[ANN][NFD][GEMZ] New NFD Asset: NFDGemz! [ON HOLD FOR NOW]

[Nxtblg]

Right off the heels of GEMZ being released from Koinify and becoming a high-volume trader on Poloniex and Bter, I'm releasing the new NFD Asset NFDGemz! Fully backed by GEMZ in my Counterparty wallet, as you can see by checking the block explorer page for the wallet and its assets, NFDGemz lets you buy GEMZ, and get in early on the "Attention Economy," using only your NFD.

GEMZ is the native cryptocurrency of the GetGems messenger app. Unlike the established apps, where the product is you, GetGems will let you set your own rate for receiving unsolicited messages and advertisements. This innovatory ecosystem is the heart of GetGems' Attention Economy. For the first time in mobile messaging, you too will get paid to read ads. At whatever rate you set!

Since you'll set your rate in GEMZ, advertisers and other attention-seekers will have to buy GEMZ to get ahold of you. Messages from friends and whomever you whitelist are free. But advertisers and spammers have to pay, else you don't even see what they're trying to say to you. Wouldn't that be a relief?

Right now, GEMZ is in its infancy: the attention economy model has not been implemented yet. If you get in now, you'll be a genuine early adopter. You'll be the old hand greeting the newbs and welcoming them into the GetGems ecosystem. You won't be a volunteer teacher, because GetGems Messenger is insanely easy to use, but you will be a volunteer welcomer and guide. If a newbie want to buy some GEMZ for her wallet, you'll be right there to show her.

Already, the GetGems app is up to 500-1000 1000-5000 downloads in the Google Play store and >1000 >5000 is only a matter of time. Why? Because GEMZ has a referral program. Unlike all its competitors, GEMZ is running a daily airdrop based on your activity on the GetGems Messenger - and the number of new users you bring in. They just have to enter your GetGems username when it asks who invited them, and you get the credit: more GEMZ from the airdrop!  

Since NFDGemz is redeemable on demand, all you have to do is send over your Counterparty address when you transfer your NFDGemz Asset to me and I'll send your Gemz to you. No need to make the switch through an exchange: you can get GEMZ directly with your NFD!

Moreover, as I've already shown with my NFDNxtty Asset and my NFDSupeNet Asset, I'll undertake to make a market for NFDGemz in the NFD Asset Exchange that reasonably tracks the bids and asks at Poloniex. So, you can speculate and trade in Gemz without leaving the NFD Asset Exchange. As I've done with my earlier NFD Assets, I'll track the bid-ask by using NFD's own ask as the denominator. Buy NFDGemz and you can get GEMZ with no slippage!

Announcing...

NFDGemz!

10'000 Issue, Fully Backed
Redeemable On Demand






Buy, Sell Order From Issuer
Tied To Poloniex



NOTE: NFDGemz is issued independently of GetGems. There is no relationship between me and the GetGems team.

NFDGemz ASSET DETAILS:

NAME: NFDGemz
ASSET ID NUMBER: 11562603956049768223
ISSUING ACCOUNT: NFD-T4MX-HYMV-2J6M-AR9KM. Balance inspectable at the NFD Block Explorer.
NUMBER OF UNITS: 10'000
BACKING: Dedicated GEMZ Counterparty account 1K5EAZcXi9LyrUeWbM45HrP1s1qTZctATG. GEMZ holdings identified in its Assets block explorer page.
BENEFIT: Each unit of NFDGemz is redeemable on demand for one GEMZ sent to the redeemer's choice of Counterparty account. In addition, the issuer will place sell and buyback orders and adjust them according to market conditions as specified by the GEMZ market at Poloniex. The issuer will make a reasonable effort to keep up with the current GEMZ orderbook at Poloniex so as to assure a reasonably fair price for NFDGemz.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of NFDGemz tranches, as does the same reasonable-effort proviso. Tranches will be 1000 NFDGemz each.

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 11562603956049768223 into the form, and the orderbook for NFDGemz 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 GEMZ at Poloniex.

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:

Since the price of GEMZ is fluctuating as I write this, I'm offering it in chunks as tied to the low ask at Poloniex and NFD's low ask at Bter.

