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.
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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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Thanks for the explanation. I agree with your view above and will modify the buyback calculation script.
Calculation changelog
v0.5 20160303 add Jordan Lee’s NBT holdings https://discuss.nubits.com/t/nsr-buyback-calculations/3347/90; modify Jordan Lee’s BTC holdings https://discuss.nubits.com/t/nsr-buyback-calculations/3347/92; add URL to displayed btc and nbt addresses; add url error handling
Output
As of Sat Mar 5 01:59:00 UTC 2016
"blocks" : 773994,
Total NBT = 1273828.2321
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 34539.155 NBT
FLOT 3-of-5 multisig
Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 148563.3816 NBT
Total NBT in circulation is 789225.695500 NBT.
Required 15% reserve is 118383.854325 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 192.77846541 BTC
Tier 4 buy side funds controlled by JordanLee 138.0 BTC
NuSafe has $30000 for T4
bitfinex mid price is 406.34 USD
Tier 4 buy side funds total 330.778465 BTC and $30000.000000, valued $164408.521635 (404.608263 BTC)
118383.854325 NBT excluded from the share buyback calculation equals 291.341867 BTC.
404.608263 - 291.341867 = 113.266396 BTC sits in the share buyback pool.
10 percent of this 11.326640 BTC will be used for share buyback next week.
That is equivalent to approximately $4602.466731.
Code
# Nushare buyback calculation v0.5
# mhps 2016
# change log
# v0.5 20160303 add Jordan Lee's NBT holdings https://discuss.nubits.com/t/nsr-buyback-calculations/3347/90; modify Jordan Lee's BTC holdings https://discuss.nubits.com/t/nsr-buyback-calculations/3347/92; add URL to displayed btc and nbt addresses; add url error handling
# v0.4.1 update Jordan Lee's T4 BTC holdings
# v0.4 update Jordan Lee's T4 BTC holdings; comment out gateways; add NuSafe
# v0.3 https://discuss.nubits.com/t/nsr-buyback-calculations/3347/56
# replace this to how nud is run locally
NUD=./daemon/nd
echo As of `date --utc`
$NUD --unit=B getinfo | grep 'blocks'
totalNBT=`$NUD --unit=B getinfo | awk '$1 ~ /moneysupply/{print $3}' | tr -d ,`
#totalNBT=1273828.2321
echo Total NBT = $totalNBT
echo $totalNBT > templist
echo
function nbtBalance { tempval=`curl -s http://blockexplorer.nu/api/addressInfo/$1 | awk 'BEGIN{RS=",\"";FS=":"}{print $1,$2}' | grep totalBalanceInt | awk '{print $2}'`;if [[ $tempval == "" ]]; then echo Block explorer is down; exit; else echo Balance of [$1]\(http://blockexplorer.nu/address/$1\) is $tempval NBT; fi }
function btcBalance { tempval=`curl -s http://btc.blockr.io/api/v1/address/info/$1 | awk 'BEGIN{RS=",\"";FS=":"}{print $1,$2}' | grep balance\" | awk '{print $2}'`;if [[ $tempval == "" ]]; then echo Block explorer is down; exit; else echo Balance of [$1]\(http://btc.blockr.io/address/info/$1\) is $tempval BTC; fi }
function btcPrice { tempval=`curl -s https://api.bitfinex.com/v1/pubticker/btcusd | awk 'BEGIN{RS=",\"";FS=":"}{print $1,$2}' | grep mid | awk '{print $2}'| tr -d \"`;if [[ $tempval == "" ]]; then echo bitfinex BTC price source is down; exit; else echo bitfinex mid price is $tempval USD; fi }
echo FSRT multisig
nbtBalance BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC
echo $tempval >> templist
echo FSRT singlesig
nbtBalance BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi
echo $tempval >> templist
echo JordanLee singlesig
nbtBalance B5Zi5XJ1sgS6mWGu7bWJqGVnuXwiMXi7qj
echo $tempval >> templist
echo JordanLee singlesig [from liquidity ops]\(https://discuss.nubits.com/t/nsr-buyback-calculations/3347/90\)
nbtBalance BT9AWq9r1i6kghZc6LtrvNb2wRFh7JLCdP
echo $tempval >> templist
echo FLOT 3-of-5 multisig
nbtBalance BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js
echo $tempval >> templist
#cat templist
# calc the first line minus rest of the lines
circNBT=`awk '{if(n) c-=$1; else {c=$1;n=1}}END{printf "%f",c;printf "%f",c*0.15 > "reserve"}' templist`
echo
echo Total NBT in circulation is $circNBT NBT.
echo Required 15% reserve is `cat reserve` NBT
echo
echo **Tier 4 Funds**
echo
echo Tier 4 buy side funds controlled by FLOT
echo FLOT 5-of-8 multisig old
btcBalance 3QDWJ2yqJ5iTUg6cSpAwxx95ba3NG97hzG
echo $tempval > templist
echo FLOT 5-of-8 multisig new
btcBalance 3HikFkS2Zinab1TJq7dqp6wSPyLu7i7bhe
echo $tempval >> templist
jltbc=138.0
echo Tier 4 buy side funds controlled by JordanLee [$jltbc BTC]\(https://discuss.nubits.com/t/nsr-buyback-calculations/3347/92\)
echo $jltbc >> templist
nuSafe=30000
echo NuSafe has [\$$nuSafe]\(https://discuss.nubits.com/t/flot-operations-buy-side-btc-related/3117/317\) for T4
# echo
# echo status of sell side gateway:
# $NUD getliquidityinfo B | grep BETwD8nSjtj9ADSvej2na34xmsMYwPRymv -A 2
# echo status of buy side gateway:
# $NUD getliquidityinfo B | grep BFGMPykfKxXZ1otrCZcsbnTwJjKHPP9dsP -A 2
echo
btcPrice
bp=$tempval
awk '{c+=$1}END{\
printf "Tier 4 buy side funds total %f BTC and $%f, valued $%f (%f BTC)\n\n",c,NS,c*BTCP+NS,c+NS/BTCP;\
printf "%f NBT excluded from the share buyback calculation equals %f BTC.\n",RES,RES/BTCP;\
pool=c+NS/BTCP-RES/BTCP;\
printf "%f - %f = %f BTC sits in the share buyback pool.\n",c+NS/BTCP,RES/BTCP,pool;\
printf "10 percent of this **%f BTC will be used for share buyback next week.**\n",pool*0.1;\
printf "That is equivalent to approximately $%f.\n",pool*0.1*BTCP;\
}' RES=`cat reserve` NS=$nuSafe BTCP=$bp templist
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