Current Liquidity

[zoro]

i am transferring some NBT from my other exchanges’ activities unless my daily limit in polo returns!
Although this limit seems to be not enough!

[cryptog]

What s happening? It seems we are experiencing a crazy demand?

[zoro]

i guess we are promoting NBT without the proper liquidity!
i sent 4100 NBT. lets see how long they will stay there

[FSRT]

Despite sell side liquidity being almost absent on Poloniex and network wide tier 1 sell side liquidity being only 28%, we have received no offers to purchase NBT at $0.994 in the last 16 hours. The network is losing NBT sales due to lack of sell side liquidity right now. While better long term solutions are being constructed, a quick solution that works right now is also needed. As we have explained recently, it is still uneconomic to purchase NuBits at $0.994 for the purpose of bringing them to Poloniex for sale as a market order, because sale proceeds will be about 0.993 after exchange fees. Yet, that is what the network needs most at the moment. Therefore, for the moment we are lowering our NuBit price to $0.992, in the hope that someone will buy them for the purpose of bringing them to Poloniex to sell at a small profit as a market order. This will cause buy side liquidity there to flip to the sell side.

Who can help for a small profit?

[Nagalim]

We could balance liquidity directly by using exchange accounts, bringing NBT to exchange and throwing them against the buy wall. In that case we would expect proceeds to be about 0.993 per NBT after exchange commissions. Anyone else who would buy from us to do that would lose about $0.003 per NBT. This explains why it isn’t being done.

This is remedied by the ‘shift’ parameter in my latest pybot (which will cause the buy wall to approach $1 in situations like this). You’ll see it in action on nbt/cny soon I hope.

[FSRT]

5049 NBT was just sold for 15 BTC, which will be eligible for share buybacks.

We are still looking for wholesale NBT purchasers who can bring NBT to market. Our price is currently $0.992 per NBT.

While we may take up to 12 hours to send NBT once BTC payment has been made, so far the average time it has taken us to send NBT after receiving BTC payment is less than an hour.

[masterOfDisaster]

Do you still wonder why people don’t want to accept that offer and take the volatility risk (between they trade their BTC with you for NBT and have BTC back by trading them for the received NBT)?
What’s the incentive for somebody who holds BTC to trade them for NBT if only to put the NBT in T1 and receive BTC back over time?
Or why should somebody trade whatever crypto he has to BTC only to trade them with you for NBT?
There’s a lot of potential for loss and effort included, but no gain.

If you want to push more NBT in a market which hungers for NBT (that seems to be the case at the moment), you might need to consider alternatives.
One of them is selling the NBT even cheaper off-exchange.

Another one is this (in short): give people to (hopefully) trusted community members who sell the NBT for BTC and send the BTC to the T4 buy side address - very much like @Nagalim proposed here:

[Draft] Sell-Side Custodianship

Motion RIPEMD160 hash: tbd =##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##= Reason and Method In times when distribution of T4 funds is at a critical point, reminiscent of the previous operations of @jmiller and @KTm, funds will be given to trusted shareholders to sell on-exchange with little or no collateralization. @Nagalim, as well as any member of FLOT, FSRT, @JordanLee or any future collaboration with extended Nu network powers is encouraged to provide such a ser…

I have an idea regarding NBT “entry and exit gateways” to deal with situations in which the peg is in danger and which I’m going to write soon in a post. I’ve already sketched parts of it here.
The idea was put on paper:

[Concept] NBT entry and exit gateways

##Intro Nu currently has trouble bringing sufficient liquidity to the sell side. @Nagalim drafted a motion to come to the aid of this situation. Posting there made me think about ways to mitigate these situations. TL;DR make custodians operate NuBots. Track the broadcast liquidity. If the NuBot runs dry, fund them. Nu trusts the custodians with NBT and receives the proceeds on T4. Big amounts of NBT can be injected into the market this way in a short time. ##Forecast Nu will (hopefully) soo…

It will be better as soon as the compensation model for providing liquidity has transitioned to fixed cost (putting funds on a side with low volume is compensated better than putting funds on a side with sufficient volume), but that will take some time and Nu needs to act now!

