[Withdrawn] Proposal for low-fee USD dual-side liquidity

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 have successfully fulfilled a recent liquidity provider contract, proving my competence and abilities in this role.

BEGIN MOTION
If elected, I will deposit a USD equivalent of 4,000 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. In exchange for this service, I request a fee of 900 NBT after services are rendered. At any time during the 30 days, I reserve the right to rescind this agreement, which would release the obligation of shareholders to pay any of the associated fee.

After services are rendered in accordance with this motion, shareholders are obligated to pass the associated custodial grant proposal in order to render payment.

Address: BGVEMC9CuNjV1589ZkkRK2CGsTNsApnfqZ
Amount: 900 NBT
END MOTION

A few thoughts:

  • We have had no other proposals to bring new money to the NBT/USD on CCEDK, possibly due to the fact that this currency pair requires a wire transfer and AML/KYC documentation, which increases the barrier to entry. Adding new money as a backstop on this pair would improve the NuBits offering on that exchange.
  • This proposal replaces a prior proposal, sharply reducing the associated fee.

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

Motion hash: E8FA96475D4B2A919724A4ED206DC40B2A556BDA

Thank you for your support.

I’m more interested in this proposal, but I’m still struggling to see the value of having a custodian providing their own money on the USD/NBT pair given the liquidity floating around on the other pairs. It seems to me that this is adequate, although risky in its own way. I would appreciate to be better informed why this warrants a custodial grant at all at this moment and why that is valuable for the Shareholders. Hope someone can enlighten me.

Might need a lesson in economy…

some questions, why you reduce the amount from your previous proposal?
you see there will be no need for a greater amount than 4K or you wanted to
reduce your risk in order to lower you fee, or both?

Thanks for the question. I believe there may be a greater need than 4K, but the currency pair has 0 support right now, so this is a step in the right direction. Because this is a USD pair, multiple custodians can operate on it simultaneously without danger of self-trading, so there is the opportunity for other custodians to provide further support.

I reduced the amount in order to reduce risk so that the fee can be lowered.

There is about $0.50 in the entire USD section of CCEDK. Your buy wall would be the entire USD balance shown on the site. I just cannot see the amount of value you are asking for. USD/NBT doesn’t have any USD support on CCEDK because nobody has any USD there.

Now if CCEDK realized what NuBits could do for their exchange, they might want to provide liquidity for NuBits to easily get USD in the hands of their customers who are not going to jump through all of the hurdles Chronos is gratiously willing to do.

Has anyone thought of just depositing some USD on CCEDK and to buy NBT from the Sell wall? If I understand it right, the USD will go back onto the buy side until somebody sells into it.

Due to a lack of shareholder support, this proposal is now canceled. Thank you.

@Chronos Anyway I appreciate your effort to provide liquidity.