What offset do you imagine?
How many BTC?
Why not letting ALP fill the gap with an increased spread?
…Ikr, because of the motion…
I have a second NuBot account at Poloniex that could be operated at a buyside offset between the current gateways and current ALP.
If we want to do that, we (FLOT) should talk about the parameters.
Trying the liquidity provision by trying to revive the buyside is crucial for the confidence in Nu.
Offering a buyside offset, that is too low, will not accomplish that and only make Nu lose reserve funds instead.
What we need is the revival of a dual side trading.
What about
and test it with 2 to 4 BTC and 2,000 NBT?
Although the NBT deposit is not important - there are enough NBT on the market
A single order has a size of 500 (I don’t know why,
but succeeding order sizes tend to increase…).
The first order has an offset of 0.0035 or 0.35% making it an “offset after fees” of 0.6% for the buyer, if the order is on the order book and gets bought (Nu on maker side, customer on taker side).
It’s an “offset after fees” of 0.5% for the customer, if NuBot places the order into an existing buyside order (not that likely at the moment).
Each succeeding order has an offset increment of 0.001 or 0.1% on top of the preceding order.
No, if we (NuBot) buy into an order of the customer, the customer is the maker and pays only 0.15% fee at Poloniex, while the taker (NuBot in that case) has a fee of 0.25%.
I suggest we continue the discussion on this matter:
As soon as the NSR are traded, there are funds, which can be used to try reviving the liquidity provision. The BTC are already at one of my Poloniex NuBot gateway accounts. I can’t use NuBot on that account until the sale is complete, because NuBot deletes the NSR orders when shifting walls.
The alternative is to withdraw it to FLOT reserve.
I’m in favour of trying to get the liquidity provision going.
What do you say?
Before I forget, I suggest we reserve 10 btc and authorize a custodian to place them at e.g. $0.1 in case of a bank run or an attack described here (step 3). If someone wants to sell cheap nubits, we want them to fall in our hands. Proceeds Nubits are outstanding nubits and will be burned.
There are about 3.5btc on the buyside above $0.1 but below 5% spread. Placing a sizeable order at $0.1 encourages smaller bargain hunters to front run this order therefore putting more buys above it.
Another great idea!
Would a FLOT member be willing to step up and do that?
It wouldbe good to split responsibilities a little bit.
All that’s required is a Poloniex account.
If you are at that big offset, you don’t even need NuBot and can place orders manually.
Whether it’s 90% offset or 85% or 92% doesn’t really matter.
Until someone is found, I put the proceeds from the NSR sale on order at the NBT/BTC pair:
That does no harm, unless BTC drops to $5 - in that case we have other problems, but it’s not very bad, because we barely have BTC left
The “best” buy is at $0.095 at the current BTC rate ($533).
5555 NBT @ 0.00018000 BTC; total BTC: 0.99999999
5555 NBT @ 0.00015000 BTC; total BTC: 0.83333332
5555 NBT @ 0.00010000 BTC; total BTC: 0.55550000
5555 NBT @ 0.00000800 BTC; total BTC: 0.04444000
I would be in favor of putting half of the proceeds on NuLagoon and half of the proceeds to BTC FLOT.[quote=“masterOfDisaster, post:1830, topic:1239”]
Another great idea!Would a FLOT member be willing to step up and do that?It wouldbe good to split responsibilities a little bit.All that’s required is a Poloniex account.
The super tight spread at NuLagoon is the last thing we need now and the reserve still has 31 BTC.
There are more important things to do with the proceeds from the sale.
To get the liquidity provision going, testing the offsets at which real trading starts without seeing the BTC just evaporate is useful.
B&C Exchange currently has exactly 4 BTC. It is in the interest of B&C Exchange to trade these for NuBits. @masterOfDisaster can we arrange an off exchange trade by PM please?
