Supply, Reserves, and Equilibrium (superseded by automation)

Liquidity
#265

Blockheight is 1199337

US-NBT

Total US-NBT = 1,141,167.06

Shareholder controlled US-NBT

  • FLOT 3-of-5 multisig
    Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 303357.49 NBT
  • Liquidity Operations
    Balance of BJLmVRdGFi4q7Zidwzr4CPPsLT6pozR31a is 509128.74 US-NBT
  • Liquidity Operations
    Balance of B71AkDjzm4S24KoXGoq6W3hynexAyNb9FV is 65977.63 US-NBT
  • Liquidity Operations
    Poloniex balance is 79545.30 US-NBT
  • Liquidity Operations
    Bittrex balance is 9962.56 US-NBT
  • NuLagoon
    Balance is 27777.00 US-NBT
  • Total parked US-NBT is 8193.95

Total US-NBT in circulation is 137,224.39

CN-NBT

Total CN-NBT = 2,000,000

Shareholder controlled CN-NBT

  • Liquidity Operations
    Balance of YhSEw9AGBJ3KtqLrxeQrcsTVk5u57pA88m is 2000000
  • Total parked CN-NBT is 0

Total CN-NBT in circulation is 0

Total NuBits (including all kinds) in circulation is 137,224.39 US-NBT

Reserves (in US-NBT)

  • Poloniex: 13113.47
  • NuLagoon: 2736.90
  • Bittrex: 2816.99

Total Tier 1 reserves: 18667.36
Total Tier 4 reserves: 0
The primary reserves in tier 5 and 6 are undefined, but monthly liquidity of NSR is currently 144,073 US-NBT

We are required to have 66,258.38 US-NBT in tier 1 through 4 reserves. This means that as soon as 47,591.02 US-NBT is raised through NSR, US-NBT or CN-NBT sales on a combined basis, any additional funds raised can go to NSR buyback, less any additional reserve requirements or funds spent going forward.

[Poll] When do you think the next NSR buyback will occur?
#266

There has been heavy downward pressure on the NuBit supply this last week due to a 20% rise in Bitcoin and the announcement that Poloniex is delisting US NuBits 5 days ago. Even so, it only resulted in a reduction in the circulating money supply of about 10,000. If that is what happens under very adverse circumstances, what will happen under neutral or favorable conditions?

Furthermore, even with this bad news and shrink in the money supply, our distance from reserve equilibrium continues to collapse, by nearly $6,000 or 11% this week. Each of the 6 six weeks this data has been collected and reported, we have moved closer to reserve equilibrium and NSR buybacks. The system is working and NSR buybacks are steadily drawing closer.

#268

Block height is 1209251

US-NBT

Total US-NBT = 1141170.89

Shareholder controlled US-NBT

  • FLOT 3-of-5 multisig
    Balance of BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js is 303357.49 NBT
  • Liquidity Operations
    Balance of BJLmVRdGFi4q7Zidwzr4CPPsLT6pozR31a is 516728.74 US-NBT
  • Liquidity Operations
    Balance of B71AkDjzm4S24KoXGoq6W3hynexAyNb9FV is 77442.67 US-NBT
  • Liquidity Operations
    Poloniex balance is 61324.98 US-NBT
  • Liquidity Operations
    Bittrex balance is 9708.40 US-NBT
  • NuLagoon
    Balance is 27777.00 US-NBT
  • Total parked US-NBT is 8088.95

Total US-NBT in circulation is 136,742.66

CN-NBT

Total CN-NBT = 2,000,000

Shareholder controlled CN-NBT

  • Liquidity Operations
    Balance of YhSEw9AGBJ3KtqLrxeQrcsTVk5u57pA88m is 2000000
  • Total parked CN-NBT is 0

Total CN-NBT in circulation is 0

Total NuBits (including all kinds) in circulation is 136,742.66 US-NBT

Reserves (in US-NBT)

  • Poloniex: 12072.97
  • NuLagoon: 2848.11
  • Bittrex: 3350.8

Total Tier 1 reserves: 18271.88
Total Tier 4 reserves: 0
The primary reserves in tier 5 and 6 are undefined, but monthly liquidity of NSR is currently 89,116 US-NBT

We are required to have 66,034.01 US-NBT in tier 1 through 4 reserves. This means that as soon as 47,472.13 US-NBT is raised through NSR, US-NBT or CN-NBT sales on a combined basis, any additional funds raised can go to NSR buyback, less any additional reserve requirements or funds spent going forward.

