NuPond

Liquidity Pools
#202

https://alix.coinerella.com/walls/ not update the liquidity of cny pool

#203

Right.
@Nagalim reported it already:

#204

xxx ERROR: server price 6.44752177 for cny deviates too much from price 6.54624948 received from ticker, will try to delete orders on bter

skew is set to -0.015

#205

Do a quick search in utils.py for skew just to make sure you have the right version. Your ticker price isnā€™t skewed, so thereā€™s something wrong. Personally, i like to put simple print(ā€¦) statements everywhere when troubleshooting.

#206

you are right. my script used the wrong dir

#207

cny pool is down now

#208

Just restarted it, hehe. List index out of range, ive gotten that one before.

So bterā€™s btc price is now very similar to okcoin, much to my chagrin. The economics of using 1.5% lower price seemed solid, maybe I was making an assumption about okcoin withdrawal fees that isnā€™t correct. Anyway, im not going to touch the feed again for a little bit, see how it plays out.

#209

should we change back to version without skew?

#210

You cant. The server would need to change (hardfork back to the old feed) or your orders wont be validated. Letā€™s just hold on for a little bit and talk more about what happened and how we want to proceed.

#211

The new price feed actually does look reasonable (sometimes). I was just able to buy BTC for 2635 CNY on Bter (spot price on OKCoin was ~2670, 1.3% discrepancy). I think weā€™ll have to see what happens over the course of some time. Economics sometimes takes time to reach a stable state.

#212

So Iā€™m leaning towards hardforking back to 0% skew. I hate to do this because the fee economics still point towards favoring btc sellers on bter, but im having trouble commensurating that with the current sustained market activities.

#213

NuPondā€™s operation on the nbt/cny pair will hardfork back to 0% skew on sunday morningish, pending reaction from LPs and Shareholders. I will give a precise time tomorrow.

I appologize to shareholders and LPs alike for being wishy washy like this with the price feed. I intend on reducing support for this pool and potentially NuPond on Bter entirely.

#214

On the one hand itā€™d be a pity to lose this connection to Chinese traders.
But on the other hand and considering the issues and the trouble with bter (not to speak of the support, that has room for improvement, the shady behaviour in the past with funds frozen due to a hack, withdrawal fees adjusted without warning, etc.) it might be better for Nu to finally let go.

#215

The switch will occur at 4pm on sunday. It will simply require LPs to reduce the skew parameter at the bottom of the config file to 0. Alternatively, i will make a github update available nearer to the switch.

This will only affect the NBT/CNY pool.

#216

What do we learn about cny price?

GMT?

#217

UTC.

I dont know what we learned, other than that itā€™s difficult to tell what a rational btc price is on an exhange thats teetering on insolvency like bter is.

#218

can we only consider the fee of CNY and NBT ?

#219

That gives the 1.5% skew that we currently have. Empirically, the Bter price has been the same as huobi for the last week. I still think itā€™s irrational that those prices are the same when the fees are so different, but again itā€™s really really difficult to tell what is rational on a failing exchange. Remember what happened at Mt. Gox.

#220

I swear Bter traders are doing this just to mess with me. Which is actually possibly true since there is money on the line.

So for over a week the price remained on par with huobi. Now that Iā€™m about to fork the feed again, the price is down again to where I think it should be (1-2% under the huobi feed). Now, I do not think itā€™s profitable to artificially prop up or hold down the Bter price just to mess with my price feed, as my feed only accounts for a couple thousand in liquidity while the BTC trade volume is well over $100k.

For now, the scheduled change of skew to 0% is still on for 4 PM UTC.

#221

Ok, Iā€™m going to cite an extremely volatile Bter market today and postpone this transition till a future date, upon further consideration. The price on Bter today has 4% between max and min, while the price on other exchanges has ~1% volatility. The current price is in line with the current price feed, ~1.5% below the OkCoin price feed. An abrupt change of price right now would essentially force all our CNY LPs to buy from the sell walls on BTC/CNY using the NuBot gateways as leverage.

The skew change is postponed/cancelled until further notice. Skew will remain at -1.5% until further consideration.

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