What should FSRT do with 4 million NBT?

I am a signing member of FSRT. The 4 million in funds at BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC require 2 of 3 signatures. I am ready and willing to sign transactions to bring NBT to market in a manner that places proceeds in tier 4 buy side funds eligible for share buyback.

The 2nd and 3rd of November was when I last received a communication from the other signers. Each indicated they were ready to sign transactions at that time. We discussed the risks of using a 4 million NBT output to send funds to other parties. To mitigate the risk of accidentally sending too much to the recipient, we agreed we should make three additional multisig addresses that we would use to hold much smaller quantities of funds, which would in turn be used to make transfers to buyers. A day ago I sent three public keys to the other 2 signers for the purpose of creating these three multisig addresses. I have sent several messages to the other signers over the last 10 days but have received no replies.

I suspect we will be able to sign transactions soon, but the question is what shall we sign? I will sign the burn mandated by motion within 13 days, but prior to that, what do shareholders suggest we do with funds?

My own opinion is that 3 million ought to burned immediately, with most of the rest left for 10 to 13 days to handle the current surge in NuBit demand. It should be sold as needed to NuLagoon. Because our response time has been quite poor, 100,000 NBT should be transferred to a standard single signer address and be used as a backup if we do not respond quickly. I’m not sure who should handle those funds. Shareholders probably prefer @JordanLee, so perhaps he should comment on that. I am open to comment on how to proceed when I can get another signer to cooperate.

I understand FSRT has not been a success and that we ought to wind down operations in the coming weeks.


Support that.[quote=“FSRT, post:1, topic:3044”]
I understand FSRT has not been a success and that we ought to wind down operations in the coming weeks.
There was an expectation which was not delivered upon. Hope some of the funds can still be made available in a safe manner and the rest burnt as you suggest to reduce the risks. FLOT can hopefully take over soon.

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i suggest you sent Jordan 100k of these funds right away. His motion of 150k will not pass until days from now!


Any news from the other signers?

I also think that a transaction to JordanLee would be the best approach given the circumstances.

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A NuBit transaction was just performed with FSRT address BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC, which was granted 4,040,000 NBT last year. The results were:

  • 2,000,000 NBT remain in FSRT multisig address BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC.

  • 200,000 NBT were transferred to FSRT single key address BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi.

  • 1,840,000 NBT were burned.

  • 0 NBT was paid as commission to FSRT

When tier 4 sell side liquidity is needed FSRT will step in, using the single key address to bring NBT to market much like Jordan Lee has recently. He can now serve as a back up to FSRT in regard to tier 4 sell side liquidity.

Most of the remaining NBT will be burned within 11 days in compliance with a recently passed motion.
Because most of our NuBits will be burned soon, we recommend shareholders continue with the grant to Jordan Lee.

Due to the very recent surge in demand and the possibility the surge could accelerate in the coming days we have opted to hold on a relatively high quantity of NuBits for the next 11 days.

FSRT will continue to operate until the network no longer needs us, which we anticipate will be when FLOT is up and functioning. FSRT did not provide the level of service that everyone excepted. An important reason for this was the anonymity of the signers. It appears they just weren’t motivated to protect their reputation as a result of not being known. Therefore, we advise that anonymous signers not be used in the future. That is different from pseudonymous signers, which is the model that is emerging in FLOT and we suspect it will be more successful. Anonymous signers have more difficulty communicating with one another than will likely be the case with pseudonymous FLOT signers, we have learned.


The relevant portion of that motion says:

We had mistakenly thought the motion required us to burn most funds within 14 days of the passage of the motion. However, the trigger is actually when FLOT receives its grant. Since that motion was drafted FLOT has changed its plan to receiving multiple grants, with the first one expected to be a small grant to allow FLOT to gain experience, followed by larger grants. The intent of the motion was to have most funds burned once FLOT is capable of performing the needed liquidity operations. If FLOT gets an initial grant of 100 NBT, they won’t be able to perform liquidity operations. Therefore, we will use the same approach articulated by Jordan Lee, which is that we will do whatever 50% or more FLOT members ask us to. When 50% or more of FLOT members say they have a NBT grant large enough to replace our role, we will burn all but 151,500 NBT in our possession.

FLOT address BqyRzFtWXDmjxrYpyJD42MLE5xc8FrB4js has more than 170k NBT. I think it is good enough to enable FLOT to take the role of FSRT in putting new NuBits into circulation.
What does NBT FLOT think?

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Not a NBT FLOT member, but I think the rest of NBT holdings of FSRT should be burned as FLOT mechanism with JL as a backup seem to be working fine.

I agree.

This passed motion requires FSRT to burn all but 151,500 NBT. The following transaction has one of the two required signatures and transfers 48,395.2975 NBT to single key FSRT address BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi, which currently has a balance of 103,104.7025 and will have a balance of 151,500 after the transaction. The remaining ~1,952,000 NBT in FSRT multisig address BhCnQrYrA5LZm871dtMQEXeU93gmqbhdrC will be burned with this transaction.

If you are a member of FSRT, please verify this transaction using the decoderawtransaction RPC or Cointoolkit. Once you are sure it is constructed properly, please sign and broadcast it using signrawtransaction and sendrawtransaction, or by using Cointoolkit. You can use signrawtransaction RPC by simply copying this and adding your private key where indicated:

signrawtransaction ‘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’ ‘[{“txid”:“157adf1c8bcba9d03cf8c7f27d013dbe18cd5b0a58dacc35641cab22586f28ef”,“vout”:0,“scriptPubKey”:“a9149328780d1dac8ea60169f0508b91ed0493ce732e87”,“redeemScript”:“522102b2b2647ed40d717dad2c99cccdee6de094110ad2ada48796f423b1b31814f32621031b108a42babf942d53dda483c36b1b2bdcbe3e31f29e378d31f840c1fd3eb79e210258a2214cfd28f50757fe56893a62f9022b71f6648c8964d0c7bb52a11cd9be7753ae”}]’ ‘[“enter your private key here”]’


I was going back through some of the posts I hadn’t had a chance to check lately. Following up on this one, the explorer shows that the requested transaction has been successfully processed and the shareholder mandated funds from the @FSRT grant have been burned.

Here’s a link to the receiving address, BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi that now contains 151,500 NBT and the details of the transaction that processed the burn, 19a2a8f4aa6005d969662d51ba183acd7e9f31b41f2f8927d73eaac81c7c7408.