Prohashing Mining Pool Forums

We got listed on Cryptopia!

https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC
https://www.cryptopia.co.nz/Exchange?market=NYAN_UNO

These will be the main two I'll be bidding, although there's also

https://www.cryptopia.co.nz/Exchange?market=NYAN_DOGE
https://www.cryptopia.co.nz/Exchange?market=NYAN_LTC

which I might put bids on. /DOT, maybe. Feather and Popular I doubt I'll make any serious market in.

Right now, Cryptopia is ahead of Cryptsy, significantly. I expect it to continue to lead, but I expect and hope that arbitrage with Cryptsy will also start. I'm sure I don't need to tell you about Cryptsy withdraw issues, but it still ends up working in the end. High enough spread to easily beat the 0.5% fee too.

Thanks again for all of your great support and I hope you make some money on the arbitrage!

Congratulations on getting listed! We will have Cryptopia support soon, so we will add that market soon.

Thanks!

There's still open arbitrage there: I'm bidding on Cryptopia up to around 30 satoshi right now, while on Cryptsy the highest bid is 25 and there are asks at 26. Once you guys are trading on both, I expect there will be a lot of interesting arbitrage opportunities.

I've essentially doubled my mining profits doing arb between Crapsy and Cryptopia. It is fairly easy to make 6 sats.....well it was until a bunch of you jumped onto something I've been doing since Nyan got listed on Cryptopia Some idiot keeps putting up ridiculously sized buy and sell walls that squeeze the margins too much. If you are the one doing this.........STOP IT!!!!!! Right now there is a 700,000+ @35 sats sell wall only 3 sats off of buy. That creates pitiful margins. Yesterday someone, likely the same person had a 660,000 buy wall @30 and is now selling it at 35 sats. You can make more than that!!! Before the huge buy/sell walls I was buying @26 and selling @40 with fast turnover.

lol, well I'm glad you've made some money from the buys I've made on Cryptopia. I don't sell NYAN. I don't know who's the one with those sell walls. I'd buy them if I could, but I'm too tight on funds right now to buy it up.

I'm trying to keep the spread no larger than about 5 satoshi or so. I'm stretching that a little far right now, but I don't want to bid much beyond 30 sat on Cryptopia until the bids are above 25 sat on Cryptsy and the 26 asks are bought, etc...

Edit: I'm not buying on Cryptsy anymore myself. I just don't want to deal with them further. But as long as a person has coins on there anyhow, I feel like buying NYAN on there and withdrawing it is a good idea in any case.

coinaday wrote:
I'm trying to keep the spread no larger than about 5 satoshi or so.

Then you are not trying to get the best possible price

Whoever has the huge walls doesn't have a clue how to trade........simple as that. Sell walls can be used to incite panic to crash a coin...then buy cheap to resell much higher later. Simple bear strategy. But that doesn't work on a small market cap coin. It just erodes any confidence in the coin and we move on to the next one.

If you have a large number of small cap coins, don't mass sell them in a wall FFS. In this example the 700K should be split into several different price ranges and only offer medium amounts for sale. If this larger holder had a clue about trading he/she wouldn't be doing it. He/she could make MUCH more by setting up sells(in this case) starting at 35 sats, say 40k coins, another 40k @36, another 40k @37 etc. until 45 sats or so. As the market buys into his/her sells then gauge the market and adjust to take whatever profit is available. As your coins sell simply add in more at the top price they are selling for. Job done.

Small margins discourage speculators. Huge walls limit profits and margins as well as discourages miners from holding. If a miner has 1k coins and has a choice of selling at 30 sats, or placing an offer @ 31 sats on top of a huge sell wall, he will dump at 30 knowing his 1k coins would take days to sell. It kills small cap coins, but people do it constantly.

Trading require VOLUME. Small margins and huge walls discourages volume, but encourages dumping. For a small cap coin that is game over

Some1notu wrote:

coinaday wrote:
I'm trying to keep the spread no larger than about 5 satoshi or so.

Then you are not trying to get the best possible price

Whoever has the huge walls doesn't have a clue how to trade........simple as that. Sell walls can be used to incite panic to crash a coin...then buy cheap to resell much higher later. Simple bear strategy. But that doesn't work on a small market cap coin. It just erodes any confidence in the coin and we move on to the next one.

If you have a large number of small cap coins, don't mass sell them in a wall FFS. In this example the 700K should be split into several different price ranges and only offer medium amounts for sale. If this larger holder had a clue about trading he/she wouldn't be doing it. He/she could make MUCH more by setting up sells(in this case) starting at 35 sats, say 40k coins, another 40k @36, another 40k @37 etc. until 45 sats or so. As the market buys into his/her sells then gauge the market and adjust to take whatever profit is available. As your coins sell simply add in more at the top price they are selling for. Job done.

Small margins discourage speculators. Huge walls limit profits and margins as well as discourages miners from holding. If a miner has 1k coins and has a choice of selling at 30 sats, or placing an offer @ 31 sats on top of a huge sell wall, he will dump at 30 knowing his 1k coins would take days to sell. It kills small cap coins, but people do it constantly.

