Nbt on cryptsy

[mhps]

the liquidity

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.

[Nagalim]

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

[mhps]

a separate tllp

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.

[tomjoad]

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.

[tomjoad]

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

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.

[willy]

I’ll add them to the exchanges page on nubits.com in a few hours.

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?

[tomjoad]

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?

Perhaps we can wait a day or two? I would expect that arbitrage opportunities should establish a $1.00 peg very quickly even in the absence of liquidity pool support.

[masterOfDisaster]

Can we at least add a note on the site to make customers aware that their nu-experience might not be 100% perfect?

Good idea!
We already have exchanges listed there which have no liquidity from Nu (alts.trade, Allcoin, Shapeshift, SouthXchange).
I think this remark is necessary for all of these to make users aware of that and to save them from falling victim to heavy arbitrage by not checking exchange rates.

[Dhume]

I will post a draft proposal later today, my preferance would be to do the NBT/BTC pair since I am not up to speed on US crypto regulations regarding crypto fiat pairs. I do urge everyone to discuss their preferances and reasoning here in this topic which I will take into account in my proposal.

[willy]

So… what did you decide for? Single custodian or tllp?

[Dhume]

Single custodian, with my own funds (I believe in the past there were single custodians using Nubit grants instead of own funds?) to start with. Incase volume is high and more liquidity is required I could add additional funds or change the pool to a tllp.

[Nagalim]

I think we’re settling on single custodian (dhume) on btc and hoping someone will step up and operate a tllp on the usd pair. It would be fun to show cryptsy customers that Nu can be both centralized and decentralized.

[willy]

(I believe in the past there were single custodians using Nubit grants instead of own funds?)

Yes. Ktm and jmiller were custodians with NuBits grants I think.

or change the pool to a tllp.

What pool would you change to a trustless liquidity pool?

hoping someone will step up and operate a tllp on the usd pair.

As I mentioned before, I would also like to see a fourth liquidity pool on that pair. Any volunteers?

[Sentinelrv]

@tomjoad, you said you’ve been in contact with them. Is there any way we can ensure that they properly setup Nu on their exchange? Remember the problems we had with CCEDK and not making sure they read our docs and set it up correctly. I just want to avoid any similar problem.

[zoro]

perhaps nu lagoon can operate the usd/nbt pair? i wish

[Dhume]

[quote=“willy,
post:27, topic:2506, full:true”]
What pool would you change to a trustless liquidity pool? [/quote]

The pool I am setting up now, for example say there is a ton of volume on cryptsy and 15000 liquidity is not enough, then we’d need more. I could up my pool to 20k but if that is still not enough I could change the pool to an tllp and fill it with my own funds and external funds to generate additional liquidity.

[seki]

i have just withdraw NBT from cryptsy. i think they have set the withdraw fee wrong as 0.001 nbt and not 0.01 as it should. unless it is a promotion fee

[jooize]

Kraken was subject to one 8 hours ago.

Kraken Exchange (krakenfx)

Kraken Exchange (krakenfx)

[Dhume]

I hear increasingly worrisome stories about cryptsy on traders forums. Doesn’t look good.

[zoro]

I hear increasingly worrisome stories about cryptsy on traders forums. Doesn’t look good.

Do you want to read mine too?
My BTC withdrawal is still pending after 12 hours now!