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Your order will show up in the order book; but will not impact the LTP (since OTC is not recorded in the Trades data). So if it's far from LTP it would show as a spike/dip that recovers in seconds.
Let me add one more example for BNB
- Suppose you want to buy BNB, urgently and don't mind paying a little extra. (Also assume it is low liquidity since our usecase for this is actually Low Liquidity coins)
- Current price is 760.63 and you don't mind paying upto $800 (suppose)
- You could do a Market Order, but in that case fulfillment is not guaranteed and orders between 760 and 800 and even above 800 will also match with your order (based on how many coins and your slippage range)
- OR you could use the OTC feature to match *exactly* the sell order at $800 and get your order fulfilled at the fixed rate (Assuming the seller's order has enough capacity)
So in this way, you can basically look up the existing order book limit orders and match them for out-of-turn instant fulfillment.
Let me add one more example for BNB
- Suppose you want to buy BNB, urgently and don't mind paying a little extra. (Also assume it is low liquidity since our usecase for this is actually Low Liquidity coins)
- Current price is 760.63 and you don't mind paying upto $800 (suppose)
- You could do a Market Order, but in that case fulfillment is not guaranteed and orders between 760 and 800 and even above 800 will also match with your order (based on how many coins and your slippage range)
- OR you could use the OTC feature to match *exactly* the sell order at $800 and get your order fulfilled at the fixed rate (Assuming the seller's order has enough capacity)
So in this way, you can basically look up the existing order book limit orders and match them for out-of-turn instant fulfillment.
Ok, I understand it better now. But even in this case, this spike/dip will be shown, and all the other traders will be curious how this happened without affecting their open orders. Going from 100 to 120 or the opposite, will have to include their orders. Taking seconds or minutes. I mean, it sounds a bit confusing for someone who doesn't know how this works.
It will affect some open order though. Since the OTC match happens against an existing limit order, the quantity of that limit order would reduce based on the trade.
It would look similar to a Market order execution, so yes while some traders may be confused about the reason for the spike, others would probably identify it as a Market order.
The only difference is that the OTC will fulfill against _one_ order instead of _many_ orders like a market order. This is purely a user convenience where they don't mind paying more than LTP to buy, or earning less than LTP to sell - they just want to trade quickly and step away.
Re: [ANN] Fewbit Coin | Self-governance between SmartNodes - Staking System - Miners
Sporting decent volume on NestEx - https://trade.nestex.one/spot/fbit
Official listing announcement - https://x.com/NestEx_one/status/1943350544640413937
Official listing announcement - https://x.com/NestEx_one/status/1943350544640413937
Hi the feature was just released and some changes may happen in future, but here's the concept of it:
1. User wants to buy from other users without price impact
2. Existing BUY/SELL limit orders are present on the order book
So the user can directly sell/buy from the limit orders. This excludes all AMM/LP orders so it's purely P2P. And since it does not cause a price impact it is OTC.
Yes it's different from how other exchanges are doing this, since we intend to hold 'unfulfilled' orders in the order book along with regular orders, and then it can be fulfilled either by a Limit order, or Market order, or an OTC order.
1. User wants to buy from other users without price impact
2. Existing BUY/SELL limit orders are present on the order book
So the user can directly sell/buy from the limit orders. This excludes all AMM/LP orders so it's purely P2P. And since it does not cause a price impact it is OTC.
Yes it's different from how other exchanges are doing this, since we intend to hold 'unfulfilled' orders in the order book along with regular orders, and then it can be fulfilled either by a Limit order, or Market order, or an OTC order.
So, to understand it better: If I want to buy, let's say BNB, I can do it either through the usual way (by putting an order in the order book) or by putting an OTC order at the price I like/want and wait as I would wait if I make a Limit order. The difference is that my order won't affect the order book and the actual market price of the coin. Correct?
As for the "unfulfilled" orders, what do you mean? There are all orders at different prices (Limit), and all the exchangers keep them. Some, however, charge a fee so the traders can't keep them open until the end of time. So, basically, all the orders that are different from the Market price can be called "unfulfilled" unless the Market price "hits" them, and then they become "fulfilled".