Trading require VOLUME. Small margins and huge walls discourages volume, but encourages dumping. For a small cap coin that is game over

I think that you are incorrect. There was one time where we ended up with $2k of Friendship2coins due to a bug (I'm not certain of the coin it was). Chris sold down the market 20% and then put up an enormous sell wall, and found that someone bought all the coins the next day.

His theory is that there are people who want to buy a lot of some coins, but they can't get their hands on them because the market depth is too shallow. When someone puts up a huge wall, it enables these high-volume traders to buy a lot of coins all at the same price. Someone always tends to come around and take advantage of such opportunities.

As to the arbitrage, I noticed that too, but we do not participate in arbitrage as it is outside of our core business. We simply sell at the best price. There are opportunities to take advantage of this arbitrage for others, but for us it doesn't matter, because we aren't paying people out any more than we promised them.

Steve Sokolowski wrote:

Some1notu wrote:

coinaday wrote:
I'm trying to keep the spread no larger than about 5 satoshi or so.

Then you are not trying to get the best possible price

Whoever has the huge walls doesn't have a clue how to trade........simple as that. Sell walls can be used to incite panic to crash a coin...then buy cheap to resell much higher later. Simple bear strategy. But that doesn't work on a small market cap coin. It just erodes any confidence in the coin and we move on to the next one.

If you have a large number of small cap coins, don't mass sell them in a wall FFS. In this example the 700K should be split into several different price ranges and only offer medium amounts for sale. If this larger holder had a clue about trading he/she wouldn't be doing it. He/she could make MUCH more by setting up sells(in this case) starting at 35 sats, say 40k coins, another 40k @36, another 40k @37 etc. until 45 sats or so. As the market buys into his/her sells then gauge the market and adjust to take whatever profit is available. As your coins sell simply add in more at the top price they are selling for. Job done.

Small margins discourage speculators. Huge walls limit profits and margins as well as discourages miners from holding. If a miner has 1k coins and has a choice of selling at 30 sats, or placing an offer @ 31 sats on top of a huge sell wall, he will dump at 30 knowing his 1k coins would take days to sell. It kills small cap coins, but people do it constantly.

Trading require VOLUME. Small margins and huge walls discourages volume, but encourages dumping. For a small cap coin that is game over

I think that you are incorrect. There was one time where we ended up with $2k of Friendship2coins due to a bug (I'm not certain of the coin it was). Chris sold down the market 20% and then put up an enormous sell wall, and found that someone bought all the coins the next day.

His theory is that there are people who want to buy a lot of some coins, but they can't get their hands on them because the market depth is too shallow. When someone puts up a huge wall, it enables these high-volume traders to buy a lot of coins all at the same price. Someone always tends to come around and take advantage of such opportunities.

Evidently you missed my point entirely which was based on maximizing profits on small cap coins. In your example, as well as mine, if you had spread your coins out over a wider price range the buyer would still have gotten the coins he wanted........and you would have made a higher profit.......without killing margins for other buyer/sellers. You NEVER want to cripple margins on a low cap coin. Spread your wall over a price range instead of clumping it into one price. It isn't rocket science. If someone will buy at 1 sat, see if they will buy at 2, or 3, or 1000 etc. Why limit your profit? The last time I checked you CAN have more than one order, and can adjust them to market conditions

Steve Sokolowski wrote: As to the arbitrage, I noticed that too, but we do not participate in arbitrage as it is outside of our core business. We simply sell at the best price. There are opportunities to take advantage of this arbitrage for others, but for us it doesn't matter, because we aren't paying people out any more than we promised them.

Oh? I'd misunderstood; I thought I recalled a comment on Reddit at one point that talked about arbitrage between /BTC and /LTC markets for a given coin on Cryptsy. I thought that made sense if one is trading in an automated fashion between multiple markets like that.

Some1notu wrote: Evidently you missed my point entirely which was based on maximizing profits on small cap coins. In your example, as well as mine, if you had spread your coins out over a wider price range the buyer would still have gotten the coins he wanted........and you would have made a higher profit.......without killing margins for other buyer/sellers. You NEVER want to cripple margins on a low cap coin. Spread your wall over a price range instead of clumping it into one price. It isn't rocket science. If someone will buy at 1 sat, see if they will buy at 2, or 3, or 1000 etc. Why limit your profit? The last time I checked you CAN have more than one order, and can adjust them to market conditions

I think you may have misunderstood what I'm doing. I'm buyside only. When I talk about limiting the spread, I'm talking about not paying too much more on Cryptopia than Cryptsy is paying. The thing I'm doing that's not maximizing profits is I often push the market higher with my buys than would be necessary, although I'm more limited on this than I would like now because my gambling funds are low at the moment.

I already own ~25% of the current supply, so if my buys push the price up, it's not a bad thing for me although I may pay a bit more for a few coins than I would need to if I were more patient. Over this year of trading in NYAN I've learned a lot about working to make price rises that are sustainable. The biggest complication is usually afk factors changing available gambling funds.

Anyhow...enough of my babbling on my trading. Just wanted to make sure that prohashing was aware there might be better NYAN prices on Cryptopia sometimes now that those markets are open, and that's been accomplished.