[ANN][NFD][Nxtty] New NFD Asset: NFDNxtty!

[Nxtblg]

Surfacing from the sleepy depths of the NFD ecosystem: a new gateway to buy the sleeper Asset Nxttycoin with NFD! This Asset, named NFDNxtty, is fully backed by Nxttycoin in a dedicated Nxt account inspectable at any time through the block explorer. It's redeemable in full for Nxttycoin on demand.

Nxttycoin is the Asset for Nxtty, a new and cryptocurrency-enabled chat app. Starting quickly out of the gate, its downloads have slowed for the moment as the dev focusses on making the UX better, more intuitive and more fun. Nxttycoin itself has slowed down, currently lumbering sideways between 200 and 250 satoshis after its out-of-the-gate excitement faded. But Nxtty itself is a neat app, with a whole bunch of friendly people to connect to. You'll have a lot in common with them.

As for NFDNxtty, one of the plagues of Asset Exchanges these days is the illiquidity which makes slippage such a pain. I'm creating 100'000 NFDNxtty Assets - backed fully by Nxttycoin in this dedicated account, as you'll see at the bottom of its block explorer page - but I will only be offering 50'000 at most to start. The offering price will be matched to the low ask for Nxttycoin in the Nxt AE. The rest will be held in reserve so as to offer more when market conditions change. In addition, I'll be placing buy orders tracked to the high bid for Nxttycoin on the Nxt AE. As you can see by checking my account in the NFD Block Explorer, I have ample NFD to place a more-or-less fair buy order. I can't outright promise this - I have to eat and sleep sometime   - but I will do my best to adjust the asks and bids to match the orderbook for Nxttycoin in the Nxt AE. If you buy or sell a haunch of NFDNxtty, you'll likely get a fair and close-to-current price Yep, even if Nxttycoin takes off.    

Announcing...

NFDNxtty!

100'000 Issue, Fully Backed
Redeemable On Demand






Buy, Sell Order From Issuer
Matched To Nxt Asset Exchange



NOTE: NFDNxtty is issued independently of Nxtty. There is no relationship between me and the Nxtty crew.

Bursting out of the globe-spanning skunkworks in the Nxt ecosystem, Nxtty is a neat little chat app that you can waste a lot of time with.  In addition to private chats with contacts you've invited, Nxtty has many public-chat channels and news feeds that'll give you the headlines and items to talk about. The public chat is organized like a bulletin board: state a subject and read others' comments to it. It's a great way to pick up contacts for very secure private chats!

Right now, Nxtty is available in Android. Just open up Google Play, search for "Nxtty," and you'll find it. It's a quick download if you're on LTE. Click this link and you'll see what it offers.

As for what's inside, just scroll down!


NFDNxtty ASSET DETAILS:

NAME: NFDNxtty
ASSET ID NUMBER: 7691512536154962225
ISSUING ACCOUNT: NFD-T4MX-HYMV-2J6M-AR9KM. Balance inspectable at the NFD Block Explorer.
NUMBER OF UNITS: 100'000
BACKING: Dedicated Nxt account  NXT-KDCA-U92R-9FSG-7KS4F. Holdings of Nxtty identified at bottom of block explorer page.
BENEFIT: Each unit of NFDNxtty is redeemable on demand for one Nxttycoin sent to the redeemer's choice of Nxt account. In addition, the issuer will place sell and buyback orders and adjust them according to market conditions as specified by the Nxttycoin orderbook in the Nxt Asset exchange. The issuer will make a reasonable effort to keep up with the current orderbook in the Nxt AE, so as to assure a reasonably fair price for NFDNxtty.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of NFDNxtty tranches, as does the same reasonable-effort proviso.

To see the orderbook for this Asset: fire up your NFD wallet, click "Asset Exchange" on the left-hand menu, look for the "Add Asset" button in the top-right area of the wallet, click it, put in the Asset ID number 7691512536154962225 into the form, and the orderbook for NFDNxtty will show. You will see buy and sell orders from me, the Asset Issuer. As pledged above, both orders will be a reasonable match for the high bid and low ask for Nxttycoin in the Nxt Asset Exchange.

If you want me to prove I have control of the Asset Issuer account NFD-T4MX-HYMV-2J6M-AR9KM: just send me your own NFD Account ID and I'll send you an Arbitrary Message that'll prove it's my account. If you don't have an NFD Account, just download a new wallet here.


PRICING:

With respect to the pricing, and the pledge above, two pictures suffice for two thousand words:

The first chart is from Bter. The second is from Nxtblocks, and extends back to the time Nxttycoin was issued. As you can see, there was a build-up of excitement when Nxtty was first issued, and another burst when the app was released, but it's been a long downhill slide since. True, the slide has been interrupted by a jump in the last couple of days, but that's no guarantee of a turnaround.

So: I'm offering NFDNxtty in chunks, as tied to the low ask on the Nxt Asset Exchange. Here's the formula: (low ask for Nxttycoin) * (Nxt price in satoshis) / (NFD price in satoshis). The NFD-price denominator will be calculated by using the low ask, not the high bid.

For example: at the time of this writing, the low ask for Nxttycoin is 0.0429 NXT, and Nxt itself is selling at 5,070 satoshis at Bter. NFD's low ask there is 2 satoshis. By the above formula, my offer on the NFD Asset Exchange would be 0.0429 * 5070 / 2 = about 107 NFD per unit of NFDNxtty.