Your order will show up in the order book; but will not impact the LTP (since OTC is not recorded in the Trades data). So if it's far from LTP it would show as a spike/dip that recovers in seconds.
Unfilfilled orders = New limit orders, or Partially fulfilled limit orders. Yes your understanding is correct
Let me add one more example for BNB
- Suppose you want to buy BNB and don't mind paying a little extra
- Current price is 760.63 and you don't mind paying upto $800 (suppose)
- You could do a Market Order, but in that case fulfillment is not guaranteed and orders between 760 and 800 and even above 800 will also match with your order (based on how many coins and your slippage range)
- OR you could use the OTC feature to match *exactly* the sell order at $800 and get your order fulfilled at the fixed rate (Assuming the seller's order has enough capacity)
So in this way, you can basically look up the existing order book limit orders and match them for out-of-turn instant fulfillment.
Once more, another "surprise" addition to the exchanger. I just saw the OTC section. What is this exactly? It seems that it's like an instant/Market order, but in P2P mode? I don't completely understand its use. On other exchanges that offer OTC service, it isn't near to the one that I see in your exchange. I mean, it's something very different.
Hi the feature was just released and some changes may happen in future, but here's the concept of it:
1. User wants to buy from other users without price impact
2. Existing BUY/SELL limit orders are present on the order book
So the user can directly sell/buy from the limit orders. This excludes all AMM/LP orders so it's purely P2P. And since it does not cause a price impact it is OTC.
Yes it's different from how other exchanges are doing this, since we intend to hold 'unfulfilled' orders in the order book along with regular orders, and then it can be fulfilled either by a Limit order, or Market order, or an OTC order.
The threshold is only for the Compound Earning programme. We don't have general account value limits at this time (hopefully will not need to).
So,
- Yes if you add $1000 you will be in the VIP-1 status.
- Yes if you add +$4000 (totally $5000) you will be in the VIP-2 status. Free withdrawals! Yay!
- Yes if you add another +$6000 (totally $11,000) you will still be in the VIP-2 status because higher VIP statuses have not yet been enabled 😅
so, now account balance = $11,000 based on this accumulation. you can add more funds or trade more and make more $$, and there's no limitation there.
But if you make a Compound Earning deposit if $11,000 (suppose) the extra $1000 will be returned to your account. The $10,000 deposit will be honoured in full (so $2,000 in 1 year's time).
If you already have a $10,000 deposit, and you make another one, the new deposit will be cancelled and returned to you. The $10,000 deposit will still be honoured in full.
Does that clarify it? Let me know if I missed anything!
So,
- Yes if you add $1000 you will be in the VIP-1 status.
- Yes if you add +$4000 (totally $5000) you will be in the VIP-2 status. Free withdrawals! Yay!
- Yes if you add another +$6000 (totally $11,000) you will still be in the VIP-2 status because higher VIP statuses have not yet been enabled 😅
so, now account balance = $11,000 based on this accumulation. you can add more funds or trade more and make more $$, and there's no limitation there.
But if you make a Compound Earning deposit if $11,000 (suppose) the extra $1000 will be returned to your account. The $10,000 deposit will be honoured in full (so $2,000 in 1 year's time).
If you already have a $10,000 deposit, and you make another one, the new deposit will be cancelled and returned to you. The $10,000 deposit will still be honoured in full.
Does that clarify it? Let me know if I missed anything!
Well, it's more than enough clarification, thank you!
One small clarification. By this, "If you already have a $10,000 deposit, and you make another one, the new deposit will be cancelled and returned to you", you mean that my deposit will be returned to my main account, correct? Not back on my address that I have send the funds/ coins.
Yes, back to your NestEx balance. Withdrawal to the chain would be a separate thing at the user's discretion
So, we are talking about the general threshold amount and not only for the "Compounding Earning" program? Or no? And if we are talking about the general threshold, how can you define which user can have $5,000 or $10,000? E.g.: I have in my account $1,000, thus I'm in the VIP-1 status. I top it up with $5,000, so now I'm in the VIP-2 tier, or will the system cut me out? How will I go to the upper tiers? I think that I didn't understand well... 
