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smickles
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June 19, 2012, 02:38:53 PM
 #1

GLBSE Listing
(currently demo) Information Page

Summary
This ETF attempts to track the GLBSE market capitalization weighted index. In order to achieve this goal the fund weights each possible asset by its relative market cap and attempts to acquire a portfolio of assets with a balance as close as possible to the target weight. Dividends are reinvested in the fund upon receipt. The fund will not pay a dividend to shareholders. In kind creation and redemption will be made available after a short period of time to ensure functionality. Management fee is 0.02735113% of daily net assets.

Demo Data
https://mostofmany.com/etf/1/ currently publishes, in draft, information concerning the current state of the ETF. Until the ETF is launched, the information on this page should be considered a demonstration and not real data.

Assets
This ETF will hold a basket of assets which are listed on GLBSE and BTC. It will attempt to hold these assets in proportions as near to their weight on the GLBSE market capitalization weighted index. It will attempt to hold an amount of BTC equal to one quarter the net asset value of this ETF.

Method of Inclusion
Only GLBSE assets with outstanding shares are eligible for inclusion in this ETF. Assets which simply hold other GLBSE assets (such as other ETFs or most kinds of funds) are not eligible for inclusion.

Risk
As with anything, this ETF carries risks. Investment in this ETF carries an unknowable amount of risks. It is the responsibility of the investor to investigate, discover, and evaluated these risks as part of the decision whether or not to invest.
As with anything, after considering all the risks, should you decided to invest, only invest what you are prepared to lose.
These risks include, but are not limited to:
Volatility
The value of the shares of this ETF are expected to fluctuate to an unknowable degree in an unknowable direction.
The value of the assets which the ETF intends to acquire are expected to fluctuate to an unknowable degree in an unknowable direction.
The value of bitcoin expected to fluctuate to an unknowable degree in an unknowable direction.
Third Party Risk
This ETF operates under the assumption that other parties will continue to operate in the same manner they did when the ETF launched.
These other parties are under no obligation to continue operating.
This ETF or its operators cannot be held liable for the actions or inactions of other parties.
Chief among this category of risk is the concern that this ETF is heavily dependant on the open and honest operation of GLBSE.
Should GLBSE fail to continue operation, it is possible that this ETF and its shareholders may not be able to recover their rights or assets from the issuers of the held assets.
In such case where it is not possible to recover the rights or assets of some or all assets held by this ETF, neither this ETF nor its officers may be held responsible for the losses
Service Security Risk
Although every effort is made to maintain the security of service accounts held by this ETF, neither this ETF nor its officers will be held responsible for any losses due to theft, hacking, subterfuge or illegal activity.

Shareholder Rights
Any shareholder may exercise the right to redeem the equivalent number of shares of each asset to which their shares of this ETF are associated once redemption is made available. If the association is with a partial share, the shareholder will receive the fair value of the share adjusted to market liquidity in bitcoins.
To facilitate this exercise, the shareholder must be able to receive the associate shares and will be charged a fee of not less than 1% of the value of the assets adjusted to market liquidity and bitcoin redeemed.

In Kind Creation
Once made available, in kind creation of shares in this ETF may be arranged with the operator. In order to create shares in kind, the interested party will arrange the transfer of a basket of assets which has similar proportions of each asset to the current weight of each asset in the GLBSE market capitalization weighted composite index. Should the required portion call for a partial share, or should the interested party not possess a particular asset, an amount of bitcoin equal to the fair value of the amount of an asset in question adjusted to market liquidity may be taken in its place. Such creation will be charged a fee of not less than 1% of the value of the assets adjusted to market liquidity and bitcoin used in the creation.

Launch Date
6/27/12

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stochastic
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June 20, 2012, 04:44:13 AM
 #2

You should consider making an actual composite index before the ETF.  SPDRS did not come before the S&P 500.

Some questions.

Will all assets on GLBSE be listed and held based on their market capitalization?

If not all of them, how will they be selected to be included in the ETF?

How will you determine, "Only GLBSE assets with outstanding shares are eligible for inclusion."?  Will you look only at assets that have an ask?  If this is the case, should you instead use an available market capitalization instead of a total market capitalization?

Will you hold bonds?

Introducing constraints to the economy only serves to limit what can be economical.
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June 20, 2012, 04:48:56 AM
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You should consider making an actual composite index before the ETF.  SPDRS did not come before the S&P 500.

Some questions.

Will all assets on GLBSE be listed and held based on their market capitalization?

If not all of them, how will they be selected to be included in the ETF?

How will you determine, "Only GLBSE assets with outstanding shares are eligible for inclusion."?  Will you look only at assets that have an ask?  If this is the case, should you instead use an available market capitalization instead of a total market capitalization?

Will you hold bonds?

