[idea]new cny price feed

we can see there are no sell liquidity on Bter now. because of diff USD value between BTC market and yahoo . can we change the price feed like this:
For now: the Btc price is $396(bitfinex) and 2628cny(huobi), so. The nbt price is 2628/396=6.63cny

Yah, I’ve been trying to avoid using huobi and btcchina as price feeds. They do some weird things and aren’t really as trustworthy as a price feed like bitfinex or bitstamp.

Also, what does this say about nbt? What exactly are we pegging to if we peg to the blackmarket cny price instead of the declared one?

The path Ive been taking is to have the server track the real price with a wide tolerance and have the client attempt to find the true price.

i don’t know price of blackmarket,

for now , i buy perfectmoney USD with 6.5cny to buy BTC and sell it back to cny market get 6.6 per USD.

It’s true, cny in the crypto world can easily be 3% or more away from the yahoo price feed. However, I’m still not convinced we shouldn’t just try to remain solvent and go ahead and sell tons of nbt for cny, then just hold it as buy side support.

Technically, someone would need to write the code for the huobi price feed. I could probably give it a shot.

I think since one cannot withdraw or deposit usd with bter, the Yuan there is priced by international btc/cnh. If a deep pocketed arbitrageur comes in and levels out the yuan between huobi and bter, the nbt/cny peg on bter will be broken.

feed from yahoo is a stable price, but BTC always up and down

I don’t know about the price of tea in China…
But i do know i have a lot of CNY tied up at BTER because as soon as I place NBT on the LP it gets snapped up… Now the CNY/BTC market is inflated 2-4% over at BTER. So I won’t be doing any leveling any time soon.

maybe i buy some from you, the sell price is 6.448 , but we can sell to more than 6.6 with BTC market.

The pool allows up to ~6.49 (1.5% tolerance)

I’ll look into making a new price feed.

Let me know…If we can figure how to make a good profit on both sides. I’m in.

Wait…I could go up to 1.5%? I’ve only been at .6%.I’ve been nice. :smile:

Yah, you can easily run an offset like 0.0125. However, I’m trying to encourage providers to use a shift (automatic or manual depending on your situation) so that the buy side is raised up and we don’t just have a huge spread.

@nmei buy BTC using NBT and sell BTC to CNY martket, but there are not a better way to exchange CNY to NBT

Well…how do I get the CNY - back to USD/NBT to start the cycle again?

that is the question we have now :joy:

BTW: the one pegging as CNY is bitcny , but i don’t know more about bts 2.0

Yeah… I am so confused. If you look at most CNY/BTC exchanges it is priced as if CNY is ~6.7. But Google and Yahoo say CNY is 6.4.

and if someone use perfectmoney or okpay USD , we can buy USD from them.

Capital control of CNY is in place so that there is considerable friction to convert between CNY and USD in large quantity. The price ~6.7 refelcts the difficulty to arbitrage.

Retrieve tickers, trades and order books from the major exchanges and the Kaiko Bitcoin price index:

Kaiko.com presented themselves on Scaling Bitcoin conference in Hong Kong.

start watching: 2:42:40

Kaiko seems to only have BTCchina and OKcoin, no huobi.

If y’all want me to make a new price feed for CNY, I’ll need concensus on what that means. Am I taking huobi BTC/CNY and dividing it by bitfinex BTC/USD using last price tickers? If so, can I default to the yahoo feed if the query fails? I think it would be more reliable to query the exchange APIs directly than to use something like Kaiko.

Bitcoin China or Huobi.
Bitfinex or Coinbase.
I’d be ok with a yahoo fallback.

I feel bad for “inflating” nu. But what is real - yahoo - which you can’t actually get. Or the cross trade - which you can get.