[BF and BTCT] Gamma SatoshiDICE Pass Through

[Deprived]

Two big walls are now up on both exchanges at 0.0056 BTC each. ( a 0.0001 BTC margin for me in case the purchase fails and I have to buy for more expensive shares).
If your purchase is under 50 BTC please buy on the exchanges as it's to much for me to handle with tons of small purchases.
Best Regards
//DeaDTerra

Am I correct that you're selling shares in the pass-through before you own corresponding shares in the actual underlying asset?

If so, isn't that breaking your contract which says "Each GSDPT is backed up by one share of S.DICE share." - as any purchases are NOT backed up, you just hope to be able to back them up later.

[1715346652]

1715346652

[1715346652]

1715346652

[1715346652]

1715346652

[DeaDTerra]

Two big walls are now up on both exchanges at 0.0056 BTC each. ( a 0.0001 BTC margin for me in case the purchase fails and I have to buy for more expensive shares).
If your purchase is under 50 BTC please buy on the exchanges as it's to much for me to handle with tons of small purchases.
Best Regards
//DeaDTerra

Am I correct that you're selling shares in the pass-through before you own corresponding shares in the actual underlying asset?

If so, isn't that breaking your contract which says "Each GSDPT is backed up by one share of S.DICE share." - as any purchases are NOT backed up, you just hope to be able to back them up later.

Yes as of the moment of purchasing they are not backed by 1 share of S.DICE, but I will purchase 1 share tomorrow.
Right now my share balance is plus 40k shares since I purchase 210k this morning.
I will personally pay any difference that might occur and make sure that at the end of the month the books are balanced so that each share is backed by on S.DICE share.
//DeaDTerra

[superbit]

I don't see the walls up at that price point?

[DeaDTerra]

I don't see the walls up at that price point?

I took the BTCT wall down for the moment as it's manual withdraws and I can't guarantee I will get it out into to purchase the shares. As I have to place the order in a couple of hours before I go to bed.
As for the one on BF, I will refresh it in a moment.
//DeaDTerra

[superbit]

Darn it, just missed it, hopefully it goes back up.

I don't see the walls up at that price point?

I took the BTCT wall down for the moment as it's manual withdraws and I can't guarantee I will get it out into to purchase the shares. As I have to place the order in a couple of hours before I go to bed.
As for the one on BF, I will refresh it in a moment.
//DeaDTerra

[kingcrimson]

So shares at .0056 are gone on bf?

[Deprived]

So shares at .0056 are gone on bf?

The walls on both sites sold out ages ago.  From what I saw there was maybe 100k up on BF and 50k on BTCT.  The BTCT one sold out slightly earlier (but was smaller).  I've no way of knowing whether all of the shares sold at that price were actually DT's.

DT has to balance risk/reward.  He's having to break his contract to put up any sort of significant walls at all - and if his bid gets over-bid by 1 million+ shares then he could end up on the line for significant difference to get the naked pass-through shares back to being covered.  As he's only making at most a bit under 2% on the actual sales there's no incentive for him to gamble too wildly trying to meet demand.

[DeaDTerra]

So shares at .0056 are gone on bf?

The walls on both sites sold out ages ago.  From what I saw there was maybe 100k up on BF and 50k on BTCT.  The BTCT one sold out slightly earlier (but was smaller).  I've no way of knowing whether all of the shares sold at that price were actually DT's.

DT has to balance risk/reward.  He's having to break his contract to put up any sort of significant walls at all - and if his bid gets over-bid by 1 million+ shares then he could end up on the line for significant difference to get the naked pass-through shares back to being covered.  As he's only making at most a bit under 2% on the actual sales there's no incentive for him to gamble too wildly trying to meet demand.

