So about 48 hours ago on Poloniex, due to NBT sell pressure, there was not enough buy-side.
Then in the last 12 hours, due to buy pressure, there was reduced / zero sell-side.
Is that correct? How wide was that swing in NBT terms?
Do we know of any reason? I know some altcoins have had dramatic volume, and they are also on Poloniex.
We need at least 3 FLOT members monitoring Polo 24/7 and use the gateways in dire situations like today.
FLOT with shifts 
Moreover, we can always use Nulagoon tube to transfer funds to Polo. I hope a more automated way existed.
edit: if we had a nulagoon tube way of exchanging NSR/NBT, perhaps it would help us also.
Iād highly encourage @zoro and FLOT members to put up T3 grant proposals. At the worst, you just have to get a BTC and NBT client and you can nullify the contract at will by returning the money.
No. The design of T4 and FLOT doesnāt fit in this picture. T3 custodians are supposed to make nimble (only one person is needed) reactions that could have prevented todayās event.
We donāt have T3 custodians, at least with a contract. Lets say i am a private T3 custodian operating in ALPs.
How am i suppose to prevent the situation without FLOT members around?
Even if Nagalim was elected already with a 2500NBT buffer (very very small for Poloās āneedsā)
how he could reacted?
I could sell you 2500 nbt, after you sell yourself 2500 nbt, and youād have 5000 nbt at basically market price. 12 hours later, I might even still have your btc to give back to you when the pressure flips. That would be a total of 10000 nbt/btc to absorb sub-24 hour swings just between me and you.
In the meantime, you make alp and spread rewards, I make like 0.2% on my actions maybe, and Nu wins 0.1% of all txn volume, not to mention the obvious advertisement trade volume gives.
10k NBT were too small for todayās volume. But it is something.
Personally i sold almost 10500 NBT today from my T3 and the tube!
We just need more liquidity.
Iām not gonna argue against scaling up hard. Propose a 10,000 nbt, $10,000 btc semi-collateralized T3 proposal.
Affirmative.
Are you asking for the total volume on Poloniex? ALix will update that information once per day.
We shouldnāt even care for the reason.
Nu needs to provide a reliable product.
Today could prove some things:
I need to spend some more thoughts about the details, but I intend to permanenently shutdown or replace the current Poloniex gateways.
Iām on the fence, because on the one hand I think they are really necessary at the moment. On the other hand I see trouble coming from it.
Regular use of solutions for emergencies is just too expensive, although the costs of this abuse will only become transparent if Nu funds are lost using the gateways.
The current gateway solution is just to convenient and is choking important development of necessary liquidity improvements.
The replacement of the current gateways will be measurable expensive for Nu (in addition to the risk of using Nu funds to provide liquidity) - expensive enough to fuel the creation of alternatives.
Do you think we will need a āprivateā NSR/NBT exchange for cases like this?
Like the seeded auctions?
Mainly for T3 operations.
A thousand words by alix https://alix.coinerella.com/charts/?select=48h_4h_15min_combined_ma_percent
T6 solutions are more long term. Please do not expect them to handle situations like this. That will be the problem the MakerDAO solution from Etherium will run into.
I donāt see an NSR/NBT exchange as one of the next steps.
My understanding is that seeded auctions are a requirement for a NuLagoon Tube like NSR/NBT exchange - you need a price feed.
As long as thereās no BCE with a NSR/NBT trading pair that has some volume, seeded auctions are a way to create such a price feed.
One of the next steps is to create an interface between T1-3 and Nu that has decent buffer capabilities.
T3 custodians seem to be a perfect next step.
They can buffer changes in demand and trade with Nu (FLOT) following a schedule.
T3 custodians are much more agile than the FLOT (singlesig vs. multisig) and they have a clear incentive to make trades (commission).
Today the peg on Poloniex was supported with great efforts, e.g. by @zoro or @mhps - thank you very much for that! - and by an NBT tx created, signed and broadcast by FLOT in less than 6 hours after the requirement to do that was identified.
Nu must not rely on that!
There will not always be people like zoro or mhps (or others whom Iām not aware of) supporting the peg, or the FLOT being available with that short lead time.
Today should have opened everyoneās eyes for the need of a more reliable liquidity provision.
Ask yourself:
what would have happened without zoro or mhps?
What would have happened if the sell side gateway wouldnāt have been available due to technical issues or if I couldnāt have restarted NuBot?
Are you ready to try T3 custodians and evolve the tiered liquidity model, create required interfaces?
I donāt feel in the shape to do that now.
I perceive the gateways as a burden (because obviously I take operating them more serious than stated in the terms) and today I even bent (or broke; despite all seriousness) the terms of operating them.
Maybe I will draft a proposal - somewhen.
At the moment I only feel tired.
Iām still figuring how to get NuLagoon to give FLOT a cheap backdoor for liquidity balancing. It also needs more volume and could really benefit from being listed on the NuBits website. @CoinGame Do you think NuLagoon Tube is ready?
This [crisis are opportunities to improve]
And this [crisis are opportunities to improve]
Almost 6000 usd trade volume on NuLagoon yesterday. One way to scale balancing operations is to bring more liquidity to NuLagoon, I think. Donāt you think?
Currently, the only way NuLagoonTube can be rebalanced is via a costly sell at customer prices as far as I understand. Please correct me if Iām wrong.