Nbt on cryptsy

https://www.cryptsy.com/markets/view/NBT_BTC

Does anyone know about this? Who wants to do a tllp?

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If there is support from the shareholders and I get technical support from @willy to configure Nubot (although I think all I would need to do is change api keys and the site in the conf file?). I would be willing to provide support on Cryptsy with my own funds. I could provide 7500 Nubit/btc support on either side, thus amounting to a total liquidity of 15000 (unless a different amount is requested). Operations could start immediately (tomorrow?) in the meantime I will draft a motion to put up for voting. Custodian fees will be the same as the other pools.

Let me know what you think.

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Thank you very much for offering, that sounds great. What reward and spread were you thinking? Do you want to be rewarded with nbt or nsr?

Nubit is the regular way to pay out fees is it not? I am fine with either though whatever shareholders prefer. The spread is the same one that Nubot uses so a strict peg to 1 dollar.

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Also as is customary I would post a monthly accounting update on this forum while making a request for a grant for next month’s operation.

I think we should hear from more people on this, but if you choose a reasonable rate I bet people would be more than happy to have you liquidity provide.

Customary from what I can tell would be a 0.3% daily fee rate amounting to 9% in 30 days over the amount of liquidity provided and a monthly fee of a couple of hundred Nubit. This would mean I would request 15000 x 9% = 1350 with a 200 Nubit monthly pool fee. So total funds requested would be 1550, for this I would guarantee 15000 liquidity provided for 30 days (in this case liquidity is not depended on pool participant since I will provide the liquidity with my own funds thus guaranteeing 30k liquidity 24/7).

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I’m not super familiar with pricing of individual providers in the past, but in my opinion the ‘pool fee’ is a fee Nu pays to attain a greater state of decentralization by using funds provided by many individuals. In a tllp or NuLagoon, the rates decrease once target is hit, driven by competition. As you have no competition, I don’t think you should ask for a ‘pool fee’, but instead just get the flat liquidity provision reward.

To start, you should probably submit a 1 NBT grant proposal with your custodial address, after you get set up of course.

Wow… did anyone know about this beforehand? The second exchange (after SouthExchange) in a few weeks that added NuBits out of nowhere.

Sadly, neither pybot (build into tllp) nor NuBot currently support Cryptsy, which obviously is a problem.

@woolly_sammoth or @desrever would have to write a wrapper for Cryptsy first.

I personally would like to see another TLLP for the sake of continued decentralization. I will do my best to help.

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[quote=“Nagalim, post:8, topic:2506, full:true”]
I’m not super familiar with pricing of individual providers in the past, but in my opinion the ‘pool fee’ is a fee Nu pays to attain a greater state of decentralization by using funds provided by many individuals. In a tllp or NuLagoon, the rates decrease once target is hit, driven by competition. As you have no competition, I don’t think you should ask for a ‘pool fee’, but instead just get the flat liquidity provision reward. [/quote]

I thought the pool fee was also meant as an operator fee, to compensate the one running the pool.

Ah that’s a shame, I didn’t know the internal software requires more than just api keys. In that case, as a temporary solution I could provide liquidity with say a 20% spread. This would involve manually putting up buy and sell walls at 0.90 dollar on the buy side and 1.10 dollar on the buy side. Of course this would be temporary until we can update Nubot for Cryptsy. Shareholders reading this let me know your thought about this.

It’s basically that. Given the recent re-proposals, charging 1-3% of the total liquidity as pool fee has a good chance of getting shareholders vote.

Your intermediate liquidity provision sounds very risky to me, despite the spread being relatively high. Any bigger Bitcoin price swing could result in serious losses for you, if you don’t monitor the charts 24/7 (which I assume you will not.)

Cryptsy is a big player in terms of volume and thus quite important, so I hope that woolly or desrever will come up with a wrapper quickly. cough cough :slight_smile:

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I understand it’s risky, luckily starting tomorrow I have a few days off so I could monitor Bitcoin even more closely then I’d do normally. Assuming this temporary solution is only for a few days and shareholders are eager to get liquidity provision on Cryptsy I’d be willing to do it.

If you ran it as a tllp and just filled up your own pools, I’d be happy with the pool fee. If you’re just running a personal nubot, I think you’ll find shareholders won’t want to pay the same premium as for decentralized liquidity.

Contrary to decentralized pool I could guarantee the size of the liquidity 24/7, that combined with the cost of operating it (which wont requires tons of time but I’d be required to check the pool continually throughout every day) justifies the operating fee i’d think.

You haven’t said which pair to support. Cryptsy has fiat so you could support NBT/USD and/or NBT/BTC. They have greatly different risks. With NBT/USD the pool only faces exchange default risk, which I think is small for Cryptsy.

Nu only has one exchange offering NBT/USD peg, so I strongly suggest you support this pair. To enable USD account one has to go extra KYC/AML steps on Cryptsy, however. That justifies part of the pool reward to liquidity providers.

NBT/BTC is perhaps what you are having in mind. You can get a draft custodial vote going and invite comments while the dev team work on the bot.

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There is a USD pair! Awesome. Maybe we could have @dhume do nbt/btc and we can run a separate tllp on nbt/USD.

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Condering that the US, where Cryptsy is based, often has negative or at least unclear policies to cryptos and has a record of prosecuting individual small fishes (ala file sharing cases), it might be a good idea to separate the fiat pool with the crypto pool.

I’ve been petitioning their wallet manager Nicholas for months to add NuBits. It’s great to see them finally add NBT. I’ll add them to the exchanges page on nubits.com in a few hours.

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Oh, and I just noticed they support a NBT/USD pair! This is huge. Whoever operates on it will likely find a lot of shareholder support for that pair if they choose to operate on it.

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Mh. I just saw that you’ve added SouthExchange to the site as well.

It feels a bit weird to me to advertise for pairs where no peg is established (yet). Can we at least add a note on the site to make customers aware that their nu-experience might not be 100% perfect?