The formula's pretty simple. Here it is: (low ask for GEMZ 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 GEMZ is 8700 satoshis. NFD's low ask is 2 satoshis. By the above formula, my offer on the NFD Asset Exchange would be 8700 / 2 = about 4300 NFD per unit of NFDNxtty.

This calculation is only an example. First of all, market conditions change and the real offer will change with it. Secondly, the low asks are usually bot orders that flit about or disappear entirely. I'll compensate for that ephemerality by rounding roughly, as I did with the example above.  

The same procedure and qualification applies to a buyback bid, also from me. It will be based on the high bid at Poloniex So, the formula for calculating the buyback will be (high bid for GEMZ) / (NFD price). 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 GEMZ at Poloniex is 8271 satoshis. Using the same figures above, the buyback price would be 8271 / 2 = about 4200 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 Poloniex: I can only pledge to do so. However, this might mean that you'd find a better deal on the NFD AE than on Poloniex.

As for the volume of the bid and offer, I only have 10'000 NFDGenz to offer - so the asks are likely to be 1000 or smaller. The bids, on the other hand, are likely to be large enough to cover the entire issue of NFDGemz that are out of my hands. Because I'll be making a micro-market, you can speculate on GEMZ itself through NFDGemz I'll make sure that the slippage for you is reasonable.


DISCLOSURE NOTE: I'm also doing a little spread trading on Poloniex in the hopes that I can build up my own supply by making a few nano-profits. I'll be doing so only with my other holdings. I will not be doing so with the GEMZ in NFDGemz's backing account. You can check the integrity of the backing account anytime by looking at its holdings with the Counterparty block explorer page for the backing account 1K5EAZcXi9LyrUeWbM45HrP1s1qTZctATG . You can also check my holdings of NFDGemz 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 NFDGemz from 10'000 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 NFDGemz, 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 Counterparty Account ID that you want me to send the GEMZ to, or let me know on this thread.

Before you do so, please visit the GEMZ official thread. There are tips on how you can get your GetGems Messenger to access the GEMZ and Bitcoin in your Counterparty wallet. Here's the tl;dr: when you download GetGems Messenger and its asks you for your password, use the exact same passphrase you used for your Counterparty wallet. If you have any troubles or questions, please ask them at the GEMZ official thread. There, you have many set of eyes and heads; here, you only have me.

I'll post every completed redemption here in this thread.


WHAT'S INSIDE THE GETGEMS MESSENGER:

To put it simply, the GetGems Messenger is an easy-to-use chat app that adds cryptocurrency's best: encryptation. All chats you have are encrypted, which makes them private. No need to worry about eavesdroppers! Even the GetGems Messenger company cannot know what you're chatting about.

The app itself is intuitive, easy to use and pretty damn slick. Just take a look at this screenshot:

Tap the settings icon on the upper left...

...and the self-explanatory, intuitive and easy menu pops up:

The Wallet, once linked to your Counterparty wallet, shows you your GEMZ...

...and your Bitcoin:

Tipping is as easy as it is on Reddit.

I've only scratched the surface of what the app is like. Please, feel free to visit the GEMZ official thread.


FINAL SUMMARY:

This Asset, NFDGemz, lets you get some GEMZ your NFD without enduring the hassles and slippage that would come with dumping your NFD and switching. The above pledge means that I'll be keeping a close eye on the GEMZ orderbook in Poloniex: changes in the orderbook will manually "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 GEMZ without leaving the NFD environment and enduring exchange slippage to buy some. This pledge, I'll hold good on both sides of the NFD-AE orderbook ....until NFDGemz is sold out, that is. And remember, you need only Transfer your holdings of NFDGemz to my issuing account NFD-T4MX-HYMV-2J6M-AR9KM and I'll send you an equal amount of GEMZ to whatever Counterparty account you specify. You can audit the backing account 1K5EAZcXi9LyrUeWbM45HrP1s1qTZctATG at any time by checking the block explorer page for the wallet and its assets.