This calculation is only an example: if market conditions change, the offer will change with it.

The same procedure applies to a buyback bid, also from me. It will be based on the high bid in the Nxt AE. So, the formula for calculating the buyback will be (high bid for Nxttycoin) * (Nxt price in satoshis) / (NFD price in satoshis). Again, the NFD price used will be the low ask at Bter. It will not be the high bid.

As of the time of this writing, the high bid for Nxttycoin on the Nxt AE is 0.038878. Using the same figures above, the buyback price would be 0.038878 * 5070 / 2 = 99 NFD.

Like the first example, this calculation is meant to be illustrative. The real buyback offer will be determined by market conditions via the same formula with up-to-date figures.

Since I have other responsibilities, I cannot promise to keep up with the Nxt AE market: I can only pledge to do so. However, this might mean that you'd find a better deal on the NFD AE than on the Nxt AE.

As for the volume of the bid and offer, I only have 100'000 NFDNxtty to offer - so the asks are likely to be small in volume. The bids, on the other hand, are likely to be big enough to cover the entire issue of NFDNxtty that happens to be out of my hands. Because I'll be making a micro-market, you can speculate on Nxttycoin itself through NFDNxtty. I'll make sure that the slippage for you is reasonable.

DISCLOSURE NOTE: I'm also doing a little spread trading on the Nxt Asset Exchange with the dedicated account, in the hopes that I can build up the backing for NFDNxtty by making a few nano-profits. I'll be doing so only with the surplus of Nxttycoin in the dedicated account. I guarantee that the Nxttycoins it holds will never fall below the amount of NFDNxtty that's out of my hands. You can check anytime by looking at the balance of the dedicated account NXT-KDCA-U92R-9FSG-7KS4F in the Nxt Block Explorer or through the search box in your Nxt wallet. You can check my holdings of NFDNxtty anytime by dumping my issuing account NFD-T4MX-HYMV-2J6M-AR9KM into the search box of your NFD Wallet. That'll not only give you the balance of my account but also the holdings of all my Assets with a simple click of the "Assets" tab. Just subtract my own holdings of NFDNxtty from 100'000 and you'll see how much is outstanding in other hands. If you don't have an NFD wallet, just go to the official NFD Website and click "Downloads." You'll not only get the link to the wallet .zip package but also quick instructions on getting it running.


REDEMPTION POLICY:

Just open up your NFD wallet, click "Asset Exchange" and "My Assets", then click the "Transfer Asset" link beside your holdings of NFDNxtty, and then transfer the amount you want to redeem to my issuing account NFD-T4MX-HYMV-2J6M-AR9KM. Please also send an attached message with the Nxt Account ID that you want me to send the Nxttycoins to, or let me know on this thread. I'll post every completed redemption here in this thread.


WHAT'S INSIDE NXTTY:

Nxtty is a neat little chat app with one benefit that makes it stand over the others: private chats are strongly encrypted. It comes with true client-to-client encryption, like Arbitrary Messages in Nxt itself (and in NFD.) You can chat with someone else and not worry about anyone eavesdropping on your private conversations. Not even the Nxtty company (NMAC) can figure out what you're saying and what's being said to you. The very design of the system means that there's no backdoor possible. If this feature seems a mere frill, I suggest you keep up with the news.

In addition, Nxtty enabled automatic message destruction by default. No more need to worry about someone scooping up your cell phone and posting a snapshot of your intimate messages to 4Chan.

There's also a huge number of channels in the Open Chat rooms, each categorized by a popular subject. There, you can use Nxtty to tip any post you especially like.

Getting Nxtty is easy! If you have an Android phone, just fire up Google Play, look for Apps, hit the Search icon and keyboard in "Nxtty" You'll see this screen:

As you can see, it's already highly rated. Just tap the Nxtty icon, and it'll download into your own phone. When the download is complete, you'll see the Nxtty app in your Apps folder:

Just tap it with your own finger and you'll see what it offers:

Right now, the main action takes place where the finger's pointing: Open Chat. Tap where the finger is and you'll see a new bulletin board called Support.

As you can see, I've already jumped the gun with mine.   To add some of your own, just tap the "+" icon on the top right. That's how I added the ones you see above "Support." Tapping the "+" will take you to a screen with lots of choices:

Once you've loaded up your Open Chat portal with your faves, just tap the one you want and you'll be taken to it. You'll see the posts on a screen like this one

from the "World Economy" board. (Yes, that one at the top of the screenshot is mine.)

Making a post of your own is easy. Just start by tapping the "+"-feather icon in the top right and you'll see a form with the title and "Post Detail" to hammer out your thoughts, like I did with a comment on gold in relation to oil:

You can also attach an image to your post, simply by tapping "Choose File." You can choose from your gallery or a photo. I chose the latter in my post: a snapshot of a 6-month chart of oil from my desktop monitor.

( Admittedly, this last screenshot was kinda hurried...   )

Speaking of the World Economy, Nxtty makes it convenient to post & chat about financial events. Instead of juggling windows on your desktop, shrinking your "command post" to accommodate a billboard or confining yourself to what you can squeeze into a trollbox, you can work with a full-sized trading suite on your desktop and pick up Nxtty to bat out an informed commentary or pick people's brains.

