[withdrawn] Public offer to partially cover @dongshan's non-paying bid in the last NSR auction

NuShares Motions
#1

Motion RIPEMD160 hash: c2096080fab25dc702424117e82d2e29a84c50c4

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This is crypto_coiner, nushareholder and participant to the last grand NSR auction.
This 100 million NSR auction motion has been a great a success to the exception that winning bidder @dongshan has defaulted on his obligation to purchase 7 million NSR according to his winning bid.
20 days after the end of auction, I am willing and I am committed to partially settle the sale of the remaining 7 million auctioned NuShares awarded to @dongshan, as per the following:

  • Price per NuShare: 0.002118 NBT
  • Quantity of NuShares desired: 1,000,000 (1 million)

Justification and rationale for that public offer:

  • The initial motion stated that 100 million NSR would be offered for auction, thus meaning that 100 million NSR were planned and could be sold to Shareholders.
  • If winning bidders happened to default on their obligation to settle on their bid, @JordanLee suggested that public bids could be solicited by shareholders, by means of motions.
  • I believe it would benefit Nu network to fill @dongshan’s non-paying bid.

Justification for the proposed price and quantity:

  • Price: it equates exactly the average price per NuShare of the winning bid of the last 100M NSR auction.
  • Quantity: this is what I can afford to cover - I hope more will come and copy left this motion.

Upon the passing of that motion, I shall send 2118 NBT to a NuBit address determined and indicated by Shareholders.
In exchange, I shall receive 1,000,000NSR into an address that I will have indicated.

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Verify. Use everything between and including the tags.

1 Like
[OLD] Cryptog's datafeeds - BETA
[suspended] Cryptog's Nu data feeds - BETA
#2

I have should have perhaps mentioned a deadline for that proposal…

#3

Thanks for your proposal, but I’m not sure about this especially as it is just 1/7 of the total amount. It doesn’t make sense beyond someone trying to get a bargain at Shareholders’ expense. Not seeing the value for the Shareholders. As mentioned in another thread I think we should either offer it to all Shareholders in auction or just leave it. Therefore I’m not voting for your motion or adding it to my datafeed.

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#4

i was thinking perhaps we may sell these nsr in the market at a fixed nbt value and use the nubits to maintain the peg. just a thought

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#5

I am interested in it, directly sell to me please. :smile:

1 Like
#6

It’s april first again?

#7

I think the offer would help complete the sales at a fair price.
To me it does not look unnatural to try to fill the gap left by the auction.
The shareholders benefit because it would raise additional funds and the shares go to a trusted entity.
So it would be a Win-Win.

I will be voting for this motion.

Motion hash -Motion RIPEMD160 hash: c2096080fab25dc702424117e82d2e29a84c50c4- verified

1 Like
#8

This is a serious motion.
Please elaborate as to what makes you believe it is an april’s fool of some sort, if that’s the case.

#9

Thank you for your support and understanding.

#10

I’m a 100% with @cybnate on this.

Don’t think it’s a win-win. I only see one win.

#11

I do not see personaly a bargain.
It s the average auction sale price in a context where the nsr unit market price has decreased from 0.004 to 0.003 at least.

1 Like
#12

I’m very pleased to see @crypto_coiner’s offer to purchase NSR. We need to sell additional NSR to fund development and balance the liquidity walls. I would like to see a Motion subsection specifically for NSR bids. This will bring a degree of transparency to the amount of liquidity available in tier 6 (NSR sales in exchange for NBT burns). I would really like to see a stack of NSR bids that could be tapped as it becomes apparent buy side liquidity is needed.

A proper NSR bid should offer to burn NBT in exchange for an NSR grant. So it contains these elements:

  1. a quantity of NSR
  2. a price in NBT
  3. a date the purchase offer expires

Preparing for open sourcing has delayed development of planned protocol changes. However, I have asked @erasmospunk and @sigmike to make development of the burn RPC and NSR grants the top development priority. I would say NSR grants are 5% of our protocol change work but embody 60% of the value of our planned protocol changes. Likewise, the burn RPC might be 10% of the development but provide 20% of the value. We need to hustle to implement these changes and move them forward in their own release if necessary. The burn RPC is not a protocol change, so that means it could even be used by people who need it as a 1.1 beta. @erasmospunk and @sigmike could one of you commit to developing this right away? Perhaps the other can work on enabling NSR grants.

For now, I can transfer purchased NSR. NSR grants by protocol will be a step toward ensuring Nu has no center. The final step will be for me to step out of the process of contractor compensation and place that directly in the hands of shareholders.

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Contractor compensation directed by shareholders?
[Passed] Motion to Make the Nu Source Code Available
#13

I agree, but why do we need to sell them (far) under market value?
To my mind, the auction you held is closed and selling leftover coins now weeks later at those auction rates doesn’t make sense to me.

1 Like
#14

I moved a post to a new topic: Contractor compensation directed by shareholders?

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#15

I think this discussion deserves an own topic.

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#16

why not just have a motion to put 7m on a exchange for sell at a reasonable discussed price and use the funds to fund the Nu Lagoon ’s and other liquidity walls I would be more then happy to buy some Nsr my self the 24 hour Nsr high on bter is 0.00001449 if the 7 million sell wall is bought that will say a lot about the direction Nsr is headed

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#17

In the near future, I see 2 ways that people will have in order to purchase NSRs.

  • make a NSR custodial grant vote in exchange for NBTs burn
  • the vote passes
  • the individual gets the NSRs in the address specified
  • the individual burns the corresponding NBTs
  • make a NSR custodial grant motion in exchange for NBTs burn
  • the motion passes
  • the individual burns the corresponding NBTs
  • make a NSR custodial grant vote
  • the vote passes
  • the individual gets the NSRs in the address specified

Obviously 1) requires much more trust than 2).

  1. is suitable for members of the community, like @crypto_coiner
  2. is suitable for unknown individuals.

In any case, the goal is to maintain the peg.
In any case, the process is decentralized.

This is the future of how a currency is maintained, I believe.

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#18

Voted.

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#19

I am interested in going forward with this, if needed and possible at this time.

Very much looking forward to this.

#20

Thanks @JordanLee for supporting this motion.
Most of, if not all the Nushareholders buy up additional shares in the exchange markets at the free market price (set up by ordinary traders), which is detrimental for both parties: the Nu network does not get additional funds and shareholders don’t get the chance to purchase at a price that takes into account their shareholders status.

@tomjoad I look forward to the creation of a NSR bid subsection within the motion section.

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