Dire situations but dire situations makes us stronger and validates the whitepaper. Let s get through it!
You need to survive to be able to get stronger
Once the tx, which already got 4 signatures in record speed is through, broadcast and credited at my Poloniex account, we will have bought some more time.
Hereās the current situation:
status of mOD dual side NuBot at Poloniex:
nud getliquidityinfo B | grep B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt -A 2
"B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt" : {
"buy" : 0.08,
"sell" : 7.4037
I already made preparations to be in the position for selling NSR at Poloniex.
If Iām the one to sell NSR at Poloniex, the BTC proceeds will automatically be available for the NuBot gateway, because Iāll use the same account.
Accounting wise thatās not ideal, but it speeds up the process of getting the NSR sale proceeds on the order book by orders of magnitude.
If someone has a better idea, he/she might tell.
The NSR from FLOT reserve are at the moment not available for me to craft a tx, because blockexplorer.nu failed and cointoolkit relies on it, wheras I rely on cointoolkit for creating a tx.
If somebody knows how to make a an NSR tx with FLOT funds and without cointoolkit, please do it!
Poloniex NBT/BTC orders are off (above) by 2 to 3 percent from the rest of the market:
Poloniex:
https://www.bfxdata.com/orderbooks/btcusd:
No wonder that buy side orders get eaten if they are at a close spread.
Why is that? Isnāt the price feed from the heavy weights of the market? OK I see only Huobi has 536 and bitstamp 489, btc-e 484, bitfinex 498. So NBT/BTC on polp is now 510 (tether is 491). I think nbt price feed should follow the easiest inter-exchange arbitrage channel or we will be on the losing side of the arbitrage army.
this price maybe not the price of pricefeed
On Polo nbt/btc, the sell side is 510 at 1btc sum, and 530 on the buy side! Polo has no usd deposit, the btc price is through tether. I have no proof but I think it would be easier to arbitrage between polo and bitfinex than between polo and huobi.
Maybe all we should do is reconfiguring the feed for polo?
How much do you want the NuShare transaction for to which address?
Following the meaning of āCore and Standardā we need to sell close to 5 million NSR, based on the current NSR rate of $0.002.
I realized that @backpacker not only kicked his blockexplorer, but provided us with a fork of cointoolkit.
Iām about to create a tx.
But you can beat me to it, if you like.
Do we have an alternative plan to using my Poloniex NuBot gateway account?
ninjaedit:
whuat?
edit:
nevermind. Copied an āisā to the end of the NSR address. Stupid me.
Where are you getting this from? It should be 2.4 million. 4700*.002=2.35 mil
I should use a calculator more often. Or sleep. Or stay away from the computer. Or read all posts that I missed.
Thanks for bringing that up!
The 8 BTC FLOT deposit arrived at my Poloniex gateway.
I restarted NuBot to have the funds on oder immediately:
15:03:40.151 [Strategy Secondary Task] WARN - **BUY** orders re-initialized on **poloniex** : 3/3 placed successfully
total amount placed : 4000.0806199999997
Tier1 order size : 1000.0
Tier2 cumulative order size : 3000.0806199999997 (2 orders)
[c.n.n.s.S.StrategySecondaryPegUtils:247]
15:04:11.708 [checkOrders] WARN - Liquidity info submitted:
tier=1 buy=1000.0 sell=7.40374263 identifier=1:NBTBTC:poloniex:0.4.1_1464447807138_873d24 response=true
tier=2 buy=3000.08 sell=0.0 identifier=2:NBTBTC:poloniex:0.4.1_1464447807138_873d24 response=true [c.n.n.t.CheckOrdersTask:142]
You can watch the liquidity at this NuBot via broadcast address B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt:
status of mOD dual side NuBot at Poloniex:
nud getliquidityinfo B | grep B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt -A 2
"B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt" : {
"buy" : 4000.08,
"sell" : 7.4037
Iāll take a break now, but will keep an eye on the FLOT NSR discussion in short intervals.
Iām ready to put NSR on order if they are sent to my Poloniex address and I get assistance to answer the question:
How to sell 2.4 mio NSR in the current market?
Where to start, how to proceed?
Alix walls tell us that most of the T1 liquidity is on ccedkā¦
Since ccedk trading is shut down that means that we do not have any T1 liquidity any more.