[Nagalim]

@FSRT If I provide 350,000 NSR as collateral, will you begin depositing NBT in my account tonight? I’ll expect the NSR back after my sell-side custodial motion passes.

[seki]

5049 NBT was just sold for 15 BTC, which will be eligible for share buybacks.

I made the above transaction with FSRT.
In a few hours my 5049 NBT had gone and i have now 15.18 BTC
A 0.18 BTC profit in a few hours!
I must say that this win-win situation occurred only because BTC is not volatile at all. The risk is there as MoD and Nagalim said

[FSRT]

Right now less than 23% of network wide tier 1 liquidity on the sell side. The Poloniex sell side is 0. 4 out of 11 other supported markets have less than 100 NuBits for sale.

We have injected around 46,000 NBT into the market in the last 24 hours, but that isn’t enough. We suspect a little more incentive is needed to induce liquidity providers to deal with us, so we will lower our wholesale rate to $0.990 for now.

We are waiting and ready to trade right now. You can negotiate a trade by PM here or by Bitmessage at BM-2cWWSMDmcUtMw4kU352wtDCe91xrEUmKfW.

[zoro]

Very tempting! It can go even lower?

[masterOfDisaster]

I can offer to sell NBT for BTC on behalf of Nu and deposit the proceeds at a T4 address (like explained here).
However, I can’t offer a collateral, and I don’t want to use the 4.35 BTC which I currently have on hitBTC to trade directly, because they are tied to term 2 of modPuddle and I don’t want to violate the terms - I would forfeit my claim for compensation.

Don’t lower the wholesale rate in 0.002 increments and push the price down to $0.98 (or even lower) already!

Reminder:

[Passed] Proposal to create a strategic reserve of NuBits

The purpose of this grant is to create a strategic reserve of NuBits. There are only two circumstances under which the FSRT would transfer the funds granted:

1. If the sell side liquidity from other custodians becomes thin enough that there is a significant risk the NuBit peg will be lost before additional custodial grants can be passed.
2. If shareholders instruct the FSRT to transfer the funds via the passage of a motion.

If the first circumstance above becomes a reality the FSRT will have need to exercise its discretion about how the funds are used.

Hell, use your discretion! Protect the peg! The sole benefit of having no strict set of rules is that you have discretion left.
The sell liquidity is thin enough that there is a significant risk the NBT peg will be lost.

What do you care for 1.x% loss by selling NBT at $0.98 in the face of the peg in danger?

My availability will be limited tomorrow, but I intend to create a NBT entry gateway on Poloniex using NuBot. Whether you use it or not is up to you!

[Nagalim]

@seki would you consider selling at $1.02 and making even more profit and helping to stabilize the peg?

[seki]

Of course, in what way?
Even at 1.01 the profit is there

[Nagalim]

I assume you are buying nbt from @fsrt and putting them up on polo using the alp bot. Just use offset = 0.02. You won’t get the ALP reward, but you’ll make an extra percent on the sale.

[FSRT]

An additional 8500 NBT has been sold for 25.1377 BTC, which are, as always, eligible for share buyback.

The Poloniex sell side is still 0. Is anyone able to bring NBT there?

[Lako]

Guys…price is $1.11 now. Why is the peg not stable? This doesn’t look good for our reputation.

[zoro]

and it will keep rising if reserve NBT don’t make it to polo ASAP.
LPs cannot help anymore!
@JordanLee, can you personally put some of your 150k to polo ?

[FSRT]

Due to the persistent and significant problem of not being able to maintain any sell wall at Poloniex, we are now selling NBT for 0.97 to known community members who promise to either place it on the sell wall using ALP or NuBot or alternatively sell it at the market rate for BTC at Poloniex.

PM us here or Bitmessage us at BM-2cWWSMDmcUtMw4kU352wtDCe91xrEUmKfW.

[huafei]

what is your time online？ 7x24？