No so fast. We still have some reserve.
But just sitting on it doesn’t mean the peg is protected. And once deployed it will likely be gone in hours if not minutes in the current market (unless at premium prices 2.5% over peg).
It is true that there is NOT a lot of NBT sell side pressure otherwise every NBT would have been gobbled up by now. It is just an insatiable demand for BTC which kills us. It proves that a NBT/BTC peg only is very tricky and unsustainable, we should really start spreading that, starting with ETH and LTC pegs. Especially now we are also losing our CCEDK fiat pegs.
@Cybnate says that we need a 2.5% spread in order to protect the peg now.
At what spreads do zoro and mod gateway operate?
All right. Seeing that we are not unable to sales nsr fast enough, we need to concede that we need to lower the quality of the peg under the current circumstances.
Verified and signed 3 of 5-8.
signed 4 of 5/8 verify
signed and broadcast, txid: 5d499568993f579541a3e0a40a633e6f483be34ebc5aeab50489a6a96000809d
I’ve withdrawn the remaining 10,196 BTC to the FLOT multisig Tx: ef184065b2a38a1a421f9cd88884601c6ad2bbf5c89f19a17af410282c795794
With this NuSafe has been completely emptied I’ll make a final report about all the proceedings next week in the NuSafe topic.
I think we need to replenish nulagoon now that we have replenished gateways.
I am ok to have some liquidity at low quality spread provided that we have at least the same quantity at high quality spread. For those btc flot members that have not signed this tx please consider signing.
What tx are you speaking of?
Emergency isn’t over yet.
Sending funda to NuLagoon isn’t doing us the favour you hope to achieve by it, I suppose.
But we can test with a little amount of fundas to see what happens to them.
I am talking about the tx in: FLOT BTC Operations (buy side)
There are devs of Nu and BCE and other contributors that would like probably to cash out some or all their NBT at the end of this month.
I am not sure if they would be happy to see a spread bigger than 1% on Polo and to see there is no liquidity on NuLagoon.
Surely our own devs would not be cashing out right now stressing the situation even further, right???
I’m not sure whether they’d have a chance to get any of the BTC we deposit at NuLagoon Tube at the moment.
I propose to start reducing the spread with this amount and see what we get from the market.
I’d be interested to see an operation that places BTC on T2 (defined as any price) such that the buy side order book equals T1 sell side volume. So if there are like 40k nbt on sell side (like .002 BTC/$) and the custodian has 10 BTC, the custodian would put up the BTC at 0.00025 BTC/$, or the equivalent of $3,000/BTC.
Should we first replenish a bit NuLagoon ?
I’d rather wait some more and use my second Poloniex gateway for such an experiment.
No. I think that’s useless at the moment.
We need to tighten the peg slowly.
I’ve not been following too closely so I will not presume anything but is there a reason why things are taking a long time?