The following is a skeletal Pre-Announcement for HZMMNXT. It will not be sold until I finish a market-making tradebot for the HZ Asset Exchange to keep its price in line with MMNXT's own bid-ask pair and the quantity of MMNXT that each unit of HZMMNXT is entitled to. Once the bot is finished and tested, I'll change the PRE-ANN to ANN, revamp & considerably expand this post, and bump this thread with a post announcing the news.
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NAME: HZMMNXT
ASSET ID NUMBER: 11301617689682710141
ISSUING ACCOUNT: NHZ-HQTK-AH8J-WWU4-ASCUX. Balance inspectable at the HZ Block Explorer.
NUMBER OF UNITS: 100'000
BACKING: Dedicated Nxt account NXT-XYTV-4GXJ-J5EE-59T8N . Holdings of MMNXT identified at bottom of the block explorer page. Just look for the "Assets" tab and click it.
BENEFIT: Each unit of HZMMNXT is redeemable on demand for at least 1 MMNXT sent to the redeemer's choice of Nxt account. For this Asset, MMNXT's weekly dividends will be reinvested in more MMNXT. Thus, the redemption value will be more MMNXT every week. The precise amount will vary based upon MMNXT's weekly dividend and the market price each Friday when I buy more MMNXT with the payout. HZMMNXT is designed to make it easy for investors to compound their MMNXT holdings, in a way that minimizes the slippage that comes with weekly reinvesting. Once the market-making bot for it is ready, I will place sell and buyback orders for HZMMNXT on the HZ Asset Exchange and adjust them according to market conditions as specified by the MMNXT orderbook in the Nxt Asset exchange and the number of MMNXT each unit is entitled to. Until the bot is live, I will not sell any. Once it is, I'll make a reasonable effort to keep up with the current orderbook in the Nxt AE and the current quantity in the dedicated backing account so as to assure a reasonably fair price for HZMMNXT.
PRICE: Will vary according to market conditions and the amount of MMNXT in the backing account. The same pledge made just above applies to the issuing prices of HZMMNXT tranches, as does the same reasonable-effort proviso.
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