The threshold is only for the Compound Earning programme. We don't have general account value limits at this time (hopefully will not need to).
So,
- Yes if you add $1000 you will be in the VIP-1 status.
- Yes if you add +$4000 (totally $5000) you will be in the VIP-2 status. Free withdrawals! Yay!
- Yes if you add another +$6000 (totally $11,000) you will still be in the VIP-2 status because higher VIP statuses have not yet been enabled 😅
so, now account balance = $11,000 based on this accumulation. you can add more funds or trade more and make more $$, and there's no limitation there.
But if you make a Compound Earning deposit if $11,000 (suppose) the extra $1000 will be returned to your account. The $10,000 deposit will be honoured in full (so $2,000 in 1 year's time).
If you already have a $10,000 deposit, and you make another one, the new deposit will be cancelled and returned to you. The $10,000 deposit will still be honoured in full.
Does that clarify it? Let me know if I missed anything!
Good to hear that things are changing and moving forward to the "Non Beta" version.
I just checked your ToU/ToS, and I see that any deposit in the "Compounding Earning" program of more than $500 will automatically be canceled within a 24-hour frame. So, there is a limit, and it isn't as large as you said earlier ($5,000 or $10,000). Can you please explain which is correct?
I just checked your ToU/ToS, and I see that any deposit in the "Compounding Earning" program of more than $500 will automatically be canceled within a 24-hour frame. So, there is a limit, and it isn't as large as you said earlier ($5,000 or $10,000). Can you please explain which is correct?
RIGHT! I need to update that. My mistake not updating the TOS, it was human error 🤦
It will be updated later today. Thanks for pointing out
It seems that we have the same understanding about it. As you said, since deposits become more numerous and their amounts bigger, it's better to drop a bit of the percentage and make the program more sustainable. I don't know when and if this percentage will change upwards, but the sure thing is that as of now, it's more than good.
Well, it seems that May wasn't the best month for a lot of crypto businesses. I'm sure, though, that this is something that can happen and doesn't look "bad". The drop isn't so big. As for the deposits, it's logical to change the rates if they are more than the ones that you (as a team) expected.
Well, it seems that May wasn't the best month for a lot of crypto businesses. I'm sure, though, that this is something that can happen and doesn't look "bad". The drop isn't so big. As for the deposits, it's logical to change the rates if they are more than the ones that you (as a team) expected.
This is also a threshold to add VIP levels, which is something I had mentioned earlier. This becomes an added benefit for users who hold funds in (1) Compound Earn and (2) Coin Liquidity, since those funds count toward the VIP level and the corresponding benefits. The "slab" for VIP 1 is $1000 and for VIP 2 is $5000. This is calculated real time, so the 1-minute accrual in Compound Earn will see a positive change as soon as incoming deposits are received in the system.
There are 2 current benefits (more coming soon)
1. Discounted withdrawal fees. So at VIP L2 it's ZERO withdrawal fees (okay the level threshold is quite high, I won't say it's cheap)
2. Increased 'Compound Earn' rate - so you can 'compound' the compounding using this
VIP 0 = (base rate), currently 19.5%
VIP 1 = (base rate + 0.1)% so currently 19.6%
VIP 2 = (base rate + 0.25)% so currently 19.75%
VIP 3/4/5 = coming in future.
There will be other benefits for our VIP members. I will announce these periodically. Hopefully we are able to add the major things before August, we were hoping to do a Full Launch in August!!!
The programme percentage will continue to change; but it won't affect those who already have a deposit in place.
If you wish to add more, create a new deposit, it will get 19.5%.
If you break the existing deposit the preferential rate of 20% will no longer apply for that, so you can simply leave that as it is
example (my suggestion):
current deposit: $100 continues to get 20%
new deposit: $100 begins to get 19.5%
example (if you break the deposit):
new deposit: $100 (from old amount) + $100 (new amount) will get 19.5%
If you wish to add more, create a new deposit, it will get 19.5%.
