Today is the 100th day of the Nu network. NuBits has reached second overall in worldwide trading volume for the day!
and this is only data from exchanges. we don’t know about trading with other means like local trading
8 hours later still (or again?) [second place] - awesome!
Discourse messes with embedding the picture - please click the link (…second place…) in case you wonder about the second place
how can be sure that this is not a bot making? trading nubits back and forth to just show a large volume?
this question can be asked by nu haters!
That’s a valid question. That can basically be asked for every position.
In difference to trading BTC, LTC or anything else back and forth you can at least say that you know how much fee you are gonna pay if trade NBT/USD back and forth - at a fee of 0.2% and a volume of $700,000 that makes a fee of $1,400.
But hey - the main volume is NBT/PPC. Who would want to create fake volume with anything else than the NBT/USD trading pair? I mean, the PPC price could tank once you have a lot shifted to PPC
(I’d recommend to frequently shift small amounts back and forth )
Honestly it’s hard to counter the accusation that the volume is fake.
It would be beneficial for Nu to let NBT appear successful by creating a high (but fake) volume.
This could be a trigger for NBT to finally become successful.
Haters can validly argument that there’s an incentive to create fake volume.
The only risk of doing that is that it would be disastrous for the reputation of Nu.
I bet that real haters wouldn’t expect Nu to care for reputation.
If I were a real hater, I’d create a shitload of fake volume myself, make that fake volume public and lay the blame on Nu!
14 hours later still second place - with an uptrend in terms of volume and market share:
So what’s with all the volume being PPC on CCEDK though?
BTER volume has really fallen?
Yes I was going to say this. Bter volume has declined a lot, I like seeing that big volume but I wish it was spread out on more exchanges.
Is this the first time we passed Litecoin in volume?
Fallout from the BitBay allegations?
could be… but is their trading down across the board like that?
also it seems to me that if NBT has a 1MM trading volume and it’s trading against PPC, than PPC also has a $1MM trading volume. That should be taken up with coinmarketcap / whatever other data aggregates…
Being #2 or #3 in daily volume is a big freaking deal, however, before everyone goes trumpeting from the rooftops… i think this PPC volume needs to be checked out… is there something beign missed here?
PPC/NBT is not included in CMC Peercoin page !
Any reason for that?
maybe this can shed some light
I must be missing something, i don’t see what you’re referring to?
NBT liquidity was moved away from BTer as a precation measure. That could explain why BTer is getting less volume.
I think I know now. The bot follows BTC-E price so closely that CCEDK is the only exchange in the world that has both the liquidity of NBT and and the PPC price action of the deep liquidity that BTC-E has (extreme and sharp high and lows with volume). We know that BTC-E has the deepest PPC liquidity in the world. Now CCEDK gives speculator the same bennefit without having to have that much PPC in house. The hugh vlume on PPC/NBT on CCEDK shows that the speculators recognize it.
Wow, nubots can make deep liquidity makets on any exchange. Nubots don’t have to be deployed on BTC-E for its user to virtually trade on BTC-E! That is the benefit of combined liquidity Jordan has been talking about in his tiered reserve proposal.
Exchanges having nubots running on them really should give Nu a good rate.
can you elaborate on that?
Because the bot follows the bid/ask price with all liquidity deployed at the price “front”. You have to have a very deep market the spread to have that much liquidity at the front normally. For example on ccedk the bot may have these walls:
123 50 sell
121 50 buy
That is a total of 100BTC
On btc-e it typically would be
130 1010 sell
125 460 sell
123 90 sell
122 30 sell
121 20 buy
120 50 buy
118 500 buy
which has 3220 BTC on the exchange.
The nubot follows ask/bid price movement of btc-e, backed by more liquidity at the “front”, using 100BTC at ccedk. Traders at ccedk experience the price action of btc-e, backed by a lot of liquidity where it matters.
Of course this is not without problems. When there are a lot of big traders, as soon as the bot experiences big price movement with a lot of volume on one-side (buy or sell), it could run out liquidity and have risk of loss. Nubots running this way effectively are trading with leveraged-liquidity.