Supply, Reserves, and Equilibrium (superseded by automation)

[masterOfDisaster]

I try to follow as good as I can

[mhps]

Updated version
v0.9.3 update BTC held by JL Current Liquidity

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Nushares buyback calculation as of Sat May 28 06:43:40 UTC 2016
blocks":895073
Total NBT = 1323934.5242

Uncirculating Nubits

• FSRT multisig
  Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT
• FSRT singlesig
  Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT
• JordanLee singlesig
  Balance of B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj is 150000 NBT
• JordanLee singlesig from liquidity ops
  Balance of BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP is 66742.104 NBT
• FLOT 3-of-5 multisig
  Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 256517.0176 NBT
• Total parked Nubits is 154160.0545. They are not used in circulating nubits calculation for buyback purposes.

Total NBT in circulation is 699175.402600 NBT.

Tier 4 Funds

• Tier 4 buy side funds controlled by FLOT
  FLOT 5-of-8 multisig old
  Balance of 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG is 0 BTC
  FLOT 5-of-8 multisig new
  Balance of 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe is 11.55146791 BTC
• Tier 4 buy side funds controlled by JordanLee 0 BTC
• NuSafe has $30000 for T4, but not included for buyback pool calculation.
• FLOT 3-of-5 multisig Peercoin
  Balance of pM68K72BBa2KX7Kj2qY5jgTB3AmCUKFQmV is 0 PPC

bitfinex BTC mid price is 505.365 USD
btc-e PPC average price is 0.000775 BTC

Tier 4 buy side funds 11.551468 BTC, 0.000000 PPC, and $30000.000000, valued $35837.707580 (70.914503 BTC)

Of the 699175.402600 NBT in circulation, 699175.402600 - 30000.000000 = 669175.402600 NBT are outstanding.

15.00 percent of outstanding Nubits, 100376.310390 NBT (198.621413 BTC), are reserved and excluded from the share buyback calculation.

11.551468 - 198.621413 = -187.069945 BTC (35837.707580 - 100376.310390 = -94538.602810 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -9.3535 BTC (~ -4726.93 NBT)

Standard < -2500: Sell 4726.93 NBT (9.3535 BTC) amount of NSR next week.

Auxiliary reserve flow is 0.666667
PPC Standard is -3345.877013 NBT

Standard x F (-3151.286760) < -1000: Sell -3151.29 NBT (6.2357 BTC) amount of PPC next week.

[mhps]

I’d like to explain some of the more obscure points in current way to calculate. The current way is really calculating BTC and PPC, NSR reserve flows. NuSafe is only considered by subtracting it from our nubits liability.. Parked Nubits are not considered.

So the line

Sell 4726.93 NBT (9.3535 BTC) amount of NSR next week.

should be considered a suggestion if NuSafe is not to be used. Assume 100k NBT will stay parked next week we would have 200BTC less liability. If half of NuSafe is further coverted as T4 reserve in BTC, we would have

41.610685 - 175.598544 = -133.987859 BTC (35764.355759 - 87626.307390 = -66861.951631 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -6.6994 BTC (~ -3343.10 NBT).

Can NuSafe be used to substitute NSR buy back? The Standard and Core doesn’t really say.

[Nagalim]

Id really rather we operate based off the 4726.93 number. NuSafe deployment will be used for next calculation, we don’t know how long those funds will last either.

[mhps]

Id really rather we operate based off the 4726.93 number.

Do we then sell NSR until the number is reached?

[Nagalim]

[Passed] Standard and Core

the FLOT should seek to sell an amount of NSR within the next week equal to the standard (using sources such as exchange markets to achieve a best-guess spot price or moving average for NSR in terms of US-NBT).

Just one nsr amount, determined before taking them to market. Of course FLOT can do what they feel they must, but it is important that we stick to the plan for now.

[cryptog]

to the plan for now.

Let s move fast. Btc might rise even further.

[Nagalim]

We could just sell them for nbt via blind auction and we wouldnt have to worry about the btc price or rushing the market.

Doing this in a hurry is not likely to get a better price than keeping a level head.

[mhps]

Let s move fast.

