[Passed] Increased HitBTC Liquidity

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.

5 Likes

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.

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.

Affirmative!

:arrow_down:

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

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

1 Like

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

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

BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu 1 NBT

Voted.

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?

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.

2 Likes

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

Added to my feed

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

1 Like

passed.

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.

BTC is up…balancing agian

2 Likes

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?

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…

2 Likes

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.

1 Like