According to the information page (https://mostofmany.com/etf/1/), it's like holding all available trading GLBSE assets to me. They include everything: stocks, bonds, pirate-related, semi-dead assets, etc.

I think GLBSE-10 or GLBSE-20 based on some selection mechanism will be much more attractive.

smickles
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June 20, 2012, 02:40:28 PM
 #4

You should consider making an actual composite index before the ETF.  SPDRS did not come before the S&P 500.

Some questions.

Will all assets on GLBSE be listed and held based on their market capitalization?

If not all of them, how will they be selected to be included in the ETF?

How will you determine, "Only GLBSE assets with outstanding shares are eligible for inclusion."?  Will you look only at assets that have an ask?  If this is the case, should you instead use an available market capitalization instead of a total market capitalization?

Will you hold bonds?
I made the index first and have told people about it. So far, the only thing anyone has expressed a desire to be published about it has been a list of included tickers.

Nearly all assets on GLBSE will be listed and held according to their market cap relative to each other. Some things are not included because it would misrepresent the status of GLBSE. A good example of this is other ETFs or assets which only hold other GLBSE assets. They cause an 'exaggeration' of the market if they are included in the index.

I requested and received a custom api call from GLBSE which returns the number of outstanding shares. The order book does not affect an assets weight in the index.

The index does list bonds, so the ETF will hold these bonds when appropriate.

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June 20, 2012, 02:46:33 PM
 #5

How often will the ETF rebalance to match the index after the addition of new securities or changes in the number outstanding?

smickles
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June 20, 2012, 02:46:59 PM
 #6

You should consider making an actual composite index before the ETF.  SPDRS did not come before the S&P 500.

Some questions.

Will all assets on GLBSE be listed and held based on their market capitalization?

If not all of them, how will they be selected to be included in the ETF?

How will you determine, "Only GLBSE assets with outstanding shares are eligible for inclusion."?  Will you look only at assets that have an ask?  If this is the case, should you instead use an available market capitalization instead of a total market capitalization?

Will you hold bonds?

According to the information page (https://mostofmany.com/etf/1/), it's like holding all available trading GLBSE assets to me. They include everything: stocks, bonds, pirate-related, semi-dead assets, etc.

I think GLBSE-10 or GLBSE-20 based on some selection mechanism will be much more attractive.
I understand the desire to have a limited index and ETF and the software I have developed will allow me to create any index or ETF based on any criteria desired.

I made the composite first because I think it will benefit the community the most to have an accurate idea of the health and direction of GLBSE assets as a whole. If you are concerned about the seme-dead assets, I urge you to consider a couple of things: The index is based off of market cap so the amount of these assets held by the ETF will essentially be limited to the value that people place on these assets and since they are valued so lowly by the community in general, they have very little affect on the position of the ETF.

smickles
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June 20, 2012, 02:55:09 PM
 #7

How often will the ETF rebalance to match the index after the addition of new securities or changes in the number outstanding?
I'm afraid I would like to keep this a little vague, motivated by my having competition in the wings.

I have run many tests and simulations and have come to the conclusion that it is not in the best interest of the shareholders to rebalance at regular intervals (for example 4 times a year) as this will either be too often (consider the fees) or too rare (consider tracking error).

The software I have developed for the venture algorithmically determines the best time to rebalance based on a number of inputs which include tracking error, fee in consideration of tracking error, fee in consideration of the expense ratio, the number of shares and the relative amount of BTC held.

If you have further concern about the frequency of rebalancing, please ask again, hopefully with an aim for a specific detail which I am willing to divulge.

smickles
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June 20, 2012, 03:14:00 PM
 #8

You should consider making an actual composite index before the ETF.  SPDRS did not come before the S&P 500.

Some questions.

Will all assets on GLBSE be listed and held based on their market capitalization?

If not all of them, how will they be selected to be included in the ETF?

How will you determine, "Only GLBSE assets with outstanding shares are eligible for inclusion."?  Will you look only at assets that have an ask?  If this is the case, should you instead use an available market capitalization instead of a total market capitalization?

Will you hold bonds?
I made the index first and have told people about it. So far, the only thing anyone has expressed a desire to be published about it has been a list of included tickers.

Nearly all assets on GLBSE will be listed and held according to their market cap relative to each other. Some things are not included because it would misrepresent the status of GLBSE. A good example of this is other ETFs or assets which only hold other GLBSE assets. They cause an 'exaggeration' of the market if they are included in the index.

I requested and received a custom api call from GLBSE which returns the number of outstanding shares. The order book does not affect an assets weight in the index.

The index does list bonds, so the ETF will hold these bonds when appropriate.
As an example of how 'the big boys' do it, this is the methodology of the iShares NYC which tracks the NYSE composite index:
Quote
Methodology. Only common stocks, ADRs, REITs and tracking stocks listed on the NYSE are eligible for inclusion in the
Underlying Index. Multiple classes of shares of the same issuer are eligible to be included in the Underlying Index. Preferred
stocks, closed-end funds, ETFs, trust units, shares of beneficial interest, shares in limited partnerships, and derivative
securities (such as warrants and rights) are not eligible for inclusion in the Underlying Index.