We wish.

It is time for immediate use of tier 6 liquidity (NSR sales)

same here. Let's all take it easy now. Our infrastructure isn't up there for 100% available service yet. I say we forget about changing nsr unit and more type of nubits for now and get all the basic infrastructure working first.

[mhps]

v0.9.4 NuSafe emptied. Cosmetic words.
v0.9.3 update BTC held by JL Current Liquidity

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Nushares buyback calculation as of Sat Jun 4 00:06:15 UTC 2016
blocks":904272
Total NBT = 1323197.0875

Uncirculating Nubits

• FSRT multisig
  Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT
• FSRT singlesig
  Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT
• JordanLee singlesig
  Balance of B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj is 150000 NBT
• JordanLee singlesig from liquidity ops
  Balance of BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP is 64526.134 NBT
• FLOT 3-of-5 multisig
  Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 246972.9576 NBT
• Total parked Nubits is 154319.0129. They are not used in circulating nubits calculation for buyback purposes.

Total NBT in circulation is 710197.995900 NBT.

Tier 4 Funds

• Tier 4 buy side funds controlled by FLOT
  FLOT 5-of-8 multisig old
  Balance of 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG is 0 BTC
  FLOT 5-of-8 multisig new
  Balance of 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe is 19.74236791 BTC
• Tier 4 buy side funds controlled by JordanLee 0 BTC
• NuSafe has $0 for T4, and is not included for buyback pool calculation.
• FLOT 3-of-5 multisig Peercoin
  Balance of pM68K72BBa2KX7Kj2qY5jgTB3AmCUKFQmV is 0 PPC

bitfinex BTC mid price is 571.07499999999995 USD
btc-e PPC average price is 0.00067 BTC

Tier 4 buy side funds 19.742368 BTC, 0.000000 PPC, and $0.000000, valued $11274.372754 (19.742368 BTC)

Of the 710197.995900 NBT in circulation, 710197.995900 - 0.000000(NuSafe) = 710197.995900 NBT are outstanding.

15.00 percent of outstanding Nubits, 106529.699385 NBT (186.542397 BTC), are reserved and excluded from the share buyback calculation.

19.742368 - 186.542397 = -166.800029 BTC (11274.372754 - 106529.699385 = -95255.326631 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -8.3400 BTC (~ -4762.77 NBT)

Standard < -2500: Sell 4762.77 NBT (8.3400 BTC) amount of NSR next week.

Auxiliary reserve flow is 0.666667
PPC Standard is -3550.989980 NBT

Standard x F (-3175.177554) < -1000: Sell -3175.18 NBT (5.5600 BTC) amount of PPC next week.

[mhps]

This was the week when btc started to rally almost continuously

v0.9 implement Outstanding Nubits https://discuss.nubits.com/t/voting-outstanding-nubits/3750 and Standard and Core https://discuss.nubits.com/t/passed-standard-and-core/3767 Nushares buyback calculation as of Sat May 21 00:39:01 UTC 2016 blocks":884199 Total NBT = 1318251.0983 Uncirculating Nubits FSRT multisig Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT FSRT singlesig Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT JordanLee singlesig Balance of B5Zi5XJ1sgS6mWGu7b…

The buyback pool was -40 BTC then, meaning that the pool was short on fund. During the rally in mid-April and late May Nu T4 reserve lost rate was about 90BTC/week to defend the peg. Had there been no buybacks, Nu would have 555.6 BTC more in its reserve. These reserve could last 6 weeks of unstopped btc rallying, starting May 21.

[masterOfDisaster]

Selling NSR in a time, when NBT doesn’t look all great is hard enough.
Selling NSR in a time, when NBT doesn’t look all great, because of a BTC bull run is even worse; people just don’t want to trade their BTC for NSR - for two reasons…

[Dhume]

The only real NSR demand we’ve seen for as long as I’ve been a shareholder seem to have been the buybacks, which seem to have been used by desperate shareholders as a way out of Nu.

[huafei]

how many BTC will be used if we want to buy back all NBT at market?

[mhps]

the latest calculation showed out standing nbt at ~710k , about 1200 btc at current rate.

