[Withdraw] Ending NuPond Operations on Bter

[Cybnate]

You might be right, is it more efficient than this?

CCEDK signs bank agreement - Zero deposit fees on USD, EUR and CNY next two months

USD and CNY is now no longer 4-5 days, but down to day to day and a half, provided deposit info and corresponding bank is correctly filled out.

[mhps]

You might be right, is it more efficient than this?

day and a half

Way faster than that. You chat on QQ with an exchange agent and finish fund transfer using your favorite online payment app, done in a few minutes. Quite often you don’t even need to chat.

[Nagalim]

I can totally keep the server running with 0 rewards. I could reduce the pay drastically, but then what message are we sending by drastically reducing support mid term? I would much rather either end it or finish out the term.

You have to understand what happened with the fee thing. They charged everyone, including the people they owe money to, 1% on all money on exchange. This is unprecedented. What stops them from doing it again tomorrow? This is basically them just taking 1% from everyone on the exchange with no warning. That’s intense. (Not to mention that +1% on deposit and -1% on withdrawal actually amounts to a total of -0.01%).

Please, everyone keep conversing. I could do like Cybnate says and just end operation, taking whatever fees i feel im owed from the burned funds, then demolish the server.

[huafei]

no need to end the pool， just turn off fixed cost and back to fixed reward. all the risk is for LPs.

we have less exchange to used before b&c.

[mhps]

This is unprecedented.

It’s just another day in cryptoland. They took 100% from customers once. What has just happened can be seen as a 1% default. We took the risk when we started.

[Nagalim]

Yes, it is a 1% default. Maybe we should just keep the cny pool up? We dont really have a good way of filling the cny buy side though…

I’d be down with going back to fixed reward or greatly reducing the cost (depending on whether shareholders are trying to keep a low volume peg or just a catch as catch can kind of hope someone shows up thing) however the operator cost would still be there.

So the way i would see that happening is that I would finish out term 7 and would switch to a low-cost operation for term 8. Id imagine i could do $1/side/pair and just have the entire grant be $120. (+300 nbt for term 7 operator, but that’s a technicality) I’d probably charge something like $50/month operator for just the continuation of these low-cost bter pools. That would give a total monthly grant of $170.

Or i could take MoD’s suggestion and put all the cost on sell side, so it would be $2/day/pair for the sell side and nothing on buy. I fear that the repurcussions of the switching problem on single sided ALPs has not been properly analyzed however.

And finally, i can combine NuPond with the Passive NuBot on Poloniex and thereby share the server cost between the two grants, such that we could reduce the monthly cost to $150/month.

[mhps]

We dont really have a good way of filling the cny buy side though…

Let’s see Fixed Cost do its work. I say $2/side/pair $290 / mo. We are paying 10,000/mo total. This is peanut.

[zoro]

You can do multiple grants and shareholders choose what they want. but this is a lot of work.
The CNY pair is useful for Chinese customers.
Nevertheless i think the point is not the 1% tax-reward but how trustful is bter.
Moreover i think that fixed cost did a little magic there since i see some LPs getting more than 1%/day as payment by risking a small amount of their funds.

[huafei]

but how trustful is bter

your are right, the coming holiday always running time , you can see the coin at yuanbaohui.com up and down is for the big holiday

[nmei]

I don’t like bter, but I can agree to keep the cny pair running.

[cryptog]

I think we could try reducing costs and increase liquidity.
Bter is not that important so we can risk experimenting but completely shutting down right away with no gradual decrease is probably not a good idea.