Current Liquidity

[huafei]

profit here ，more fund will come

[Yurizhai]

Didn’t @JordanLee 's 150K custodial grant just pass? Why isn’t that being used?

[dysconnect]

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.

[JordanLee]

Didn’t @JordanLee 's 150K custodial grant just pass? Why isn’t that being used?

It did pass and I am watching closely. However, there isn’t anything I can do that FSRT isn’t already doing.

[Nagalim]

If NBT is deposited to this address:

BQCBzjyLXwJ12TAAmd4vGRcSpzQNAyAW2v

It will be placed at $1.005 sell on the NBT/BTC pair. Once given an address for T4 by either JL, the FLOT, or the FSRT, I will begin sending BTC from that account. Buy side is set at $0.95. I have a $2,000/day limit on that account. The ALP rewards will be sent to an address that I own. In the event of ceasing operation, I will continue to withdraw BTC from that address, assuming my limit of 25,000 NBT/week is not exceeded. If that situation occurs, I’ll do my best. This is hashed 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…

[FSRT]

If NBT is deposited to this address:

BQCBzjyLXwJ12TAAmd4vGRcSpzQNAyAW2v

It will be placed at $1.005 sell on the NBT/BTC pair. Once given an address for T4 by either JL, the FLOT, or the FSRT, I will begin sending BTC from that account.

Thank you @Nagalim. 10,000 NBT was just sent. Please send all BTC proceeds to 1AjwGizTzJuw418Mhb38NfF2uEkwPEeyBW as they are available.

[seki]

i can go for sleep now

[Nagalim]

I need to be careful, some people are running with a 0.02 spread and a 0.025 deviation, meaning they drift over the line sometimes. I can’t get the client to credit me money, so that sucks, but hooray for having liquidity again.

[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.

This offer remains.

[FSRT]

We have injected about 64,000 NBT into the market in the last 24 hours.

[Nagalim]

I withdrew 2.259113 BTC for 752 NBT for an average price of $332.87/BTC. I’m now operating at a 0.3% offset sell, 5% offset buy.

[henry]

We are here, ready to sell as much NBT at $0.994 as needed. Who would like to purchase some and bring it to market? Can @henry help us again?

NuLagoon just promoted another 7000 NBT to Poloniex. We can buy some NBT again. But we see the network liquidity is balanced now. Call me if you confirm you need me.

[mhps]

I warn people here that the sold NBT may come back quick and hard on the buy wall if traders’ sentiment on the BTC price changes (which it often does). Breaking the peg on the upside is bad, but it is much much worse on the down side when people can’t sell at $1.

I suggest those LPs who bought NBT from FSRT or Jorddan keep the proceeds for a week or two – sorry if it’s a liability – to be ready to sell back to traders. This may cause an accounting challenge to the fund FSRT and Jordan distributed to many LPs but are ultimately responsible for. So those LPs should keep a record of how many are sold/bought, which can be a challenge if using a mixed account and there are rolling funds.

In general I think Nu is in unsailed water so I suggest err on the safe side and don’t fret too much if the sell wall is off once in a while. IT’s normal if a new product is sold out because the company that makes them hasn’t get everything streamlined. That is life for the buyers.

[FSRT]

@henry it is definitely a good idea to have tier 3 sell side restocked. Could we exchange 15,000 NBT? Right now 6,000 would be required on the Poloniex sell side to balance it. Can you bring that to Poloniex after a trade? If so, FSRT will stop selling NBT for the time being.

[henry]

If you look at the currnet liquidityinfo, you will see the sell side liquidity is greater than buy side liquidity among all the three tiers. We have no idea about why you said 6,000 NBT is required by Poloniex.

01:24:54 getliquidityinfo B

01:24:54
{
"total" : {
"buy" : 51568.0537,
"sell" : 75640.0064
},
"tier" : {
"1" : {
"buy" : 12692.4482,
"sell" : 21058.8563
},
"2" : {
"buy" : 4185.12,
"sell" : 9073.786
},
"3" : {
"buy" : 30755.4312,
"sell" : 37755.0
}
},

[cryptog]

I think @FSRT relies on https://alix.coinerella.com/walls/ for decision making about T1.

[crypto_coiner]

I warn people here that the sold NBT may come back quick and hard on the buy wall if traders’ sentiment on the BTC price changes (which it often does). Breaking the peg on the upside is bad, but it is much much worse on the down side when people can’t sell at $1.

I agree

In general I think Nu is in unsailed water so I suggest err on the safe side and don’t fret too much if the sell wall is off once in a while. I

Seconded too

[FSRT]

We have no idea about why you said 6,000 NBT is required by Poloniex.

I think @FSRT relies on https://alix.coinerella.com/walls/ for decision making about T1.

That is correct. With less than 4,000 NBT for sale at Poloniex, there is still an immediate need to bring liquidity. The offer to sell for $0.97 for Poloniex liquidity still stands. @henry can NuLagoon assist?

[dysconnect]

There seems to be a discrepancy between getliquidity info and https://alix.coinerella.com/walls/

But I agree that Tier 1 is arguably balanced.

I also feel the discount price 0.97 offered by FSRT is reckless - the difference is equal to more than 10 days of Tier 1 liquidity provision. If around 35k NBT were sold at this price, Nu would have just lost more than 1000 NBT, enough to support the entire FLOT for 1 month. This is poor accounting and a poor incentive design to get people to work for the interests of the broader body of shareholders.

I have said repeatedly that the lack of interest isn’t because the NBT is too expensive at 0.99 or even 1.00, but rather the people you reach here aren’t the best people to sell NBT to. During times of NBT demand, there’s usually an excessive amount of BTC in liquidity pools. LPs have an incentive to switch to NBT at the standard price = 1.00 so they can earn the full interest and want to reduce their exposure to BTC. If those can’t be reached, there’s NuLagoon. If you want to deal with a crisis, @nagalim’s approach may be preferred.

I strongly discourage FSRT and FLOT in engaging in these discounted sales of NBT in the future. This will be reflected in an amendment to the FLOT charter in a future motion. If more liquidity needs to be brought into Poloniex, I will offer to do something similar to @nagalim, and I have higher withdrawal limits on Poloniex, and I can even put up a BKS collateral.

[FSRT]

I also feel the discount price 0.97 offered by FSRT is reckless

I am trying to incentivize medium to large liquidity providers and others in our space with relatively deep pockets to give this a try. It is the kind of thing that can be a little intimidating the first time, while seeming easy the second time. Comments from NuBit buyers lead us to believe lack of sell side liquidity on Poloniex has significantly impaired sales.

nagalim’s approach may be preferred.

Nagalim has been very helpful, but we are talking about the network extending credit with this approach, and that isn’t positive. Ideally, the network should never extend credit.

The sell side on Poloniex is currently below 4,000 NBT. We are still looking to sell.