[Passed] Sell side Nubot gateway on Hitbtc @zoro

[zoro]

A clone of this grant:

[Passed] Single Sided NBT Gateway on HitBTC - Updated 18FEB16

Hello community. Since I already had a NuBot running on HitBTC when I provided liquidity I can easily continue to use it for Nu. Considering the move to have FLOT funds be used for BTC liquidity outside of Polo and Bittrex, I thought this would be a prime example of that effort. It will be very much like the drafts and grants for the poloniex gateways. But it will only be one sided. I will operate the NuBot, the FLOT will deposit NBT and I will return the BTC. I plan on doing weekly transfer…

The gateway can be used by any T4 party, FLOT or JL
with any amount they see fit.

This grant is now set for voting:

BA8di3FFBADAFQmRwEqiAocrkBoMDPBQQu , 1 NBT

I have asked assistant to hash the grant. Waiting…Ready after a day

Motion RIPEMD160 hash: 5618601dfd37b1527958cce583a1513d8e415d61

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HitBTC NBT Entry GatewayIntro@zoro - below called “the operator” - will run a single sided NuBot on HitBTC. The liquidity is being broadcast using a custodial address to allow tracking the liquidity situation of the bot. The operator promises to send all funds to a FLOT multisig address upon request of a majority of the FLOT members or by a passed NSR holder motion.

Spread: 1%

Availability: The operator offers to check for NuBot’s operation on a daily bases. This translates in a response time of at least 24 hours worst case.

Begin of operation: Operation begins on the day NuBot puts the first NBT deposit of funds by FLOT on the HitBTC order book

End of operation: Operation is ceased by request of withdrawal of all funds or if operator sends all funds to FLOT multisig address(es). The remaining grant fees will be burned or send to a FLOT’s NBT address. If for any reason the operator has to stop NuBot for a period of time or permanently before the end of the contract, it will be communicated at least 7 days in advance.

Modes of withdrawal:

NSR holders can request withdrawal by motion.FLOT members can request withdrawal to a FLOT multisig address for which they are signer by posting in the forum.The number of FLOT members to request a deposit to a FLOT multisig address equals the number of FLOT members to execute transactions from this address.Once a week the operator may withdraw BTC to a FLOT multisig address,usually during weekends.Compensation: The operator charges 50 NBT for 30 days of operation. To be paid at the end of the period.

Reasoning for compensationNuBot will be running on a private windows server. The compensation is mainly for the weekly manual withdrawals and general monitoring of operations.

Premature activationIf the FLOT deposits funds at the operator’s exchange account, they will be used by the operator as if this motion already passed.

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[willy]

What’s your reasoning to make this sell side exclusive?

[zoro]

this discussion

[Discussion] Liquidity operations - a paradigm shift

TL;DR Better face some risk than spend $13k each month for an unreliable liqudity provision scheme /TL;DR Intro In the past days I've spent an enormous amount of time and effort dealing with liquidity operations. Now that the situation has a bit calmed down I thought about improvements. I tried to identify what went good, what not so good and what even bad. Findings Arbitrage doesn't work. The inter exchange arbitrage doesn't work. As long as a pool is below the target, there's just no in…

and the latest proposal by nmei

[Passed] Single Sided NBT Gateway on HitBTC - Updated 18FEB16

Hello community. Since I already had a NuBot running on HitBTC when I provided liquidity I can easily continue to use it for Nu. Considering the move to have FLOT funds be used for BTC liquidity outside of Polo and Bittrex, I thought this would be a prime example of that effort. It will be very much like the drafts and grants for the poloniex gateways. But it will only be one sided. I will operate the NuBot, the FLOT will deposit NBT and I will return the BTC. I plan on doing weekly transfer…

[masterOfDisaster]

I appreciate the direction!

Compared with my modPuddle operation at hitBTC ($1,500 liquidity for 225 NBT per 30 days) it seems to be a bit expensive.
Of course that depends on the trading volume.
If you really have to refill every day, the 150 NBT is well-earned.
The SAF is high enough to provide some gain with the traded funds.

What about applying for 1,000 NBT from Nu funds, which get refilled once per week (if necessary), you withdraw BTC proceeds once per week and offer that service (none of your funds at risk) for 50 NBT per 30 days?

[huafei]

and next can we setup nubot at bter ,Bittrex , CCEDK ?

[Nagalim]

You can anytime you want.

[Cybnate]

and next can we setup nubot at bter ,Bittrex , CCEDK ?

Will also have a PyBot for Poloniex, Bittrex and CCEDK soon…

Re proposal in OP:
I also wondered whether daily refilling is required on this exchange. I think we need better trade-offs between SAFs and rewards. The close the peg the higher the compensation which is mainly covered by the ALPs. The next layer should have more spread against a medium cost , after that automatic bots filled by FLOT can cover with the widest spread. That should not come at a great cost other than custodians ensuring the bots are running and transferring funds back to FLOT once week or so.

[zoro]

I was thinking to offer something different than a gateway. But this is not a big exchange (yet) thus my proposal seems a bit expensive.
The strange thing is that i feel more “relaxed” when i am risking a small amount of my funds than handling a larger amount of NU’s funds. On the other hand, MoD’s proposal is really tempting (like nmei’s grant) since the operator will have much less work and it is very cheap for NU.
Thus i think i will make a clone of nmei’s grant.

[zoro]

I changed status to “voting”.
But i am still waiting for assistant to hash the grant!

[masterOfDisaster]

I haven’t tried that myself, but you could use https://daology.org/ instead.

[zoro]

I just got the hash!

[cryptog]

Nice initiative but why would we need another sell side nubot on HitBtc (which sees only a weak trade volume) while we are about to get nmei’s sell side nubot on the same exchange?

EDIT: typo

[masterOfDisaster]

why would we need another sell side nubot on HitBtc

Nu should consider supporting more than one NuBot operation per exchange for redundancy (device running NuBot, internet access of that device, operator availability etc.) purposes.
I consider sell side NuBot redundancy less important than dual side NuBots, but not superfluous.

[zoro]

Perhaps we don’t need a second or third sell side nubot in a small exchange. But i have the will to play a redundancy role since i have the time and the servers available.
Moreover, don’t forget that even if a nubot grant is passed, it can be idle for months until a deposit is made by flot

[crypto_coiner]

Adding this to my voting data feed for redundancy sake

[masterOfDisaster]

Perhaps we don’t need a second or third sell side nubot in a small exchange.

That doesn’t hurt if multiple operators don’t charge in total (much) more than a single operator.

The benefits of spreading an amount of funds X accross multiple operators are:

• redundandcy for the liquidity operation
• less risk for funds if a operator goes rogue

Drawbacks are:

• more accounting efforts

[Cybnate]

Just not sure why it needs to be sell side only, but I already made my point in the LiquidBits thread.

Will add this to my datafeed.

[masterOfDisaster]

Just not sure why it needs to be sell side only

This is my reasoning for it:

[Discussion] Liquidity operations - a paradigm shift

One additional benefit of having an army of sell side only operations while only sustaining a few dual side operations:

[Cybnate]

With the dual-side PyBots and NuBots an adequeate spread would be beneficial for Nu. I don’t see why that is a problem. Nu would benefit most of time from high volumes on the dual-side NuBots and PyBots most of the time. The main risk is in the BTC price which may decrease, but single-side bots would be exposed to the same risk.

[cryptog]

BA8di3FFBADAFQmRwEqiAocrkBoMDPBQQu , 1 NBT

sorry for the delay.
added.