NuLagoon has bought 15000 NBT and promoted 8000 NBT to poloniex, and will promote more according to the network liquidityinfo in future. NuLagoon’s Liquidityinfo is updated.
It’s an atmosphere that we should inject liquidity when there’s a deficit in the exchange with highest NBT volume. Guess we’ll need to formalize this idea.
Because I do not know how much is in Tier 4 that could support a massive sell off by that entity.
i have made a lot of transactions with FSRT sending first the BTC. no problem at all
NU is at promotion mode thus the high NBT selling is not awkward.
NBT is going to loose the peg. i see it in 1.05. empty polo side is responsible about this.
What are we going to do? @FSRT, @JordanLee
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?
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!
What s happening? It seems we are experiencing a crazy demand?
i guess we are promoting NBT without the proper liquidity!
i sent 4100 NBT. lets see how long they will stay there
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?
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.
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.
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.
Very tempting! It can go even lower?
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!
@seki would you consider selling at $1.02 and making even more profit and helping to stabilize the peg?
Of course, in what way?
Even at 1.01 the profit is there