My pledge will be an easy pledge to implement because of my spread trading: I have a real incentive to keep a close eye on the GEMZ orderbook. I'll have easy access to adjust my orders on the NFD AE because I keep my NFD wallet open all the time. As I further pledged above, I'll keep the slippage on NFDGemz 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 NFDGemz until I'm awake and have fired up my own wallet.


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

NAME: NFDGemz
ASSET ID NUMBER: 11562603956049768223
ISSUING ACCOUNT: NFD-T4MX-HYMV-2J6M-AR9KM. Balance inspectable at the NFD Block Explorer.
NUMBER OF UNITS: 10'000
BACKING: Dedicated GEMZ Counterparty account 1K5EAZcXi9LyrUeWbM45HrP1s1qTZctATG. GEMZ holdings identified in its Assets block explorer page.
BENEFIT: Each unit of NFDGemz is redeemable on demand for one GEMZ sent to the redeemer's choice of Counterparty account. In addition, the issuer will place sell and buyback orders and adjust them according to market conditions as specified by the GEMZ market at Poloniex. The issuer will make a reasonable effort to keep up with the current GEMZ orderbook at Poloniex so as to assure a reasonably fair price for NFDGemz.
PRICE: Will vary according to market conditions. The same pledge made just above applies to the issuing prices of NFDGemz tranches, as does the same reasonable-effort proviso. Tranches will be 1000 NFDGemz each.

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 GEMZ'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 NFDGemz is sold out, in which case I'll only be adjusting the buyback order.

And of course, I'll also post any redemptions with block-explorer backing.

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: 11562603956049768223.

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

The more eyes, the better!!

[durerus]

Hi! My gems username is durerus. Can you find me by username?

Actually I also have some NFD

[Nxtblg]

Hi! My gems username is durerus. Can you find me by username?

Actually I also have some NFD

Nice to hear. I just tried you in Global Search, but got "Durer". "durerus" doesn't show anything.

My own username there is Nxtblg , same as here.

[Nxtblg]

The first day of running the NFDGemz orderpair in the NFD AE was in a sense an easy one. After its post-ICO excitement, GEMZ has settled into a broad trading range at Poloniex. Roughly, the high point is at 9000 satoshis and the low point is at 8000 satoshis. The market itself is active but intermittent. Normally, it ranges from dead to a flicker of life caused by tradebots whose orders overlap each others'. But every now and then, a substantial buyer or substantial seller either drives up the price or whacks it down: the latest dumper drove GEMZ all the way down to 7604 satoshis before the price rebounded to the lower part of its range.

Manual spread traders like me are catching on. Yesterday, both side of the orderbook were bot-filled and pretty thin. Now, there's more than 1 Bitcoin's worth of GEMZ asked at 8481 satoshis and more than 0.35 BTC's worth bid at 8000. The spread is still wide, but the big orders behind the piddly bot orders are thickening and getting closer to the low ask and high bid. That's to be expected in a new market that's getting its sea legs by catering to the impatient.

If I had the proverbial gun to my head, though, I'd have to say that I think the near-term direction for GEMZ is downwards. It's going through the usual letdown after the start-of-trading excitement; instead of impatient buyers predominating, as was the case yesterday, impatient sellers are beginning to predominate. I could be wrong, but that's how the GEMZ market looks from behind this particular keyboard.

As of the time of this writing, the low ask is 8408 satoshis and the high bid is 8008 satoshis; both are small-volume bot orders. Accordingly as per the formula, I'm leaving the orderpair for NFDGemz on the NFD AE at a 4200 NFD offer and 4050 NFD buyback bid. Tomorrow will show if my gloomy take is right, irrelevant or wrong.

[Nxtblg]

Well, it turns out I was wrong about GEMZ going through a post-ICO droop - at least so far. The preponderance of dumps yesterday was checkmated by the GetGems head honcho making two announcements: a large question-and-answer list plus an announcement of an updated GetGems Messenger app being uploaded to Google Play. Those two announcement were sufficient to allay the worry and call forth a preponderance of buyers again at Poloniex.

Just take a look at this one-week chart, which I screenshot from Polo:

It shows both the virgin-listing enthusiasm and the later cooling of the pundits' ardour. But it also shows, on the right, the return of confidence today. If a post-ICO droop is coming, it's coming invisibly.