If you want to exchange views and comments in private chat, just hit "Private Chat" in your main screen and you'll call up a three-field search box to find fellow Nxttyers. Here's what I got after entering in my home city:

Just press "Invite", wait for your invite to be accepted and you can start chatting...securely

In fact, it's so secure that Nxtty automatically destroys the messages you receive! Unless you change it in Settings, the default time between receipt and destruction is  one minute:

Yep, that's a shot of the default setting in the Settings page. So, snoops have only one minute to spy on your private conversations...

...and post them on 4Chan.


FINAL SUMMARY:

This Asset, NFDNxtty,allows you to get some Nxttycoin for your NFD without enduring the hassles and slippage that would come with dumping your NFD and buying Nxt. More interestingly, the above pledge means that I'll be keeping a close eye on the Nxttycoin orderbook in the Nxt Asset Exchange: any change in the orderbook will "flow through" to the NFD Asset Exchange. Since I'll adjust both the sell orders and buyback orders, you'll have a chance to participate in any rise of Nxttycoin without leaving the NFD environment and enduring exchange slippage to buy Nxt for Nxt's own AE. This pledge, I'll hold good on both sides of the NFD-AE orderbook ....until NFDNxtty is sold out, that is. And remember, you need only Transfer your holdings of NFDNxtty to my issuing account NFD-T4MX-HYMV-2J6M-AR9KM and I'll send you an equal amount of Nxttycoin to whatever Nxt account you specify! You can audit the backing account NXT-KDCA-U92R-9FSG-7KS4F at any time by either clipboarding the ID into the Nxt wallet searchbox or by looking near the bottom of the page for it in the Nxt Block Explorer.

To be frank, my pledge will be an easy pledge to make - I've already made a few Nxt by spread-trading Nxttycoin on its AE.  So, I have a real incentive to keep a close eye on the Nxttycoin orderbook. Thus, I'll have easy access to adjust my orders on the NFD AE because I keep my NFD wallet open all the time to forge. As I further pledged above, I'll keep the slippage on NFDNxtty reasonable.

Plus, you'll have the chance in every 24hr period to take advantage of me when I'm asleep. But please remember: I can't adjust the orders or redeem your NFDNxtty until I'm awake and have fired up my own wallet.


Just to remind you, the basic terms of this NFD Asset are:

NAME: NFDNxtty
ASSET ID NUMBER: 7691512536154962225
ISSUING ACCOUNT: NFD-T4MX-HYMV-2J6M-AR9KM. Balance inspectable at the NFD Block Explorer.
NUMBER OF UNITS: 100'000
BACKING: Dedicated Nxt account NXT-KDCA-U92R-9FSG-7KS4F. Holdings of Nxtty identified at bottom of block explorer page.
BENEFIT: Each unit of NFDNxtty is redeemable on demand for one Nxttycoin sent to the redeemer's choice of Nxt account. In addition, the issuer will place sell and buyback orders and adjust them according to market conditions as specified by the Nxttycoin orderbook in the Nxt Asset exchange. The issuer will make a reasonable effort to keep up with the current orderbook in the Nxt AE, so as to assure a reasonably fair price for NFDNxtty.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of NFDNxtty tranches, as does the same reasonable-effort proviso.

Download the NFD Wallet here.

Pick up some NFD at Bter here.

And thanks for reading!!!

P.S.: I'll be replying in this thread with daily posts on Nxttycoin's market action
and noting any adjustments I made in both sides of the orderbook in the NFD Asset Exchange.
I'll also notify everyone if or when NFDNxtty is sold out, in which case I'll only be adjusting the buyback order.

If you want to keep up with my reports, either leave a reply
or subscribe to this thread!

Want to audit my pledge or watch the action?
Just download the NFD Wallet from here, click "Asset Exchange" from the left-hand menu,
click the "Add Asset" button on the top right on the Asset exchange page,
and enter in this Asset ID Number: 7691512536154962225.

And...if you already have Nxtty, feel free to drop your user ID in this thread!
You might be hearing from someone soon...

The more eyes, the better!!

[Nxtblg]

Opening Offer And Buyback Bid:

As of the time of issuance, as shown in the Nxt block explorer, the low ask of Nxttycoin was 0.0399 Nxt. The last trade of Nxt at Bter was 5130 satoshis. And, the low ask of NFD at Bter was 2 satoshis.

So, by the above formula, I'm offering the initial tranche of NFDNxtty at:

0.0399 * 5130 / 2 = ~102 NFD per NFDNxtty.

To get things rolling, I'm offering 25'000 at that price - which has been stable for most of the day.

(After I knocked the tradebot linked to NXT-ZJCC-KF89-HCLL-FFS2U from 0.04299 to 0.0399, that is. )

Using the same last two values for the buyback plus the current high bid of 0.0375 Nxt, my first buyback offer - again for 25,000 NFDNxttys - is:

0.0375 * 5130 / 2 = ~97 NFD per NFDNxtty.

Both orders have now been placed! Just enter the NFDNxtty Asset ID number 7691512536154962225 into your own wallet and you'll see them both there.

[Nxtblg]

For the rest of the day after I posted this announcement, the Nxttycoin market was all-but dead. There were only five small trades on the Nxt AE the entire day. Both the low ask and the high bid stayed stuck in the high 0.03s in Nxt terms. After I posted the OP, they didn't move at all: not one bit.

