You are right that @benjyz has made good points against exchanges being LPC.
I didn’t make this clear. I was thinking of exchanges being LPC in NBT/USD trading pair solely.
It will be hard to manipulate the market offering only NBT/USD liquidity.
And with the reporting that is required by LPC’s they will have a hard time to manipulate something and never getting caught with it (that applies to a certain degree to non-USD pairs as well).
Of all trading pairs I consider the USD trading pair the utmost important.
I don’t consider buy walls at 0.998 USD/NBT and sell walls at 1.002 USD/NBT being impartial or manipulating a market.
If crypto currency exchanges would like to be perfectly impartial, they’d need to step out of USD and other fiat currencies as well.
But there needs to be a way to deposit and withdraw fiat money to connect the exchange to the rest of the financial world.
I want that connection for NBT as well!
Knowing that the exchange offers deep liquidity in the USD trading pair, will make it easy to do arbitrage on non-USD trading pairs leading to a very little spread.
NuBots in non-USD trading pairs will simply not be necessary then.
I don’t give up that idea very easily
I agree with this full stop. I have suggested this a few times. You mentioned the exchange default risk being mitigated and competitive fees which are also great points. In fact, it would push LPC competition on CCEDK into BTC/NBT, etc. which only increases the volume on CCEDK even more. There is no reason for shareholders or traders to worry about an exchange that decides to provide liquidity to NBT/USD. That is our stable and low risk pair. In fact if your exchange has low USD liquidity, having a highly liquid NBT/USD pair enables traders to easily exchange in and out of USD on their exchange.
Retrospectively, why did they decide to sell so many suddenly?
When you look back, retrospectively, and look at all the marketing work CCEDK has made(well, I know Nubits head guys dont like to do articles, but I did and CCEDK and myself personally have made more articles on Nubits and Nushares than what has been done totally on Nubits and Nushares elsewhere), the fact that CCEDK said yes to have Nubits on their exchange when nobody else did, the volumes we managed to preesent on CCEDK promtoing Nubits and Nushares ones again on CMC, the time and efforts spent on promoting Nushares and Nubits on various forums, although some with less luck than others, and when you look at what was the activity when CCEDK was involved and what is it when it is not, you might want to rephrase this question to: what on earth made CCEDK think that they could help create awareness of Nubits and Nushares in a common goal of making Nubits the main currency in the world, and Nushares the preferred asset to invest in?
I dont want our efforts to seem like the only important ones here, but I believe we have done a great effort creating awaremess of Nubits and Nushares everywhere in the world, and we have been treated as our only purpose was to make Nubits look bad and Nushares as well, its just too bad, as I feel Nushares and Nubits has a great future, and especially with my own energy and positive way of presenting both!
I can only say that once all is settled with KTM and shareholders in general it is time to look for some currency who will appreciate the efforts an exchange thinking out of the box is offering. What other exchanges do you know of who has made one word in public about Nubits and Nushares?
Someone who do care and meant this liquidity on CCEDK as a way of showing that there was plenty of interest for Nushares!
We are still here and appreciate all the support the Nubits community is willing to offer and as you can see it is paid back tenfold in marketing, and mind you none of it is paid for but merely acheived through engagement and interest, and journalists spot that immediately!
With articles I either personally wrote for you (one example: http://www.einpresswire.com/article/239085275/welcome-to-a-nu-world-of-stable-digital-currency), or using barely re-worded sections of the content we wrote for nubits.com (any CryptoArticle piece on www.nubits.com/news), sure. We viewed those articles as an honest effort at helping a partner exchange attract new customers. It’s too bad you feel that Nu contributed nothing to those efforts.
You clearly are suggesting this with your long-winded and martyred tone.
No, you have been treated as an exchange that dishonestly tried to keep a theft quiet, attacked our team’s ethics, and ignored questions from @JordanLee as to why you suggested it was Nu’s fault that BTC was stolen from your system. It is disappointing to watch your failed strategy of hoping that prolonged silence will make traders forget that CCEDK has still not made a public statement or apology on its website.