[Sabreiib]

Had there been no buybacks, Nu would have 555.6 BTC more in its reserve.

Really astonished that shareholders agreed to spend so many BTC to buyback. They are really deserved to today’s situation.

[ChrisS]

cutting the nose to spite the face. The shareholders acted in self interest only to destruct them later. What a lesson

[masterOfDisaster]

It could have worked and still can.
But let me get slaugthered for going a reasonable course (increasing the buyside offset) let dump somebody some more NBT and ruin the peg completely and say that was all based on what I did, although it’s quite obvious that the reason was the NSR buyback.
Don’t you see it? This way the blame can be put on the one who spent a lot of efforts since September 2014 to make Nu succeed, but has become inconvenient, because he opposes the architect, if need be.
Maybe it was too much for Jordan to see his motion to tighten the spread be opposed by mine?
In difference to Jordan, I present data and don’t start a witch hunt.
Maybe I should draft a motion to fire incompetent architects just for the lolz.
Alas, that’s not my style…

If Nu weren’t that important to me, I could just let go.
But what Jordan plans is wrong and doesn’t work, and if then only by “accident” by a dropping BTC that might save Nu, although the buyside offset has been lowered.
I just can’t keep silent and don’t tell you what the likely results will be.

If you understand it, act accordingly.
If you have a different position, explain it - but please with facts and not accusations and propaganda.

[mhps]

Nushares buyback calculation as of Sat Jun 11 03:23:16 UTC 2016
blocks":913661
Total NBT = 1323825.9751

Uncirculating Nubits

• FSRT multisig
  Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT
• FSRT singlesig
  Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT
• JordanLee singlesig
  Balance of B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj is 150000 NBT
• JordanLee singlesig from liquidity ops
  Balance of BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP is 64526.134 NBT
• FLOT 3-of-5 multisig
  Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 272302.0276 NBT
• Total parked Nubits is 162403.8419. They are not used in circulating nubits calculation for buyback purposes.

Total NBT in circulation is 685497.813500 NBT.

Tier 4 Funds

• Tier 4 buy side funds controlled by FLOT
  FLOT 5-of-8 multisig old
  Balance of 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG is 0 BTC
  FLOT 5-of-8 multisig new
  Balance of 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe is 25.74036791 BTC
• Tier 4 buy side funds controlled by JordanLee 0 BTC
• NuSafe has $0 for T4, and is not included for buyback pool calculation.
• FLOT 3-of-5 multisig Peercoin
  Balance of pM68K72BBa2KX7Kj2qY5jgTB3AmCUKFQmV is 0 PPC

bitfinex BTC mid price is 586.415 USD
btc-e PPC average price is 0.000645 BTC

Tier 4 buy side funds 25.740368 BTC, 0.000000 PPC, and $0.000000, valued $15094.537848 (25.740368 BTC)

Of the 685497.813500 NBT in circulation, 685497.813500 - 0.000000(NuSafe) = 685497.813500 NBT are outstanding.

15.00 percent of outstanding Nubits, 102824.672025 NBT (175.344546 BTC), are reserved and excluded from the share buyback calculation.

25.740368 - 175.344546 = -149.604178 BTC (15094.537848 - 102824.672025 = -87730.134177 NBT) are in the share buyback pool.
The Standard is 5.00 percent of this, -7.4802 BTC (~ -4386.51 NBT)

Standard < -2500: Sell 4386.51 NBT (7.4802 BTC) amount of NSR next week.

Auxiliary reserve flow is 0.666667
PPC Standard is -3427.489068 NBT

Standard x F (-2924.337806) < -1000: Sell -2924.34 NBT (4.9868 BTC) amount of PPC next week.

[mhps]

Based on discussions here I suggest add “tangible net asset of Nu” in buyback calculation, defined as

(T3 and T4 reserve - outstanding NBT)

I changed ‘dynamic reserve’ to ‘T3 and T4 reserve’ above from what I suggested in past discussions, because the former is for calculating flow of BTC reserve in T4 only. Currently T3 is empty and there is no non-dynatmic reserve, so these two equal, however. @nagalim