Period 5, Day 4 Report - March 17, 2014
Balance Post Divs: BTC 456.30448406
Total Units: 3951
NAV/U: BTC 0.11549088
Topic: [Havelock] Bitcoin Difficulty Derivative (BDD) - page 75. (Read 290305 times)
Period 5, Day 3 Report - March 16, 2014
Balance Post Divs: BTC 452.69051414
Total Units: 3901
NAV/U: BTC 0.11604473
Balance Post Divs: BTC 452.69051414
Total Units: 3901
NAV/U: BTC 0.11604473
Period 5, Day 2 Report - March 15, 2014
Balance Post Divs: BTC 450.71337217
Total Units: 3865
NAV/U: BTC 0.11661406
Balance Post Divs: BTC 450.71337217
Total Units: 3865
NAV/U: BTC 0.11661406
Period 5, Day 1 Report - March 14, 2014
Balance Post Divs: BTC 443.47764659
Total Units: 3785
NAV/U: BTC 0.11716714
Balance Post Divs: BTC 443.47764659
Total Units: 3785
NAV/U: BTC 0.11716714
My bad! Definitely and exclusively my f*** up! And on.
No problem, we're all human - as evidenced by my need to actually change the contract
My bad! Definitely and exclusively my f*** up! And on.
I was hoping that I would be able to change both at the same time, but Havelock still hasn't gotten the Auto-Exch done, so I have not instituted the Management Fee.
I have revised the contract to change the Buy-Back price, as there was some unclear wording there (as explained earlier) and I didn't receive any feedback regarding that change. Do you have an issue with the new buy-back calculation?
I have revised the contract to change the Buy-Back price, as there was some unclear wording there (as explained earlier) and I didn't receive any feedback regarding that change. Do you have an issue with the new buy-back calculation?
The change itself is alright I guess. It's just that I have postponed thinking about the matter because I thought I knew there was time.
If you set a date, stick to it next time, aight
Well, in my defense, I did say that I would be changing it at the end of the period, but I'll try to be as explicitly clear as possible when discussing timeframes for changes like this.
TL;DR So, for this reason, beginning with the next period, I'm going to revise the Buy-Back price calculation to be the Daily NAV/U less 2% (2% to provide a little friction to the market). This will circumvent the issue with the current calculation and also make it simpler to calculate the current Buy-back price.
Havelock is working on the Auto-Exch process; hopefully they'll have it completed before the next DI and I'll be able to issue a revised contract showing the new Management fee and this Buy-Back calculation change.
Havelock is working on the Auto-Exch process; hopefully they'll have it completed before the next DI and I'll be able to issue a revised contract showing the new Management fee and this Buy-Back calculation change.
I was hoping that I would be able to change both at the same time, but Havelock still hasn't gotten the Auto-Exch done, so I have not instituted the Management Fee.
I have revised the contract to change the Buy-Back price, as there was some unclear wording there (as explained earlier) and I didn't receive any feedback regarding that change. Do you have an issue with the new buy-back calculation?
I have revised the contract to change the Buy-Back price, as there was some unclear wording there (as explained earlier) and I didn't receive any feedback regarding that change. Do you have an issue with the new buy-back calculation?
The change itself is alright I guess. It's just that I have postponed thinking about the matter because I thought I knew there was time.
If you set a date, stick to it next time, aight
Period 5, Day 0 Report - March 13, 2014
Balance Post Divs: BTC 436.55167904
Total Units: 3708
NAV/U: BTC 0.1177323
Balance Post Divs: BTC 436.55167904
Total Units: 3708
NAV/U: BTC 0.1177323
As I previously stated that I would, I've now revised the BDD Pair Buy-Back Calculation to be 98% of the current NAV/U; you no longer have to take .5% per # of Days that the Period has been running for.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Wait wait wait. Didn't you say you wanted to enable those changes at the same time?? What about a notion? :/
I was hoping that I would be able to change both at the same time, but Havelock still hasn't gotten the Auto-Exch done, so I have not instituted the Management Fee.
I have revised the contract to change the Buy-Back price, as there was some unclear wording there (as explained earlier) and I didn't receive any feedback regarding that change. Do you have an issue with the new buy-back calculation?
