NuPond

[mhps]

I swear Bter traders are doing this just to mess with me.

The pool might be gamed because of limited liquidity plus its FC obligations. Someone might set it up so s/he cannot lose.

[Nagalim]

Im responding to the btc/cny pair. With over $250k volume today, at 0.2% per trade that’s $500 spent on fees alone keeping the price where it is ($1k total today for fees). The $14 of the FC and even a few percent wins on $5k liquidity does not compare to the fees being dropped on the BTC/CNY pair.

[mhps]

I was talking about the nbtcny pair. After posting I thought maybe it was because PBOC has been intervening to prop up RMB exchange rate recently. Maybe traders are changing their outlook of RMB as a result.

[Nagalim]

If this were about RMB as a currency it would affect okcoin and bter equally. The ‘skew’ issue is about the price difference between bter and all other cny exchanges. It should have nothing to do with sentiment about the currency itself and everything to do with Bter’s solvency and withdrawal mechanisms and fees.

[Nagalim]

The price has gone back to where it was over the past week, yesterday seemed to be an aberration. I will reschedule the price feed adjustment for 11 PM UTC today April 17th. That’s ~16 hours from now.

[mhps]

If this were about RMB as a currency it would affect okcoin and bter equally.

I don’t know. When the skew was introduced nbtcny price is so high above the official rate it has to be the result of market sentiment of price trend. The depth in nbtcny is so small one trader can set the price and if he changes his mind the equilibium will shift. Now the price just goes back to the offcial rate.

[Nagalim]

One trader cannot set the nbt/cny price without also setting the nbt/btc price. The btc/cny market has much more volume than either of those markets, so if we assume the nbt/btc price is fixed by arbitrage with Polo, and btc/cny is fixed by arbitrage with Bter, the nbt/cny must be fixed. If one trader tries to move the price they will get hit continuously by arbitrage with Bter’s btc/cny and Polo or Nulagoon’s nbt/btc.

[mhps]

I agree with what you said in principle but friction of inter-exchange fund movement and large spread (nbt/btc on bter is 4% now) could allow one to move thr price by ~1% without being hit by arbitraging.

[Nagalim]

OK, skew is set to 0.

Set the skew at the bottom of the CNY pool file to 0, like so:

server:3335=nupond.net
unit=cny
exchange=bter
skew=0

Github is also ready for redownload if you need it: https://github.com/Nagalim/alp-collection

[huafei]

for the 1% withdraw , i only setup sell side order

[Nagalim]

NuPond term 10 has begun. CNY compensation and tolerance has been reduced. If you’re having issues getting credited, try reducing your offset or deviation.

[huafei]

@Nagalim please have a check

 2016/05/04-23:12:51 ERROR: submit: socket error (-3)
2016/05/04-23:13:17 ERROR: submit: socket error (-3)
2016/05/04-23:13:20 ERROR: submit: socket error (-3)

[Nagalim]

I’m sorry, I don’t see anything wrong now or in the logs.