Nu is heading towards an era of larger, more trustworthy centralized exchanges, with the goal of one day establishing reliable operations on trustless decentralized exchanges. I have no idea what would motivate someone to use CCEDK at this point.
And regards to this…
I have personally read custodians here that have recently decided not to provide liquidity on your exchange because of the damage that has been caused by not being completely open and transparent.
Have you seen the difference in reactions here between BTER’s hacking and CCEDK? I have read reactions of people here being appreciative of the transparency, honesty and constant updates that BTER has provided to address their situation.
In contrast, we know that you were giving false statements about the health of your exchange just prior to Jordan revealing this wasn’t the truth. You decided that trying to keep this information secret was the best course of action and even after it came to light, we have had nothing but silence and important unanswered questions from your end.
I think you need to face the reality that your current strategy of silence is not exactly inspiring confidence in your exchange. I think what you need to do is accept the reality of what has happened, start a new thread, apologize to the community and come clean and answer any questions we can throw at you open and honestly. Then you need to publicly announce this on your exchange and give informative and constant updates until the problem has been resolved. This attempt at true transparency could possibly help to repair some of the damage that has been done, but there can be no guarantees.
I appreciated what you did to help promote Nu greatly, but this is a completely separate issue and has changed my opinion of your exchange greatly. One thing that is clear is that your current strategy is NOT helping your cause. It is completely up to you to accept what has happened and do your best to be transparent, open and honest about it. I hope you take my words seriously.
I hear you @Sentinelrv, you speak clear in a way appreciated, and we will get back as soon as we feel we have some solid infomation. Untill then we just felt it was talk, sorry if that is not clear.
I understand your point with Bter, I also understand that going out and saying we are now ok again can change a lot, but we are not Bter, and we want to be able to stand up for what we say when we say it, so any requests for comments before that really just dont go, sorry. We expect to make general statement sometimes next week, and dont worry, I dont need your guarantees. Our focus is to get back with or without the support from Nubits, we do hope ofcourse it will be with.
We lost btc due to NU not being open source, its as simple as that, but I will try to explain in later communication how this was possible, although I believe @Ben could enlighten you on that part, as he was the one giving great help getting us back on right track after seeing numerous users running away with Nushares or btc exchanged from Nushares not belonging to them in the first place.
More information on our various hacks and similar issues it is unclear to me why @Jordanlee did not post that second letter to KTM, when I sent both of them to him, so if you want information earlier than what I can give you, you might just want to have that second letter.
@ronny, while it’s true that a configuration issue involving the
avatar=1 flag was the catalyst for NSR transfer issues within CCEDK’s user wallet, it isn’t reasonable to attempt to assign blame to the availability of Nu’s code base.
Our team has always been available (free of charge) to discuss implementation with anyone looking to add NBT or NSR to their exchange or site. You and I have engaged in many conversations over the past eight months, through IM, email, and voice calls, so I know that it’s not a lack of availability on our part. The unfortunate fact of the matter is that the CCEDK development team went ahead with a launch of the NSR markets based on assumptions without testing different scenarios, or asking for a review.
Implementation details (including the clearly marked notice about the
avatar switch) have been available on our documentation site (docs.nubits.com) since mid-October.
Even if Nu’s source code had been open before you had implemented the markets can you honestly tell me that you, Oleg, Ivan, or Nick would have put aside the time to review the code in depth to discover the differences on your own?
You need to stop this, @ronny. This is your fault. I warned you that your exchange was leaking NSR into my account and you did not address this problem with any sense of urgency. Your dev contacted me in Russian, while I clearly do not speak it. I highly regret that I trusted you and your team to fix the problem instead of taking the path in which @mhps took in regards to alerting the community in a loud manner when AllCoin had this problem.
Tell me again, why is it my fault, when it is clear other exchanges have experienced same issue, and nobody from Nubits have told the exchanges respectively of this possible issue?
