Proposal: Small dual-side liquidity for currently uncovered pair

[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

[creon]

For several hours now the API returns an http error when the balance is checked (getInfo POST call). The NuBot therefore does not place any order. This time I am pretty sure that its nothing with the NuBot. I hope we will be able to resolve the issue soon.

Sorry for the continuous interruptions - I hope that you see that the problems that arise are out of my control as a custodian and that I am doing everything possible to get the operation up again.

I’ll report back when I got a reply from the Bitcoin.co.id (or if the issue just disappears). The NuBot is running, so if it just starts working again it will immediately place orders.

[creon]

Update:

The bot is working again. Bitcoin.co.id’s private API was under maintenance and not fully accessible.

[creon]

Hi, sorry for the delay, the last time was quite busy with the pool development. However, now I finished the preparation of the trading data and can present it to you:

• 56,768 NBT were traded against my account
• 500 buys and 468 sells were performed (968 total trades)
• My average NBT buy price was 0.00386392 BTC
• My average NBT sell price was 0.00392589 BTC

The operation ended in a total win of 343.2604 NBT. Below you can see a visualization of the trading activity and the corresponding prices:

Let me know if you would like to see the whole list of trades - I just don’t know right now where to upload it. It is difficult to explain why exactly my operation ended in a win. I could imagine that many traders on bitcoin.co.id flee into Rupia (which is the most traded BTC pair on the exchange) instead of NBT when the BTC price crashes.

I think that I fulfilled the task as originally agreed with the shareholders. As a small plus I also made some minor fixes to the NuBot bitcoin.co.id wrapper such that future operations on this exchange should run much more smoothly. One of the little bugs also lead to a temporary downtime of the bot which I appended to the end date.

Regarding my compensation it would be nice if someone could point me to an example how this should be written. Just to restate, when I originally posted this proposal I was asking for NSR. @desrever then told me that this is not possible anymore. Now it appears to me that those things are encouraged again. Fact is that these NBT will be transformed into NSR, regardless in which way - if I can avoid doing this on an exchange then I would welcome this solution. If the amount is too small for this kind of grants, then I will just ask for my 500 NBT and get them converted somehow. Some input on that would be appreciated.

Thank you for your trust!

[Cybnate]

You asked for 500 NBT in your original grant. Also given the fact that Shareholders can’t automatically distribute NSR (yet), I would request to vote for a custodial grant for the 500 NBT. And you know what? NBT are stable, always 500 dollar

[creon]

Right, especially since I originally asked for NBT, asking for NSR now just would create trouble. Now I looked through the forum for some kind of reference but either I am too blind or there was no LPC operation with NBT grant so far, which wasn’t compensated from the start.

So I assume I just create a new grant now about 499 NBT on the same (?) custodian address, is this correct?

[Cybnate]

So I assume I just create a new grant now about 499 NBT on the same (?) custodian address, is this correct?

You need to create a new address. I’m sure the system can’t provide a grant twice to the same address as it has already passed. Just refer to the old one in your new grant.

[CoinGame]

This is correct. Once a grant passes that address cannot be reused.

[desrever]

Thank you for the report !