[BTC-TC] ET.DIFF: Future to speculate on next difficulty change

[woodrake]

Thanks to Rannasha, Deprived and you Eltopo for clarifications; very helpful.

Rannasha: Fair point about the formula being mathematically correct, but personally I like to ensure absolute clarity.

Deprived's comment really clinched it for me though; the investors have ample opportunity to slowly build trust in the issuer, and in the long run the issuer will make more by operating the security than by scamming.

I shall change my vote to "Yes" as soon as I'm reunited with my phone (left it at home this morning so no 2FA :$).

Kate.

[eltopo]

Thank you Kate! 

Does anyone know under which stone the other BTC-TC mods are sleeping? If we don't get enough YES votes until the next difficulty change (looks like sunday morning UTC at the moment), we'll have to wait another 10-12 days, as I don't want to start in the middle of a difficulty period.

[odolvlobo]

Overall, I am in favor of this security. However, you only briefly mentioned holding the proceeds from the sales of ET.DIFF.FUTURE. Since you are responsible for shareholder's money, I would like to see more details the contract -- something like this, perhaps:

All proceeds from the sales of ET.DIFF.FUTURE are held in the account <BTC-TC account> for the benefit of the holders of the ET.DIFF securities. The assets of the account can be seen at any time by going to <public URL>. The proceeds are held until a difficulty change, at which time they are used to pay the ET.DIFF.LONG, ET.DIFF.SHORT, and ET.DIFF.FUTURE dividends, and the remainder (the management fee) is paid to the fund manager. Any fees associated with maintaining or operating ET.DIFF are paid by the manager, and are not paid from the proceeds of sales

[eltopo]

Overall, I am in favor of this security. However, you only briefly mentioned holding the proceeds from the sales of ET.DIFF.FUTURE. Since you are responsible for shareholder's money, I would like to see more details the contract -- something like this, perhaps:

All proceeds from the sales of ET.DIFF.FUTURE are held in the account <BTC-TC account> for the benefit of the holders of the ET.DIFF securities. The assets of the account can be seen at any time by going to <public URL>. The proceeds are held until a difficulty change, at which time they are used to pay the ET.DIFF.LONG, ET.DIFF.SHORT, and ET.DIFF.FUTURE dividends, and the remainder (the management fee) is paid to the fund manager. Any fees associated with maintaining or operating ET.DIFF are paid by the manager, and are not paid from the proceeds of sales

Thanks for your feedback.

In the Risk section the contract says:

To reduce the risk for investors, the portfolio will be made public. The cash created by sales of ET.DIFF.FUTURE stays in the BTC-TC portfolio until it is paid out in dividends (minus management fee).

This covers most points you described, except the last point (that any further fees are paid from management fees, not proceeds of sales). But to make it most clear and transparent for investors, I replaced my paragraph with yours.

[eltopo]

Only 1 more YES vote needed. If we get approved before tomorrow (Monday) 4 p.m. UTC, we'll start at this time!

[junkonator]

We're live.

[eltopo]

Yes, finally. We'll start tomorrow (Tuesday) at 4 p.m. UTC.

[twentyseventy]

"ETOPS" is the account that will exchange PURCHASE, correct?

Edit: I meant 'FUTURE"

[Deprived]

"ETOPS" is the account that will exchange PURCHASE, correct?

Edit: I meant 'FUTURE"

Lol.

I wonder who will be the first person to send eltopo PURCHASE or send me FUTURE.

[Rannasha]

Yes, finally. We'll start tomorrow (Tuesday) at 4 p.m. UTC.

Perhaps make a news item (for one of the securities) on BTC-TC so more people are aware of the launch-time.

"ETOPS" is the account that will exchange PURCHASE, correct?

Edit: I meant 'FUTURE"

Lol.

I wonder who will be the first person to send eltopo PURCHASE or send me FUTURE.

Code:

aB.AddRule(new TransferRule(b, "ET.DIFF.FUTURE", "ET.DIFF.FUTURE", 1, 0, true, 1, true));

Problem solved.

[eltopo]

"ETOPS" is the account that will exchange PURCHASE, correct?

Edit: I meant 'FUTURE"

Correct.

I wonder who will be the first person to send eltopo PURCHASE or send me FUTURE.

Wouldn't it be great for you to have a FUTURE, too? 

Perhaps make a news item (for one of the securities) on BTC-TC so more people are aware of the launch-time.

Done.

[junkonator]

So price in half an hour or so and in the FUTURE will always be 0.0204 right? If the difficulty levels (< 2 %) too fast you wont sell a single unit anymore. What will you do then? Do you plan to close the asset then? This won't be too soon most probably, just interested.

[dexX7]

Hi there,

gratulations! Really a neat "product". Would the following be accurate?



Edit: Sorry, there was an error. Should be correct now.

[Deprived]

I'd assume starting difficulty is the difficulty at last change - i.e.112628548.7.

That's STILL the current difficulty - what you have on your graph is a guess of next difficulty (and there's various ways to do that - all inaccurate).

[dexX7]

I'd assume starting difficulty is the difficulty at last change - i.e.112628548.7.

That's STILL the current difficulty - what you have on your graph is a guess of next difficulty (and there's various ways to do that - all inaccurate).

Point taken. Chart updated. Can you confirm?

[eltopo]

So, start in a few minutes. As mentioned, a transfer bot manages the swap from ET.DIFF.FUTURE into ET.DIFF.LONG and ET.DIFF.SHORT. If there are any problems with the swap, let me know by pm or email.

[eltopo]

I'd assume starting difficulty is the difficulty at last change - i.e.112628548.7.

That's STILL the current difficulty - what you have on your graph is a guess of next difficulty (and there's various ways to do that - all inaccurate).

Point taken. Chart updated. Can you confirm?

No. It's more like this:

EDIT: Ok, you corrected it, it's ok now.

[eltopo]

So price in half an hour or so and in the FUTURE will always be 0.0204 right? If the difficulty levels (< 2 %) too fast you wont sell a single unit anymore. What will you do then? Do you plan to close the asset then? This won't be too soon most probably, just interested.

The dividend formula in the contract can be adjusted to fit these situation. Read the last pages, it's discussed there.

[dexX7]

Is there a way to transfer one ET.DIFF.SHORT and ET.DIFF.LONG to an account and receive the face value of 0.02 in exchange? Same for .FUTURE.

[FloatesMcgoates]

Is there a way to transfer one ET.DIFF.SHORT and ET.DIFF.LONG to an account and receive the face value of 0.02 in exchange?

well you automatically get .02 at the end of each cycle through dividends if you hold both short and long