Proposal: Small dual-side liquidity for currently uncovered pair

[CoinGame]

Is the bot down?

[creon]

No, was it? Just checked the exchange and the order is there. I also received the last email from the bot 10 minutes ago so everything appears to be fine.

[CoinGame]

Oh sorry. I’m not very familiar with their site. I must have been reading the orders wrong.

[creon]

The trading activity is comparably low so far. Thanks to the price increase of BTC I could transform some of the funds into NBT without violating the proposal to provide 5,000 NBT initially as buy side liquidity. I hope that this + the reintroduction of the NBT markets mentioned by @bitcoincoid will help to attract more traders.

[bitcoincoid]

We just broadcast nubits reintroduction few hours ago. We mention about nubits finally have custodian in our market. I will try to keep monitor how it looks like in the next few hour.

[creon]

I think what we need are some NuBits over there. Each time I am transferring some NBT to your exchange they are sold out soon after that. There were even NBT buy orders above 1 USD value temporarily.

The thing is that I promised to start with a buy side liquidity, so am not able to simply transform half of the funds into NBT without breaking this promise. So I’d like to encourage everyone who is interested to send some NBT there - you’ll probably be able to sell them at a very good price with 0% trading fee.

EDIT: Besides that it is nice to see that the volume increased x10 over the last days, with 363 NBT over the last 24 hours.

[cryptog]

Very interesting. At this exchange there is more demand than offering…Does it imply that the Indonesian trader sees a lot of potential in NuBits as a currency?

[Cybnate]

Maybe it is not only traders and hedgers, maybe they start using it as a currency as it was designed for.
I hope they can find the NuBits Android wallet as I understand that there are high numbers of mobile phones amongst the Indonesian people.

[creon]

Does it imply that the Indonesian trader sees a lot of potential in NuBits as a currency?

Well its hard to make a statement about “Indonesian traders” after one week with less than 1 BTC daily trading volume

To me it looks like not many of the users on bitcoin.co.id have accounts on other cryptocurrency exchanges and therefore only few take the opportunity provided by the arbitrage. I think once there are more NBT on the exchange for the traders “to work with”, then we will also see more hedging.

[bitcoincoid]

statement about “Indonesian traders” after one week with less than 1 BTC daily trading volume

To me it looks like not many of the users on bitcoin.co.id have accounts on other cryptocurrency exchanges and therefore only few take the opportunity provided by the arbitrage. I think once there are more NBT on the exchange for the traders “to work with”, then we will also see more hedging.

Hi Creon

It seems like now our exchange trading volume for Nubits is higher than Poloniex after we relaunch the Nubits

1 AllCoin NBT/BTC $ 964 $ 1.00 34.86 % Recently
2 Bitcoin Indonesia NBT/BTC $ 957 $ 1.02 34.62 % Recently
3 Poloniex NBT/BTC $ 645 $ 0.994329 23.32 % Recently

[cryptog]

Nice but it s still low volume…

[creon]

Right now the pegged price for 1 NBT is 0.003576 BTC and you can buy NBT at this price on poloniex. And also right now, you can sell ~500 NBT on Bitcoin.co.id for 0.003628 BTC each, because people are willing to pay much more than 1 USD to get NuBits. Why is nobody taking this opportunity?

I will rebalance the liquidity a little bit. I think this is in the interest of the shareholders.

[cryptog]

Why is nobody taking this opportunity?

Apparently the gain would be 7NBT max…

[creon]

In the last 24 hours a problem began to appear that NBT sell orders cannot be submitted by the bot because the API thinks its LTC. At the current state I believe that the issue is on bitcoin.co.id’s side (I messaged them already).

Right now the bot always starts, trys to submit the orders, then sees that something is wrong and deletes all orders, over and over again, so we cannot speak of “liquidity” that it is providing right now. I hope that we will be able to resolve this issue soon. The last day, and all upcoming days with broken functionality, will be appended to the term.

Sorry for the inconvenience.

[creon]

After some correspondence with Bitcoin.co.id they implemented the required field in the API object, which however just lead to another error. There indeed was another problem with the NuBot. @desrever @benjyz @woolly_sammoth I wanted to report this on bitbucket but there is no public issue tracker in the project, so I’ll post it here:

Line 228 in BitcoinCoIDWrapper.java creates a number format string like “2,452.3455”. The API simply doesn’t like the comma as separator. After removing it my NuBot now successfully submits sell orders of more than 1000 NBT.

The operation will be extended to June 3rd 0:01 UTC.

[woolly_sammoth]

Thanks for the spot creon. I’ll make the update now.

[benjyz]

I wanted to report this on bitbucket but there is no public issue tracker in the project,

AFAIK one only needs a Bitbucket account, but that should be all: https://bitbucket.org/JordanLeePeershares/nubottrading/issues

[creon]

AFAIK one only needs a Bitbucket account, but that should be all:

No, I am getting “Access denied” when trying to open this link. I am logged and my username is creon-nu. There is also no “Issues” link in the navigation sidebar of the project page as it is usually the case on bitbucket projects.

[benjyz]

Right, the issue tracker is currently closed. I have suggested to open it up.

[bitcoincoid]

Yes, I hope global trader will also trading Nubits in our exchange soon