 2016, 1:42pm

It is. I have worked on the buyback script for more than 6 hours today and is still not getting all the cases right.

Nagalim · April 2, 2016, 1:47pm

Practically speaking, just ignore the ppc overflow stuff for now. The only changes that matter are like i listed.

No more nusafe in buyback calculations
Reduce velocity from 10% to 5%
Mirror any nsr buys with ppc buys

Let’s just stick with that for now. The complication only comes when the ppc reserve starts filling up (where we’ll need to start using a ppc price feed), but we’ll probably be operating with a different iteration of this motion by then.

mhps · April 2, 2016, 1:53pm

already got that working. btc-e avg ppc_btc. that was the easy part.

Nagalim · April 2, 2016, 2:01pm

What are you coding in? I can probably show you if it’s something im familiar with.