Can’ t you use some portion of the first strategic reserve?
Yes, that is what we plan to do, using funds in FSRT single key address BFTnCyMX1nsTNp6X7Bcm1qVocvShdbwtMi. But we still need to find someone to bring it to Poloniex. We will test the 0.996 price. If we don’t find a buyer at that price, then if it is lowered a little more, it will become economic to buy them for the purpose of making a small profit from selling them on Poloniex. That will surely work.
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The wall is now about 6700 NBT, probably no need to lower the price further. For some reason there’s also a big chunk of NBT high up on the wall. In the long term, we should operate a service of BTC<->NBT swap for ALP participants and advertise it. Might need a better automated multisig solution. This might also reduce volatility risks for the entire tier 1 liquidity provision.
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it’s quite interesting that we are lowering the price because the demand is high. Why doesn’t someone buy some NBT from JL and put it up on the wall at a bigger spread using the ALP bot and just, like, double the offset parameter. You don’t need the ALP reward if you’re just going to sell right away at a profit anyway.
I would encourage looking at it from the perspective of someone who has BTC on the buy wall at Poloniex. They are offering to buy NBT for about 0.995, so why would they want to move the funds off the exchange and lose their pool reward to pay 0.998 for NBT?
so they can sell at a high spread (like $1.02). I can ‘offer’ to buy NBT at $0.05, doesn’t mean I’ll get it. Fixed cost pools would help this problem, but it’s ultimately a tier 3 issue in my opinion.
Would be a different story if it’s a liquidity provider who wants to switch to NBT, where 1:1 is a very good price, or just somebody who really wants to drop in and buy Nubits. It’s just not well advertised enough, still a bit too cumbersome, and there’s a risk in trading with strangers. All the more hope for B&C Exchange.
how about exchange with perfectmoney or okpay usd？
Sorry, we require BTC.
While a modest size trade was just initiated, looking at Coinerella, it is apparent a 0.996 NBT price isn’t effective for bringing NBT to market. Network wide sell walls are only 22% of tier 1 totals, and there are only 250 NBT on Poloniex.
It is unfortunate there is some controversy about selling these below $1.00, as we don’t wish to create controversy. However, we have an obligation to balance liquidity, and the evidence is that can’t be done at price of 0.996 per NBT. 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.
Essentially, we are a wholesaler of NBT. Other liquidity providers are retailers. As a wholesaler, we can’t induce retailers to purchase our product for more than the retail proceeds, which are about 0.993 per NBT after exchange fees. As with any market, the wholesale price must be lower than the retail price to accomplish distribution.
To balance liquidity, we will sell NBT for $0.994. Please reply here, PM us, or send us a Bitmessage at BM-2cWWSMDmcUtMw4kU352wtDCe91xrEUmKfW to arrange a trade.
Given there’s NBT demand one should be able to set up walls the normal spreads set for liquidity pools and people will still buy them, if we assume the peg might break upwards. I won’t concede to the buy wall level under these circumstances. The most ideal customers are Nubot operators and pool participants with relatively deep pockets.
It can be @henry if he has time, or it would seem there are a few ALP participants with a lot of BTC. One should find ways to reach them rather than cutting prices just because nobody’s looking. @woolly_sammoth would you mind adding something to your website to advertise for direct off-exchange purchase of NBT for liquidity balancing?
NuLagoon can buy some NBT and promote them to Poloniex. Last time when we do transaction with @JordanLee, we fully trusted him and sent the BTC first. This time, we are not sure we could give @fsrt same level of trust.
With @henry, we are comfortable sending the NBT first. How many would you like to purchase and what address would you like them sent to? We will ask you to send BTC to 1NbmgGKWPemDwiqiEHs8CVrnqC4MHp3M3u afterward.
Hi @huafei
The current total liquidity in the Nu network is:
Bid: 69800.1003 NBT (54.36%)
Ask: 58593.6105 NBT (45.64%)
It is broken down in the following manner:
Tier 1:
Bid: 19158.2314 NBT
Ask: 14292.7617 NBT
Tier 2:
Bid: 9841.89 NBT
Ask: 5577.234 NBT
Tier 3:
Bid: 37601.7624 NBT
Ask: 30755.0 NBT
Within the past hour, a total of 41,759 NBT has been sold in exchange for 124.164 BTC, which is eligible for share buybacks.
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We will continue selling NBT until the tier 1 walls are balanced according to Coinerella. At present, only 24% of tier 1 liquidity is on the sell side. 5 of 12 NBT markets currently have less than 100 NBT for sale.
That s relatively big.
So most of these sales do not show up in the sell side…so someone must be building up nubits…We should be careful about that.
why?
Did NuLagoon buy? Why are tier 3 buy and sell sides at the same level as before?
Yes, NuLagoon bought 15,000 NBT (still waiting on the BTC payment). All other BTC payments have been received.
I don’t know the answer to your other question, sorry.