Right now protocol rates are still below what shareholders are actually voting for because rate increases are capped at 1% per day. So, if you believe shareholders will not lower their rates in the next day and a half you should wait to park until we see 5% for the three month duration in a little over 24 hours. I expect parking to become more popular once we reach 5%, but not before that.
Just before rates began to rise several days ago, total parked NuBits were less than 5,000. With 3 month rates just having been raised to 5%, the total number of parked NuBits is now over 35,000. Buy side liquidity is also way up over the last several days at 43,000, though that is still far less than sell side liquidity of 97,000. When those two figures are balanced, rates should be dropped.
We are well on our way to stimulating the NuBit demand we needed, but it is not done yet.
Tks for your clarification.
One last thing.
Could you ( @JordanLee) share how much is held by you in BTCs and PPCc in tier 4 right now?
(I suppose non NBT means: (BTC, PPC, NSR) )
EDIT: add Jordan Lee.
45 BTC and 69,000 PPC. Remember these funds are also used to pay contractors in addition to providing tier 4 liquidity.
That amounts to roughly 35000 nbt.
Currently buy side liquidity is 42 000 nbt.
When you say “many times” can I interpret that as at least 3 times as much buy side liquidity over all Tiers as in Tier4?
In that case, that means the combined Tier2 and Tier3 buy side liquidity could be similar in proportion as the buy side liquidity in Tier4
(I do not consider Tier5 and Tier6 here)
However I do not remember the amount in Tier 1 buy side liquidity when you wrote this post so my question could be invalid.
When I made that statement liquidity was around 7,000. So most of that liquidity has already come back online. @KTm also has some buy side liquidity currently on CCEDK, but is having trouble withdrawing funds presently. @ronny I hope you can give us an update on those pending withdrawals.
Presently the park rate protocol doesn’t effectively support voting for a single park duration. When the 3 month duration is the only duration with park rates, it should gradually scale down to 0% for the 1.5 and 6 month durations. Right now it doesn’t do that. Instead, the only duration a park rate will be granted for is exactly 131072 blocks. Until this is fixed, you should never vote for park rates for just a single duration. You need to vote for at least two adjacent durations, otherwise it is effectively a vote for 0%.
I would remind shareholders that tier 4 is extremely unbalanced. I have around 35,000 NBT buy side and more than 500,000 NBT sell side. Park rates have worked out just as designed. Briefly offering 5% rates for up to 3 monthswas associated with a thickening of the buy wall by 20 or 30k NBT and was associated with more than 30,000 NBT being parked.
So, we have about 75,000 verifiable NBT value for buy side support and payments to contractors. That’s highly unbalanced.
Tks for clarifying.
I am wondering about how much KTms has.
Currently there are around 75,000 NBT worth of buy side liquidity in tiers 3 and 4, to be added to the 39,000 NBT worth of buy side liquidity in tier 1 and 2. This presumes jmiller is the only LPC with tier 3 funds right now. LPCs please let us know if that presumption is wrong.
I currently have 80,000 NBT worth of tier 4 buy side liquidity. @KTm sell side liquidity is still shown as 47,000, but I believe this is an error. @KTm, can you confirm and do you know why your sell side liquidity is not displaying correctly? If your aren’t running NuBot right now then it is a problem in the Nu client. If this is the case, @erasmospunk can you identify the flaw in the client causing this?
So, at the moment the client should be displaying 53,000 buy side and 50,000 sell side, I believe. However, when jmiller resumes operations at BTER then that will put a large amount of funds on the sell side and only a few thousand on the buy side, because almost all the buy side funds are frozen due to the hack. So soon we will have lower buy walls than sell walls.
I agree that this is an error. A few minutes ago I was trialing the new version of NuBot (0.1.5c) on the NBT/EUR market on CCEDK, but with
submitLiquidity=false set as a configuration.
At this time I have no other bots running on any markets. Furthermore, my original grant address is older than 6 months (which I understand to be beyond the designed “life expectancy” for when it should stop being able to be used to report liquidity info to the network).
I manually updated my liquidity information and it should now be showing “0 / 0”. I will be bringing ~23k NBT worth of EUR in buy-side liquidity on the market today or tomorrow, but until that happens, the new values are correct.
There are now roughly 72k NBT parked.
The current rates are:
- 11.4 days: 3%
- 22.8 days:7.5%
- 1.5 months:8%
- 3 months: 9%
I feel it is time to reduce the rates. What do you think?
~12,000 NBT value of tier 4 buy side support value in tier 4 was just brought to tier 1 leaving a little less than 70,000 in tier 4 buy side support and payment of contributors. Though they are usually paid in NuBits, they usually sell right away, which means they are functionally paid out of buy side liquidity. I would like to see more there. There are three ways this can be accomplished:
- Raise park rates
- Sell and distribute additional NSR
- New demand for NuBits. This may occur as people purchase NBT to participate in liquidity operations or as trading volume picks back up to what it was before our recent exchange closures and defaults.
I will be posting in the NSR auction thread shortly regarding possibility #2.
Edit: I would also like to move tier 4 liquidity to multisig addresses soon, although it isn’t my top priority right now.
Before considering 2-, I would like to know how much of the raised money - 193,819 NBT -
- has been used to support the peg (I suppose 12k NBT)
- has been transferred to contributors as payment already.
- has or will be burned
- is staying or will be staying in Tier 4
There are currently 54528.2098 NBT parked.
152k NBT on the sell side and 73k NBT on the buy side.
Should we increase significantly the parking rates?
I am voting for 5% currently but shareholders are voting for 2.5% in general.
With the buy wall at 11,000 and the sell wall at 61,000 I’m quite surprised to see rates being dropped over the last 24 hours. It is clear to me the costs and risks of lowering rates are at least 100 times greater than the risks and costs of raising rates right now. I can’t see why there is any controversy in the matter.
I have around 50,000 in funds besides NuBits, and that is just enough to meet my obligations to contributors over the next month. So I won’t be offering any of that for liquidity.
The NuLagoon has some buy side liquidity that does not display in the client, but my guess is that it isn’t very much. @KTm may also have some, but again I don’t think it is much.
When the percent of buy side liquidity drops below some threshold, which could be argued to be between 25% and 40%, shareholders should always vote for higher rates, in the absence of any clear indication that the liquidity figures are wrong.
If rates remain being offered for any significant period of time, it is a sign that NSR should be sold and NuBits burned.
Edit: right now, rates are only being offered for 3 months. A protocol flaw that is on our roadmap to fix makes it so that when rates are offered for a single duration rates will only be offered for that exact block duration. So right now, our rates are 2.5% for 131072 blocks, but 0% for all other block durations. The parking UI doesn’t allow for a precise block duration selection, so shareholders should never vote for a single duration. You must vote for at least two adjacent durations to offer interest rates that are functionally above 0%.
Is there a data feed or can you or someone suggest a set of rates?
As you can see here I have been voting for 10% up to 3 months since yesterday in my feeds.
Thanks. I didn’t realize park rates are also set in data feed.
buy side at 10.8k. Decreasing.
Please increase your parking rates.