Deposit/Withdrawal Fee Adjustment---BTER.COM

[zoro]

It reminds me of cryptsy!
I am out of there ASAP

[Nagalim]

So this is just a 1% tax on anyone who had deposits before this was set in place right? Way to screw their loyal customers.

[zoro]

BTC withdrawal has no tax, yet.

[nmei]

So…what’s the consensus BTER users? It does remind me of Cryptsy tooooo much.

[dysconnect]

Probably a good reason to pull ALP support immediately.

[Nagalim]

I think thats an exaggeration. They give you 1% on deposit and take 1% on withdrawal. Yes, it’s weird and i dont like it. Does it mean they’re going to collapse tomorrow? I doubt it.

If you dont want shareholders to spend funds on bter anymore, i refer you to the term 8 nupond grant im going to put up for voting soon. How much support should we pull? 100% to save on operator fees? Puts nupond in an awkward position cause id have to demolish the server, but that’s not the worst thing in the world.

[Passed] NuPond Term 8

The situation has changed through the course of term 7. As far as I can grasp, the story went something like this: The BTC pool was more supported than the CNY pool. Then, shortly after switching to the new CNY feed, the BTC pool lost a major LP. For a few days, the pool operated at very high rates with only ~300 nbt of liquidity on each side. Eventually, the rates lowered back down to where they were yesterday: CNY regularly operates at around 3-4k/side BTC regularly operates at around …

[Nagalim]

Man, this really sucks for withdrawing NBT and depositing BTC. Just a straight 1% loss, on top of the exorbitant 10 cents they charge for network fees. Obscene.

[mhps]

They give you 1% on deposit and take 1% on withdrawal. Yes, it’s weird and i dont like it. Does it mean they’re going to collapse tomorrow? I doubt it.

I tend to agree. More caution is needed but LPs are supposed to take responsibility of exchange risk (and get rewarded) themselves. Nu pool takes the risk of on-exchange reward fund. That is acceptable for now I think.

[NubitGuy]

BTC withdrawal has no tax, yet

well they have now Fee: 1% + 0.0006 BTC Withdrawal

[zoro]

OMG!

[Nagalim]

Great…so i took a straight 2% loss for withdrawing nbt and depositing btc yesterday before the 1% bonus. Assholes…

[nmei]

I pulled 1/2 of my LP last night - I converted some to BTC, but just took the 1% hit on most…

[NubitGuy]

bter 1 btc buys 99999.999 NSR at 0.000001000 -Fee of (0.2%) - 1% fees withdrawal -2 NSR = 98799.99901198 total lost -1199.99998802 vs other exchanges with only losses of -201.999998 NSR that means bter makes 1BTC worth of NSR for each 83.333 BTC traded for NSR

[Nagalim]

Now you get 1% extra when you deposit BTC though. So you’re right for this week, but if we kept using Bter it wouldn’t happen in future weeks.

However, this clearly shows Bter is happy to screw over its loyal customers (by rewarding new deposits and not old). We shouldn’t do buybacks there anymore and I’d be happy to wind down NuPond operations there.

[NubitGuy]

Now you get 1% extra when you deposit BTC though

ya your right the +1% deposit Btc lower loses per btc but still little weird they would add these fees

[mhps]

However, this clearly shows Bter is happy to screw over its loyal customers (by rewarding new deposits and not old). We shouldn’t do buybacks there anymore and I’d be happy to wind down NuPond operations there

Would you mind sending this to Bter and telling them this will cost them thousands $ of trade perday? @wengone could use his connection to tell bter about our unsatisfaction and counter action, too.

[Nagalim]

I already sent them a nasty email threatening to pull nsr buyback and nupond support. No response thusfar.

[masterOfDisaster]

It will be interesting to find out whether Nu can make deals with exchanges that rather e.g. reduce fees (or support in other ways) than lose trades supported by Nu.

[Nagalim]

See the issue here is not the actual fee. This move by Bter does one thing primarily: it makes all old deposits 1% less valuable. Note that this applies to the BTC-B that they owe as well.

This really is unprecidented and unheard of to impose 1% tax on all current deposits without any forewarning. We should not do business there.

[masterOfDisaster]

We should not do business there.

I agree.
I’d still be interested to find out whether they give a … for professional players.