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:
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:
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!
@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.
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
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.
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:
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!
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.
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 ?
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.
I have no BTC and I can only offer collateral in BKS, $5.5 each. I’ll put the NBT on the wall at a flat rate of around 1.02 USD (or a price that gives the target BTC amount) and return you an amount of BTC calculated at purchase. I’ll take a price of 0.98 to adjust for the overhead.
I can also put up NSR as collateral in addition to BKS if you wish to trade up to 25k NBT.
