NBT/Tether on Polo?

Has anyone thought about pushing for Tether/NBT on poloniex?
I know it is a strange peg, but Tether is another USD peg, AND it is a gateway to Bitfinex which is a huge market for USD cashflow.

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Why is usdt reported as exactly $1 on cmc? If we look at polo’s ETH/usdt pair, it is trading at a price which is different by ~20% from the price of ETH everywhere else, but cmc still reports usdt as $1. This is clearly incorrect and misrepresented.

The reason I ask this is because we need a price feed to peg to. We could peg usdt=nbt, but we would be tying our economy in directly with tether.

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Bitfinex you can reclaim Tether for USD 1 to 1.

Just like anywhere else there’s big arbitrage on polos ETH/USDT because there’s low volume.

Yah, but coin market cap lists the poloniex price of usdt/btc in btc as .003935, but the actual last trade on that pair was at a price of .003928. Coin market cap is straight up reporting usdt falsely.

I’ll admit that it seems low risk because bitfinex is so big, but if usdt is being valued less than $1 everywhere else, why should we be pegging it at $1? What happens if bitfinex stops buying usdt for $1 and we’re still pegging it? The answer is that Nu liquidity providers get stuck holding the tether bag.


We could definitely do a weighted average of every pair that has tether. At that point the bitfinex $1 price would of course dominate with 90% of the volume. The only issue I have there is that if bitfinex volume drops then we’re in the same conundrum we are in when trying to peg ppc: nubot becomes the market maker.

If we did something to protect our providers against global tether volume dropping below say $10k, I’d be all for pegging using weighted average prices.

Ahh I see now. Very good description.

Because i can cash out tetherUSD using the tether website to my bank account.

I can cash out NBT to my bank account using https://www.coinify.com/

There’s a concept of a local price on an exchange and the quality of the peg will always vary from exchange to exchange. Nubits attempts at supporting a high quality peg locally in addition to globally. This is something that has not been done before in the crypto world: using market makers to keep a high quality peg in a multitude of economies.