[Passed] Proposal to provide NBT/USD dual-side liquidity

[Chronos]

This is a proposal to provide dual-side liquidity for the USD/NBT pair on CCEDK.

I am a known and active member of the community, having worked with both the NuBits team and the Peercoin community. I also have experience in arbitrage and market making, which makes me a good fit for this position. If elected, I plan to work closely with the NuBits team, to recommend improvements to the NuBot.

If elected, I will deposit a USD equivalent of 20,000 NBT to CCEDK and operate a bot supplied by Nu to provide dual side liquidity. Under this proposal, I will let the funds trade between the buy and sell side of the USD/NBT currency pair for a period of 30 days.

This offer is in response to Jordan’s post: Smaller LPCs are best for now. Submit a proposal!

Smaller LPCs are best for now. Submit a proposal!

I would like to offer 2,000,000 NSR to each of the next three people that get elected as a liquidity provider custodian and provide 20,000 NBT in liquidity for 30 days. LPCs can get a proportional amount of NSR for any smaller amount of liquidity provided for 30 days. So, 500,000 NSR for 5,000 NBT in liquidity. 50% more NSR will be provided for liquidity on an NBT/USD pair.

If you would like to support this proposal, please vote for:

Address: BCXWtH97PTQUXhG4RDEfiVVmEK1xrtjYu2
Amount: 1 NBT

Thank you!

[Ben]

@Chronos - The way that I interpreted @JordanLee’s post, it was intended to introduce buy-side liquidity into the system. It isn’t clear from your proposal if you intend to deposit 20,000 NBT to CCEDK, or if you mean to deposit 20,000 NBT worth of PPC or BTC (and then run that as a dual-side custodian once buy-side liquidity is used to purchase back NBT).

Can you please clarify?

[Chronos]

My apologies for the ambiguity. If elected, I will deposit 20’000 NBT-equivalent-value of new funds, either USD or other cryptocurrencies, not NBT. The funds will operate fully and entirely on the USD/NBT currency pair, in order to be eligible for the 50% modifier in Jordan’s offer.

None of the funds will come from NBT holdings, so the entire amount will begin operations on the buy side of the peg.

[Ben]

Thank you for the clarification.

[desrever]

I will vote provided you don’t suggest too many improvements to NuBot kidding =)

[JordanLee]

I would like to clarify that Chronos’s proposal does qualify for a 3,000,000 NSR bonus upon completion of the 30 day service period. To qualify, Chronos must start with USD on CCEDK, providing price support on the NBT/USD pair. The same is true of other LPCs: you must initially provide your liquidity as a buy order for NBT using the asset that is the other half of the trading pair.

[jmiller]

Thanks, Chronos! You have my vote.

[Chronos]

To qualify, Chronos must start with USD on CCEDK, providing price support on the NBT/USD pair.

This is exactly what I will do, if elected.

Thank you, everyone, for your votes!

[pennybreaker]

Thanks for the proposal!

[Cybnate]

You have my vote. Thanks for getting organised.

[desrever]

How do you plan to quickly get USD to ccedk?

[Jimmy]

Thanks for the proposal. I will vote you.

[Chronos]

How do you plan to quickly get USD to ccedk?

This depends on CCEKD market liquidity at the time of election. In the worst case, it may require a fiat transfer, which won’t be instantaneous. The 30-day period will begin once the funds are in place on the USD/NBT pair.

[lovely89]

I’ve been wondering, what exactly happens at the end of the 30 days?
Do you Chronos, withdraw as a Custodian, then taking control of the remainder of the USD’s AND do you have control of the nubits you have bought plus the nushares that are being offered? I’m struggling to find out what happens after the ‘x-day’ period.

Regards.

[desrever]

what exactly happens at the end of the 30 days?

I asked the same question and here is an answer Smaller LPCs are best for now. Submit a proposal!

[crypto_coiner]

In short, Is it a buy side or a sell side LPC proposal?

[Chronos]

In short, all funds start out on the buy-side. Funds eventually move between sides during trade.

[Chronos]

This proposal has passed. Funds will take some time to get in place. I will post an update when we are ready to begin operations. Thank you!

[desrever]

Hi Chronos, I’ll ask you to get in touch to coordinate and to wait some days before making your proposal operational.

[Chronos]

Update: I have received a go-ahead from @desrever to begin operations once the funds are in place, which is expected shortly. Thank you for your patience!