[Passed] Bittylicious.com liquidity provision

You mean the 24$ Dogecoin trade they had to manage the last day? :wink:

But ok, I see your point. Just one more question: What is the current communication status with them? Did they actually confirm that they would be willing to run the (still closed source) daemon on their platform?

hash edfa6894c8ca246571d18682b453d6ac6b7deff6 verified.

Wow… 24$? They have 2000 followers on twitter and are around for quite some time.

I suspect there is something wrong with this data.

I submitted a support ticket outlining who I am, what NuBits are and the proposed situation for having a custodian active on their service.
The reply I got was pretty much just a link to the list of actions to add an alt coin. Again I think that is just a canned response they give to all enquiries of that nature. It is my intention now to write the full proposal with full details of NuNet, linking to this Proposal, submit it and see what happens.
As for the closed source daemon, They didn;t mention anything specifically but in the list they do mention that only Bitcoin API based coins will be considered. I take that to mean that they use the JSON RPC interface to communicate with the daemon so the closed source nature shouldn;t be too big an issue. If it is, they can wait a month and then poke the code as much as they want.

As for busyness, it depends if those Dogecoin were all bought together or in separate transactions. I’ll have 1 DOGE please. And another. And another…

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I always wanted to buy a single Dogecoin with my Visa card :smile:

Its their own ticker:


Let’s see if they reply with a little more excitement this time.

As long as you use the same method used in the proposal, there is no reason to make it work with all the tools that work in the browser. The scope is “text not going to be altered”, and that you can verify using the assistant bot.

Hm. Their ticker json shows 12.94310210 BTC on EUR/BTC and 126.73443582 BTC on GBP/BTC as 24h volume.

I don’t know why BTC pairs are not listed on https://coinmarketcap.com/exchanges/bittylicious/, but yes: Altcoin trading seems to be a bit slow.

Thanks, I missed those. So they indeed seem to have quite some volume for BTC.

Never heard of bittylicious.com. Is it well known in the UK?

It has a decent user base afaik.

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facebook page:

This custodial grant proposal supports fiat liquidity.
Verified and voted.

Evening all. I’ve composed my proposal to Bittylicious.
In the interest of openness I would like to post it here for Shareholders to review before submitting it to Bittylicious tomorrow evening (GMT)


I wrote a ticket on Friday 20th February regarding NuBits and my desire to get them listed on Bittylicious. Thanks for your reply in which you linked me to your requirements for submitting an altcoin for inclusion on the Bittylicious platform.
This ticket is my proposal which aims to describe how NuBits, and the Nu network in general, are unique amongst Altcoins.

The full description of how Nu works can be found in the whitepaper with supporting information on the main website. There is also our introductory marketing video and plenty of discussion taking place on the forum.

Nu is based on the Peershares platform which in turn is based on Peercoin. The Nu network can be considered a DAC (Distributed Autonomous Corporation) and as such has several unique features which are unavailable to other crypto currencies.

NuBits are the first currency on offer from the Nu network. NuBits are a stable crypto currency which are pegged to the U.S. Dollar with 1 NBT equal to $1. To achieve this stability Nu has split the currency portion of the network from the speculative asset portion. The speculative assets are referred to as NuShares and denote part ownership of the Nu network (in a similar way to shareholders part owning traditional corporations). NuShare holders have the ability to cast votes which are held in the Nu blockchain and influence several aspects of the continued running of the network. The most important votes influence the available supply of NuBits which is the mechanism by which the $1 peg is maintained. NuShare holders can vote on interest rates in exchange for taking Nubits out of circulation (known as parking). Parking can address short term periods of low demand, by reducing the available supply, while creating fresh supply in the long term through the payment of the parking rates. For longer term supply reduction, an ability to ‘burn’ NuBits is being introduced in a future update.