Trading at CCEDK is announced for shutdown at June, 1st.
And we still have some T1.2 at Poloniex
Unfortunately we canāt grant BTC - that would solve the whole problem, lol.
58 posts were split to a new topic: Experiment of Trading Volume at Different Spreads Using a Gateway
Iāll disable CCEDK on ALix on June 1rst.
Another surge in BTC/USD:
The peg is not exactly what weād consider in perfect order - at least not in normal times:
The trade volume has taken hits from the reduced liquidity:
Wanna know why the peg at Poloniex didnāt fail completely? The NuBots @zoro and I operate are creating a demarcation point at 5% offset (zoroās) and 6% (mine).
As long as zoroās NuBot has funds on buy side left, the NBT/USD rate measured via synthetic NBT/BTC peg wonāt drop below $0.95 and as long as my NuBot has funds on buy side left, the peg wonāt drop below $0.94.
There are still funds on buy side! They get consumed only slowly. The offset is not very attractive - just like itās meant to be:
Sun May 29 20:13:08 UTC 2016
status of mOD dual side NuBot at Poloniex:
nud getliquidityinfo B | grep B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt -A 2
"B9gXptkoqAApF3AFrQyhUbhSzvuEudxupt" : {
"buy" : 9170.72,
"sell" : 3409.3515
status of zoro dual side NuBot at Poloniex:
nud getliquidityinfo B | grep BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo -A 2
"BJs4YbtaqCmxeHLiR6zzjnZEotYVFAPfMo" : {
"buy" : 7931.8,
"sell" : 22634.1522
Over the course of the last hours some BTC were sold, the sell side of both zoroās and my NuBot report an increasing sell side volume. But thatās only small amounts.
This is the prime reason, why I drafted this proposal:
@JordanLeeās proposal
is no fit for supporting NBT/BTC. It would be good for NBT/USD.
Iād like to be in a world, where it can be sustained for NBT/BTC as well.
Alas, we arenāt and it canāt in the near future. Nu needs to make a lot of (final!) revenue to sustain such a model.
Itās not possible now.
And @Cybnateās proposal
although partially moving in the right direction doesnāt go far enough.
Consider the current situation.
Think what would have happened, if we didnāt act according to my proposal.
Imagine what would have happened to the buy side when limited to max spreads/offsets as stated by @JordanLee or @Cybnate.
@JordanLee, do you still think your proposal is the way to go?
What is your conclusion about the current situation and how we treat it?
Would you have preferred having sustained a perfect peg for another hour and complete helplessness thereafter, or can you agree that itās better to have a demarcation point at $0.95 that seems sustainable for an extended period of time?
This is the best we can do for now unfortunely, its a byproduct of pegging BTC/NBT instead of USD/NBT. We do have a decent ammount of funds in multisig now though so we need to keep an close eye we keep the bots filled to maintain the āweakā peg.
Technically you donāt know what would have happened. At some stage the amount of NBT in the hands of traders would be empty. Unfortunately we donāt have a lot of data on how much NBT is held on exchanges. Also unexpected was 1 trader selling of a huge amount at once a scenario we stupidly didnāt prepare for.
I think spreads should exceed 2.5% when reserves are still available. When they run out unexpectedly we see a crises. With a real crises anything should be possible to save the peg. With running out of BTC available to support the peg we should have gone into grinding the network to a halt. Iām glad we choose to support a weak peg instead.
However, I believe some work needs to be done regarding the reserves and managing liquidity, not on changing motions for spreads during crises.
Sure - and raising awareness for flaws of proposals when those flaws are apparent is not welcome?
I agree, we donāt know, but we can make an educated guess. Educated guesses is what lead to the creation of the gateways in the first place and the parameters were determined based on educated guesses and experience.
Are you in favour of getting data this way?
You still donāt trust my experience. Understood.
As I said we are in a crises without timely and adequate BTC / reserves. So not a good idea to test now probably.
I just tried to say that we should separate out the way we behave during a crises and how when we have adequate reserves to support the peg.[quote=āmasterOfDisaster, post:1783, topic:1239ā]
You still donāt trust my experience. Understood.
[/quote]
I get you are not happy, but that is not what Iām saying.