The committee has withdrawn the fees collected by the fee pools for our committee owned assets. We have not yet sold these bitassets into the market. This is the first of a number of polls to help determine the best way to accomplish this.
The issue we have run into is that it is impossible to do anything with the committee account in real time. Even if we got 51% of the committee on at the same time there is a 1 hour review period required for all committee proposals. Realistically in order to get 51% of the committee to vote on something would take more like at least 12 hours. The price of these bitassets can change fast, and the price which we set could be completely inappropriate by the time the proposal passes. This is even more of a risk if we need to cancel a market order. I think that using the committee account risks causing more damage to the peg than good.
To combat this I have created a new account
http://cryptofresh.com/u/committee-trade It has owner permissions set to the committee, so the committee still has control of the account. The active authority is currently set to myself, bhuz, abit, and xeroc. abit and xeroc have not agreed to join in, I added them because I don't think they will mind. Bhuz volunteered to help. It is currently set as a 2 of 4 multi sig. Because the committee account owns this account the committee can adjust the active authorities as it sees fit.
I propose that we iron out exactly who will have active authority on this account, set the permissions properly, and transfer the bitassets held by the committee-account to committee-trade. Committee-trade can then sell these assets in real time. We could even devise a simple bot that will set sell walls at a certain percentage over feed price.
The committee currently owns
USD 6,910
EUR 10.24
GOLD 0.00381
SILVER 3.09
CNY 7,870
BTC 0.476
The consensus from earlier conversations was that we would sell these assets into their BTS market at a certain percentage above the peg. There will be a separate poll to determine the rate above peg which we should target. What we should do with the BTS received from these sales, is also a separate conversation. I would like to keep this conversation about whether or not we should use the committee-trade account or the committee-account account to process these sales. Also if anyone with good knowledge of the cli_wallet wants to step and help by becoming a multi sig active auth please let us know.