I was hoping that we’d have others who would be stepping up, too, to offer liquidity support after we learned that the previously pledged liquidity wasn’t going to arrive, but since I haven’t seen anything from anyone else, I’d like to submit a proposal.
To be quite honest, my hope is that this proposal is rejected in favor of someone who can offer a better interest rate for a comparable (or greater) sum of liquidity. However, if that doesn’t come to pass, I believe strongly enough in the long-term benefit of what Nu has to offer that I’m comfortable taking the risk to make sure we have a viable position on the exchange.
Submission Date: 22-Sept-2014
Requested Grant Amount: 0 NBT
LPC Custodial Fee: 9,120 NBT
NuBits Grant Address:
In exchange for the NBT fee generated by the grant, I will personally place 6,000 PPC in buy support against Kiara’s sell wall on CCEDK. This presumes that she’ll be placing a portion of her grant funds on the PPC/NBT market there, at least until which time there is enough USD liquidity on the market to support the exchange of the pledged PPC into USD. If that point is reached, I plan on shifting this buy support over to the NBT/USD market, following her lead.
At the time that this proposal was published, today’s average market rate is $1.52/PPC. This means that the USD value of the funds I’m making available for liquidity is $9120.
Expecting that the market will react in a positive fashion towards Peercoin, once the full details of Nu are released, I anticipate that this holding will be worth significantly more in the next couple of days. I’m willing to miss out on any exceptional short-term gains to do what I can to support the stabilizing of the NuBits peg. However, to offset this, I’m going to ask the network to accept a fee of 9120 NBT for my risk.
If passed, this pledged liquidity will be available on CCEDK until at least two other liquidity providing custodians have been elected, or until the buy-side support has reached a 25x multiplier of this initial fund ($228,000).
Addendum: NuBot, running in "dual-side liquidity" mode will be used to handle these funds while they are in action.
Note: If the shareholders agree to this proposal, in public support here on the forums, I am comfortable placing these funds on the exchange immediately, rather than waiting for the full voting period to occur.
If the votes do not come in within 10 days for this proposal, I will withdraw the funds from the exchange and publicly post that the proposal has been withdrawn and that voting should be ended.