[Passed] Increased HitBTC Liquidity

[nmei]

Is the NU community willing to vote to increase the liquidity on HitBTC?

I have finally liberated my LP funds from Cyrptsy - at a loss through DOGE. But, praise the Lord, they are in my hands. So - I was hoping to put them back to work for Nu.

I propose setting up another NuBot to operate on HitBTC. I know NuLagoon is there, as is ModPuddle. ALix tells me there is 2K total liquidity, but I see ~2K on the sell and 5K on the buy.

–Begin Grant–

BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu 1 NBT

HitBTC Increased Liquidity - NuRiver Private

Operator: @nmei
Type: NuBot
Exchange: hitbtc.com
Pair: BTC/NBT
Strategy: Tight Peg
Spread After Fees: 0.5%
Liquidity volume: 2000 NBT
Bid/Ask target volume: 50%
Balancing bid/ask: at least each Wednesday
Balancing goal: each side between 45% and 55% of volume (preferred balancing method: seeded auctions)
Ask/Bid Reward Rate: 0.33%/day (not paid in advance)
Duration: 30 days
Operator Fee: 0 NBT
Initial Motion Grant: 1 NBT
End of term Funds: 198 NBT

–End Grant–

Normally, I’d just throw the funds into one of the other pools, but I keep pushing HitBTC because I want it to grow.

[tomjoad]

I would be willing to support increased liquidity on HitBTC, to see if we can grow our demand. It is a nice exchange to use.

[willy]

ALix tells me there is 2K total liquidity, but I see ~2K on the sell and 5K on the buy.

Parametric order books or someone with a higher spread. The orders you’re referring to are around 0.983 and thus over the 1.5% tolerance ALix is using.

[masterOfDisaster]

I know NuLagoon is there, as is ModPuddle.

Affirmative!

ALix tells me there is 2K total liquidity, but I see ~2K on the sell and 5K on the buy.

Parametric order books or someone with a higher spread.

[zoro]

Go for it.
Then other coins’ withdrawals in cryptsy are working ok?

[nmei]

RE: Cryptsy withdrawal - Only DOGE has worked for me.

[nmei]

I’ve updated the initial with the details. I’ll hash a motion tonight.
The core:
Liquidity volume: 2000 NBT
Spread After Fees: 0.5%
Ask/Bid Reward Rate: 0.33%/day (not paid in advance)
Operator Fee: 0 NBT
Initial Motion Grant: 1 NBT
End of term Funds: 198 NBT

[nmei]

The Assistant is not replying to my requests…Will hash when available

BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu 1 NBT

[cryptog]

Voted.

[Cybnate]

Strategy: Tight PegSpread After Fees: 0.5%

What are the fees? Tolerance is very high, won’t call it a tight spread. The reward is also 0.33% which is higher than the top3 ALPs (0.24%). Not sure whether this is a good offer, could you please sell it to me over an ALP offering?

[nmei]

There are no ALPs on HitBTC - the software isn’t available - or I would run one.
HitBTC currently has no fees for NBT.
The other two NuBot operators are both >0.5% offset.
The other two NuBot operators are both > 0.33%.

In my mind: if this were just an ALP where I could come and go with my money - the rate would be lower. But the fact is: my money will be locked into this effort for a month, and there is a cost for that.

So for 0.33% you get two features you don’t have in an ALP: Guaranteed 2K liquidity & at a minimum weekly re-balancing. You don’t get this with an ALP.

Consider a 2K 0.24% ALP with operator fees: 144 + 20 = 164.
So for that 35 NBT extra NBT you’re getting the above two things. And I can tell you the re-balancing will take more than an hour over the month. So that’s less than $30/hr for highly skilled labor - a very difficult rate to find on the open market.

[Cybnate]

Sold! Thanks for your explanation. Value the guarantee and balancing of funds lacking better options. Will add to my datafeed in next 24h or so.

[crypto_coiner]

Added to my feed

[nmei]

This is now active on HitBTC

11:01:43.531 [sendLiquidity] WARN - Liquidity info submitted:
tier=1 buy=997.24900212 sell=1000.0 identifier=1:NBTBTC:hitbtc:0.3.2a_1450841480417_79ffd0 response={“submitted”:true}
tier=2 buy=-1.07 sell=9.497 identifier=2:NBTBTC:hitbtc:0.3.2a_1450841480417_79ffd0 response={“submitted”:true} [c.n.n.t.SubmitLiquidityinfoTask:144]

From Nu:

nud getliquidityinfo B | grep “BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu” -A 2
"BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu" : {
“buy” : 1010.18,
“sell” : 1009.49

[cryptog]

passed.

[nmei]

From Nu:

nud getliquidityinfo B | grep “BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu” -A 2
"BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu" : {
“buy” : 0.1,
“sell” : 1910.126

I will balance tomorrow. This will be the second re-balance since the start of the program.

[nmei]

BTC is up…balancing agian

[Cybnate]

Can you share with us the amount of balancing you need to do and how you manage without a T3 custodian? Are you balancing across exchanges or just with NuLagoon?

[nmei]

If there is good liquidity on either side of HitBTC I take down my bot and convert on HitBTC to give them trade volume. Since that was the goal initially…
Of the 6 times I have made the re-balance…I have only been able to do that once.

The rest of the time I am the T3. I re-balance from my off exchange funds. Otherwise I shift from among my T1 funds that I am providing to the ALPs. Only twice I have had to actually convert funds - because BTC swings left me with only BTC or NBT. Both those times I’ve made the change on polo…

[Cybnate]

Thanks for your elaboration. This is a great example of how a T1-T3 custodian I think should work. See the discussion here: [Withdrawn] T3 Trusted Custodianship @Nagalim. A T4 interface is not here though as Nmei is self-funded, but I’m sure that T4 (FLOT) would be interested to deal with NMEI at some stage to balance T1-T3 liquidity when required.