We are keeping an eye on this and are in communications with GLBSE. We are all hoping that the security sweep will be done in time for the PPT.D sale in about 8 hours from now.
And if it's not?
Topic: . - page 25. (Read 67488 times)
Looks like somebody doesn't want to be outbid...
me? nah Im around for the bond release. 
The PPT bond auction this week (PPT.D) will be for 2,500 bonds.
The auction will take place on Saturday morning at 2 AM UTC. That is this Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.
The bonds sold tomorrow will be redeemed 27 days 22 hours later on 6/9/2012 at 12:00 AM UTC for 1.28 BTC per bond.
See https://glbse.com/asset/view/PPT.D
The results of all previous sales can be found here: https://docs.google.com/spreadsheet/ccc?key=0An2G-HmYRtr3dEFBMV9uN3FveU0tMGREdjVaZUVRTGc
Excited to see an increase in the number of bonds sold already especially with a bid of 1000 around. The auction will take place on Saturday morning at 2 AM UTC. That is this Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT.
The bonds sold tomorrow will be redeemed 27 days 22 hours later on 6/9/2012 at 12:00 AM UTC for 1.28 BTC per bond.
See https://glbse.com/asset/view/PPT.D
The results of all previous sales can be found here: https://docs.google.com/spreadsheet/ccc?key=0An2G-HmYRtr3dEFBMV9uN3FveU0tMGREdjVaZUVRTGc
However, we are seriously considering moving the date and time of the sale from Saturday morning at 2 AM UTC (that is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT) to something like Saturday evening at 5 PM UTC (that is every Saturday morning at 10 AM PDT, 11 AM MDT, 12 PM CDT and 1 PM EDT).
I'm on EDT. Mid-day on a Saturday? I'm not around then for sure.
I really liked the idea about splitting the sale up. You'd see with just one test how successful (or not) it is, and get an idea of when your buyers are available.
From the data I looked at a few weeks ago, it looks like most trading occurs during Wednesday, but I did not do any deep analysis of it.
However, we are seriously considering moving the date and time of the sale from Saturday morning at 2 AM UTC (that is every Friday evening at 7 PM PDT, 8 PM MDT, 9 PM CDT and 10 PM EDT) to something like Saturday evening at 5 PM UTC (that is every Saturday morning at 10 AM PDT, 11 AM MDT, 12 PM CDT and 1 PM EDT).
I'm on EDT. Mid-day on a Saturday? I'm not around then for sure.
I really liked the idea about splitting the sale up. You'd see with just one test how successful (or not) it is, and get an idea of when your buyers are available.
This change would be effective staring with the sale of PPT.E which would be moved from 5/19/12 2:00 AM UTC to 5/19/12 5:00 PM UTC.
We will be discussing this at our next BOD meeting.
I'll be snoring through the bond issues given the suggested time.
I find it interesting that there are complaints about the type of auction. If I was going to complain, I would complain that the bids are public. This complaint woud be based on the fact that treasury bill bids are private and such a functionality would get rid of market manipulation.
Makes sense. I'm leery of more secrecy in the bitcoin community though. Everyone wants full disclosure for everyone else's business. I can only imagine they'd be on a witch hunt here before long.
I find it interesting that there are complaints about the type of auction. If I was going to complain, I would complain that the bids are public. This complaint woud be based on the fact that treasury bill bids are private and such a functionality would get rid of market manipulation.
This is a pet peeve of mine regarding the use of the word "auction":
If i understand correctly, you will fill the bids from top to bottom, so if you were to "auction" 500 shares and there were the following bids:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
then each of those will pay their bid price.
My understanding (and the way this works in the real world) would be that all 500 shares should be allotted at the lowest price where all auctioned shares will be traded, which in this case should be 1.10 BTC!
Of course, when there are multiple orders at the lowest price limit, one would need to apply time-price-priority (orders are ranked by price, order of same price are ranked by time, oldest first).
Whilst I agree that this cuts into your margin, I will strongly advocate for GLBSE to implement such a modus for IPOs.
If i understand correctly, you will fill the bids from top to bottom, so if you were to "auction" 500 shares and there were the following bids:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
then each of those will pay their bid price.
My understanding (and the way this works in the real world) would be that all 500 shares should be allotted at the lowest price where all auctioned shares will be traded, which in this case should be 1.10 BTC!
Of course, when there are multiple orders at the lowest price limit, one would need to apply time-price-priority (orders are ranked by price, order of same price are ranked by time, oldest first).
Whilst I agree that this cuts into your margin, I will strongly advocate for GLBSE to implement such a modus for IPOs.
As has been pointed out, there are several auction types. What you are referring to is the type where a clearing price is set (intersection of supply and demand). Terminology will get in the way, but progressive pricing auctions are also common, and the operation on the GLBSE is progressively filling the orders until the supply is used.
If you look at the spread around the bottom price, you might find there is not too much variation and the average premium over the bottom price was 0.0033.
What we do every Friday night is a simple limit sell order, not a dutch auction.
GLBSE does not offer the function you describe.
We have described in detail exactly how it works. Perhaps your comments belong in a separate thread for requesting new GLBSE functionality?