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June 27, 2012, 07:16:19 AM
 #9

due to market liquidity issues, I have had to lower the number of ipo shares to 10

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June 27, 2012, 07:53:04 AM
 #10

I would prefer if you create something like this that only includes assets within a certain trade volume range ("Startups - 1-1000 BTC", "Rookies - 1000-5000 BTC" ...) or a certaing background (""The finest Pirate selection", we already have a mining fund - but not proportional to all mining operations/bonds, only verified assets, "all but pirate"...)

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
smickles
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June 27, 2012, 07:58:44 AM
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I would prefer if you create something like this that only includes assets within a certain trade volume range ("Startups - 1-1000 BTC", "Rookies - 1000-5000 BTC" ...) or a certaing background (""The finest Pirate selection", we already have a mining fund - but not proportional to all mining operations/bonds, only verified assets, "all but pirate"...)
I plan on setting up other etfs once I get this initial one off the ground and known to be stable. The software I've written is designed to allow me to create an manage multiple etfs based on whatever criteria I desire, so all of your suggestions are (if nothing else) possible.

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June 27, 2012, 08:07:23 AM
 #12

It seems to automatically issue more shares, but the website is out of sync a bit (shows 13 shares issued). Also you use a self signed SSL cert...

If I understand your chart there correctly, you are updating the chart on the left side (so oldest data is on the right, right?) - looks a bit weird to me. I bought 3 shares for 0.07829677, something that's quite close to the "Current Issuer Bid: 0.07673082" on the website - maybe you mixed up bids and asks there?!

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
smickles
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June 27, 2012, 08:10:43 AM
 #13

It seems to automatically issue more shares, but the website is out of sync a bit (shows 13 shares issued). Also you use a self signed SSL cert...

If I understand your chart there correctly, you are updating the chart on the left side (so oldest data is on the right, right?) - looks a bit weird to me. I bought 3 shares for 0.07829677, something that's quite close to the "Current Issuer Bid: 0.07673082" on the website - maybe you mixed up bids and asks there?!
yes, I am currently updating the chart on the left side. Soon I will switch form that chart to a chart which includes the reinvested dividends and when I do that I will flip the axis.

smickles
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July 05, 2012, 12:39:02 AM
 #14

I uncovered and corrected a slight error in reporting of the net asset value on the website.

Before now, it was reporting based on the erroneous btc holdings using the 'available' btc rather than the actual btc balance. This was causing the website to display the ETF's net assets slightly lower than what they actually were.

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July 05, 2012, 12:50:10 PM
 #15

Quote
Dividends are reinvested in the fund upon receipt. The fund will not pay a dividend to shareholders.

If you reinvest divs, your NAV will soon get out of whack and will not represent the actual movement of the index - unless...

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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July 05, 2012, 01:14:49 PM
 #16

Quote
Dividends are reinvested in the fund upon receipt. The fund will not pay a dividend to shareholders.

If you reinvest divs, your NAV will soon get out of whack and will not represent the actual movement of the index - unless...
I've mentioned that. It just means that it is an accumulation index, which actually is better for tracking total returns than a nominal index that ignores dividends.

smickles
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July 05, 2012, 01:57:41 PM
 #17

Quote
Dividends are reinvested in the fund upon receipt. The fund will not pay a dividend to shareholders.

If you reinvest divs, your NAV will soon get out of whack and will not represent the actual movement of the index - unless...
Yes, the NAV will soon get out of whack with an index which doesn't account for reinvest dividends, however the tracked index does accumulate dividends.

My initial version of the website may not have made some things clear. Please be assured that I will improve it shortly (I'm currently finishing up some traveling, so the rate of progress will pick up significantly when I get back home)

On a pleasant side note: The average investor would have seen nothing but benefit from this misunderstanding as the ETF would have become more valuable than they expected Smiley

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July 05, 2012, 08:01:09 PM
 #18

I had a moment and, what may be to the pleasure of all, I have flipped the x axis of the index chart to display its data in the traditional direction.

smickles
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July 06, 2012, 04:51:34 PM
 #19

In my continuing effort to present the public with all the information which should be expected from an ETF issuer, the demo page (https://mostofmany.com/etf/1/) has now been updated to include the current actual weights of assets held in addition to the target weights.

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July 26, 2012, 09:01:06 PM
 #20

As it is no longer possible to provide this service adequately, I will be discontinuing and liquidating MOM.GLBSE.COMPOSITE.

All held assets will be sold for BTC and all BTC under the control of MOM.GLBSE.COMPOSITE will be distributed to the shareholders.

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