[Passed] LiquidBits term 3 Trusted Network Liquidity Pool

[Cybnate]

@cybnate I just noticed that you’re calling it an “independent network trusted liquidity pool”.Can you explain why?

I’m especially interested in the “trusted” part.

Tried to answer it here in the OP.

Due to the potential confusing term trustless (without trust?), I’ve decided to market LiquidBits no longer as a trustless liquidity pool, but as a Network Trusted Liquidity Pool (NTLP). I think that better reflects what it actually is. Instead of a 3rd Party the LiquidBits pool trusts the Nu network, the Shareholders and the protocol.

Hope that clarifies it. I’m getting increasingly uncomfortable with the term trustless which is only properly understood by a small group of insiders. We are talking trust in a network protocol instead of a bank or third party. With NTLP you don’t need to directly trust the person(s) behind it. I’m open for better terminology than the one I coined which I borrowed from Andreas A.

BTW Thanks for voting for this renewal, the new terms will be introduced on 11 August UTC.

BTW2 There are still issues with teh CCEDK pairs. I understand that they will look into it next week due to holidays and other priorities. Please be aware that the pairs are therefore paid less (around 25%) than they should as the bot can’t confirm the liquidity properly at all times due to time-outs.

[cryptog]

trustless

Trustless in Trustless liquidity pool means you does not need to trust the pool manager as a pool participant, in my understanding.

[Cybnate]

Try someone outside of Nu and they will have a different perspective of trustless I’ve learned. It is not a great marketing term.

[cryptog]

different perspective of trustless I’ve learned.

I think you are totally right.

[Cybnate]

Thinking about it, Trusted Network Liquidity Pool might be even better than Network Trusted Liquidity Pool, but we are getting into semantics here.

[Nagalim]

We need to define a term for nulagoon too. Network Trusted Liquidity Pool instead of tllp, Operator Trusted Liquidity Pool for NuLagoon?

[willy]

Good discussion, I have no objections so far.

Trusted Network Liquidity Pool might be even better

yesss. TNLP sounds fine.

Operator Trusted Liquidity Pool for NuLagoon?

Also very good!

[nmei]

When will this roll out again?
I see the new pair on the raw feed, but it appears the new targets and compensation has not been implemented.

[willy]

Cybnate told me she will restart the sever tomorrow

[nmei]

Thanks

[Cybnate]

The LiquidBits server has just been reset to reflect the new setting as per custodial grant in the OP.

Please take notice of the new NBT/BTC pair on CCEDK which is now open for business.

Thanks for your consideration.

[mhps]

The effective daily interest rate is like 0.15% per day due to server (or software, depending how you look at it) problems.

[Cybnate]

I can confirm that and I’m working with CCEDK developer and @ronny to resolve this connection problem which suddenly occurred late last month and seems to have worsened.

[mhps]

I am disappointed to see liquidity of the low risk and foundamental NBT/USD pair dropping.

[nmei]

Dropping?

[mhps]

Efficiency has come back to nearly 100%. Rejection rates goes down.

[ttutdxh]

What is the current status on CCEDK NBT/EUR?
I don’t see any sell side liquidity right now.

[nmei]

I was the only one selling NBT on that pair. And they all got bought. Now I’m left with EUR in an overfull buy.

@ronny
CCEDK has been amazingly accommodating with NBT. And their market maker offer is a great deal.
So this is a formal request to see if CCEDK could review lowering their instant buy spreads just a little. Right now the EUR/BTC instant buy price is 3% off from Kraken. That hurts. Because my options are a wire transfer (~1.5 to 2% hit) and then wait to get funds back to market. Or the 3% instant buy hit and have the funds back to market quickly. If the instant buy was 2% it’d be an easy choice.

[ronny]

@nmei do I understand it the way that a 2% instant buy rate would be ok for generally keeping the market afloat with equal buy and sell wall?

Thanks for for the compliment by the way. We try our best to make it interesting to trade on CCEDK.

[nmei]

@ronny Yes, a 2% instant buy rate would enable me to keep up both a buy and sell wall.