The funny part is, Nxttycoin jumped up earlier in the week as a result of a whalepump. It shot up above 0.05 Nxt by one single buyer chomping though layer after layer of the offer stack. It was a lot like the whalepump of Supernet [UNITY] a couple of days later. But unlike the UNITY pump, Nxttycoin's whalepump largely fizzled. The only way in which it succeeded was by jacking up Nxttycoin from the high 0.02s to the high 0.03s. In contrast, the Supernet pump stuck.

So, Nxttycoin's market is all-but dormant...which makes me wonder how that whale will offload his big bite of it. Given the torpidity, I left the NFDNxtty's ask at 102 NFD and the bid at 97 NFD.

[l8orre]

Great to see this! NXT based second generation cryptos are the future!

[Nxtblg]

This day, with Bitcoin beginning to recover and Nxt staying strong, the Nxttycoin market in the Nxt AE was all-but dead. Only two trades over the last 24 hours, totalling a little more than 100,000.

Oddly, the torpid Nxttycoin market has one of the lowest bid-ask spreads in the entire AE. The low ask dropped overnight to 0.0374 and the high bid slumped to 0.0361. Accordingly, I changed my ask for NFDNxtty to 96 NFD and my bid to 94.

What's responsible for the narrow spread, in a market you'd think would have a lot more slippage, is a tradebot that plays off against other bids and offers. It looks at the orderbook's high bid and/or low ask and puts a bid that's only a smidgin above or below (respectively) so as to be first in line when a buyer or seller wants to transact right away.

A nice strategy, but the bot programmer seems to have forgotten that this first-in-line strategy can be gamed by a human trader. It does look like the manual spread players, including myself, have figured out how to play against the bot...

[Nxtblg]

Today, like yesterday, saw the Nxttycoin market close to dead - but there were two price changes that I carried over to the offer and buyback bid for NFDNxtty in the NFD AE.

The first was a drop in both the bid and ask, prompted by some dumper over at Bter. The patient fellow who bought up the dump transferred his Nxttycoin to his wallet and sold it in the AE for an arbitrage profit. He doing so dragged down the entire Nxttycoin market.

This dump-and-arbitrage happened overnight. Since then, the Nxttycoin market has been dead - except for a buy of a 15,000 Nxttycoin haunch I was spread-trading with. My low ask gone, I put in a bid for 15,000 more: it's now the new high bid. If the other side of this spread trade works out, I'll have a little more Nxt in the backing account.

Because of that spread trade in progress, the backing account NXT-KDCA-U92R-9FSG-7KS4F now holds 200'008 Nxttycoin: enough for double backing of NFDNxtty. To keep up with the Nxttycoin orderbook, I changed my offer to 25'000 NFDNxtty @ 93 NFD and my buyback bid to 25'000 NFDNxtty @ 88 NFD. The spread on both has widened, perhaps to a normal level.

[Nxtblg]

This day, the market was as slow as ever until a late-night dump of > 100,000 Nxttycoin but its price bounced back. Yesterday's arbitrage-dump being over, Nxttycoin shrugged it off as if it hadn't happened.

What kept me jumping this day, pulling orders and replacing them with ones that would keep NFDNxtty more in line with Nxttycoin, was a big jump in Nxt. It not only rocketed up to >5500 satoshis but it also hit the highest volume on Bter several times in the day. Since I hit the overnight low and bought 15,000 more Nxttycoin in my spread trading, I had the wherewithal to enter a bid in the Nxt AE for that 15,000 @ 0.038 and thus lowered the spread both in the Nxt AE and for NFDNxtty. As I write this, my ask for the latter is at 105 NFD each and my buy-back bid is 101.

Merry Christmas to all, and to all a good night - or morning, depending on where you are. 

[Nxtblg]

Another day, another lull. There was hardly any trading of Nxttycoin on Bter: the bot bids marched up and down while a few patient lowballers wait for someone to dump at 170 satoshis or below. In the Nxt Asset Exchange, there were hardly any trades too and what trades there were centered on a little above 0.035 Nxt per Nxttycoin. The spread in the Nxt Asset Exchange narrowed once again, due to me messing with a tradebot by placing a somewhat lowballish sell order. Nxt itself calmed down, settling in little below yesterday's peak at its usual volume.

It being Christmas, I changed my orders fewer times today than yesterday, although the relative calmness meant there was less reason to change them. Now that I'm settling for the night, I passed along the once-again very narrow spread in the Nxt AE by putting up 25,000 NFDNxtty for sale at 98 NFD per unit and my buyback order just below it at 97.

I hope everyone had a Merry Christmas!

[Nxtblg]

The Nxttycoin market picked up smartly in the Nxt AE today, even though it was all-but dead on Bter. For reasons that likely had to do with the continuing softness in Nxt, there were several decent buys above 0.035 NXT overnight: those were enough to hoover up the sell wall to 0.0377. This climb climaxed with a medium-sized buyer who vacuumed up the asks all the way up to 0.0398 late this afternoon Eastern time. Since then, however, the market has gone quiet again.

But that flurry of buying did leave its mark on the orderbook. As I write this thumbnail recap, the low ask is 0.03965. The high bid is mine, at 0.0375, which I left after a little messing around with a tradebot on the bid side. Its code, or its owner, finally figured out I was gaming it - so my bid is the one that stands as the high one.