If you break the existing deposit the preferential rate of 20% will no longer apply for that, so you can simply leave that as it is
example (my suggestion):
current deposit: $100 continues to get 20%
new deposit: $100 begins to get 19.5%
example (if you break the deposit):
new deposit: $100 (from old amount) + $100 (new amount) will get 19.5%
Well, if I knew that detail, I would have put more from the start! So, as it is, the faster someone puts their coins into the program, the better.
Since you say that this percentage will continue changing, I guess it won't change upwards but only downwards. Is there any specific number that it will eventually stop changing, or not?
Fair point. The rates are set manually so I don't know the exact logic behind it, but I expect it will regularly change and not really stop at a single point. Currently it may reduce since 20% is actually quite a bit; but maybe in future it could change directions and increase as well.
I would not look at it as a static 'number' and instead as a reflection of the NestEx ecosystem's capacity to absorb funds and assure returns on those funds.
For example earlier we could take deposits of $5000 at 20%; but we now have the capacity to accept $10,000 at 19.5% (I was told to update both MAX_DEPOSIT_LIMIT and DEPOSIT_APR_RATE)
I guess this means our fund utilization is better. Maybe? But this is my understanding of it so if you need more details I could always ask internally.
I logged in to my account and I saw a difference/ change to the "Compound Earn" program. My open plan says 20% per year, but on the main page of my account, it shows 19.5% per year. Did you change the program percentage in general or for the new clients who want to join this? By the way, if I want to top up the amount in my existing plan, can I do it, or will I have to cancel it and then create a new one?
The programme percentage will continue to change; but it won't affect those who already have a deposit in place.
If you wish to add more, create a new deposit, it will get 19.5%.
If you break the existing deposit the preferential rate of 20% will no longer apply for that, so you can simply leave that as it is
Faucets display: Thanks! We've may make a few more tweaks but generally yes we're moving in this direction (tabulated format)
Everyone will have to wait until 10AM UTC: Actually no. We assure that all withdrawal payouts will be done BEFORE 10AM. For example we just did a few payouts 10 minutes ago, and we keep doing that every few hours so our users don't need to wait.
So unless a withdrawal request was submitted at 9:45AM UTC (because that's too close to the 10AM deadline) we try to push it through ASAP.
After review of course.
Everyone will have to wait until 10AM UTC: Actually no. We assure that all withdrawal payouts will be done BEFORE 10AM. For example we just did a few payouts 10 minutes ago, and we keep doing that every few hours so our users don't need to wait.
So unless a withdrawal request was submitted at 9:45AM UTC (because that's too close to the 10AM deadline) we try to push it through ASAP.
After review of course.
It's always good to know and learn new things, such as the tabulated format. I didn't know about it, or what it's called.
As for withdrawals, since there is a "deadline", is there also a time frame that your manual review is "closed"? I mean that 10:00 AM UTC is the final time, and then your next review will be at what time? I guess that the reviewer will need some time to rest.
We try to do withdrawal reviews as soon as possible after the request is given. Sometimes this can even be 3-5 minutes if it's during our working hours. Sometimes it may take longer if there's nobody available at our end to do the withdrawal review. 10AM UTC is roughly half-way through our workday.
Yes we had actually started making everything automatic, but due to Exbitron we added an 'approval' step
The actual withdrawal process is still completely automated; we just need the approval to happen (which is manual right now)
The actual withdrawal process is still completely automated; we just need the approval to happen (which is manual right now)
Yes, I understand this, and as I said, it isn't as bad as a security measure. The problem, though, is that everyone will have to wait until the deadline at 10:00 AM UTC for their withdrawal to be processed. At least, this is what I understand.
I see a change in your Faucets display, and it's significantly better than the previous one. Showing the amount of each coin makes it more helpful, as does the removal of the drop-down menu.
