Proposal for NBT/BTC dual-side liquidity provider on Exco.in

[desrever]

This is a proposal to provide dual-side liquidity for the BTC/NBT pair on Exco.in

I am a known and active member of the community, having worked mainly on NuBot.

I propose to act as Liquidity Provider on Exco.in

Address : BPHsKTvZdRXKa5jabgxwuSpLd2obFT4L2a
Amount : 1 NBT

If elected, I will deposit a BTC equivalent of 20,000 NBT to Exco.in and operate NuBot in dual side mode. Under this proposal, I will let the funds trade between the buy and sell side of the BTC/NBT currency pair for a period of 30 days, starting as soon as possible after the election.

In exchange for this service, I demand the 1 MIL NSR bonus proposed by @JordanLee .

Again, to vote for this proposal configure your client to cast for

Address : BPHsKTvZdRXKa5jabgxwuSpLd2obFT4L2a
Amount : 1 NBT

Exco.in exchange is just a few days old, and despite the excellent platform and engine, this operation carries its risks.

Note : I have recently been elected for testing the NuBot multiple custodians feature, where I will try to fine-tune the bot to minimise the risk of wall collisions among custodians. This proposal is unrelated.

[woolly_sammoth]

Got my vote.

[tomjoad]

One of the easiest votes I’ll make here. Voted.

[seki]

voted

[JordanLee]

This proposal is eligible for the 1 million NSR bonus.

[mhps]

voting for you.

[desrever]

Status update :

“block_percentage” : 33.61000000,
“shareday_percentage” : 35.44849639

Moving forward

[desrever]

“block_percentage” : 45.80000000,
“shareday_percentage” : 51.66054986

Unless something radical changes in the next few hours, the grant will pass.

As you might notice from another thread, Exco.in will the first to implement the NBT/BTC pair swapped, so that prices are shown in NBT .

While the API wrappers for Exco.in are ready, we are still working on the swap “logic” required . Should be done during the weekend and ready for testing on monday.

have a nice day.

[desrever]

In the last hours I am seeing a decreasing block percentage : after topping at 49% is now down to

“block_percentage” : 48.60000000,

Some shareholder withdraw the support or a new clients came online and are not casting the vote

[woodstockmerkle]

For such a straightforward proposal to have a challenge in crossing 50% seems to be indicative of a challenge – as NuShares expand, perhaps it is expanding to people that have likely less frequent interaction with the community or full understanding of their responsibility.

I’ll reiterate that the concept of having the protocol and client be able to “abstain” from votes, park rates, and motions, while still being able to mint, may be beneficial.

Having the client start up in an abstain mode as the default configuration, with sufficient messaging in the UI, would be a great way to direct new NuShare holders to understand their responsibility.

[JordanLee]

Data feeds will address the issue of shareholders not paying close attention. The first iteration of data feed functionality (in version 0.5.3) is developed and has passed basic testing. At risk of drifting off topic, I will mention we need people who intend to publish (provide) data feeds to help us test it further. Please contact @CoinGame if interested in providing a data feed. It isn’t something you get paid for, but it does permit you to have more control over the network, which can be meaningful.

[mhps]

Some shareholder withdraw the support or a new clients came online and are not casting the vote

There was a relatively sharp increase of minting power yesterday, from 0.00018xx to 0.00019x. It’s possible the new minter(s) are not voting.

[desrever]

The grant passed @ 14/12/14 08:59 .

I will start operations as soon as the Exco.in integration is ready.

[desrever]

Update : Exco.in NuBot integration ready and being tested. During this test period you’ll see small amounts of liquidity info submitted. Everything is under control, will operate the 20k liquidity provider as soon as tests passes.

[desrever]

Operation started on Excoin

The LPC provider operation just started ( 28 December, 13:00 GMT ) and will run for 30 days.

https://exco.in/exchange/NBT/BTC

Deposited 64.61 BTC =~ 20300 NBT, (source http://preev.com/ )

Orders live :

Important Note :
Excoi.in BTC_NBT market is swapped : NBT is the payment currency and BTC is the order currency. Prices are therefore expressed in NBT. Sell side liquidity is provided through “buy BTC orders” (and vice-versa) . The bot has been updated correctly to report the correct liquidity info.

Liquidityinfo :

"BPHsKTvZdRXKa5jabgxwuSpLd2obFT4L2a" : {
"buy" : 20255.93080000,
"sell" : 14.16390000
},

I am pretty amused on how the Exco.in team rapidly and professionaly responded to all our requests. Their trading engine is very advanced and solid, they have a beautiful UI, proof of reserve, streaming sockets … While this operation is pretty risky given the novelty of their system, I confidently say that the community should definitely give it a try and spread the word

I also hope someone buys my BTC with NBT so I can stop worrying about volatility .

[henry]

I am doing some preparations of my operation now.
I will buy 10k nubits before the operation and start with 10k on sell side and 10k on buy side.

[desrever]

I will buy 10k nubits before the operation and start with 10k on sell side and 10k on buy side

mmm, please check this with @JordanLee, I am not sure that sell side is needed that way. By doing so you will be only providing 10k of buy liquidity.

[mhps]

Orders live :

Why in the screenshot there are two entries of the same order? I find the same in the ccedk orderbooks. Is it related to the way bots operate?

[desrever]

It is, orders are splitted in half

[Ben]

More accurately it is better described as “two orders for the same amount/price”