As I previously stated that I would, I've now revised the BDD Pair Buy-Back Calculation to be 98% of the current NAV/U; you no longer have to take .5% per # of Days that the Period has been running for.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Wait wait wait. Didn't you say you wanted to enable those changes at the same time?? What about a notion? :/
Period 4 End Report - March 13, 2014
Previous Units 3122
EXCH Sold 634
Less Buybacks 48
New Total Units 3708
Previous Balance 411.47336120
Price per EXCH 0.13311598
Gross Sales of EXCH 84.39553132
Less Fees 0.33758191
Less Dividends 30.71618289
Less Buybacks 6.13651488
Net Balance 458.67861284
End of Period 3 NAV/U 0.12369973
New Difficulty 4,250,217,920
New Daily Dividend 0.00059162
New Reserve 0.11832400
NAV/U Less New Reserve = 0.12369973 - 0.11832400 = .00537573
SELL Dividend 0.00537573
You'll notice that I calculate the new Dividend to eight digits and multiply that times 200 Days to get the new Reserve. Those of you that did your own calculations may come up with a slightly different number if you chose not to round or to round elsewhere.
New EXCH Sales Price 0.11950724
As I previously stated that I would, I've now revised the BDD Pair Buy-Back Calculation to be 98% of the current NAV/U; you no longer have to take .5% per # of Days that the Period has been running for.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Previous Units 3122
EXCH Sold 634
Less Buybacks 48
New Total Units 3708
Previous Balance 411.47336120
Price per EXCH 0.13311598
Gross Sales of EXCH 84.39553132
Less Fees 0.33758191
Less Dividends 30.71618289
Less Buybacks 6.13651488
Net Balance 458.67861284
End of Period 3 NAV/U 0.12369973
New Difficulty 4,250,217,920
New Daily Dividend 0.00059162
New Reserve 0.11832400
NAV/U Less New Reserve = 0.12369973 - 0.11832400 = .00537573
SELL Dividend 0.00537573
You'll notice that I calculate the new Dividend to eight digits and multiply that times 200 Days to get the new Reserve. Those of you that did your own calculations may come up with a slightly different number if you chose not to round or to round elsewhere.
New EXCH Sales Price 0.11950724
As I previously stated that I would, I've now revised the BDD Pair Buy-Back Calculation to be 98% of the current NAV/U; you no longer have to take .5% per # of Days that the Period has been running for.
Havelock assures me that they're still working on the Auto-EXCH, I know that they've been working on a lot of security upgrades in the past few weeks and that has put this a little further back than we would have liked. For now, I'm still planning to hold off on the 2% Management Fee until this feature is implemented.
EDIT: Last week the MINE dividend was paid just a few minutes after Noon, but SELL was delayed by between 10 - 15 minutes. SELL holders should wait until they see the dividend in their account or have received the dividend email to be sure that they have received the dividend today.
Period 4, Day 12 Report - March 12, 2014
Balance Post Divs: BTC 458.54602932
Total Units: 3707
NAV/U: BTC 0.12369733
Balance Post Divs: BTC 458.54602932
Total Units: 3707
NAV/U: BTC 0.12369733
Period 4, Day 11 Report - March 11, 2014
Balance Post Divs: BTC 460.98890525
Total Units: 3707
NAV/U: BTC 0.12435632
Looks like the Difficulty will change sometime after Noon Wednesday and looks like SELL will still receive a dividend.
Balance Post Divs: BTC 460.98890525
Total Units: 3707
NAV/U: BTC 0.12435632
Looks like the Difficulty will change sometime after Noon Wednesday and looks like SELL will still receive a dividend.
Period 4, Day 10 Report - March 10, 2014
Balance Post Divs: BTC 459.98460970
Total Units: 3681
NAV/U: BTC 0.12496186
Balance Post Divs: BTC 459.98460970
Total Units: 3681
NAV/U: BTC 0.12496186
Period 4, Day 9 Report - March 9, 2014
Balance Post Divs: BTC 456.84184423
Total Units: 3639
NAV/U: BTC 0.12554049
Balance Post Divs: BTC 456.84184423
Total Units: 3639
NAV/U: BTC 0.12554049
Period 4, Day 8 Report - March 8, 2014
Balance Post Divs: BTC 459.23990884
Total Units: 3639
NAV/U: BTC 0.12619948
42 Units purchased right before Noon were bought-back for their missed dividend amount.
Balance Post Divs: BTC 459.23990884
Total Units: 3639
NAV/U: BTC 0.12619948
42 Units purchased right before Noon were bought-back for their missed dividend amount.
Period 4, Day 7 Report - March 7, 2014
Balance Post Divs: BTC 456.06946577
Total Units: 3597
NAV/U: BTC 0.12679162
This is the first day that there have actually been 0 sales of EXCH! I think some people may be holding off to see where the Difficulty goes...
Balance Post Divs: BTC 456.06946577
Total Units: 3597
NAV/U: BTC 0.12679162
This is the first day that there have actually been 0 sales of EXCH! I think some people may be holding off to see where the Difficulty goes...
