[Withdrawn] T3 Trusted Custodianship @Nagalim

[Cybnate]

Are nmei’s funds off-exchange really T3, or are they a privately owned wallet?

It doesn’t really matter as we have a contract measuring T1 performance and balancing. That is what counts imo. With your proposal there is no guarantee it benefits T1/T2.

I will of course vet the customers according to my own criteria.

And mileage will vary for sure. Wish you luck with that.

[jooize]

Could someone summarize what a T3 custodian would do? Preferably in a numbered list. I’d like to grasp the effort required, and it might help others in their consideration of applying as well.

What calculations have to be made, and which tools need to be installed …? I assume there’s some kind of bookkeeping. You trade at exchanges, but also directly with people?

Would it make sense for a T3 custodian to setup a gateway for themselves?

[Nagalim]

Setting up:

1. Get an nbt client
2. Get a btc client
3. Post a proposal using an address in your nbt client. Get it passed.
4. Deal with any collateral
5. Give FLOT your btc address.

Doing a trade:

1. Find someone that wants to buy a reasonable amount right now for > $1 or sell for <$1.

2. Tell them the price, markup, and minimum and maximum volume. Tell them to deposit the money in the correct address within the next half hour or whatever.

3. Wait for a couple confirmations, then send them money. Record the price, markup, time you chose the price and on what exchange.

4. If you have too much of one side, wait 24 hours then send it to the proper FLOT address.

5. If you need more of one side, present your txn records on friday so FLOT can put in a txn saturday. Tell them how much you need.

6. Do your best to report how much T3 liquidity you’re providing manually using the liquidityinfo rpc command.

7. Remember how much you’ve earned from your markups (remember to subtract 0.1% for Nu). When it becomes a reasonable amount ask Nu to pay it, either through FLOT or an individual grant.

[Nagalim]

By the way, I highly suggest shareholders demand a fixed markup % (0.3% total, 0.1 for Nu and 0.2 for the custodian). It alleviates a lot of the trust by making the custodian’s compensation known from just the txn volume, which is verifiable on the blockchain.