[Nubot Gateway] Poloniex @zoro (sell offset:0.25% , buy offset:5% ) - stand by

[zoro]

I don’t want to imagin. I want to see.

We have seen this with ALPs already, at 0.5% buy offset
What it remains to be seen is an empty buy side.

[MatthewLM]

The confusion I had was about the high reported tier 1 liquidity. Tier 1 liquidity as I understand it should be on the order books.

[mhps]

As I understand the reported liquidity, if that is what you referred to, has been a dodgy issue. All grant addresses can report liquidity even it’s not used for liquidity provision. Right @masterOfDisaster ?

[MatthewLM]

I did a bit of digging: What is going on with Poloniex?

I’m not well informed about how liquidity is reported, so this is involving a bit of guess work from me.

[masterOfDisaster]

All grant addresses can report liquidity even it’s not used for liquidity provision. Right @masterOfDisaster ?

As long as they have been granted in the last 6 months or rather x blocks, where x should be approximately 260,000.
That’s the reason why I wanted to make FLOT (or another group) pay for expenses rather than making grants.

[Discussion] Paying contractors by FLOT or another representative upon motion

There are contributors, contractors, who provide services for the Nu network. Not all are associated with liquidity provision directly. I want to raise your awareness for a potential issue that's associated with it: each NBT grant produces a custodial address that not only receives NBT by protocol, but can be used to broadcast liquidity. I'm not saying we shouldn't trust those contributors! I'm saying the more custodial address that are available and can broadcast liquidity for 6 months, the m…

[masterOfDisaster]

Vote 2 of 5-of-8 for 1% spread.

The other vote came from me. I believe this is wrong, but we need to test to find out.
@cryptog, @Dhume, @dysconnect, @ttutdxh, @woodstockmerkle, what’s your opinion on that matter?

You’ve been asked before. Please vote.

An alternative proposal of @mhps is

T1 to be placed at 1% spread, and T2 has current ratio of fund with respect to T1.

As @JordanLee doesn’t like parametric order books (at NBT/BTC), we should put all BTC in one single order at a tight spread.

[zoro]

Total Bitcoin 8.96952798
On orders: 3.23739749
BTC value: 8.96952798

NBT NuBits 32740.93951743
On orders: 6000.00000000
BTC value: 54.75005387

sell offset at 0.25%
buy offset at 4%

[zoro]

FLOT members,
please don’t forget about below term in my dual gateway motion:
"End of operation:Operation is ceased by request of withdrawal of all funds or if operator sends all funds to FLOT multisig address(es). "
I would prefer if you want me to cease the gateway operation like that than to vote the despicable motion
that has the sole purpose to stigmatize community members!
Thanks!

[nmei]

I would prefer if you want me to cease the gateway operation like that than to vote the despicable motion that has the sole purpose to stigmatize community members!

That’s funny right there…

[zoro]

funny

sorry, what exactly is funny?

[nmei]

Your wording of the situation. It is funny in the darkly comedic sense.

[zoro]

Yeah, you are right
It is hilarious if you think that the gateway operators can be stopped by a simple request from FLOT
in an instance!
If the motion passes, then FLOT is incompetent too because they fail to stop the incompetent operators.
In fact, shareholders are also incompetent since they elected FLOT!
Very funny

[Chronos]

Conclusion: All humans are incompetent. I’d vote for that motion.

[mhps]

Despicable me.

-> typical FLOT minions

[zoro]

Ok, now buy side is empty thus i will change buy offset at 1% although i don’t have the approval
from the majority of FLOT.

NBT 38139.307972
BTC 0.00067

[zoro]

Changed buy offset at 5% due to broken peg and zero buy side until FLOT decides otherwise.

[zoro]

Total Bitcoin 0.00067049
On orders: 0.00000000
BTC value: 0.00067049

NBT NuBits 38139.30797250
On orders: 6000.00000000
BTC value: 61.73876756

[zoro]

5 BTC have been received by FLOT
21000 US-NBT have been sent to FLOT

Total Bitcoin 0.00269274
On orders: 0.00000000
BTC value: 0.00269274

NBT NuBits 20180.47096635
On orders: 6000.00000000
BTC value: 31.60181031

[mhps]

can you post a log for those 5btc? thanks

[zoro]

They had gone in minutes after they had been sent!

Total Bitcoin 0.00269274
On orders: 0.00000000
BTC value: 0.00269274

NBT NuBits 20180.47096635
On orders: 6000.00000000
BTC value: 31.60181031