Upcoming NBT Exchange - Liquidity providers needed [HitBTC added us]

[Nagalim]

We don’t have a wrapper, so I can’t start operation until that happens.

@HitBTC can you tell me what the Tx fee is for nbt/btc? I’m having trouble figuring it out with all the rebate stuff.

[nmei]

Exciting times!
I’d split operations with you Nagalim… If you’re willing. BTC or USD - your call. If not - that’s fine.

[Nagalim]

Maybe we could make some competitive ALP motions and let shareholders decide? If you’d rather not do that I can take btc cause it’s already up. I’d be offering a 1.2% SAF I think because the fee is only 0.1% instead of 0.2%. It’d be fun to try fixed cost on this pool and bter at the same time. Otherwise, I could do something like 0.25%/day with 2,000 NBT targets for starters.

Anyway, the wrapper won’t even be started until the one for southx is finished and reviewed, so we have time for discussion for sure.

[tomjoad]

Welcome @HitBTC! I’ve had the pleasure of communicating with them the past couple weeks and they are indeed the mystery exchange in question. I’m looking forward to a productive partnership emerging with HitBTC, starting with the introduction of liquidity operations when NuShareholders make a decision on a provider.

[desrever]

I asked @HitBTC if they could flip the NBT/BTC pair before traders get used to it.

[masterOfDisaster]

Good catch and good idea!
It’s so much more convenient to see how much NBT needs to be paid for BTC than the other way round!

BTC/USD 244.75
BTC/NBT 246

is much easier to get than

BTC/USD 244.75
NBT/BTC 0.004065

[desrever]

yep, @Excoin (RIP) got it right

[masterOfDisaster]

Too bad they are no longer on the market…

[henry]

NuLagoon would love to support another active exchange if the NuBot is ready. Because NuLagoon’s fee is already capped, there won’t be any addtional cost for NushareHolders.

[desrever]

Nice! Most of the wrapper is already figured, wait a couple of days before release.

[cryptog]

Because NuLagoon’s fee is already capped, there won’t be any addtional cost for NushareHolders.

Wouldn’t that be a bit contradictory: offering more liquidity for the same reward?

[zoro]

i guess the cap hasn’t been reached yet?!
not enough nulagoon’s users yet?

[masterOfDisaster]

Wouldn’t that be a bit contradictory: offering more liquidity for the same reward?

It’s not contradictory.
A part of the fee for NuLagoon is compensation for the LPs and a part is for NuLagoon’s efforts.
It depends on how you perceive it:

• @henry offers a little bit of extra service for the NuLagoon operator fee that is paid or
• @henry offers that NuLagoon does what it’s getting paid for: managing the pool

I welcome that either way - the sooner there’s LP support at hitBTC, the better for Nu.

It’s not more liquidity that is provided (not in total) and for the compensation of the LPs it’s not important at which exchange the money is put in walls.
I understand that a part of the funds NuLagoon manages is moved to hitBTC to have a “Nu ensured peg” there.
NuLagoon can only provide more liquidity of people send more funds to NuLagoon.

[desrever]

UPDATE : beside some minor flaws in the documentation, some “unusual” design choice in their API that I will clarify with them, there is a basic problem I am experiencing right now with multiple orders. Just took four minutes to send requests to cancel 10 orders sequentially.

Is anybody able to confirm this? I suspect this will need some kind of intervention on @HitBTC side. I can’t really imagine having NuBot working as expected at that speed.

EDIT: looking better now… I hope the glitch was temporary

[henry]

cap hasn’t been reached yet?!

It is already reached. cap is reached when total assert of NuLagoon is above 49k.(currently 55k) In other words, the liquidity over 49k (currently 55 - 49 = 6 k) does not need NuShareHolders to pay.

To support another exchange does not necessarily need more fund in the case of NuLagoon. We only need to increase some tier1 and tier 2 fund. The tier 3 fund is shared by all the exchanges which NuLagoon operates on.

[seki]

who is paying for these “extra” 6k?
does this mean that the pool A,C,D rates have been decreased due to this cap?
sorry for the off topic

[HitBTC]

for today Market-Making conditions apply only to fiat pairs.
But for new currencies we always offer zero trading commissions for the first few months.

[masterOfDisaster]

for today Market-Making conditions apply only to fiat pairs.

What about tomorrow? NBT is like fiat, albeit in a decentralized and blockchain based way

[HitBTC]

We will think about it

For today we need to plug in liquidity providers NuBot to fill order book.
Then start mass promotion of NuBits and add fiat pairs NBT/USD!
hope on your support.

[masterOfDisaster]

plug in liquidity providers NuBot to fill order book.

From my side this is already under construction: Running NuBot on a RaspberryPi with Raspbian

As soon as the wrapper for hitBTC is finished I’ll start a test run on the exchange.
Expect some USD value to be in the order book once I feel confident of running NuBot on hitBTC

I haven’t thought about the details of the grant, but that can wait until I know that I’m able to run NuBot there.

edit: the first test deposits at my hitbtc account have been executed