#269

47472 .13 US-NBTNeed to rely on the sale of NSR to achieve it?
Now every day to sell 4000000NSR only get 0.5BTC, which takes a very long time to achieve it!
Some time ago to sell 2000000NSR a day, later said to reduce to 1000000NSR every day, why now need to sell 4000000NSR?
NSR is only sold to take the fate of cash it?

#270

We will raise the $47000 needed to reach equilibrium by selling NSR if necessary in the amount of 1% of the shortage from equilibrium (that is about $470 right now) each day. Much better would be to raise the $47,000 by selling currency, either US-NBT or CN-NBT. There is no reason it needs to be done with painful NSR sales.

#271

Who bought NSR, every day as much as the sale

#272

We don’t know. The trades are conducted on Poloniex, so they know.

#273

Here is a graph of the total currency in circulation data reported in this thread. It looks ugly, but it does level off toward the end of the year. Even with the Poloniex delisting announcement on December 19th and the fast moving Bitcoin rally from $790 to $1023 since then, the currency supply took only a modest dip.

With extraordinary downward pressure on the money supply only slightly reducing the number of NuBits in circulation, we appear to be in a good position for a turnaround in the direction of the money supply.

Money Supply 2016-01-16 to 2016-12-31.png759×595 7.24 KB

In the near term, we would only need to get the money supply up to around $200,000 to see NSR sales halt and NSR buybacks begin.

3 Likes
#274

How much is it now?

#275

@Phoenix, will you improve the Nu’s model if better solution is available?

#276

Of course.

#277

Well, in this situation, we know who are the dream chaser, and who are just traders.

I am one dream chaser, I’ll spend time in my rest life to chase the dream: crypto good money.

BTW, I like C++ language after reading 1000 pages of textbook, and have another 2000 pages to continue.

:grinning:

4 Likes
#278

Blockheight: 1,220,019

US NuBits (US-NBT)

Existing: 1,141,188.4182
Parked: 7,196.3467

FLOT*: 303,357.4886
Liquidity Operations**: 520,528.7356
Liquidity Operations***: 77,442.6745
Bittrex: 8,094.6230
Poloniex: 61,595.6111
NuLagoon Tube: 27,370.0000
Nu-owned: 998,389.1328

Circulating: 135,602.9387

* BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js
** BJLmVRdGFi4q7Zidwzr4CPPsLT6pozR31a
*** B71AkDjzm4S24KoXGoq6W3hynexAyNb9FV

Chinese NuBits (CN-NBT)

Existing: 2,000,000
Parked: 0

Liquidity Operations*: 2,000,000

Circulating: 0

* YhSEw9AGBJ3KtqLrxeQrcsTVk5u57pA88m

Total

Circulating NuBits (*-NBT): 135,602.9387

Reserves

BTC presented as US-NBT.

Tier 1–2

Bittrex: 4539.3683
NuLagoon Tube: 2692.8600

Tier 3

Not in effect.

Tier 4

Nu jooize (Liquidity Operations)*: 10230.7200

* 17owruzTRANDYwCq77bSABQLXBxx3QaCea

Tier 5

Refer to parked amounts for current utilisation.

Tier 6

Montly liquidity of NuShares: $80,517

Total Tier 1–4

17,462.9483

Equilibrium (buybacks/sales)

Circulation: 135,602.9387
Reserve percentage: (50 - 135,602.9387/80,000) / 100 = 0.4830496327
Equilibrium Tier 1–4 reserve: 0.4830496327 * 135,602.9387 = 65,502.9497320756
Current Tier 1–4 reserve: 4539.3683 + 2692.8600 + 10230.7200 = 17,462.9483
Minimum Tier 1–4 reserve: 0.20 * 65,502.9497320756 = 13,100.5899464151
Move to equilibrium: 0.01 * (65,502.9497320756 - 17,462.9483) = 480.4000143208

Equilibrium is 65,502 US-NBT in Tier 1–4 reserves. We have 17,462 US-NBT. When 48,040 US-NBT is raised through NuShare, US NuBit, or Chinese NuBit sales on a combined basis, any additional funds raised can go to NuShare buybacks assuming no updated reserve requirements or funds spent.

#279

Thanks @jooize for producing the latest figures. It is interesting that our money supply is only down very slightly to 135603 in the face of the delisting announcement. On December 17th the money supply was 147111. That is a drop of $11500, which is pretty modest considering the major loss of market that occurred.

If the money supply refuses to collapse, then the major NSR sales are indeed over. The pace of NSR sales have already dramatically lowered in the last month or so.

What we are doing remains a bold experiment. We have had some amazing successes so far and some things that didn’t work the first time. We have discovered an incredibly robust mechanism for a DAO to maintain a stable currency. That is a huge and incredibly remarkable achievement. We have struggled to maintain shareholder control over non-NSR shareholder funds, hence the exchange defaults of February 2015 and the Augeas default of June 2016. It shouldn’t be surprising that the world’s first Decentralized Autonomous Organization would have a little to learn about how to keep control of its funds. It is a difficult and complex problem. I have outlined how to avoid these problems going forward.

This is what remarkable innovation looks like. We try things, observe the results, make conclusions about how to improve, then execute. We do this for the sake of NuShare holders and NuBit holders, but also to reach our lofty ideals of giving humanity a stable private currency.

#280

Bitusd did it better. You basically stole the bts model half way through and implemented it shoddily. Nu, by the white paper, is based on park rates, which failed spectacularly. The asset-debt trade was instituted late in the game in a completely unautomated way.

It is instructive to compare the number of nsr on the chain before nbt were distributed and after they were bought back. You should easily find that Nu is hemmoraging money. This is basically the worst designed and executed asset-debt trading mechanism ever created. It would be a challenge to find a company that burned a larger % of their total funding on sheer asset-debt trades back and forth.

#281

Most funds have been burned to cover the costs of decentralized liquidity providers foolishly and illegally refusing to implement our model. It isn’t reasonable to imply the extraordinary costs to Nu in recent months are a result of the model. Rather, they are the direct result of discarding it 6 months ago, which is when the serious costs began. Our task, then, is not to find a better model, it is to find a better way to ensure the model that has proven to work so well for us is followed reliably.

#282

I mean, bts already provided a way to do what youre doing far more efficiently, followed 100% reliably. I dont understand why you think youve done anything novel here.

Also, if you scrap every bit of data and call it invalid, you arent running much of an experiment are you?

2 Likes
#283

Is coinmarketcap.com wrong then? http://coinmarketcap.com/assets/bitusd/

Tether is by far the most successful pegged coin: http://coinmarketcap.com/assets/tether/ Exactly what you’d expect considering it’s actually backed by real dollars.

#284

Good catch, didnt notice tether bumped their supply 3 days ago. Until then they were below bts, looks like they’ve surpassed it now.

#285

The total number of NuShares in circulation: 2,581,198,940

Blockchain NSR total 3,331,999,860 at block height 1221539

Shareholder controlled US-NBT

  • Bonus Snf4uyshit1fj8dWKVxHsKTgTrNR61RskY: 1999225

  • Liquidity Operations SiyWZ1WCedKRXLg7u8fmVkUtF3JRC9QATv: 500000000

  • Liquidity Operations SrorKQgYvwzbtzxKwofjSeUntzTbDQf26m: 100000000

  • FLOT 1 SvtGbNjWE49pTM2TiUZrYKSNkxTJx75mmC: 64344685

  • FLOT 2 Snvrc5q82wfe2NjEjaQAyStpPKseWrsNqn: 5940000

  • Liquidity Operations at Poloniex: 58517010