there are no NSR buyback at April. and I right?
It’s complicated. By current motion, i will keep buying back at half the velocity (5% instead of 10%) and Nu will pay me $175 for april. This probably won’t happen, most likely either another executor will be found or buybacks will be ceased.
Nushare buyback calculation change log
v0.4.1 update Jordan Lee’s T4 BTC holdings
output
As of Sat Feb 20 06:14:52 UTC 2016
"blocks" : 753232,
Total NBT = 1273084.8945
FSRT multisig
Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT
FSRT singlesig
Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT
JordanLee singlesig
Balance of B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj is 150000 NBT
FLOT 3-of-5 multisig
Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 181924.4616 NBT
Total NBT in circulation is 789660.432900 NBT.
Required 15% reserve is 118449.064935 NBT
Tier 4 BTC
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 145.28660542 BTC
Tier 4 buy side funds controlled by JordanLee 113.8 BTC
NuSafe has $30000 for T4
bitfinex mid price is 422.365 USD
Tier 4 buy side funds total 259.086605 BTC and $30000.000000, valued $139429.114098 (330.115218 BTC)
118449.064935 NBT excluded from the share buyback calculation equals 280.442425 BTC.
330.115218 - 280.442425 = 49.672793 BTC sits in the share buyback pool.
10 percent of this 4.967279 BTC will be used for share buyback next week.
That is equivalent to approximately $2098.004916.
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Looking at these numbers and recent NBT volume I prefer to pause buybacks for now. Nagalim won’t do buybacks below 2.5k. I also think that setting up another NuSafe or using this on PPC is a good alternative at this point.
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so what we can do next week? nothing ? or buy PPC?
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Nothing, we do nothing. We dont have enough btc to be buying other stuff right now.
Oh, execpt feel free to refill my T3 address, it needs about $2.2k.
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PPC overflowTaking the price each Friday at 12:00 UTC, if the PPC reserve exceeds 5% of the circulating NBT, 10% of the PPC overflow (that exceeding 5% of the circulating NBT) will be used to buy BTC, limited to a minimum of $1,000. If the value of the PPC reserve has exceeded its 5% of circulating NBT for the week, the overflow BTC that would be used for PPC purchase should be sent to the NSR buyback executor instead to purchase and burn NSR.
5% of overflow >1000 NBT is actually just enough to buy PPC for FLOT, we just don’t have PPC FLOT multisig in place yet.
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I dont start buying till April 1st (this is in the motion). We havent set up the multisig yet. These btc aren’t burning a hole in our pocket, let’s just hold on to them.
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There is a 11,968.107 NBT uncertainty of T3 reserve presumably in @JordanLee’s hand. Shall I continue buyback calculation before JL clarifies?
Yes, it’s a difference of $15 (10% of 15%). We need to know that that money is in the right hands, but w/e for buybacks it wont make a huge difference.
That is $160. But your point is valid.
Without the 11968 NBT the calculation is
As of Sat Feb 27 13:35:12 UTC 2016
"blocks" : 764207,
Total NBT = 1273831.3546
FSRT multisig
Balance of BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC is 0 NBT
FSRT singlesig
Balance of BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi is 151500 NBT
JordanLee singlesig
Balance of B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj is 150000 NBT
FLOT 3-of-5 multisig
Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 183513.4416 NBT
Total NBT in circulation is 788817.913000 NBT.
Required 15% reserve is 118322.686950 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 123.85130542 BTC
Tier 4 buy side funds controlled by JordanLee 113.8 BTC
NuSafe has $30000 for T4
bitfinex mid price is 433.325 USD
Tier 4 buy side funds total 237.651305 BTC and $30000.000000, valued $132980.251921 (306.883406 BTC)
118322.686950 NBT excluded from the share buyback calculation equals 273.057606 BTC.
306.883406 - 273.057606 = 33.825800 BTC sits in the share buyback pool.
10 percent of this 3.382580 BTC will be used for share buyback next week.
That is equivalent to approximately $1465.756497.
2 Likes
Lol i cant do math
Without NuSafe we’re at 13% btc reserve.
Hello, would anyone explain to me why are buybacks 10-20x smaller than 1-2 months ago, and will buybacks be as low as this from now on every time?
Buybacks happen when we have extra money. The money has to come from somewhere. When we do a buyback it reflects a need to ditch some of the risk we hold in our multisig reserves.
If you want to know the details of the buyback and why it is what it is look no further than this thread. The more recent calculations are here.
If you’re looking for the motion, it’s here:
[Passed] T4 Circulating NBT Threshold
also here:
[Passed] Motion to begin NSR buyback immediately
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Sure. If Nu sells tons of new nubits – say btc crashes and people want to buy NBT – then it will have tons of fund to buyback.
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Ok. I have one more question.
Last week we didnt have buybacks because BTC value for buybacks was too low, so is this value adding into buyback this week?
Each week we buyback 10% of the overflow. If 10% of the overflow is not > $2500 we will not buy back. If we dont buy back then we still hold the money, so it will be used the next week if possible. However, no, previous buybacks (whether they happen or not) have no direct effect on future buybacks other than changing the number of btc in our reserve.
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So that would mean no buybacks this week too??
always yes we not have much btc in hand
Sorry for the delayed response.
Address BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP was originally a custodial grant address mandated for both development expenses and tier 4 liquidity operations. Because funds to be spent on development should probably be considered NuBits in circulation, while funds for tier 4 liquidity operations should not be considered as NuBits in circulation, these funds are in a bit of a grey area as to how they should be regarded when calculating the number of NuBits in circulation. Excluding this address (BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP) and the 150,000 on B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj, I have 18,390 additional shareholder NBT that are reserved to pay for NuBit development expenses. Because these 18,390 NBT are likely to be spent on development in about 60 days, I am inclined to consider those as in circulation. The ~44,000 in BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP will not be spent on development during March or April and is a paired NuLagoon Tube address actively used for liquidity operations. Therefore, it is probably appropriate to regard these funds as not in circulation.
In summary, I am inclined to add address BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP to the list of addresses with balances that are out of circulation.
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