This is the reason why I am doing this slowly.
I put in some extra capital yesterday and I bought 240k, so I have now issued more shares at 0.0062 BTC each.
They are up on BTCT and on BF. I will be gone for the next 7-8 hours then I will come back and post another wall.
//DeaDTerra

[DeaDTerra]

Okay guys, Get your shares now
I will keep reinforcing the walls, for another 4 hours then. I will be sending the Bitcoins of to MPEX for the next tranche (the shares issued are backed by the shares already bought yesterday).
Hopefully we can get a sizable part of the tranche.
//DeaDTerra

[Ukyo]

1.25mil shares left at 0.0062. Bid walls up on BF and BTCT, buy them while you still can!

[DeaDTerra]

1.25mil shares left at 0.0062. Bid walls up on BF and BTCT, buy them while you still can!

I am keeping the walls at 0.0062 BTC per share
So if anyone wants S.DICE shares nows the time to buy some ^^
//DeaDTerra

[kingcrimson]

DeadTerra, PMd you, lets communicate on skype

[DeaDTerra]

DeadTerra, PMd you, lets communicate on skype

Yea sorry, I have been buys ^^ I just got home so ping me on skype
//DeaDTerra

[DeaDTerra]

The walls have been bumped up to 0.0069 BTC per share and are 10k Shares on each exchange.
There's not much support left in the ask column so get your shares while you can!
//DeaDTerra

[DeaDTerra]

A new wall up at 0.0065
//DeaDTerra

[🏰 TradeFortress 🏰]

Meanwhile.. MPEx last is at 0.00632330. It's a pretty good idea to buy GSDPT shares when they are trading for around or less the MPEx price, because GSDPT tends to trade higher even through only 95% of the dividends.

[DeaDTerra]

Meanwhile.. MPEx last is at 0.00632330. It's a pretty good idea to buy GSDPT shares when they are trading for around or less the MPEx price, because GSDPT tends to trade higher even through only 95% of the dividends.

Well as I am doing this manually I place the walls where I see enough volume to cover a big amount, while there might be small asks for less then 0.0065 there's not enough for me to put up a wall at that price.
//DeaDTerra

[DeaDTerra]

a 30k wall has been placed at 0.00675
//DeaDTerra

[DeaDTerra]

Introducing this to some friends and two questions have come up:

Is a receipt on file somewhere on mpex or with SatoshiDICE confirming the passthrough has the backing on the issued?

How do you go about backing up the BitFunder asset list and do you have a plan in place in the event the exchange disappears?

Sure
Thanks for spreading the word!
Here's a STAT post for you
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Holdings for DeaDTerra (fingerprint 50D437162E449CAD98B9922AA66A3733FC94B88F)
Issued today, Wednesday the 20th of February 2013 at 06:35:04 PM (0.88600800 136
1385304)
To certify that the aforementioned holds as of the quoted time the following wit
h MPEx :

        CxBTC x 159.97602831
        S.DICE x 1`377`820
        S.MPOE x 150`000
        S.BBET x 26`302

To which add orders in the book fully paid in advance :

        S.DICE : S      41`000  @ 0.00690000BTC (order #6373806)

To which add sums deposited as surety for 4th Friday settled option and future c
ontracts :


To which add sums deposited as surety for underwritten IMM date settled option a
nd future contracts :


Your transactions since 1 hour before your last STAT :
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 3`220 bought @0.00067884 BTC,
total cost 2.18586480BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 31`350 bought @0.00067855 BTC,
 total cost 21.27254250BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 4`218 bought @0.00067854 BTC,
total cost 2.86208172BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 2`100 bought @0.00067692 BTC,
total cost 1.42153200BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 16`350 bought @0.00067530 BTC,
 total cost 11.04115500BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 11`711 bought @0.00067476 BTC,
 total cost 7.90211436BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 31`051 bought @0.00067437 BTC,
 total cost 20.93986287BTC
        On Mon, 18 Feb 13 21:00:53 +0000 S.DICE - 10`000 sold @0.00690000BTC, to
tal yield 68.86200000BTC
        On Mon, 18 Feb 13 20:59:45 +0000 S.DICE - 5`000 sold @0.00690000BTC, tot
al yield 34.43100000BTC
        On Mon, 18 Feb 13 20:56:58 +0000 S.DICE - 4`000 sold @0.00690000BTC, tot
al yield 27.54480000BTC