48 Shares were sent to me for buy-back and bought back for 0.12426292 each.
On-Demand NAV/U was 0.1281061055 less (6 Days * .5%) = 0.12426292
Also, as a double-check to ensure that I've got the right amount of MINE/SELL issued, I keep the numbers of pairs of MINE/SELL issued plus the EXCH Ask at 10,000 total.
I've updated the number of EXCH units in the ask to take into account the buy-back. This should't really matter to anyone, I just wanted to give the reason for removing and replacing the EXCH Ask amount in case someone was wondering.
Something was bugging me yesterday regarding this buy-back amount. I've detected an error, or an issue if you'll call it, with the Buy-Back calculation. The contract says the following:
Quote
The issuer will buy back equal pairs of B.MINE and B.SELL at the NAV/U less 0.5% times the number of B.MINE dividend payouts that have been paid out during that Period.
The intended purpose here is to offer a buy-back price for BDD Pairs that is lower than the price of B.EXCH less the dividends paid (so that no one can profit off of simply holding the Pair, receiving the dividends, and then selling the Pair back at the EXCH price).
A Buy-Back price is necessary to establish a minimum price for MINE/SELL combined - it offers arbitrageurs a way to profit if the market price of both has dropped too low.
The issue with the contract's wording is that it was written at the inception of the fund, before I had agreed to issue a daily NAV/U; the NAV/U being referenced here is (implicitly) referring to the NAV/U at the beginning of the period. In cases where a SELL dividend has just been issued, this is the 200 Day Reserve amount.
The goal of this .5% per day reduction is to offer a buy-back price at which the shareholder can have his shares bought back for the NAV/U less the dividends he's been paid and, essentially, forfeits any gains to the NAV/U for that period that have come from sales of EXCH.
The contract was written with the Period NAV/U to be referenced for this calculation, not the Daily NAV/U, so I will be crediting this user the difference, which is:
200 Day Reserve at start of Period = 0.13179800
0.13179800 less (6 Days * .5%) = 0.12784406
The user was paid out 0.12426292, leaving a credit balance of .00358114 per share.
48 Shares * .00358114 = 0.17189472
It's not much of a difference, but I feel that the spirit of the contract needs to be followed in cases like this.
Finally, this has brought up another issue with the buy-back price if the fund's Reserve is deficient. For instance, let's say that the Difficulty is decreasing and the fund's NAV/U is only equal to 100 Days of Dividends. Using this Period's values as an example.
Example NAV/U = .065899
Example Daily Dividend = 0.00065899
If the fund were to offer buy-back at the Period NAV/U less .5%, then people could ostensibly get paid the daily dividends and then have their shares bought back for more than should be paid to them.
10 Day of Divs = .0065899
Share Buy Back Price = .065899 * .95 = .06260405
.0065899 + .06260405 = .06919395, which is higher than the original Period NAV/U, due to the fact that .5% of the Period NAV/U no longer represents the daily dividend amount.
TL;DR So, for this reason, beginning with the next period, I'm going to revise the Buy-Back price calculation to be the Daily NAV/U less 2% (2% to provide a little friction to the market). This will circumvent the issue with the current calculation and also make it simpler to calculate the current Buy-back price.
Havelock is working on the Auto-Exch process; hopefully they'll have it completed before the next DI and I'll be able to issue a revised contract showing the new Management fee and this Buy-Back calculation change.
Period 4, Day 6 Report - March 6, 2014
Balance Post Divs: BTC 458.61174752
Total Units: 3597
NAV/U: BTC 0.12749840
48 Shares were sent to me for buy-back and bought back for 0.12426292 each.
On-Demand NAV/U was 0.1281061055 less (6 Days * .5%) = 0.12426292
Also, as a double-check to ensure that I've got the right amount of MINE/SELL issued, I keep the numbers of pairs of MINE/SELL issued plus the EXCH Ask at 10,000 total.
I've updated the number of EXCH units in the ask to take into account the buy-back. This should't really matter to anyone, I just wanted to give the reason for removing and replacing the EXCH Ask amount in case someone was wondering.
Balance Post Divs: BTC 458.61174752
Total Units: 3597
NAV/U: BTC 0.12749840
48 Shares were sent to me for buy-back and bought back for 0.12426292 each.
On-Demand NAV/U was 0.1281061055 less (6 Days * .5%) = 0.12426292
Also, as a double-check to ensure that I've got the right amount of MINE/SELL issued, I keep the numbers of pairs of MINE/SELL issued plus the EXCH Ask at 10,000 total.
I've updated the number of EXCH units in the ask to take into account the buy-back. This should't really matter to anyone, I just wanted to give the reason for removing and replacing the EXCH Ask amount in case someone was wondering.
Jump to: