I can’t believe my eyes. Since when this has been the case?
As stated before, it is not prudent to sell undistributed NSR on Poloniex.
I will, however, transfer NSR to any agent chosen by shareholders via motion.
I would like to see 1,000,000 NSR sold each week until the buy side liquidity equals or exceeds the sell side liquidity. It seems like auction would be the best mechanism to price it. Auctioning such a small amount will make a reserve price unnecessary. Each week the entire proceeds will be burned with the transaction published on this forum. Only NBT would be accepted.
Thoughts on this?
I think you should propose a motion, as this motion has been hashed and you seem to have a clear idea of what you want.
A blind auction is more prone to market manipulation and much less transparent to shareholders, as discussed in this thread.
I agree that blind auctions severely lack transparency (hence the term “blind”). However, on the manipulation point, I see it the opposite way.
Scenario 1 (sell on Poloniex): market manipulator dumps large amount of NSR on market. Shareholders cannot obtain a good price for their NSR in the required timeframe.
Scenario 2 (blind auction): market manipulator dumps large amount of NSR on market. Bidders are aware of this, but are still at liberty to bid whatever they see fit.
How do you see it?
Look at the way the NSR are supposed to be sold. Its a price that decreases over time. Manipulating the price by dumping NSR will have no effect on the offered price.
In a blind auction, I can easily dump the price to my desired bid price, and implicitly surpress the required buy bid. The market is so inliquid that it is very profitable to surpress the NSR price by 20% and then to buy in the auction.
Its also sad that only NBT are planned to be accepted, because this will give NBT holders the opportunity to dump without touching the market. But its easier for Jordan, so I guess we have to live with that. I am just happy to get this finally done after waiting so long where we couldn’t do it due to the B&C auction.
Ah, I had overlooked that it would be put in a sell wall, rather than sold at market price. If the wall is reduced gradually enough, I think you could be right.
Nsr will only be dumped on buy orders in the event where Jordan can’t find a buyer for just 1 million nsr for over $.002/nsr after 5 days of trying. I had considered avoiding even that extreme event, but ultimately decided that if we’re really going down that far we should be the ones to drive it down so we can burn as much nbt as possible before nsr becomes completely illiquid.
Besides, it’s not that much nsr.
As far as it not being prudent to sell undistributed nsr on exchange, I disagree fundamentally. I think everyone should be able to burn nbt for new, undistributed nsr that they can then sell on exchange. We don’t have the mechanism for that yet, so Jordan and his reserve are our proxy by which we simulate that ideal.