FLOT BTC Operations (buy side)

signed and broadcasted 8d60b1ae05d0f76a6238393e08d3c8bedfd66da9bf9bde433e9a7e20c90fc630

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I’m still a big proponent of a parametric order book.
At the moment we only have Poloniex as the exchange where NBT trades happen.
SouthXchange has some trades as well, but that is something for a different topic.

At Poloniex there’s currently
@Cybnate’s PyBot (1.4% spread, offsets each 0.7%),
@zoro’s NuBot (sellside 0.45%, buyside 3.5%) and two of
my NuBots (sellside 0.7%, buyside 7.5%; sellside 0.45%, buyside 2%)
providing liquidity with Nu funds (NuOwned operations).

So we have a nice parmetric order book provided not only within each operation, but by different operations as well.
If ALP starts to work again on buyside, it will be even nicer.

I consider this a significant risk and thought about withdrawing all but 10 BTC from this gateway:

I know, this is the one where recently 10 BTC were deposited.
This is my rationale:
An offset of 7.5% is too much for regular operations (it just isn’t perceived as liquidty) and too small to stop a desperate bank run.
So there are 36 BTC at Poloniex doing not the best what can be done with them.
I suggest withdrawing all but 10 BTC to FLOT and have those BTC on the order book with offsets starting at 90%.

This reduces the risk significiantly (by 26 BTC) and doesn’t hurt the liquidity provision perceptible.
I’d like to keep the NBT, though, because they are still offered at a tight sellside offset and might be needed, if there’s a sudden rise in demand for NBT.

I hope that @zoro’s NuBot can stay at 3.5% buyside offset without runnging out of BTC soon.


I agree.

I agree too.

Top priorities for btc from nsr sales:

  1. People selling at <$0.95 on exchange

  2. NuLagoon BTC withdrawals. These constitute a loan against NuLagoon and should be settled to keep in good standing. We may consider putting a cap on this in the future.

Note that on-exchange nbt black swan events are more important to prevent than NuLagoon defaulting, but both are critical to Nu’s survival.

I agree with that list of priorities, except for the priority I’d like to introduce:

'0. Stop a bank run by placing BTC orders at huuuuge offset

'0. is being under construction
I see no reason to believe 1. isn’t under control at the moment.
That means we should care about 2.

This in turn means, care for

@henry, how can FLOT send BTC to NuLagoon without having them put to NuLagoon Tube?
Are withdrawals prioritized over trading on NuLagoon Tube?
Otherwise sending BTC to NuLagoon Tube wouldn’t help to get this issue resolved.

As the motion to change the Pybot spread from 1.4% to 1.0% has obtained more than 50 votes in the last 100 blocks, I’ve now updated the spread of both the Poloniex and Bittrex Pybots to 1% and going forward subject to FLOT approved changes.

Please consider use of PyBot.

Not very likely to kickstart itself, will need to get lower spreads in the market, which won’t be easy.
We might need to survive the weekend with NBT holder realising that their orders haven’t been executed and they can’t withdraw without paying a 5% ‘fine’.
As said in another thread we need to increase sales of NSR to obtain BTC, I accept that it means lowering NSR sell price in a similar way as the buybacks has been performed.


4 BTC to NuLagoon (not Tube, but 1NfmHm5RVTjkER2n3zGuMbRkeotJmkBrLj) to allow processing withdrawal

Please have a look here and the next posts, before signing it:

Is it ok, if @henry calculates the amount of NBT, that get transferred to FLOT NBT address at the time of the arrival of the BTC?
Or do we calculate it based on the time, when we broadcast the tx?

Signed 1 of 5/8


@cryptog, @Dhume, @dysconnect, @jooize, @mhps, @ttutdxh, @woodstockmerkle, please verify and sign.

Signed 2 of 5-of-8



It’s surprisingly frustrating to copy the link and transaction from Cointoolkit in Safari on iOS. I fail to copy the link. I’d like to make Cointoolkit present them preformatted in Markdown, but I probably won’t get to that anytime soon.

Signed 3 of 5-of-8


signed 4 of 5/8 verify

We agree the price set on the time when boradcasting. Please check and post the price on here when boradcasting the tx


Please wait before processing this:

Until that:

(please have a look at the conversation around that post) could be clarified

I think the tx can be completed now according to what @henry said.

Yes but what about this?

That’s of course another relevant post.
I just wanted to link this conversation here.

4 BTC to NuLagoon signed and broadcasted.


Txid: 0905766015b3393bff15d2cb2c4a93747f512bc29afba1859082ae7f1e875bff

May I ask how many BTC have been used so far and how many are left?