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

nmei · January 30, 2016, 8:55pm

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 transfers. Simple.

My location is Alabama, USA. (GMT-6).

BEfKNxhQRVGAozMGUNkk6Wg6bcke2SE5Dm 1 NBT

=##=##=##=##=##=## Motion hash starts with this line ##=##=##=##=##=##=
custodian hash BEfKNxhQRVGAozMGUNkk6Wg6bcke2SE5Dm 1

HitBTC NBT Entry Gateway

Intro
@nmei - 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 by discretion.

Compensation: The operator charges 100 NBT for 60 days of operation. To be paid at the end of the period.

Reasoning for compensation
NuBot will be running on an existing VPS together with LP opperations. The compensation is mainly for the weekly manual withdrawals and general monitoring of operations.

Premature activation
If the FLOT deposits funds at the operator’s exchange account, they will be used by the operator as if this motion already passed.
=##=##=##=##=##=## Motion hash ends with this line ##=##=##=##=##=##=

https://daology.org/proposals/57d57a1ac3ee0b1f2bea22958fc126a385967383

Nagalim · January 30, 2016, 8:58pm

Would you consider using a 1% offset? So if the price is $400, you would be selling at $404. This corresponds to a 2% spread, but as you are single-side only ‘spread’ doesn’t really have meaning.

nmei · January 30, 2016, 9:08pm

If the community likes 1% i will use it.

Nagalim · January 30, 2016, 9:20pm

Check out this thread:

zoro · January 30, 2016, 9:55pm

Spead can-should be variable. This is my interpretation of passive nubots’ operation.
Am i correct?

Nagalim · January 30, 2016, 10:59pm

It’s meant to be a hands-off thing. We can do variable in the contract but in practice there’s a particular parameter to be set.

nmei · January 31, 2016, 2:17pm

With the ramp down of NuPond support on BTER, are shareholders interested in providing a FLOT NBT sell gate on BTER? If, so I could roll that into this proposal. I would only charge $120 for everything for 2 months.

Nagalim · January 31, 2016, 2:19pm

I really dont think we should put shareholder funds on bter. Also, you cant do a gateway for cny, so you would only be talking about btc, i assume.

Maybe do one on ccedk’s btc pair?

nmei · January 31, 2016, 2:19pm

Yes, BTC - that’s what I was wondering.

nmei · February 10, 2016, 6:31pm

OK - I asked the assistant for a hash.

BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu 1 NBT

The balance (99 NBT) to be paid in 60 days.

Cybnate · February 11, 2016, 7:41am

Sounds fine to me. Will add this to my datafeed when hashed. Also accepting hash on Daology.

cryptog · February 12, 2016, 2:58pm

looks reasonable and useful. we need to diversify the exchanges that we use. HitBTC is a nice exchange.

BTdQH5QNHU1EHsbAxfbZfQpk9YRR8EDJfu 1 NBT voted.

Cybnate · February 13, 2016, 4:11am

Any luck with the hashing or is assistant not working for you?

nmei · February 13, 2016, 7:40pm

Check daology:
https://daology.org/proposals/57d57a1ac3ee0b1f2bea22958fc126a385967383

Cybnate · February 14, 2016, 4:53am

I just noticed that you have used this grant address at least 2 times before:

I understand that you can’t re use the same address more than once for receiving a grant (at least within the 6 months term). The above supposedly proves otherwise which is interesting.
@CoinGame has something changed in 2.x as far as you are aware?

For now I’ve added it to my datafeed assuming it will go for a third time. At least an interesting experiment. Hope @nmei is comfortable with it.

nmei · February 14, 2016, 8:55pm

Ooops, I didn’t mean to use that one…oh well

I can tell you that even if you do keep using it - as I’ve accidentally done. You don’t get paid when the grant is passed.

jooize · February 14, 2016, 9:18pm

I only see one transaction. What do you mean?

nmei · February 14, 2016, 9:25pm

It was used twice as a grant address - both successful. But only one grant was funded.

jooize · February 14, 2016, 9:28pm

Successful in the sense we can see the vote go through?

Did the grants have different amounts requested?

nmei · February 14, 2016, 9:29pm

Yes it met the required votes.
The grant had 2 different amounts.