Hey guys, Bitfinex_USD here!The asset will be dissolved. Please send your USDbitfnx to NXT-BQK9-UDGP-2Q97-49H3L to redeem the USDbitfnx for NXT or BTC. Include a msg with a BTC address or a NXT address. Deadline for redeeming is 31.12.2015.
Today I am presenting you the first USD asset on the NXT asset exchange, that will be backed by real USD deposited on
bitfinex.com. The USD will be used to provide liquidity for traders on bitfinex and will in return pay intrest. This interest will be distributed once every 2 weeks to the asset holders of USDbitfnx. Assets can be either bought on the NXT asset exchange or by contacting me and depositing BTC or NXT.
Details about the swap program of bitfinex, can be found here:
www.bitfinex.com/pages/howitworksStats about the historical rates of those swap agreements, can be found here:
www.bfxdata.com/swapstats/usd.php
Forum Administrator Damelon agreed to do an audit every once in a while, starting from the point we reach 10,000 USD in the bitfinex account! Thank you!
First AUDIT done: https://nxtforum.org/index.php?topic=3884.msg72567#msg72567Second Audit done.
We have been added to coinist.co a coin and asset rating site. Please leave some constructive feedback of this asset here: https://coinist.co/nxt/nxt-assets/USDbitfnx-nxtbqk9udgp2q9749h3l
The spreadsheet is now online and I will try to update it dailyhttps://docs.google.com/spreadsheets/d/1bSej427-QIqm3ls-r3pIwV8XWWEm1aul9I2ToDIzHzA/pubhtml
Name: USDbitfnx
Quantity: 5,000,000
Asset Decimals: 2
Asset ID: 10294386916428132892Description: Each 1 USDbitfnx asset represents 1 USD deposited at [ur=https://www.bitfinex.com/?refcode=1NrFf6t4Nrl]bitfinex.com[/url] . The USD deposited at bitfinex will be used to provide liquidity to margin traders that pay a fee for that service. This interest is paid daily into our account and is currently hovering at about 0.16% per day(~60% yearly return). This dividend will be distributed proportionally to USDbitfnx holders every two weeks. Details about fees, risks and how to deposit, can be found in this thread on nxtforum.org:
https://nxtforum.org/index.php?topic=3884.0
Bitfinex USD AssetPromoter(s)Bitfinex_USD
What is it? Each 1 USDbitfnx asset represents 1 USD deposited at
bitfinex.com . The USD deposited at bitfinex will be used to provide liquidity to margin traders that pay a fee for that service. This interest is paid daily into our account and is currently hovering at about 0.16% per day. This dividend will be distributed proportionally to USDbitfnx holders every two weeks.
How many shares to be created? 5,000,000
How many shares to be sold? The amount of USD in the bitfinex account will determine how many USDbitfnx assets will leave the Issuer Account.
What price will they be sold at?Market price, whatever people judge them to be worth.
Nxtforum discussionhttps://nxtforum.org/index.php?topic=3884.0Nxt account used to issue assetsNXT-BQK9-UDGP-2Q97-49H3L
2956023623281072679
Asset ID10294386916428132892
Ticker SymbolUSDbitfnx
FAQ:How to acquire USDbitfnx?Right now the only way to acquire USDbitfnx is to buy on the NXT asset exchange. If you want to buy a bigger amount, send me a PM and I will put up an order big enough for you.
Who am I?I am a hero member of the NXT and bitcointalk community that is very active and has been registered for over four years. Due to regulatory risks, I try to keep my identity as separate from this project as possible. Administrator and community member Damelon agreed to verify this and will confirm this in this thread soon. He also knows my real identity and if I go rouge he will release my identity.
How will the USD be managed?The USD will be invested in the swap-market on bitfinex and this will happen actively, so I will likely outperform the average lender there.
How will the dividends be paid?Every 2-3 weeks the dividends will be paid. Every asset holder of USDbitfnx will receive his dividends paid in USDbitfnx. Example (ignoring fees): Lets assume there are two USDbitfnx holders with 400 and 600 assets. Now 25 USD in interest was earned in the last two weeks. This will now be distributed in the following way: 25/(400+600)* 400 = 10 USD 25/(400+600)*600 = 15 USD. Assuming that 1 NXT is worth 0.05 USD, then assetholder 1(400 USDbitfnx) gets 9.95 USDbitfnx as dividend and assetholder 2(600 USDbitfnx) gets 14.95 USDbitfnx.
How much fees do you charge?Withdraw with BTC: 0.1% exchange fee + 2% personal fee (min 5 USD)
Dividend Fee: 1 NXT + 5% of the dividend amount
These fees are possibly subject to change!How do you prove that you don't run a fractional reserve? Audit?I have already asked Damelon if he could make an audit once a month, and I am sure that I will find someone very trustworthy to do this once a month (or on request!).
What risks are involved when holding this asset?-Exchange risk: Holding USD will make you experience quite some volatility measured in BTC or NXT.
-Insolvency risk: Even though Bitfinex is a registered company and currently very profitable, a market shock, a hack or severe mismanagement (like mtgox) could happen.
-Theft risk: I will try my best to keep the funds safe and will use all security measures provided by bitfinex (2FA ect) to secure the account, still it is not possible to prevent every aspect of attacks.
-Trust risk: You will have to trust me to not run away with the funds. Given the fact that the administrator of this forum knows my identity, this scenario is pretty unlikely though.
The spreadsheet is now online and I will try to update it dailyhttps://docs.google.com/spreadsheets/d/1bSej427-QIqm3ls-r3pIwV8XWWEm1aul9I2ToDIzHzA/pubhtmlDo you have a refferal code, so that I can get 10% fee discount?https://www.bitfinex.com/?refcode=1NrFf6t4Nr
Author
Topic: [ANN] [USDbitfnx]The first dividend paying USD asset(~30%p.a.) !!>250 DAYS OLD!! (Read 75143 times)