GLBSE does not offer the function you describe.
We have described in detail exactly how it works. Perhaps your comments belong in a separate thread for requesting new GLBSE functionality?
Hi,
I harbor no hard feelings as per the way you conduct things, I know it increases your margin and that the functionalitly isn't included. But I am customer (in that case) and would prefer better prices) :-D
And of course I posted in the GLBSE feature request thread.
It's similar to MtGox behaviour for example.
If I sell 1 million BTC right now down to 2 USD, I would fill orders for some BTC at 5 USD, some at 4 USD... otherwise the ones putting up the buy orders are in a huge advantage (expect to buy 100 BTC @ 5 USD but get them for 200 USD).
Also: Let's say, bidding gets really crazy and a few freaks bid 100 BTC per share but they get sold down to 1 BTC anyways. They might then start to complain that they should get 100 shares, since they most likely want to have a big amount of shares as opposed to having a big amount of money left.
With the current system you get the maximum amount of shares and the seller gets the maximum amount of profit.
If I sell 1 million BTC right now down to 2 USD, I would fill orders for some BTC at 5 USD, some at 4 USD... otherwise the ones putting up the buy orders are in a huge advantage (expect to buy 100 BTC @ 5 USD but get them for 200 USD).
Also: Let's say, bidding gets really crazy and a few freaks bid 100 BTC per share but they get sold down to 1 BTC anyways. They might then start to complain that they should get 100 shares, since they most likely want to have a big amount of shares as opposed to having a big amount of money left.
With the current system you get the maximum amount of shares and the seller gets the maximum amount of profit.
It seems similar to a http://en.wikipedia.org/wiki/Dutch_auction to me...
Oh it is. At least it should be.
In Dutch Auction, there is ONE SALE at ONE PRICE.
If PPT is to auction off 2000 shares, these should be sold in ONE SALE at ONE PRICE (to x customers).
So the buyers will set their max buying price and then they see how they will fill up the 2000 shares.
If it needs to be one price they will need to set it at the price of the lowest of all the x costumers.
This doesn't make any sense for them because their profit is in the extra margins people pay and by lowering this their profit will shrink.
That is true.
It is also true, however, that nowhere it is stated that the issuer of a bond or somesuch be entitled to a profit.
Neither is the bond holder, to take that argument away as well.
I was only pointing out that in an auction at a stock exchange (vola phases, open, close) and at an IPO there is only ONE PRICE which is exactly where demand and supply meet. Any economics book will show two intersecting lines with supply and demand meeting at the intersection as the OPTIMUM (ie the state of MAXIMUM EFFICIENCY). Everything else favors either side of the deal greatly.
The way this is currently handled is neither optimal (as a whole) nor does it bear resemblance to any functioning stock market behavior.
It seems similar to a http://en.wikipedia.org/wiki/Dutch_auction to me...
Oh it is. At least it should be.
In Dutch Auction, there is ONE SALE at ONE PRICE.
If PPT is to auction off 2000 shares, these should be sold in ONE SALE at ONE PRICE (to x customers).
So the buyers will set their max buying price and then they see how they will fill up the 2000 shares.
If it needs to be one price they will need to set it at the price of the lowest of all the x costumers.
This doesn't make any sense for them because their profit is in the extra margins people pay and by lowering this their profit will shrink.
It seems similar to a http://en.wikipedia.org/wiki/Dutch_auction to me...
Oh it is. At least it should be.
In Dutch Auction, there is ONE SALE at ONE PRICE.
If PPT is to auction off 2000 shares, these should be sold in ONE SALE at ONE PRICE (to x customers).
It seems similar to a http://en.wikipedia.org/wiki/Dutch_auction to me...
There should be a real "auction" mode for IPOS.
from here: https://bitcointalksearch.org/topic/m.886401
from here: https://bitcointalksearch.org/topic/m.886401
This is a pet peeve of mine regarding the use of the word "auction":
If i understand correctly, you will fill the bids from top to bottom, so if you were to "auction" 500 shares and there were the following bids:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
then each of those will pay their bid price.
My understanding (and the way this works in the real world) would be that all 500 shares should be allotted at the lowest price where all auctioned shares will be traded, which in this case should be 1.10 BTC!
Of course, when there are multiple orders at the lowest price limit, one would need to apply time-price-priority (orders are ranked by price, order of same price are ranked by time, oldest first).
Whilst I agree that this cuts into your margin, I will strongly advocate for GLBSE to implement such a modus for IPOs.
If i understand correctly, you will fill the bids from top to bottom, so if you were to "auction" 500 shares and there were the following bids:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
then each of those will pay their bid price.
My understanding (and the way this works in the real world) would be that all 500 shares should be allotted at the lowest price where all auctioned shares will be traded, which in this case should be 1.10 BTC!
Of course, when there are multiple orders at the lowest price limit, one would need to apply time-price-priority (orders are ranked by price, order of same price are ranked by time, oldest first).
Whilst I agree that this cuts into your margin, I will strongly advocate for GLBSE to implement such a modus for IPOs.
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