How is Nu prepping for Bitcoin halving?

[Cybnate]

Just thinking out of the box to prepare for emergencies re extreme BTC volatility:

Maybe we need to temporarily halt BTC / US-NBT trading in order to protect the peg.
We could withdraw all the liquidity bots and Nu-pool bots. Ideally you would have another trading pair as backup e.g. ETH/USNBT or LTC/USNBT to enable NuBits holder to trade even while BTC/USNBT pair is halted / most liquidity taken away.

The risk is of course that some people would still dump NBT for BTC and say the peg is not held.
But I think wit proper announcements and explanation that the peg is against the US dollar and having alternative pairs to trade on I believe the damage would be limited. The damage of BTC going out of control would be far greater and potentially devastating to NuBits. Are we prepared?

[mhps]

The risk is of course that some people would still dump NBT for BTC and say the peg is not held.

Nu has always claimed that the peg is only maintained where Nu has offcial operations.

Can Nubot support any other currency than usd and btc?

[zoro]

I had tried ppc in ccedk with success. It would be great to add ether in the near future.

[mhps]

We also need exchanges that have nbt pairs such as ltc/nbt, eth/nbt, ppc/nbt.

If nbt/btc bots are pulled and ccedk is off line, only nbt/cny on bter and NuLagoon will be available.

Would @nmei or anyone else consider supporting nbt/usd pair on HitBTC?

[masterOfDisaster]

I can imagine supporting an ETH/NBT pair anywhere NuBot runs but anything related to fiat (true for Tether, USDT, as well) is out of the scope of what I can offer.

I think the wrappers don’t support ETH pairs; @desrever can you tell?
https://bitbucket.org/JordanLeePeershares/nubottrading/src/master/docs/SETUP.md?fileviewer=file-view-default doesn’t contain a list of supported trading pairs.

[mhps]

ltc/nbt, eth/nbt, ppc/nbt are not easy to run as we have to find an exchange that has nbt market. So far only ccedk has it. If we can live with nbt/ltc and nbt/eth, we need to find ltc and eth markets.

but anything related to fiat (true for Tether, USDT, as well) is out of the scope of what I can offer.

Would it be better if Nu only offer sell side?

[nmei]

I would support USD/NBT in a heartbeat.
But I think you mean btc/NBT?

I’ll have to think about it.

[Nagalim]

We have T4 in btc. How can we support a gateway on anything but nbt/btc?

[mhps]

But I think you mean btc/NBT?

i mean nbt/usd. I see that hitbtc has btc/usd. So nbt/usd should be possible.We only need to persuade hitbtc to add an exchange of nbt/usd. The real trouble could be AML requiements for depositing usd. But if only selling is supported, no depositing of usd is needed.

[masterOfDisaster]

but anything related to fiat (true for Tether, USDT, as well) is out of the scope of what I can offer.

Would it be better if Nu only offer sell side?

No, because it might let me strand with USDT, USD or other fiat I couldn’t withdraw.

But if only selling is supported, no depositing of usd is needed.

Withdrawing USD isn’t possible without meeting AML/KYC requirements - and even if: where to?
There’s no Nu or FLOT bank account where it could ultimately end. And it wouldn’t be good to do it that way even if it were possible. Money on bank accounts can be confiscated just as money (or other funds) on exchanges.
That’s why NuSafe had to be invented to keep a part of the reserves nominated in USD.

[mhps]

Withdrawing USD isn’t possible without meeting AML/KYC requirements - and even if: where to?

I think if it is a doubleside gateway, the fiat fund doesn;t need to be withdrawn. It will be used on the buy side. If there is ever a need to withdraw, change it to BTC (then onward to NBT if needed). This kind of gateway isn’t the minimalistic typws we have. The problem might be that even being able to trade fiat might need to meet KYC/AML requirements.

If it were a pool, the LPs will deal with the AML/KYC issues.

[masterOfDisaster]

If there is ever a need to withdraw, change it to BTC (then onward to NBT if needed)

That’d be possible - supposing there’s sufficient BTC/USD liquidity.

If it were a pool, the LPs will deal with the AML/KYC issues.

That’s one of the reasons why it’s hard to attract liquidity to those pools.

If it’s ever necessary for Nu to support NBT/USD pairs by funding operations (obviously directly only possible with NBT; USD had to be deposited as BTC and converted) and Nu can live with USD sitting on the account for some time, count me in (as long as AML/KYC doesn’t apply to trading USD pairs)!

[nmei]

I have asked HitBTC…4 times to create a USD/NBT pair. And I even said I would guarantee 2K on each side for liquidity. But they either did not get back to me. Or said there wasn’t enough volume on the BTC pair.

[Cybnate]

Or said there wasn’t enough volume on the BTC pair.

With only 500 on sell side that exchange is starved off. And that is where they earn the money. The fiat pairs are not the big money makers. I would support a dual-side bot on HitBTC to start with.

[huafei]

and for now, what can NUBIT do ? what can Nubit use for?

[Cybnate]

And for now, what can NUBIT do ? what can Nubit use for?

Please check out the NuDroid App: https://nubits.com/resources/nudroid-mobile-wallet

[masterOfDisaster]

With only 500 on sell side that exchange is starved off.

I can propose a dual side operation that replaces the current sell side only operation, if that’s what Nu wants to have there.

[Cybnate]

I can propose a dual side operation that replaces the current sell side only operation, if that’s what Nu wants to have there.

Maybe propose when the current sell-side only operation expires? It is just my opinion.

[mhps]

But they either did not get back to me. Or said there wasn’t enough volume on the BTC pair.

Thanks for the info. It’s indeed difficult to attract exchanges to do fiat/nbt. Maybe I should dust off

[Discussion] Contract to create web interface code that one can use to sell/buy Nubits with fiat online

I propose to pay for a contract to enable opening up a new space of possiblities to buy/sell Nubits. This will have several benefits and features: Now if people wants to buy Nubits they have to register at an exchange. This discourages people from trying out with minimum hassle, and increases centralisation. With web sites set up using the software proposed people can easily buy or sell back Nubits. This software can be used to provide liquidity in NBT/FIAT pairs similar to the ALP software …

[masterOfDisaster]

Maybe propose when the current sell-side only operation expires?

I think I will create a motion that replaces the sell side only operation when it passes.