This jump might be the top of a range, actually: the sell wall between 0.03965 and 4 is huge: close to 500,000 Nxttycoins. In order for it to be breached, there would have to be a lot more excitement.

Again, I narrowed the spread in the Nxt AE in part to narrow the spread on NFD's. Because the rise in Nxttycoin was partially countereacted by weakness in Nxt, my final order pairing for NFDNxtty is staying overnight at 103 NFD offered, 100 NFD bid.

[Nxtblg]

Today, the Nxttycoin market caught fire in the Nxt AE and even picked up a bit volume-wise in Bter. Unfortunately in the latter, the price only picked up to 190 satoshis after a few small sells from dumpers at 170 satoshis. Right now, the bot-filled Bter orderbook looks more-or-less the same; 200 satoshis seems out of reach at the moment.

But it was a different story on the Nxt AE! Again, in late morning Eastern time, a Nxttycoin whale chomped up the orderbook all the way to 0.045 Nxt.  He then moderated a bit and bought into the consequent happy sell orders from people noticing that it again broke above 0.04. The two highball sell orders I placed with the Nxttycoin in the NFDNxtty backing account were both hit by that whalepump, the higher one partially. Actually, my partially-hit highball at 0.045 was the high trade of the day.

Accordingly, I used the wherewithal to place new buy orders to get the account back up to double backing. Right now, the Nxttycoin balance of the dedicated account is 139'375. So, the entire issue of NFDNxtty is almost 140% backed as of the time of this writing: you can confirm this by looking at the bottom of its Nxt Block Explorer page. If the market pulls back as I expect, the Nxttycoin holdings of the backing account will be well over double backing. I currently have a buyback wall that totals 80'000 more Nxttycoin.

Speaking of the buyback orders: the old familiar tradebot was back - and I structured my buyback wall in part to mess with its head. As a result, the Nxttycoin spread in the Nxt AE is less than 2%. Accordingly, I'm now offering NFDNxtty at 107 NFD and have set the buyback order at 106 NFD in the NFD AE. Okay, it's narrower, but I need a bit of cushion so I can sleep soundly.

Unfortunately, some of my order adjustments for NFDNxtty today were prompted by the slide of Nxt itself. From its recent high of >5500 satoshis, Nxt is currently trading at ~5150 satoshis. A disappointment, but such letdowns aren't unknown in Altcoin Land. 

[Nxtblg]

Today was a mostly dull day with little price movement in Nxttycoin and no volume at all on Bter. The Nxt Asset Exchange saw little volume today until just before early evening Eastern time, even though new sellers came forth to lower the ask...including one who wanted to get rid of ~750'000 at 0.04. If memory serves me correctly, this monster sell was placed at a higher price but was moved down to the low ask today.

At ~17:30 ET, though,a single buyer swallowed most of the huge sell wall at 0.04 by buying 505'000 more Nxttycoin. It's hard to say what's going on: the account that bought all that Nxttycoin is not a Nxttycoin whale, although it seems to be a commercial account, and the BTC value of that haunch is a little less than 1.05 Bitcoin. It looks like someone just got excited about Nxtty and bought in at the ask.

And today, as noted above, there was - and still is - a lot of ask at 0.04. It would take another enthusiastic buy of almost 500'000 at the asks to push Nxttycoin above 0.042. On the other hand, a discouraged or despairing dump  of 500'000 would take the price down to 0.0361. Evidently, word has spread about those (attempted) whalepumps - which seem to have called forth people who believe that their Nxt could be put to better use elsewhere.

Nxt itself was listless today, but it's still holding up vis-à-vis its recent low. That tradebot whose nose I've been tweaking is still doing its part to keep the spread narrow - but with no help from me today. It's that monster ask, only a little above the tradebot's high bid of 0.03898, that's keeping the spread narrow.

I really don't know where Nxttycoin is going, if anywhere. Price-wise, the action has dribbled off. The whalepumps ended up fizzling, but they did leave an effect. Even in its stupor, Nxttycoin is still well above its December low of ~0.025; the last time it could be had for below 0.035 was Dec. 24th. The sell wall at 0.04 is formidable, but I don't see any eagerness to dump.

Since the spread is still narrow in the Nxt AE, I again put in a 1 NFD spread for NFDNxtty in the NFD AE. Since Nxttycoin itself slumped, I lowered my pairing to 103 NFD asked, 102 NFD bid.


BTW: There's now a Nxttycoin sell order in the NFD AE that isn't mine! Someone placed a sell for 600 of them @ 150. Assuming that Nxt and NFD remain more-or-less stable, it would take a Nxttycoin leap to ~0.06 for me to take out his (or her) sell order with my buyback.

Want to see it? Just fire up your NFD wallet which you can download from here if you don't already have one, click "Asset Exchange" on the left-hand menu, look for the "Add Asset" button in the top-right area of the wallet, click it, put in the Asset ID number 7691512536154962225 into the form, and you'll see the orderbook for NFDNxtty. You'll see my orders and his (or her) sell order.

Who knows...this person might well be right about a Nxttycoin leap. Certainly, its chart doesn't look bad right now...

[Nxtblg]

Despite my optimism yesterday, Nxttycoin did not have a good day today. A small dump late yesterday on Bter blew away the entire bid stack (except for tiny bot bids) all the way down to 152 satoshis - and the stack is still thin until 146 satoshis. At the current Nxt price, 152 satoshis is only 0.029 Nxt; 146 satoshis is 0.0279 Nxt. Both are well below the current high bid in the Nxt AE: as I write this, it's 0.036310 Nxt, the same price as the last trade.

