LPC Proposal (14 DEC 2014)

[learnmore]

UPDATE: Unfortunately, I’ve been unable to establish satisfactory communication with the Allcoin exchange. This leaves me to conclude that I cannot trust them with a large deposit.

Does Bitspark still need an LPC?
@teek were you ever successful providing service there?

EDIT: After some initial delays, I was subsequently able to receive my API keys and communicate with the Allcoin exchange. I have been pleased with my experience trading there so far.

[desrever]

I’ve been unable to establish satisfactory communication with the Allcoin exchange. This leaves me to conclude that I cannot trust them with a large deposit.

Who did you get in contact with? I am in contact with marc

[learnmore]

Congratulations to dongshan for getting NBT/BTC liquidity started at Allcoin. I am still very interested in being elected as an LPC as well.

I have prepared $20k in BTC; however I’ve been running into delays finding a suitable unoccupied exchange. Fortunately, the latest NuBot supports multiple instances on the same pair at a single exchange, so therefore I offer the following formal proposal:

(See 1st post in this thread.)

As of today, I observe the following liquidity info:

dongshan - allcoin (B5VFcW5FKpyrPMKCQxApcmpnikfMP8sMZy)
buy : 19913.00090000
sell : 9.82210000

KTm - ccedk (B7mmVdVQ1SNNcT9zuQRK1B3Cbvo8vHeoB1)
buy : 184152.78330000
sell : 223169.02030000

jmiller - bter (B9fv9Di2Y4RxUHzrwjtfq5fetAhqULzWKL)
buy : 39124.02430000,
sell : 153225.97980000

xjabc - poloniex (BLnSm2gf5mw89Q1HYK9jhVgJYGvEMbARs6)
buy : 750.01660000,
sell : 4117.43020000

My interpretation of the above is that there is currently no NuBot covering the Bitspark exchange. Thus, if elected, I plan to deposit the majority of the initial funds into Bitspark and will maintain operation there for as long as liquidity remains low in comparison to the other exchanges.

At this time I am planning to initiate service at exco.in as requested by @desrever below.

Thank you for your consideration of my proposal.

[desrever]

@teek plans to start on Bitspark. I hope to hear something today.

However the idea is that by the time you are elected the Bot will be safe to be used on any exchange. i Would probably suggest to start with me on exco.in if anything, so I can monitor the situation in first person

[learnmore]

OK, I’ve amended my proposal to include exco.in, and I am now creating an account at that exchange as well. I will PM you once I have my account details, and perhaps we can begin some testing.

[desrever]

Just a heads up : we will need to hold back for a little more for a version of NuBit allowing multiple custodians. Sorry about that. Its good you work your way to election in the meantime, that will give you priority when its available to choose the next market.

Please note: is in your best interest you go around promoting NuBits at other exchanges : that is a fast track slot for your and nubits success

[learnmore]

Thanks for the update. I’ve already contacted BTC-e and Bittrex and informed them that I am waiting on standby with “cash” in hand. I directed them to the public resources on NuBits and particularily NuBot. I also offered to answer any questions, but I haven’t heard back yet.

Please let me know when you’re ready for my help with testing the bot!

[Sentinelrv]

Learnmore, for btc-e it might help if you follow up and tell them that NuBits is developed and maintained by veteran Peercoin community members. They already have a relationship with us through supporting both Peercoin and Primecoin on their exchange and we wish to expand that relationship further. They may be more interested in adding support if they knew that NuBits comes from the same development team.

[learnmore]

This is what I sent them as follow-up:

NuBits is a cryptocurrency that was created to address volatility by pegging to the USD. The peg is maintained by specially designed trading bots across multiple exchanges.

The innovation in NuBits is the separation of “network value” from the unit price of NuBits. Speculation on the growth of the Nu network is facilitated through the trading of NuShares. Holders of NuShares provide transaction verification for NuBits and also vote on the money supply and interest rate available to NuBits.

There is no reason to speculate on the future value of NuBits because multiple forces are concurrently acting to maintain the USD peg. NuBits was released on September 23, 2014 and has maintained its goal of 1:1 NBT/USD equivalence since that time despite average daily trading volume of ~400k USD.

NuBits was the creation of professional software developers who gathered within the Peercoin community and continue to actively support Peercoin as a fundamental long-term store of value.

The trading bots which work to maintain the USD peg are funded by elected Liquidity Custodians who make a public commitment to maintain buy/sell walls. I am being elected as Custodian and have promised to provide 20k USD value in BTC for sale against NBT. If you will incorporate the BTC/NBT pair these funds will be immediately deposited in your exchange and begin trading against anyone wishing to sell their NuBits for $1 in BTC.

The instructions and calls in NuBits are based on Bitcoin and Peercoin core architecture and can therefore be technically integrated into the exchange in a similar fashion. While I am not personally a NuBits developer, they are easily accessible through http://NuBits.com. I will do my best to answer any questions you have, but I will likely have to direct you to others for specific technical details.

Thanks again for your interest. I really hope you will take the time to study the NuBits whitepaper and understand that it is a true innovation in a very crowded copycat cryptocurrency space.

[desrever]

Please let me know when you’re ready for my help with testing the bot!

Anytime, contact me via PM! I suggest start reading the readme and getting a grasp of parameters and setting up test accounts here and there

[learnmore]

The feedback I’m getting is that exchanges are hesitant to support a closed-source currency. I’ve tried to explain that the matter is under the control of Nu shareholders and that a motion to open source is already being drafted. I’ve also explained the unique position of NuBits and how the dynamics of maintaining the peg are particularly vulnerable to interference from clones in this very early stage.

… unfortunately Bittrex, at least, is making this a show-stopper.

[seki]

voted

[tomjoad]

Hi @learnmore. I am now voting for your proposal. With most proposals I tend to scan the first post and wait for a voting address to be provided, so I had missed it up until this point. You might consider editing your original submission with the details provided here: LPC Proposal (14 DEC 2014) for greater visibility.

[learnmore]

OK, done. Thanks for the suggestion. Votes are finally coming in!

[cryptog]

voted!

[wengone]

I voted,and tell some shareholders vote

[crypto_coiner]

I second that proposal

[learnmore]

The grant passed in block 150138 - what an exciting Christmas gift! Thanks for your support. I’m working on rebuilding my BTC following the dive in value. In the meantime I plan to start working with @desrever on setting up the bots.

[cryptog]

Any update on the operations? The grant passed more than 1 month ago and the operations have not started yet.
Tks.

[learnmore]

Thanks for asking. The NuBot is still not ready to support dual custodians on the same pair. @henry was elected before me and took poloniex. @teek is looking into Allcoin. I’m preparing for the next uncovered exchange. Unfortunately I didn’t play the BTC volatility very well and I’ve even sadly missed the recent upswing. I’m bringing in new funds to get back to 20k USD value as soon as possible.