Faucets display: Thanks! We've may make a few more tweaks but generally yes we're moving in this direction (tabulated format)
Everyone will have to wait until 10AM UTC: Actually no. We assure that all withdrawal payouts will be done BEFORE 10AM. For example we just did a few payouts 10 minutes ago, and we keep doing that every few hours so our users don't need to wait.
So unless a withdrawal request was submitted at 9:45AM UTC (because that's too close to the 10AM deadline) we try to push it through ASAP.
After review of course.
Hi, there's a manual review process which is what takes time; once it's approved it should go through within ~10 minutes, that's across all coins we currently list.
We had automated it for some coins but after the Exbitron event our founders wanted to be more careful so we will be doing manual reviews on everything for a while. It's generated positive results, we discovered some potential issues (at a very small value that may have magnified in future) and took action to block those off.
Anyways you can reach out to me on discord or telegram - as I see you have... cool I get those quicker and am able to respond quicker.
We have a self-imposed 'daily withdrawal deadline' of 10 AM UTC, so it doesn't matter how many withdrawals are there we will for SURE cover all of them by this deadline.
We had automated it for some coins but after the Exbitron event our founders wanted to be more careful so we will be doing manual reviews on everything for a while. It's generated positive results, we discovered some potential issues (at a very small value that may have magnified in future) and took action to block those off.
Anyways you can reach out to me on discord or telegram - as I see you have... cool
I get those quicker and am able to respond quicker. We have a self-imposed 'daily withdrawal deadline' of 10 AM UTC, so it doesn't matter how many withdrawals are there we will for SURE cover all of them by this deadline.
To be honest, since this is a new exchanger, it's better to have manual control of any withdrawals at least for a while. Ok, it takes more time, but it gives better safety to the exchanger. However, let's not forget that we are in speed mode times, and time is money. I'm sure that at some point, you will make them all automatic.
Yes we had actually started making everything automatic, but due to Exbitron we added an 'approval' step
The actual withdrawal process is still completely automated; we just need the approval to happen (which is manual right now)
How long does it take to withdraw cryptocurrency to a cold wallet?about an hour the transaction is just frozen and there is no txid
Hi, there's a manual review process which is what takes time; once it's approved it should go through within ~10 minutes, that's across all coins we currently list.
We had automated it for some coins but after the Exbitron event our founders wanted to be more careful so we will be doing manual reviews on everything for a while. It's generated positive results, we discovered some potential issues (at a very small value that may have magnified in future) and took action to block those off.
Anyways you can reach out to me on discord or telegram - as I see you have... cool
I get those quicker and am able to respond quicker. We have a self-imposed 'daily withdrawal deadline' of 10 AM UTC, so it doesn't matter how many withdrawals are there we will for SURE cover all of them by this deadline.
Re: An approach to recover change addresses from old wallet.dat backups
I have, in fact, either written or reviewed all of the Bitcoin Core wallet code.
Fair enough, and I can confirm I've not encountered this scenario on Bitcoin Core or Litecoin or any of the more popular (and thus better maintained?) crypto wallets.
One specific usecase where keypoolrefill and rescan did not result in an outcome was with a lesser known altcoin named 'Shibacoin'. When I had a wallet break it basically 'lost' all funds that were on change addresses. Repeated keypoolrefills and rescans didn't do much better.
However importing the public key brought results.
I didn't completely understand your point about 'change detection' breaking by using this method. Can you elaborate?
Re: An approach to recover change addresses from old wallet.dat backups
This guide makes no sense. There is no need to call importaddress for every change address; all of the change addresses are already, or will be, in the wallet after keypoolrefill. All that will probably happen is that you confuse users because any of the change that is detected via the import will be shown as watchonly first, until the private key is generated.
If you have a backup of your wallet, all you have to do is perform a rescan. Hell, most of the time you don't even need to explicitly rescan because the wallet will rescan by itself when it sees it is not up to the chain tip. You literally just have to load it and wait.
