[Passed] LiquidBits term 5 grant - Automatic Liquidity Pool (ALP)

[Nagalim]

https://github.com/inuitwallet/nu-pool/blob/master/python/exchanges.py
Line 354

[willy]

That one is not functional afaik.

[zoro]

i tried this inuitwallet with southx and i got "unknown exchange"
bittrex is working ok

[Nagalim]

inuitwallet uses:
def repr(self):
return ‘southxchange’

not southx, like alp-collection does

But @willy says it’s not working anyway, so no use testing.

[Cybnate]

perhaps the server isn’t ready yet!

To my knowledge, there never was a working Southx wrapper on github.

No idea where you got that from.

@woolly_sammoth?

https://github.com/inuitwallet/nu-pool/blob/master/python/exchanges.pyLine 354

Same place where I got it from after Woollysammoth said I could test it. Guess we need to wait for his response regarding the state of this wrapper and who can make it work or show how to make it work.

return ‘southxchange’

Can confirm that is what LiquidBits uses, but clearly something else is not right.

[Cybnate]

Update regarding SouthXchange:

There are problems with the API on SouthExchange. The developer have tried to make contact earlier but haven’t received a response. I’m now trying to establish communications through their support tool in the hope we can resolve the issues with the SouthXchange wrapper/API. There are no shareholder costs as no liquidity is provided at all.
As soon as this is resolved I will run according to the grant in this thread for the remaining time it is valid.

Considerations next grant
Although we are still 2-3 weeks away before I will request my next grant, I like to receive some feedback regarding the role of LiquidBits for Nu. LiquidBits has a focus on fiat/NBT pairs and is only providing minimal liquidity on the NBT/BTC pair. Therefore it is not aiming for daytraders and high volumes which shows on Alix.

The idea for liquidity provision is to hold the peg against the USD by setting up a solid wall on NBT/USD pair in order to garantee the NuBits is always a dollar. As an extra service for our European friends LiquidBits is also keeping a wall on NBT/EUR. This is mainly to attract more liquidity than would be available on the USD/NBT pair.

The NBT/BTC pair on CCEDK is setup only to be able to balance the fiat pairs. However I’ve noticed that this is barely used. Therefore I’m thinking to reduce this from the current 1500 NBT to 250 NBT on each side. Why not zero? I think it is good to have some liquidity on the NBT/BTC pair for non-traders wanting to exchange small amounts from or to NBT.

The average cost for the Shareholders at the moment is relatively low at about 25 NBT/day or about 750 NBT/month given the current lower rates for the fiat pairs. This excludes the fee of 150 NBT/month.

Going forward
So I’m thinking to keep the current NBT/USD and NBT/EUR pair the same at respectively 5000 NBT and 2500 NBT on each side, providing up to 15,000 NBT liquidity. There is a consideration to increase this now the money supply for NuBits is growing. This based on the increasing risk of a large dump threatening the peg.
I also suggest to reduce the NBT/BTC pair on CCEDK from 1500 NBT to 250 NBT as it is barely used.

Please let me hear your thoughts while I’m starting to think about how the next grant for LiquidBits would look like.

[cryptog]

Sounds good to me.

[zoro]

i would say make the NBT/BTC pair from 1500 --> 500. 250 is not even one BTC now days

[willy]

Therefore I’m thinking to reduce this from the current 1500 NBT to 250 NBT on each side.

Hey Cybnate,

first of all, I’m very glad that you’re taking ALix volume metrics into account for your decision making. This is exactly what it’s for.

As a shareholder, I’m glad that you’re reducing liquidity costs on, in terms of trade volume, rarely used pairs.

I feel like @zoro regarding the 1500 -> 250 reduction. That jump seems a bit crass.

[Cybnate]

Announcement

LiquidBits will be down for a short while for scheduled maintenance. The downtime will be shortly after the daily payout at about 2.5h from now.

Edit: server maintenance complete. Normal operations resumed.

[zoro]

I think server made a balance reset the last 24h. i don’t see payment and balance = 0
@Cybnate

[zoro]

another day, another balance reset without payment!

[Cybnate]

My apologies, I’ve been away for a couple of days and noticed that nud decided to stop. Restarted nud and the server which normally get everything to work again soon.

[zoro]

well you know how univerce works. When we decide to have a break or been away, Murphy’s law applies

[Cybnate]

Could you please confirm it works as I also have internet connection problems with my ISP? It looks like something is coming through though. Things are working in slow motion at my PC due to the internet issue.

[mhps]

nbt/usd walls are up. missed payments haven;t been sent.

[zoro]

servers were always working, only payments have stopped.

[Cybnate]

nbt/usd walls are up. missed payments haven;t been sent.

servers were always working, only payments have stopped.

Looking into logs right now, but I’m also waiting for blockchain to synchronise locally to confirm what has been paid and what not. This might take a while due to the issues I’m having, so it might be later today or tomorrow.

[Cybnate]

Update regarding SouthXchange wrapper testing:

In the last week I’ve been testing a new wrapper as published in the updated master repo but this one also provides problems unfortunately. I have reported that back to @woolly_sammoth but haven’t heard from him since.

[Cybnate]

The Nu Daemon just went down again, I’m on it. Will update this post with the latest status.

Problem identified, ran out of disk space, clearing logs.
Restarting Nu daemon; taking more time due to slow sync blockchain.

Walls are back up. All back to normal operations.