I have to say that it's nice to be proven wrong.

Since the GEMZ/BTC trading pair like many active pairs is the playground of bots, I was kept hopping today adjusting the orderpair for NFDGemz to keep up with the bot whirl. Despite giving myself a break by offering a narrower spread than that of Poloniex, I still spent a fair bit of NFD cancelling and reissuing buy and sell orders while keeping up with the Tradebotians. With the recent pickup of impatient buyers hitting the asks, my worry-warting has thankfully gone dormant.

As an additional point of interest: I'm BBCode'ing those screenshots from an Imgur album which is open to the public. Just now, I saw that each screenshot of the GetGems Messenger app attracted ~70 views. Yep, ordinary folks are interested in GetGems.

As with the end of last night's shift, I'm calling it an overnight by leaving a fixed orderpair for NFDers to possibly take advantage of. Since the confidence returned to the GEMZ market today, the overnight pair is considerably higher than yesterday's: my offer on the NFD AE is 4500 NFD per unit of NFDGemz and my buyback bid is 4350. Yes, that includes a fair bit of leeway for the bot dance: despite today's action, the raw spread at Polo is still wide. Any serious attempt to narrow it, and there was one today, gets snapped up fairly quickly.

[Nxtblg]

The enthusiasm continues, for the moment. The overnight for Friday-Saturday (Eastern time) saw a dumper who drove the price down below 8000 satoshis. The overnight for yesterday-today saw a dumper or two as well, but this time the price stopped at well above 8200 satoshis. The cynical lowball bidders are adjusting their prices upwards as they get more comfortable with GEMZ's modestly bullish trend. They're slow to adapt, as they often are, but they are adapting. As the Poloniex buybook stands as I write this, it would take a lot of dumping - well over a Bitcoin's worth without any new buyers jumping in - to drive the price down below 8300. Realistically, this means a dump of ~13,000 GEMZ all at once - assuming that the buybook stays where it is.

But the buyers are watching for those dumps. Although the high bid is now over 8650, it doesn't thicken up until 8630. Compared to the current low ask of 9173 satoshis, even the high bid of 8676 is rather low.

The low ask got that high as a result of some impatient buyers who came in during the late-afternoon-to-evening stretch. Before them, the GEMZ market slowed down even though the range narrowed to the upside: the new range is about 8400 to 9200. When those buyers came in, they induced a flurry of activity as the price ratcheted up to as high as 9300. For a short time, the high bid was between 9176 and 9200! But that height brought forth a flurry of selling, which bumped into a much lower buybook set by skeptical traders who weren't about to follow the hopeful. So, for the first time since I set up NFDGemz, a rocket-up was met with active selling pressure right afterwards. Beforehand, the sellers held back and later dumpers carried the price back down.

Based on that spike, and the active selling it called forth, I'd say that GEMZ's range will continue to hold. Another spike will likely call out active sellers again.

With regard to NFDGemz, I spent the day bouncing the orderpair around but I'm slowly getting a feel for how much of a premium to leave in the NFD Asset Exchange relative to Polo: that "give" means I'm scrambling after the tradebots less. As I call it a night and a week, I'm leaving the orderpair at 4550 NFD as the offer and 4400 NFD as the buyback bid.   

[Nxtblg]

Unfortunately, the enthusiasm for GEMZ waned as impatient buyers who wanted to "Get GEMZ Now!" became sparser. And that diminishing had an effect on trading today, which was not all that good.

In the afternoon, Eastern time, some careful buyer placed a big order at 8500 satoshis that was 2 Bitcoins strong. I have to admit, I thought that the order would be near-term impregnable. But I underestimated the dumpers: only three - three - of them were enough to demolish that buy order. The next big buy is at 8300 satoshis, and even it had a chunk taken out of it this evening.

Those dumps did have an effect on GEMZ's trend, as this one-week chart from Poloniex shows:

Is this the turn of the tide? Is post-ICO depression finally settling in? Your guess is probably better than my worry-warting.

As the chart shows, another eager and well-needed buyer came in to jack GEMZ's price up - but on much smaller volume than the dumps. As I write this, the sellbook is filling up with orders well below the high - including one biggie at 8464 satoshis.