If you have a backup of your wallet, all you have to do is perform a rescan. Hell, most of the time you don't even need to explicitly rescan because the wallet will rescan by itself when it sees it is not up to the chain tip. You literally just have to load it and wait.
You're talking about a different case where you have a backup of the latest wallet. Which doesn't match the scenario I've stated.
I did come across this issue for an altcoin and had to do this in order to have the wallet retain valid addresses. Rescan (starting from an old wallet) and Salvage (on the corrupted wallet in my case) did not yield results.
However importing the addresses in advance before keypoolrefill resulted in the right outcome and I did recover all of it.
Re: An approach to recover change addresses from old wallet.dat backups
If change addresses are not automatically recovered from a backup, that seems like a serious bug/shortcoming in Bitcoin Core to me.
A couple of questions.
You write that you need the public keys, but the instructions never use them. When you wrote "public key", did you mean "address"?
How do you find the public keys (or perhaps addresses) generated by the wallet in an explorer?
A couple of questions.
Quote
Remember you MUST have the public keys available to you (you can find this in the explorer, ...
You write that you need the public keys, but the instructions never use them. When you wrote "public key", did you mean "address"?
How do you find the public keys (or perhaps addresses) generated by the wallet in an explorer?
Public Key = Wallet Address for this context.
The REASON you should have this on hand is so you can be clear how much $$ you have in those.
To find your change address, you can open the explorer of your coin and track the change addresses used when you sent money from your original wallet address (which you know because it's present in Wallet 'A').
We made this little document that may help people recover funds lost to change addresses, from their old wallet.dat backups
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!
IMO, anything that can help out anyone is always welcome. Especially if we are talking about such a serious issue. Maybe it would be good to make an additional post in another section of the forum that has more visibility. Like Beginners & Help, or Development & Technical Discussion for BTC.
Aaaand done! https://bitcointalk.org/index.php?topic=5546363
An approach to recover change addresses from old wallet.dat backups
We made this little guide that may help people recover funds lost to change addresses, from their old wallet.dat backups
https://trade.nestex.one/docs/recover_old_wallet.pdf
You don't actually need to move funds to test if this methodology works! You can also 'test' the premise noted in the guide by creating a wallet (labelled 'wallet A' as per the guide), backing it up, and then generating many more addresses and now you have a 'wallet B'.
- If you do share this guide, please do so under the CC BY license and try to use this PDF as-is.
- If it does add value we'd like to hear back from you! No we don't need a donation. Just tell me it worked for you, that's my happiness.
The intent here is to help people out. There is no commercial perspective here.
Also, many thanks to bias for guiding me with the right way & place to share this. Here's a big THANK YOU to an awesome member of the bitcointalk community!
IMO, anything that can help out anyone is always welcome. Especially if we are talking about such a serious issue. Maybe it would be good to make an additional post in another section of the forum that has more visibility. Like Beginners & Help, or Development & Technical Discussion for BTC.
https://trade.nestex.one/docs/recover_old_wallet.pdf
You don't actually need to move funds to test if this methodology works! You can also 'test' the premise noted in the guide by creating a wallet (labelled 'wallet A' as per the guide), backing it up, and then generating many more addresses and now you have a 'wallet B'.
- If you do share this guide, please do so under the CC BY license and try to use this PDF as-is.
- If it does add value we'd like to hear back from you! No we don't need a donation. Just tell me it worked for you, that's my happiness.
The intent here is to help people out. There is no commercial perspective here.
Also, many thanks to bias for guiding me with the right way & place to share this. Here's a big THANK YOU to an awesome member of the bitcointalk community!
We made this little document that may help people recover funds lost to change addresses, from their old wallet.dat backups
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!
IMO, anything that can help out anyone is always welcome. Especially if we are talking about such a serious issue. Maybe it would be good to make an additional post in another section of the forum that has more visibility. Like Beginners & Help, or Development & Technical Discussion for BTC.
We made this little document that may help people recover funds lost to change addresses, from their old wallet.dat backups
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!
https://trade.nestex.one/docs/recover_old_wallet.pdf
Hope this helps someone!