Speaking of the AE, three dumps took those ~500,000 Nxttycoin bids above 0.036 and drove down the price to my lowball bid of 50'000 @ exactly 3.6. These dumps were not prompted by an arbitrage play. As the above high bid indicates, the buywall hasn't regenerated all that much. It would take another dump of less than 200'000 to drive the price down to 0.035.

On the other hand, the sell wall is pretty thin too. A hasty at-market buy of only 200'000 would drive the price above 0.041.

The entire market is quieting down. The spread is less narrow than it used to be, but it's still not bad. In the NFD AE, I adjusted the order pair for NFDNxtty downwards but not as much as Nxttycoin itself because Nxt climbed back up a little today. So, I'm calling it an early night with the offer at 101 NFD and the buyback bid at 96. 

[Nxtblg]

Yesterday's spill proved to be a one-day bobble. The Nxtttycoin bid stack on Bter is really thin - the top bid is a teeny little bot bid at 154 satoshis - but the little trading there was took little nibbles off the asks. It seems that the would-be dumpers realized that they'd get a much better deal on the Nxt AE than at Bter. There's still a real Bter-AE arbitrage opportunity, but playing it by lowball-bidding on Bter would seem to require both a lot of patience and spare BTC you have no use for.

Over on the Nxt AE, Nxttycoin actually recovered. Despite the day (Eastern time) beginning with a dump at 0.036301, the rest of the day's trades except for the most latest were buys at the ask. They were small, but enough came in to take out my spread-trade sell order at 0.039 and a bite out of my lucky-chances sell order at 0.041. Again, the usual tradebot showed up - and again, I played my usual spread-narrowing games. That last order was a dump that took out the bot's entire buy order at 0.0386, so the top two bids are mine as I write this. The same bot is having some luck on the sell side: it still has the low ask of 0.00399, but a small buyer took a small piece out of its order.

With the bot back, so is some liquidity. Over on the NFD AE, the climb-back of Nxt and the narrowing of the spread kept me hopping more than yesterday. As I wind things down for the night, my sell order for NFDNxtty is at 108 NFD per unit and my buyback bid is at 105.

In a sense, it's back to a stand-pat quiet market with not much Nxttycoin volume and the price still stuck a little below 0.04. The only odd part was the large number of buys, small though they were. Maybe word about Nxtty is spreading, albeit slowly and under-the-radar. Maybe some of those buyers bought Nxttycoin for (gasp!) use in the Nxtty app.     

[Nxtblg]

This last day of the calendar year saw Nxttycoin quiet down in much the same way the stock markets quieted down. Over at Bter, the trades were piddling; most of the transactions were for exactly 3000 Nxttycoin at 152 satoshis. The rest of the transactions, which never got as high as 159 satoshis in price, were even more piddling volume-wise.

The transactions on the Nxt AE were also small: the highest-volume exchange of the day was for only 7881 Nxtty. Three of them had volumes of less than 1000. Again, I'm wondering if the buyers were people wanting to use their Nxttycoins in the Nxtty app: their purchases were too small to make for a meaningful investment. They could be micro-investors.

Both the bid and ask didn't change at all today - except for a brief stretch when the bot popped in with a new high bid, sold only 1000 in one transaction before 10 AM Eastern time and then vanished - so the changes I made in the NFDNxtty orderpair in the NFD Asset Exchange were prompted by Nxt's upward climb to a new recent high and later pullback to a little above 5500 satoshis. In conformance with the recent Nxt pullback, I'm calling it a new 2015 with 25'000 NFDNxtty for sale at 109 NFD per unit and a 26'660 buyback order at 107 NFD.

[Nxtblg]

New Year's Day (in Eastern time) was not a great day for Nxttycoin. Over on Bter, there was only one piddly little bot-driven trade. Those bots finally recognized how low the Bitcoin price of Nxttycoin was relative to the Nxt AE, so the buybook began filling up with dinky little buys up to 162 satoshis. But, the patient buyers with substantial orders waiting for dumps don't start until 149 satoshis.

Over on the Nxt AE, volume picked up but not in a good way. Before I adjusted my spread trading, the five trades there today were all Sells at the bid: collectively, they took a chunk out of the buybook that has not been replaced as yet. One of them was a dump of over 100'000 Nxttycoin. Until I started messing around again, the low ask was unchanged at 0.0399 and the high bid was battered down to 0.036. This time, I lowered the spread considerably by lowering the ask to 0.0368. It might call forth some buyers.

Given the longer term, Nxttycoin is still going nowhere but sideways. It's still a quiet market, and the dumps look like individuals who either lost patience or have found a better place for their Nxt. There's no pattern or momentum to those dumps as of yet: I'm tempted to call them isolated incidents.

In accordance with my spread-narrowing, again dancing with the usual tradebot, I narrowed the spread to translate into a one NFD spread for my NFDNxtty orderpair. I'm going to snooze land with the offer for NFDNxtty at 104 NFD per unit and the buyback order at 103.

[Nxtblg]

Today, Nxt took off like the proverbial rocket. After acting indecisively yesterday, it picked up a lot of steam and even displaced Dogecoin for the #1 spot on Bter's volume rankings - occasionally. As I write this, Nxt racked up a 20+% gain over the last 24 hours. Again, the rule that Nxt is a good buy when its below 5000 satoshis held good.