The decision to introduce this burning feature highlights the second unique feature of Nu. The decision was not made by any one person. A ‘motion’ was put forward on the NuBits forum which was then questioned on the forum and voted for by NuShare holders directly from their client. Only when a motion has passed can it be enacted by the core development team. Motions can be for anything, not just protocol changes, and represent a form of social contract. A motion is considered passed when more than 50% of the blocks in a rolling 10000 block window (about a week) contain a vote for the motion.

The third unique aspect of Nu is the Custodial vote. The voting mechanism is the same as for motions but a custodial proposal requests an amount of NuBits for a specific use. Upon passing, the network automatically generates the requested NuBits and deposits them in an address specified in the proposal. This is another mechanism by which the available supply of NuBits can be controlled.

To demonstrate this I have submitted a Custodial proposal to generate 320 Nubits which translates, at current exchange rates, to £200. It is my intention that upon passing, these NuBits will be exchanged for Bitcoin and used as the deposit you request for listing new altcoins. The proposal is currently being voted for by NuShare holders and seems to be gaining traction in the blockchain.

A large portion of maintaining the $1 peg is the provision of large amounts of liquidity to the market. This has been enabled to date via supporting exchanges and enacted by custodians voted into position by NuShare holders. These custodians each provide deep liquidity (50,000+) on the exchanges through the use of automated trade software called NuBot. I expect it to be a similar custodian who operates on Bittylicious should this application be successful.

NuBits were released in late September and since then have been a pretty much constant fixture in the top ten crypto currencies for 24 hour trade volume on coinmarketcap.com. On several occasions NuBits were listed in the top three. The exchanges that list NuBits have enjoyed large trade volumes due in part to the fact that NuBits provide an attractive hedge in times of Bitcoin volatility. NuBits have also been used effectively to transfer value between exchanges due to their stable nature and one minute block times.

In conclusion, I think that the addition of NuBits to your service would be valuable to both Bittylicious and Nu. We are in a position to provide large amounts of liquidity and have proven the ability to provide large volumes on supporting platforms. We also have a large, devoted and vocal community as well as a dedicated development team with several successful projects under their belts.

On a technical level:
The NuBits daemon is evolved from Bitcoin so shares an RPC interface. This satisfies one of the acceptance criteria for a new altcoin on Bittylicious.
In the criteria you mention the ability to provide continuous liquidity through an automated client. Is there a Bittylicious API available that we could integrate into NuBot to make custodianship on bittylicious an easier task?
Should this application be successful, would you consider adding Bitcoin as a purchase option for NuBits? I believe that this would greatly increase the potential trade volume taking place through your platform.

I look forward to hearing from you

Sam (woolly_sammoth on the NuBits forum)

Feel free to suggest amendments or suggestions for things I may have missed.


I think it is great but quite a text wall and obviously written by somebody who is fascinated about the Nu system while the targeted person is an exchange manager who reads yet another altcoin proposal. Such people are reading a lot of e-mails and their attention span is very short :slight_smile:

Therefore my suggestion would be to emphasize on the NBT trading volume, especially during the BTER days (is there still verifiable online data for that?). I would also put this directly after the “Nu is based on the Peershares platform” paragraph, or even earlier. We should make clear that Bittlicious should be extremely happy to add NuBits.

The remaining text could appear a little bit to lengthy, but I like very much that you mention their custodial grant. But this can also be expressed in a single paragraph with a reference to the whitepaper.

Yea, you can count me out of writing to any exchanges because I think it is perfect!

I think it’s well written - it could be reused as a template to contact other exchanges and services.

Good evening everyone.

First off, thanks for your kind words. I must admit that I wasn’t expecting quite such a positive vote of confidence.

@creon While I agree that it is a large block of text, I think I may keep it as that. Your suggested proposal pretty much describes my first ticket to introduce NuBits. I made a big issue of the ability to provide liquidity and mentioned the high trade volumes we have seen in our first few months of operation. I also linked to the white-paper as well as the main site and forum. The reply to that ticket was a link to their criteria for adding an alt coin.
Having researched a little further, they make a request that sellers demonstrate an ability to communicate professionally as well as having a high degree of technical competence and enthusiasm. I wanted to indicate all those things through my proposal.
The suggestion that you made about highlighting the trade volume earlier in the text is a good one however and I will do that. I will bump the paragraph related to trade volumes up to be the second paragraph instead of being buried near the bottom.

