End of NuPool's 1st operation - 2015-05-14 23:59 UTC

[woolly_sammoth]

Hello Shareholders.

The 30 day first run of NuPool has come to an end. As a first demonstration of the TLLP software I believe it to be a success. I would like to take this opportunity to thank @creon again for providing this software to the community.

The NuPool server will cease operation at 23:59 UTC. Trading bots that are currently connected will fail to connect and, after two minutes, will cancel all orders on Bittrex and shutdown. This is how the bots are set up but it would still be worth double checking your Bittrex account after 23:59 UTC just in case the communication with Bittrex failed whilst the bot was cancelling orders.

A final manual payout of outstanding balances will take place in the morning (around 07:00 UTC).

NuPool will be operating again in a few days once the Grant 2 proposal passes. Until then, we will work on our outreach for other communities to advertise the Pools available with Nu and work on improving the server setup and documenting the process.

Since writing the second grant proposal the liquidity provided to NuPool has dropped. This means that there are funds in excess of the 138 NBT that was calculated for rolling over. Once the payout has been made in the morning I estimate that this will be between 395 and 400 NBT. I propose that this gets burned in a public transaction. It’s a small amount when compared to the number of NuBits that need to be burned but I hope it sets a precident for future pool owners and other custodians.

I am currently working on some reporting tools to supply information on the liquidity that was provided by NuPool. Once ready, these will be made available for use by future pool operators. @willy has also been hard at work creating a NuPool website which will help greatly in the coming outreach to attract Liquidity providers from outside Nu.

Finally, I’d like to thank everyone who took part in the first run of NuPool. I hope we can build on this success and drive the competition between pools that will end up with cheap liquidity for Nu.

Thanks

@woolly_sammoth and @willy

[woolly_sammoth]

Good morning Shareholders.
The NuPool server ceased operation at 23:59 UTC last night and the final payout was made this morning (slightly later than stated, sorry about that).

I’ve started digging through the full set of logs and intend to provide some reports over the comng days.
First off though, here’s a nice chart of the hourly liquidity provided by NuPool. (The full data set is available to anyone who is interested)

(click to embiggen)

[cryptog]

Got my final payout. Nice job.

[Sentinelrv]

Was there any reason for the drop at the end?

[woolly_sammoth]

None at the server end. It seems that bid liquidity has almost entirely dried up in the last few days (across the board, not just NuPool). It’s a pretty worrying state of affairs.
I’m hopful that the NuPool grant 2 will pass shortly and we can start attracting external liquidity to Nu. Raising the Parking rates is another action that can be taken immediately.
Both those things together should help the peg out until an NSR auction and NBT burn can take place.

I’ll be burning some NBT that were left over from this run later today. I just want @willy to go over my figures first.

Edit: I’ve just completed the burn of the remaining 397.1274 NBT http://blockexplorer.nu/transactions/59b6770e2d12004f3eef8e9fbcea2b6932e931a1440a4993abf50f3a7cc1e71f

[cryptog]

It’s a pretty worrying state of affairs.

I know. The incentive to become a LPC is not clear as long as there is no real way to hedge against bitcoin’s volatility.
I feel we should impose to traders a much higher spread that right now so that they understand the privilege of being able to use a stable crypto-currency.

[woolly_sammoth]

on BTC pairs I’m inclined to agree. I’m just cioncerned that it hurst the Nu brand if the currency is seen to have the large spread and therefore not be stable in the eyes of traders.

[cryptog]

e Nu brand if the currency is seen to have the large spread and therefore not be stable in the eyes of traders.

In that case, maybe we should find a way to set a tight spread while taking a high commission. With currrent markets, that would entail making specific deals with market operators, which can be very cumbersome. This is obviously where b&c could help…

[woolly_sammoth]

absolutely.
The tricky thing about the TLLP operation and asking for reduced fees is that there isn;t a single api account that is being used. It is defintiely worth exploring though. we could perhaps provide details of the orders that were placed and seek a refund of exchange fees from them? It would require a very understanding exchange though.