Tomorrow's trading will be, to choose a word, interesting. But tonight, I'm calling it another session by leaving the NFDGemz orderpair in the NFD AE at 4230 NFD as the offer and 4190 NFD as the buyback bid.

I have a certain feeling that I'll be scrambling to adjust the orderpair tomorrow: we'll see...

[Nxtblg]

GEMZ kept churning away in its now established range in the 8000s. The orderbook has actually settled into a holding pattern with the low ask around 8800 satoshis and the high bid botting around in a rough range of 8300-8400. Again, this range was thrown out of plumb before settling back in whack by impatient buyers or impatient sellers. The former prevailed in numbers but the latter prevailed in volume. They both kept the day's range between 8000 and 8800 satoshis. Roughly.

It's interesting to see how resilient GEMZ has been over the last few days. Even though the enthusiastic buying has dwindled, not much snap-decision selling has come in. What has come in is careful but optimistic bidding. As I write this, there are two solid bids of > 5000 GEMZ at prices greater than 8200 satoshis. There's more than ten full Bitcoins' worth of bids at 8000! That's a huge amount of bid power for a coin that's been trading sporadically except in low volume.

As I write this, a small buyer has gotten rid of the low ask below 8900 - and the resident bots on the buy side are taking notice. Two of them have stuck small-volume buys up above 8400 satoshis. The enthusiasm of a couple of days ago is nowhere to be seen as of now, but the bots are preparing for a reprise....

The current high bid is 8509 satoshis and the current low ask is right at 8900. In accordance with NFDGemz' terms, I've leaving the overnight orderpair on the NFD AE at 4400 NFD for the offer and 4300 NFD for the buyback bid. Tomorrow we'll see how much foreshadowing power those now-optimistic tradebots have... 

[Nxtblg]

Bitcointalk's shutdown put the kibosh on the last two reports, but here I am again. I wish I could say that the downtime gave me a bit of a vacation, but the markets never sleep.

The last three days of GEMZ trading have been intriguing. As I mentioned last time, the whalepump effect did show up...but subsequent action has revealed the boost to be temporary. It took some time this time, but some happy holders did notice the elevated price and dumped enough to bring GEMZ back down below 10,000 satoshis. This pullback is something to remember if you're hoping for a whale to pump your favourite coin...or are tempted to try a little manipulation yourself. Real manipulation is a dark art: it depends on having direct access to a herd of credible pumpers who can effectively shill for the crypto. I'll confine myself to noting that successful manipulators are very much control freaks who run their pump operations with an iron fist. Beyond that, I'll say no more about the dark art. This snippet should be cautionary enough. Suffice it to say, it's wise of you to not hope for manipulation and it's even wiser of you to steer clear of any.

With that PSA out of the way , I'd like to show you the four-day chart from Poloniex:

Someone who's conversant with the at-times-obscure art of chart-reading will recognize a familiar pattern in the above chart: an "ascending triangle" with a resistance level of 10,000 satoshis. In real time, this pattern was developed by those aforementioned happy dumpers meeting new buyers. The standard tea-leaf-reading guides say that an ascending triangle is bullish, and that an upwards run should be expected after the top side of the triangle has been breached. As the chart shows, it has already.

But that noted, GEMZ is having a hard time slogging upwards from 10,000 right now. Interest seems to be waning, making for a quiet market where some of the trades come from intersecting tradebots whose paths have crossed. The buybook is thinner than it was before that big 8 BTC buy at the asks, which makes sense: those buyers who met the dumpers had to come from somewhere. But right now, there is not a flood of new bidders that would thicken up the orderbook.

All of this adds up to a picture of a market that won't do much until we get more human intervention. Although the spread is much narrower than it has been recently, not many humans are biting - and the ones that are, are mostly minnows.

As I write this, the low as is 10,301 satoshis and the high bid is exactly 10,000. Accordingly, I'm leaving my NGFGemz orderpair in the NFD AE at 5100 NFD for the ask and 5000 NFD for the buyback bid. We'll see if the same quiet prevails tomorrow.

