Motion RIPEMD160 hash: b1ef96aed5c7f9dec482467b254b40c82bf66d23
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The threshold at which Tier 4 funds begin to be used for buying back NuShares shall be promoted to a percentage of the outstanding Nubits in the network, dubbed ‘Circulating Nubits’. The number of circulating nubits is equal to the total supply of nubits minus the nubits held in Tier 4 and Tier 6 sell side, which are assumed to be owned by the Network and held in trusted reserves.
The Tier 4 reserve shall only be drawn on to purchase NuShares when the total value in USD of the currencies held in Tier 4 buy side exceed 15% of the circulating nubit supply. The number of circulating nubits will be determined at the same time as the Tier 4 reserve percentage once a week, in accordance with the buyback motions already passed.
Additional pegged network currencies will also be backed by Tier 4 at 15%. The additional required buy liquidity should be accounted for in the appropriate units if a price feed is convenient. For example, with an all btc tier 4 buy side, the amount of btc required to hit the threshold should be accounted using a BTC/USD price for US-NBT and a BTC/CNY price for CN-NBT.
As a side note for consistency, motion a0a57d12ec67ac6816532f8a0afffd9b7ce14329 will implement a 25% threshold of circulating nubits instead of $120k should both motions pass.
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