what are we doing so right on poloniex that we aren’t doing on other exchanges?
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Polo is one of the most popular exchanges now thanks to ether.
The more action the exchange sees the more NBT will see.
Now $44,603.
We should have some kind of updating chart to keep track of this.
In addition to @nmei’s insights, I think Poloniex may attract more sophisticated traders because of its advanced features like margin trading. Those sophisticated traders may have higher awareness of NBT’s ability to be used as a hedging tool against BTC price depreciation.
NuBits price today, USNBT to USD live, marketcap and chart | CoinMarketCap shows the daily trading volume. If you set the window to look at the period after our exchange hackings (March 1, 2015 - Present), you can see that trading volume has been growing at a healthy clip since June 2015.
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I agree also tom that polo’s advanced capabilities - like margin trading are a draw.
I know I use it for lending…Hey think it would be good to see if polo can add NBT to margin trading? It’d be more exposure.
It has the deepest liquidity and more pairs for arbitraging and speculating.
NBT/BTC LPCs are set to lose, though, even if BTC prices come back. The interest Nu pays hopefully will offset most of it.
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I can’t believe I never noticed that volume chart. I analyzed the chart and July 11th is the last day with the largest volume. I zoomed up on that day and the volume was around $77k. If we can somehow surpass that then it will be our highest volume day since February 16th, (around $125k) which is when it dropped off after the second exchange was hacked (BTER).
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True story… I’m sorta sad tonight…
$76,687 now. Another $1,000 or so and I think it will qualify as our highest volume day in almost half a year!
I zoomed into the volume graph and the number we have to pass is $77,897. If we pass that then I think we should tweet it out.
Passed it! Currently $82,470!
Let’s wait until the day is over though to see what we can get to. $125k is the next level, which hasn’t been reached since February 16th.
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It sucks that it took Bitcoin doing what it’s doing for this to happen.
Yes, but I think it only puts emphasis on how strong our peg is when people run to it in an emergency like this. Perhaps this event will get people to look at us again, especially since all the exchange hacking problems are now in the past.
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This dump is a long term boost for PoS, imo. People are getting sick of a consensus process made for aliens rather than humans.
To stay on topic: We’re number 10 on coinmarketcap when sorting by volume. Just beat bitshares for the day.
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Bitcoin Indonesia has a volume of $2,715. I wonder if that will change their mind at all about delisting NuBits.
Bittrex volume is also doing better, currently $8,999.
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47 NuBits NuBits $ 554,813 $ 0.998907 555,420 NBT * $ 90,637 0.24 %
Interestingly enough I just notice same is happening with tether, in terms of volume… People using it to exit BTC . Is this the most wanted feature we are offering?
We need merchants adoption…
It’s very expensive for Nu to provide traders with this feature. I hope NBT get used for payments soon as only being a hedging instrument will bleed Nu out over time.
The problems are not completely gone, but have been traded for lesser problems. No Nu funds are at stake of exchanges defaulting, but funds of people providing liquidity are at stake.
They need to be compensated for exchange default risk as well as the volatility risk (as long as non NBT/USD pairs are directly supported by Nu).
One might say that Nu pays a kind of insurance against exchange defaults by not providing liquidity directly and paying people to provide liquidity instead.
Supporting non-NBT/USD needs to be phased out rather sooner than later in my opinion.
People who want to hedge BTC volatility with NBT need to make use of BTC/USD. That saves liquidity providers from the BTC volatility risk and is a little less convenient for traders.
But it can save Nu a lot of money and keep the liquidity on a more reliable level.
What would Nu do if TLLP liquidity providers decided to stop because of the risk?
How could the peg be kept?
Solely by NuLagoon (which is by design less responsive to people’s desire to stop liquidity providing)?
After the recent Bitcoin volatility events it might be the case that the pool compensation needs to be increased (or at least not be degraded) to keep the level of liquidity at the required level. We’ll see…
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