You’ve got a customer who opened a support ticket that they have money in their account in which they should not.
Are you still waiting for a red flag to pop up or something?
And we did act on it, but not as easy a you might think to spot where is the problem, when in fact it is part of wallet enable or able
@GreatScott Thank you for returning the Nushares had you received wrongly. And sorry for having someone speak russian to you, it was asumed with the name you presented on exchange and was only considered an extra service going bad.
Let’s dispense of the fiction that the roll-out of NSR markets on CCEDK was carefully planned and that we (the Nu developers) would have had an opportunity to catch this before it was implemented.
On November 12, 2014 at 7:38 AM I received an email from you where you relayed a message from Nick. The request was for “100 testnet NSR, urgently”.
I immediately sent the coins (1000, vs. 100, because “hey, it’s testnet…”)
On November 13, 2014, CCEDK launched four NSR markets.
I’m not interested in arguing “he said, he said”, I just want the record to be clear that it’s not a simple case of implementation details not being shared with CCEDK. People can come to their own conclusions.
@Ben, when did @ronny reach out to you about this? I opened my support ticket on January 6th and on January 30th I received an email from @ronny that they have found the problem. This is not a reasonable amount of time to address an issue as serious as misdirected funds.
January 19, 2015.
I just wanted to point out that I had liked Ronny’s post above before he changed it when it read this instead…
I can only say that I was told from our developer the problem would not have appeared if it had been open source. I have no complaints whatsoever towards any devs of Nubits, and you Ben have done a great job.
Again, I dont have any problem accepting that lack of communication when setting up Nubits and Nushares on exchange is the case of this problem, I do however, notice that the various exchanges added apart from Bter have all had issues similar to what we had, from which I can then conclude that no develeopers from any of these exchanges asked for help when listing the currency on their exchange. I guess we were all thinking our devs knew best, but we have all leearned from this ofcourse.[/quote]
Strange, I thought the forum had the ability to “unlike” a post. Looks like that isn’t the case right now, I just tried on a different post.
Yeah I tried too but no luck. The reason I had originally liked it was because Ronny seemed to admit that maybe he or his employees actually are partly responsible for what happened. But then he had to go and ruin it by changing to this…
Back in 2007 I was fired from my job for the first time in my life. The reason was because there was a new rule which stated I had to wait until 30 minutes after 2nd shift arrived so that I could clean up and properly inform the incoming shift what was going on. I didn’t follow this new rule and left at my usual time. There were several reasons I ignored it. I usually cleaned up my whole area before 2nd shift came in and it only took maybe 2-3 minutes to explain what was going on for the day. I didn’t feel waiting around for 30 minutes was justified. Finally, nobody else on our shift took the rule seriously either and ignored it as well.
One day when walking off the floor at the usual time along with everybody else who didn’t take the rule seriously either, I was singled out by management and let go. I was made an example of to let the other employees know that they were serious about this rule. I was unemployed for a long time and for years I pointed fingers and blamed the company. My poor excuse was that I shouldn’t have been fired because everybody else was doing the same thing as me and leaving early. I didn’t want to take responsibility for my actions that day. I realize now that it doesn’t matter what everybody else was doing. I was still breaking company rules and I should have known better. I have now stopped blaming others for what happened.
I see the same thing in Ronny’s edited reply above. When I read it, it reminds of this: “Why is it my fault? All the other exchanges were doing it too.” Just like my example, it doesn’t matter what other exchanges are doing. You need to take ownership and responsibility for your own problems. Please, no more blaming others.
As Ben said, those implementation details were clearly laid out on the NuBits website. All that needed to be done was to follow them. It wasn’t followed though, and that caused the mess you’re now in. I sincerely hope that when new exchanges decide to support us, the Nu team makes a habit of stressing the importance of following these directions, but you can’t lay the blame on them if the instructions for implementation were clearly laid out and available to everyone. It is the fault of the exchange for not following the instructions and no one else. Please take responsibility.