[Nxtblg]

Today's GEMZ action showed the difference between charts and actual trading. Someone placed a huge sell at exactly 10,000 satoshis, which kept GEMZ at that level or below during today. It eventually was whittled down to nothing, but there's an almost-untouched ask of almost 50,000 GEMZ at only 10114. It would take more than 5 Bitcoins' worth of solid buying to clear this obstacle from GEMZ' upwards path. And, as I noted yesterday, the excitement for it is cooling along with its daily volume.

So, it's not that surprising to see the bids pull back. As I write this, the high bid is only 9512 satoshis: the same level that marks the bottom of todays' trading range. The low ask is 9999 and is thin, but GEMZ has only ~1% more room before hitting that huge sell order. So, it looks like the price will continue to dawdle in the high 9000s tomorrow. If there's any bright side, it's the fact that the order at 10000 satoshis was filled today: the bulk of today's volume has been on the upper end of that range.

Given the current low ask and high bid, I'm leaving the NGFGemz orderpair at 5000 NFD as the offer and 4900 NFD as the buyback bid. The latter's a little higher than the high bid indicated, but the bid may rise as people figure out that sub-9600 GEMZ have been hard to buy today.

[Nxtblg]

Talk about a busted chart pattern! The huge overhang of sell orders limited GEMZ today - in one direction. Unfortunately, the dumping that took place today meant that the limits to it falling weren't as cushiony as I had thought.

The day started off pretty well, actually. In the morning (Eastern time) an absolutely huge set of buy orders came in at 9016 satoshis. For a time, there was over 20 Bitcoins bid at that price! Another huge order at around 9200 kept the sink in line for a time, but eventually the dumpers prevailed. All that's left above 9000 satoshis is 3.12 BTC's worth of that 9016 buy. Half of it was pulled in the early-mid afternoon, and most of the other half has been gnawed away by dumps.

That didn't stop GEMZ from getting above 9500 satoshis, mostly in the morning. There were a few hasty buyers, one of which sent GEMZ up to almost 10,000. But today, particularly in the latter half, it was the selling pressure that prevailed. Just goes to show you that a live orderbook beats a chart pattern.

Since the ask eventually slumped with the bid, I lowered my NGFGenz orderpair on the NFD AE. For this overnight, the offer stands at 4600 NFD per unit and the buyback bid stands at 4550 NFD.

Maybe the market will get better tomorrow. Maybe...

[Nxtblg]

Well, the market didn't get better in the overnight session. For a time, it got much worse.

But only for a time, when a Nor'Easterner of dumping managed to overpower the thick part of the buybook in the 8000s and slam GEMZ down to 7100 satoshis.

Then, an eyebrow-raising reaction took place. The buybook started to heal. More and more bidders came in at the 8000s, while the price flailed around in the 8000-9000 range until this afternoon Eastern time. After a hasty run up to almost 10,000, a huge bidder came in at 9199. More than ten Bitcoins' worth were bid at that price, which made for a floor until just before this evening. A big dumper got across the opinion to the bidder that tonight's session was going to be like the last overnight's, so the rest of that huge bid was pulled. Presumably, it was lowered to 8200 where there's now more than 9.2 Bitcoin's worth bid. That's about the same as what was left of the 9199 bid just as it was pulled.

Ever since then, the GEMZ market has been very quiet. Despite the current spread being narrow - 9109 bid, 9208 asked - there's been almost no volume to speak of. There's also been little movement in the orderbook. Everyone seems to have pulled back to wait for what will happen this coming overnight.

In accordance with the low ask and high bid, I've left the overnight orderpair in the NFD AE for NFDGems at 4600 NFD for the offer and 4550 NFD for the bid.

Will it be a quiet night of rest or will another gust of trading buffet the market? We'll find out tomorrow.   

[Nxtblg]

Sorry about missing the report last night. Unfortunately, due to a scheduling conflict, I have to bring these nightly reports to an end. If you've been reading them, thanks so much.

Since the NFDGemz Asset didn't sell at all, I've pulled the offer for it for the time being. Right now, it's on hiatus. When GEMZ takes the outside world by storm, I'll re-issue it and return with the reports.

Again, thanks for reading!