kind of… but without all the friction and always running…
for this to have an effect on liquidity it has to be smooth as silk
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We need to buy NBT with NSR on exchange or within an auction. The ratio can be freely floated instead determined by any party. In a crisis without btc buy support, NBT can still sell at $1 for NSR. It doesnt have to be done on blockchain level, it can be done now.
too much friction, won’t happen, isn’t happening.
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One thing to realize is that the blockchain knows nothing about prices of anything e.g. nbt/nsr prices.
yeah i realize that… thats why we tell it.
it’s another equilibrium / market force
if the network needs liquidity, we want debt equity swaps, and we want to make them as easy and painless as possible.
we may offer a high rate ? 1000:1 ? 2000:1 ?
if liquidity improved significantly we may vote them down… don’t want dilution? 1:1 ?
it’s constantly being revised by shareholders like park rates,
I did not, that is interesting. Though it seems way too complicated at least for what i am envisioning.
Not too worried about friction at the moment. It is available and can be done now. It will take more of the pressure away from the NBT markets.
Just need to pay some attention to the instructions and documentation scattered all over the thread. Problem is someone to actually being able to support this as Nagalim is not likely to be available for this. Any FLOT members maybe? Suppose a fee can be negotiated with the Shareholders or FLOT in the short term.
Will add this as an action to my draft motion to restore the peg.
You beat me at it – just had the same idea today.
I think this makes senses a lot, as a dynamic rate T6 reserve to back NBT in real time.
Look very much forward to the draft of your motion.
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What is friction with respect to seeded auctions? You send in nsr or nbt or both, wait till the auction closes, you get your swap. The only friction is that the auction has to close, but you could theoretically do an auction close on every block (though i’d suggest that once every 10k blocks should be plenty to start with). I’m not sure how you could get more continuous than that… Also, the code already exists and is open sourced. All it needs is an auctioneer. This could be implemented on the protocol level, but that would require dev money that Nu doesnt have.
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If Nu wants to burn NBT, fine, only seed NSR. If Nu wants to subsidize an NSR/NBT swap at a particular price, fine, it can do that too by submitting in that ratio. Just try to keep from having more than 1 pair of auction addresses at a time (i.e. one auction at a time). If announced publicly, Nu can participate in the auction in whatever way desired.
Sorry - I guess I glossed over the post too quickly. I didn’t see/comprehend that aspect.
So FLOT: nothing ventured nothing…gained/lost?
seriously, all this requires is for someone to start running the code and being auctioneer. Get a wallet with nothing in it but the auction addresses, send it some NBT and NSR from registered addresses (put addresses in addresses.txt to register them, make sure the auction addresses are the first line), run the program, and read the result. If it looks good, send it on its merry way. Start doing this and telling people about the addresses, have people submit small amounts. Get it going, once people are comfortable with the idea, start seeding.
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Where is that auctioneer now? Why isn’t this working? If i have to think about it and plan it out, there is too much friction. Reading some of the proposals around here friction is a common thing, we are tech guys i get that, but we need to look at it from the perspective of end users.
I need to be able to look in my client as an end-user, see attractive rates (or not) and hit a button. That’s it.
In the case where users are faced with being unable to redeem an NBT for face value (or anytime) a user can elect to press a button and be part of the solution. Instead of depending / waiting on other users to buy nbt they have the option to take the swap immediately, immediately reducing nu’s liability in a legit way.
this requires none of that
i think you have a great idea and made an awesome contribution but i still see a much greater benefit in the way i propose.
If your proposal has no friction, why isn’t it already implemented? You require dev funding, which is friction. If you can do it with no funding, feel free. No one’s stopping you.
end-user friction
i didn’t say it was without cost
You can make seeded auctions a button press for end users too. Simply type in how much you want to submit (optional: at what price, if you have both nbt and nsr) and hit go. The issue is that it has a dev cost, which is why it hasn’t been implemented.
I’d like to do this right now and see how it works as an end-user. Where is the auctioneer right now?
I also want to better understand where the nsr / nbt come from, this is a peer to peer swap auction correct? If there are no other participants, nothing happens correct? I have to register addresses, understand coin control, even as a technical person looking at the existing documentation / implementation i have some questions. friction friction friction.
if we can’t implement a simple idea such as this, we may as well all go home.
Also would like to make it clear that i am not attacking or berating your idea at all, i think it is valuable. so please do not take the wrong way.