You have also been paid dividends, as follows :

The Great Seal of the exchange has been duly applied.
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Version: GnuPG v1.4.5 (GNU/Linux)

iD8DBQFRJRdYkhT8a/G2mSERAuN9AJ9lX/nOBOftLe5by7y+wrAjTXS5CwCffWyC
QIlm6hUBmow7PMzodPmtzAk=
=nBex
-----END PGP SIGNATURE-----
At the moment I have no backup, I have been working with Jon closely and I trust him.
I have his phone number so in emergencies I can always call him, maybe it's a bit naive though
I should probably start asking for weekly backups too keep just in case.
I will talk to Jon and see what we can do
//DeaDTerra

[burnside]

Introducing this to some friends and two questions have come up:

Is a receipt on file somewhere on mpex or with SatoshiDICE confirming the passthrough has the backing on the issued?

How do you go about backing up the BitFunder asset list and do you have a plan in place in the event the exchange disappears?

Sure
Thanks for spreading the word!
Here's a STAT post for you
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Holdings for DeaDTerra (fingerprint 50D437162E449CAD98B9922AA66A3733FC94B88F)
Issued today, Wednesday the 20th of February 2013 at 06:35:04 PM (0.88600800 136
1385304)
To certify that the aforementioned holds as of the quoted time the following wit
h MPEx :

        CxBTC x 159.97602831
        S.DICE x 1`377`820
        S.MPOE x 150`000
        S.BBET x 26`302

To which add orders in the book fully paid in advance :

        S.DICE : S      41`000  @ 0.00690000BTC (order #6373806)

To which add sums deposited as surety for 4th Friday settled option and future c
ontracts :


To which add sums deposited as surety for underwritten IMM date settled option a
nd future contracts :


Your transactions since 1 hour before your last STAT :
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 3`220 bought @0.00067884 BTC,
total cost 2.18586480BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 31`350 bought @0.00067855 BTC,
 total cost 21.27254250BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 4`218 bought @0.00067854 BTC,
total cost 2.86208172BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 2`100 bought @0.00067692 BTC,
total cost 1.42153200BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 16`350 bought @0.00067530 BTC,
 total cost 11.04115500BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 11`711 bought @0.00067476 BTC,
 total cost 7.90211436BTC
        On Mon, 18 Feb 13 21:10:49 +0000 S.MPOE - 31`051 bought @0.00067437 BTC,
 total cost 20.93986287BTC
        On Mon, 18 Feb 13 21:00:53 +0000 S.DICE - 10`000 sold @0.00690000BTC, to
tal yield 68.86200000BTC
        On Mon, 18 Feb 13 20:59:45 +0000 S.DICE - 5`000 sold @0.00690000BTC, tot
al yield 34.43100000BTC
        On Mon, 18 Feb 13 20:56:58 +0000 S.DICE - 4`000 sold @0.00690000BTC, tot
al yield 27.54480000BTC

You have also been paid dividends, as follows :

The Great Seal of the exchange has been duly applied.
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.5 (GNU/Linux)

iD8DBQFRJRdYkhT8a/G2mSERAuN9AJ9lX/nOBOftLe5by7y+wrAjTXS5CwCffWyC
QIlm6hUBmow7PMzodPmtzAk=
=nBex
-----END PGP SIGNATURE-----
At the moment I have no backup, I have been working with Jon closely and I trust him.
I have his phone number so in emergencies I can always call him, maybe it's a bit naive though
I should probably start asking for weekly backups too keep just in case.
I will talk to Jon and see what we can do
//DeaDTerra

Should be easy to script a download of the public ownership page at regular intervals.  I'm actually kind of surprised no one has setup a mirror of that page anywhere yet.

Err, ok, I set one up:  https://btct.co/history-bitfunder/

It'll update every 30 mins.

Cheers.