I’m going to submit this proposal to Bittylicious now. I’ll report back with the reply.

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Oh ok, then what you wrote is just perfect!

I had a very positive reply from Marc at Bittylicious this morning. Here it is:


Thanks for your email.

I think I mentioned in the last email that NuBits seems to easily pass the criteria of being an “interesting” coin. It clearly isn’t a boring altcoin clone with no differentiating features! So, ultimately, getting £200 to get things going will enable you to be on the platform.

I have actually already been following the thread on discuss.nubits.com. Regarding the fee we require, we moved to this objective criteria a few months ago, which is after the last tranche of altcoins added to the platform. Hence, yes, Blackcoin (as an example) wouldn’t have been subject to this. Also, while it does have the added benefit of stopping superfluous altcoin requests, more than anything else, it aims to get altcoin communities really behind the addition instead of just getting it listed on Bittylicious for it to then waste away.

Regarding automated trading / APIs, what do you need? Many others just send new coins directly to their wallet address to top up their account. Do you have UK bank accounts? Can these use the automated trader?

Regarding Bitcoin -> NuBits, I’m afraid not. Bittylicious really is a fiat <- -> crypto exchange and not geared up to be crypto <- -> crypto. Many other sites fulfil that role.



So encouraging that Marc has been following the thread and that NuBits pass the ‘interesting and unique’ test. We just need to get some momentum behind this Custodial Porposal to get the deposit.

I’ve been giving some thought to how liquidity provision on bittylicious could work. As there needs to be a Bank account involved I think this makes a good candidate for a liquidity pool. The pool owner will be responsible for facilitating the trades through Bittylicious as well as answering any questions that arise.
I need to think through some of the remifications of this but on the surface it seems like a good alternative to requiring each successive (or simultaneous?) custodian to open an EU bank account.
I’ve asked some questions around this in my reply to Marc which I will post below.


My reply:

Good morning Marc,

Thank you for such a prompt reply and great to hear that you’ve been following the thread on the forum.
Personally I’m happy to provide the £200 deposit. I can see why it is requested as it is a risk for you to integrate new coins. I’m confident in our ability to provide the required volumes though so I’m happy that we’ll see it again.

The bank account and automation question is something I have been giving some thought to. I think it would be best to set up a dedicated bank account for the Bittylicious trades as this will make it slightly more independent than if I use my personal account. I heard your interview on ‘The Bottom Line’ and it sounded like you had some experience of various bank accounts, or is that putting it mildly? Would you recommend any bank as particularly crypto friendly? Some research has turned up Fidor (https://www.fidor.de), a German bank who do present a trade API. Could you foresee any issues with using Fidor to provide the account?
I’m not sure if you have browsed elsewhere on the forum but there is a current movement away from single custodians and towards liquidity pools where shareholders can contribute amounts of NuBits smaller than would be expected of a single custodian but still benefit from any profits. I think this model would fit with Bittylicious where the pool operator would be in charge of facilitating the trades through the platform. In order to run successfully a pool would need constant access to trade data for caclulating and updating percentage returns. Does such a feed exist for Bittylicious? If we could find a way to automate the bank transfers and balance checking (Fidor or otherwise) could the releasing of funds from Bittylicious be automated too or is that automated already through your hot wallet?

I completely understand about the Bitcoin -> NuBits request. I just had to ask the question.

With regards fees. I couldn’t find mention of an actual figure on bittylicious.com. What is the figure It is charged to Sellers?
It is important for NuBits to be seen as on sale at $1. How does the price get determined for each sale? Is that set by you or by the seller?

I’m sure other questions will crop up. For now, thank you for your positive response. I’ll post your reply and mine to the forum and see if it inspires some more votes towards the deposit. I’ll draw up some plans for the liquidity pool idea too.

Kind Regards