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.
I can sign it under the same condition as for the BTC FLOT but only once a month. Might do it more often.
As PPC is supported by Cointoolkit and by design no frequent transactions are required, I’m available for PPC multisig.
I’m available to be a signer for the Peercoin reserve.
Still valid –
If you want to become a member of FLOT you only have 12 days to pass a motion.
I’ll propose a motion – thanks for the reminder
@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.
Please post PPC pubkeys here:
At your service–
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 ?
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?
OK. It would be great if this ambiguity can be removed.
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.
It is. I have worked on the buyback script for more than 6 hours today and is still not getting all the cases right.
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.
already got that working. btc-e avg ppc_btc. that was the easy part.
What are you coding in? I can probably show you if it’s something im familiar with.