Nxttycoin holders were lucky, because Nxt's leap covered for a dump-and-slump episode that pushed its price below 0.035 in the Nxt AE. The morning in Eastern time saw a fair number of dumps that pushed Nxttycoin's price to exactly 0.035 before it ran out of steam when a final dump pushed the price to 0.033578. But the price later recovered as a small buyer came in who decided that 0.036ish was a bargain. Interestingly, Nxttycoin's BTC price rose at Bter: two substantial buys took place there, one at 180 satoshis and one at 192. Even that 192 price represents an implied Nxt-AE price of 0.0284 Nxt per Nxttycoin at current levels. Unfortunately for any would-be arbitrageurs there, the lowest ask with a large volume attached to it (200'000 Nxttycoins) is at 238 satoshis: that's an implied value a little below the current ask at the Nxt AE and above the midrange between the low ask and high bid. Again, any would-be arbitrageur from Bter to the AE has to either content himself with patiently picking pennies from the bots or waiting even more patiently for a dump.

So far, it seems that there's next to no arbitrage of that sort - which may change if Nxt keeps skyrocketing. If Nxt reaches 7000 satoshis and that big ask @ 238 satoshis is still where it is, there'll be a nice arbitrage play for someone with a half a Bitcoin to spare. Unfortunately, such a play would put more pressure on Nxttycoin in the Nxt AE but that's how it goes.

As I write this, the low ask on the Nxt AE is 0.036 and the high bid is 0.034. Both are mine. Despite that slump, Nxt's 20% 24hr jump had me raising my order pair for NFDNxtty on the Nxt AE. The person who put in an offer for his or her stake @ 150 NFD might get the sell filled by me if Nxt keeps doing its thing. Folding up for the night, I'm leaving the offer at 121 NFD per NFDNxtty and the buyback bid at 116. Thanks to the rise in Nxt, everyone who bought NFDNxtty from me can sell into my buyback bid overnight at an NFD profit - simply because Nxt itself rose.   

[Nxtblg]

Perhaps inevitably, Nxt pulled back today on huge volume again. It was the #1 most traded on Bter for a longer stretch of time this day, as its rise called up lots of sellers looking for a quick profit. Contrary to usual, Nxttycoin's volume of Bter was over 1 BTC; thanks to Nxt's rise, it also got above 200 satoshis.

But almost all the volume cane from two big haunches: more than 335'000 at 208 and almost exactly 200'000 at 205. Even with Nxt at 6000 satoshis - close to the low of the day - those trades went at around the high bid of 0.0341 Nxt. With respect to the Nxt current price of 6290 satoshis, both were a little below the bid. There were two dumps of 100'000 Nxttycoins at 0.0341 some time after those two exchanges: they might have been arbitrage dumps, but the profit margin on those dumps would have been thin. Interestingly, the high bid at 0.0341 proved to be solid today: as soon as it was blown away by those two sellers, someone else stepped in with a bid of 100'000 at the same price.

Those two dumps were the only trades today on the Nxt AE. Like the high bid, the low ask (mine) stayed where it was at 0.036. As a result, my orderpair adjustments on the NFD AE were following Nxt's downs and ups. Calling it a day, I'm leaving the offer for NFDNxtty at 111 NFD per unit and the buyback bid at 107.

[Nxtblg]

Today, another grinding day as the worrying boiled up about Bitcoin. Nxt continued its slide back, and its volume settled down to normal. Over at Bter, the market quieted down its usual piddle. There was a substantial buy of >100'000 at 205 satoshis but that was about it.

Action was brisk on the Nxt AE in the early morning Eastern time, but quieted down with dawn. The price slid too, although not by much; those trades did not look arbitrage-driven. In fact, one account did a lot of the buying: loading up more than 600'000 Nxtty in the wee hours. The average price was slightly higher than the current high ask, suggesting that this would-be whale bought a lot to hold. The last sale of the day, as of the time of this write-up, was a real whale who sold >111'000 to the resident tradebot. Since this account still holds much more than 2 million Nxttycoins, it looks like the holder just trimmed his or her sails.

Right now, the spread on the Nxt AE is almost razor-thin. I've had something to do with it, but not much: I snuck in my high bid just above the next. That same whale has another >60'000 Nxttycoins for sale at the same former high bid that the tradebot put up; that same tradebot has got its usual 111'540 sell offer set at just a smidgen above that whale's.

Actually: if you want to get into Nxttycoin and don't mind buying at market, this is a great time to do so. The whale's low ask is 0.0345. Buying 173'000 Nxttycoin at market would only push the low ask up to 0.034845. If you don't mind paying up to 0.036, or 4.34% above the current low ask, you can grab up to 600'000 of them.

The bid side is thinner, admittedly. The current high bid is 0.0342. If you wanted to, you could dump 85'000 and there would still be the remnants of a high bid at 0.034. But at that point, the bids become widely spaced.

Putting the picture together shows a lot more Nxttycoin offered for sale than Nxt offered to buy at the current spread, but it also shows a spread that's razor-thin. There's only 0.0003 Nxt separating the low ask from the high bid: less than 1%. If you're a micro-investor looking to buy or sell a small haunch of Nxttycoin, you're facing a fantastic spread that rivals markets much more liquid than Nxttycoin has ever been.

