[Passed] Proposal for liquidity provider custodian

[xjabc]

Proposal for liquidity provider custodian

I would like to have Nu shareholders to cast votes for the following pairings of the Custodian’s NuBits grant addresses and requested amount:

BLnSm2gf5mw89Q1HYK9jhVgJYGvEMbARs6 , 1

BDqJxG2RhLmNtxSG9zvREhM3wqjy5wtPYw , 1

Once my proposal is approved, I will deposit my own 20,620 PPC (an equivalent amount of 20,000 NBT) into the Custodian’s trading account on CCEDK, add them into the buy wall of PPC/NBT market and then run the NuBot to let the money flow between the buy wall and the sell wall for at least 30 days. I request 2,000,000 NSR as a reward on PPC/NBT pair.

Meanwhile, I will try to trade another up to 10,000 PPC for USD on CCEDK, then add USD to the buy wall of USD/NBT market, and operate the NuBot for at least 30 days. Because the limit of USD liquidity on CCEDK, there is uncertainty about the amount of USD liquidity will be provided in the span of 30 days. For the only purpose of improving the USD/NBT market, I request 0 NSR as a reward on USD/NBT pair.

After 30 days of operation, I will submit another proposal to continue it.

Note: The price of PPC is 0.97 USD at the moment this proposal is submitted.

End of Porposal

[desrever]

supporting this right away

[Ben]

The 2,000,000 NSR request would need to be handled outside of the protocol so while the shareholders can approve this custodial grant to give the addresses that can be used to report liquidity information, there is a secondary approval that would need to be granted by the holder of the undistributed shares.

Are there assurances in place already that this will be carried through? At the current fixed price (0.0020 NBT / NSR) the 2,000,000 NSR are valued at 4,000 NBT. This amount is on the high-side of what I would like to see for a fee, but presumably this would be a way of spreading out the risk and using NSR would prevent the NBT supply from being inflated at all.

All in all, it seems reasonable, given the early days of the network, and the benefit that extra buy-side liquidity would have on continuing to maintain a stable price.

[Chronos]

EDIT: Just noticed Jordan’s post. Ignore me.

[desrever]

these rates comes directly from a Jordan post. And apparently they worked out quite well!

[tomjoad]

I support this proposal, thank you xjabc.

[JordanLee]

I would like to clarify that xjabc’s proposal does qualify for a 2,000,000 NSR bonus upon completion of the 30 day service period.

[jmiller]

You have my support. Thank you!

[Chronos]

I will deposit my own 20,620 PPC (an equivalent amount of 20,000 NBT)

If the exchange rate for PPC changes sharply, will you provide value equal to 20’000 NBT, or 20’620 PPC? It’s not clear from your original post. It looks like Jordan’s bounty requests the 20’000 NBT, but perhaps you had the PPC value in mind. Thanks!

[xjabc]

I am going to deposit value equal to 20,000 NBT to begin my operation. I will post reports about my operation. Thank you.

[xjabc]

LPC operational report #1:
My proposal was approved at 10/5/2014 14:42 utc.
I work with desrever and Ben to get my bot ready.
I will run the bot and provide my service soon.

[CoinGame]

@xjabc please hold off on running the bot. We’ll work with your shortly on a setup that will prevent the issues we’ve run into recently. We have to coordinate the pairs that custodians run the bot on right now,.

[Chronos]

I will run the bot and provide my service soon.

Do we have a timeline on this? Thanks!

[xjabc]

Sorry for the delay. I have been working closely with desrever and ben to get everything ready in these days. The major problem now is that we can not run multiple bots on the ppc/nbt market at same time. Ben and I came to a solution today, but we will need some time to discuss it with Jordan.

[Ben]

The delay is not due to @xjabc at all (who has been very proactive), it’s entirely on our end.

[xjabc]

Hi all,
My operation of liquidity provider custodian begun, at 2014 Oct 28 17:00 GMT, in the market of BTC/NBT on Poloniex exchange. (https://www.poloniex.com/exchange/btc_nbt)

I started my operation with 56.57013518 BTC (equal to 20125 NBT) in the buy wall, and liquidity info is updated now as:
“BLnSm2gf5mw89Q1HYK9jhVgJYGvEMbARs6” : {
“buy” : 20076.65130000,
“sell” : 0.00000000
}

Many thanks to desrever, Ben and other team members. They gave me tremendous help during this period time. It’s a great team and I am happy to work with everyone.

Thank you.

[Yurizhai]

Thank you for being a custodian xjabc. Is there any way we can help bring attention to Poloniex users that NBT will now have stability there?

[xjabc]

My pleasure. To inform people about the liquidity operation, I leaved a message in the exchange troll-box, but that may be not enough, since the message goes really fast.

[xjabc]

LPC operation report 6/11:

At 6 Nov 2014 11:45 GMT
Custodian’s account Balance: BTC : 56.65230938, NBT: 32.51358972

Trade history:

Liquidityinfo:
“BLnSm2gf5mw89Q1HYK9jhVgJYGvEMbARs6” : {
“buy” : 19368.90690000,
“sell” : 32.51360000
},

[xjabc]

LPC operation report 14/11:

At 14 Nov 2014 10:55 GMT
Custodian’s account Balance: BTC : 56.59117325 , NBT: 56.03971713

Trade history:

Liquidity Info:
“BLnSm2gf5mw89Q1HYK9jhVgJYGvEMbARs6” : {
“buy” : 22381.49930000,
“sell” : 56.03970000
},