Since the spread is so narrow, I'm leaving the overnight orderpair for NFDNxtty at 105 NFD for the offer and 104 NFD for the buyback bid. This is the first day that my own NFD AE spread has been wider than the Nxt AE spread.

[Nxtblg]

Wow...the Nxttycoin spread on the Nxt AE has gotten even narrower - and thicker. If you ever wanted to do such a thing, you could dump 250'000 Nxttycoin - more than half a Bitcoin's worth - at the high bid, buy 'em back at the low ask, and take a slippage loss of less than 0.9%. This loss would include the order fees. The spread is as narrow as the spread is for Bitcoin on a major Bitcoin exchange - except for Bitstamp.

As I write this, the low ask is 280'009 @ 0.035 Nxt per Nxttycoin and the high bid is 292'028 @ 0.0345. The buybook is thinner below the high bid, but the high bid itself is much bigger than yesterday's. Two different accounts are behind the two orders, and only one seems to be into trading. The other account is already a large holder of Nxttycoin who's looking to up his or her stake.

For a not-at-the-top Asset in the Nxt AE, and one that trades only in spurts on Bter, this narrowness is striking. Nxttycoin didn't trade at all on Bter today. The last trade pushed its price down to 167 satoshis, but its volume was miniscule: a little more than 0.01 BTC's worth. The last substantial trade there went at 205 satoshis.

Is the well of dumpers running dry at Bter? I don't know, but I do know that arbitragable Bter dumps have become more scarce.

Since the spread has been so narrow recently, I finally "broke the integer" in the Nxt AE for my NFDNxtty orderpair. As I wrap up the day, I left my offer at 106.3 NFD per NFDNxtty and my buyback offer at 105.5.

It's an odd market right now. The fact that both the high bid and low ask are so thick - and so close to each other - belies Nxttycoin's moderate volume. Leaving aside the dumper who pushed its price down to 0.0322 a little after 11 AM Eastern time, today's trades mostly fluctuated around 0.034ish. Evidently, Nxttycoin still has enough believers to make its chart keep flatlining. 

[Nxtblg]

Announcement: NFDNxtty Special Dividend

Nxttycoin is still running its 5% end-of-month bonus program! To be honest: when I first composed the terms of this Asset, I forgot to mention it. In fact, when it came in on Jan. 4th, I didn't even see it: I thought it was the result of one of my spread trades.

The NFDNxtty_Dedicated_Account received the bonus on January 4th: 9922 Nxtty in an asset transfer. Transaction 10360807031601741730.

This bonus, I am passing on to all NFDNxtty holders in the form of a Special Dividend payable in NFD.

Since I missed it when it came in, I'm assigning a value of 0.03599 Nxt per Nxtty for this dividend. That's equal to the January 4th high, so I can be sure it was the ask. 9922 * 0.03599 = 357.1 Nxt. Following the same procedure, I'm assigning a Nxt value of 6410 satoshis to the dividend because that was the Jan. 4th high of the day on Bter. NFD's ask stayed at 2 satoshis that day.

So, the NFD value of the bonus is 357.1 * 6410 / 2 = 1'144'505.5 NFD. Since there are 100'000 units, each unit of Nxttycoin is entitled to ~11.5 NFD per unit as a pass-through of the bonus.

So: I hereby declare a special dividend of 11.5 NFD per unit of NFDNxtty.


If you snuck a look at the NFDNxtty_Dedicated_Account block explorer page and looked at the bottom, you'll see that its current holdings of Nxttycoin is 238'500. This figure means that NFDNxtty is now backed x 2.38.

I started off on Dec. 17th, 2014 by transferring 200'000 Nxttycoin plus 6 Nxt to the NFDNxtty_Dedicated_Account. Except for the registering of an Alias, an arbitrage maneuver through Bter between December 17th and 18th Eastern time, a second arbitrage play that was initiated on December 18th and completed on December 19th, a withdrawal of 11 Nxt to the dedicated account for NFDSupeNet,one Asset Transfer of 1000 Nxttycoin to the NFDNxtty_Dedicated_Account on December 27th which seems to be a tip for my patter here on this thread, the Jan. 4th transfer of the 9922 Nxttycoin bonus, and a mistaken transfer that I sent back to the sender plus 1 Nxt for the fee, all my Nxt and Nxttycoin transactions in the NFDNxtty_Dedicated_Account have been a whirl of bids, asks and cancellations. You can check this yourself by going through all my transactions for the account. The transactions list is near the bottom of the page.

All transfers in, except for the one I sent back, total 200'000 + 1000 + 9922 = 210'922.

But, as I noted above, the current balance of the backing account is 238'500. The difference between the two - 27'578 - came entirely from my spread trading And, despite me spending ~150 Nxt in fees, the Nxt balance in the account is slightly more than what I started with.

As I write this, the backing account is almost three weeks old. In these three weeks, I've increased the backing account's Nxttycoin balance by 13% solely through spread trading. Thirteen percent in three weeks, all of which you can verify at the Nxt Block Explorer.

That's not bad! Despite the fact that I'm concentrating on accumulating rather than keeping an even keel, and got dragged down by Nxttycoin's downturn on the Nxt AE, I seem to have a hidden knack for spread trading.

Thanks to everyone who bought NFDNxtty, and thanks for reading my reports.