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[ANN] ShortBTC singapore
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ShortNXT

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[ANN] ShortBTC
« on: June 25, 2014, 01:38:01 pm »

ShortBTC

Promoter
ShortNXT
What is it?
Synthetic BTC shorting product, intended to generate daily percentage gain/loss inverse to that of BTC/USD.
How many shares to be sold?
Up to 100,000.
What price will they be sold at?
Initial price: 100 NXT.
Nxtforum discussion
Here
Nxt account used to issue assets
NXT-G2CG-FR9J-NMX5-CR9KQ
Asset ID
3787581779795626420
Ticker symbol
ShortBTC

--------------

This a synthetic shorting product for the price of Bitcoin.

If BTC/USD goes down, ShortBTC goes up (and vice versa).

Initial Price: 100 NXT
Initial ShortBTC Daily Reference Price: 567.22

ShortBTC aims to generate a daily percentage gain inverse to that of BTC/USD. Issuer will support price target with orders on the Asset Exchange.

ShortBTC Target Price equals the most recent ShortBTC Daily Reference Price minus the percentage change in BTC/USD from the most recent BTC Daily Reference Price. ShortBTC Daily Reference Price is set daily at or around 10 am ET to current ShortBTC Target Price. BTC Daily Reference Price is a weighted average as reported at coinmarketcap.com or comparable substitute, at issuer's discretion, at or around 10 am ET.

Issuer will maintain price support on a best effort basis and makes no assurances of timeliness or accurate calculation or reporting of involved prices.
« Last Edit: June 25, 2014, 02:26:11 pm by ShortNXT »
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tersagun

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Re: [ANN] ShortBTC
« Reply #1 on: June 25, 2014, 01:58:09 pm »

Another useful asset!

I still expect the counter of ShortNxt/BTC where we can "gamble" on short term price increase.
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mf-tzo

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Re: [ANN] ShortBTC
« Reply #2 on: June 25, 2014, 02:52:29 pm »

well done!!
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #3 on: June 26, 2014, 10:18:00 am »

Quick update:

With BTC/USD at 572.84 (up 1.0% from the initial reference price), the ShortBTC implied value has declined to 99.0 NXT (down 1.0%).

We'll record the daily reference prices (to be calculated at 10 am ET) in this thread.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #4 on: June 27, 2014, 12:47:11 pm »

ShortBTC bid/ask down to 95/96, in wake of improved BTC/USD.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #5 on: June 27, 2014, 12:47:55 pm »

ShortBTC bid/ask down to 95/96, in wake of improved BTC/USD (just above 590).
« Last Edit: June 27, 2014, 01:29:30 pm by ShortNXT »
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #6 on: June 27, 2014, 01:30:44 pm »

Citi Examines Potential Impact of Silk Road Auction on Bitcoin Price

Quote
Due to a number of factors and the belief that the upcoming auction has contributed to the 10% price drop since 11th June, Citi believes the bitcoin price will hit bottom during the auction:

    “Normally we would expect the price to hit bottom around the time of the auction or soon after. Bitcoin isn’t that liquid so the sale will be hard to swallow. It is unlikely that anyone will bid above the market price – it would make more sense to just to buy in the market in bits and pieces and it’s not as if there is indication that there is bitcoin demand that is unmet because it is hard to buy lumpy amounts. There is simply little demand for lumpy amounts.”
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #7 on: June 27, 2014, 02:06:57 pm »

BTC/USD Daily Reference Price: 589.89 (+3.0%)
ShortBTC Daily Reference Price: 96.06229 NXT (-3.0%)

Bid/ask: 95.5/96.5
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #8 on: June 27, 2014, 03:16:27 pm »

Incidentally, for anyone who wants to try to trade the potential price swings during today's auction, we'll do our best to maintain constant liquidity and price support in this asset throughout the day, at the calculated value with a spread of 1 NXT.

If you see small bids on the order book, it's only because it's a new asset and there aren't a ton outstanding.  The bids are sufficient to clear all outstanding positions.

We'll update this thread with notice of any period today during which we won't be able to maintain uninterrupted price support .
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nxtgt

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Re: [ANN] ShortBTC
« Reply #9 on: June 27, 2014, 03:55:47 pm »

What incentives are there to short BTC or NXT using these assets as opposed to selling on exchanges with much more liquidity? Seems like the reward doesn't match the risk here?
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #10 on: June 27, 2014, 04:04:46 pm »

What incentives are there to short BTC or NXT using these assets as opposed to selling on exchanges with much more liquidity? Seems like the reward doesn't match the risk here?

For BTC, it's an opportunity to gain short exposure (using NXT) for anyone who doesn't have existing BTC holdings they want to lighten up on, when they expect a price decline.

For NXT, it's a way to lock in profits or guard against price drops without selling on an exchange and pushing the price down (still a concern given the relatively thin trading volumes of ~$100k/day).  While ShortNXT volume averages only a few percent of exchange-traded NXT, you can get as much exposure as you want at the market price (we've taken positions as large as 1 million NXT and can do more).  If you see a price ladder of 2 or 3 asks from the issuer on the order book, it's because we're guarding against someone taking a big position right after a sharp drop in NXT/USD, when our asking price might no longer be competitive (even if we're swift with the price adjustment, the block time can cause this to be an issue).  But you can put in as big a bid as you want and we'll fill it if it's at fair value, up to the position limits we're comfortable taking.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #11 on: June 27, 2014, 04:24:33 pm »

Incidentally, for anyone who wants to try to trade the potential price swings during today's auction, we'll do our best to maintain constant liquidity and price support in this asset throughout the day, at the calculated value with a spread of 1 NXT.

If you see small bids on the order book, it's only because it's a new asset and there aren't a ton outstanding.  The bids are sufficient to clear all outstanding positions.

We'll update this thread with notice of any period today during which we won't be able to maintain uninterrupted price support .

Okay, here comes one of those period.  For the next 60-90 minutes, we'll need to suspend real-time price support on the order book.  Back soon.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #12 on: June 27, 2014, 05:38:29 pm »

Incidentally, for anyone who wants to try to trade the potential price swings during today's auction, we'll do our best to maintain constant liquidity and price support in this asset throughout the day, at the calculated value with a spread of 1 NXT.

If you see small bids on the order book, it's only because it's a new asset and there aren't a ton outstanding.  The bids are sufficient to clear all outstanding positions.

We'll update this thread with notice of any period today during which we won't be able to maintain uninterrupted price support .

Okay, here comes one of those period.  For the next 60-90 minutes, we'll need to suspend real-time price support on the order book.  Back soon.

Real-time liquidity resumed.  With BTC/USD at 590, ShortBTC implied value is 96.0.

Bid/ask: 95.5/96.5
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #13 on: June 28, 2014, 12:20:00 pm »

ShortBTC implied value drops below 94, as BTC/USD peeks above $600 again.

Bid/ask: 93/94.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #14 on: June 29, 2014, 12:42:57 pm »

Neglected to post - yesterday's reference prices (6/28):

BTC/USD Daily Reference Price: 600.382 (+1.8%)
ShortBTC Daily Reference Price: 94.35370 NXT (-1.8%)

(For reference, current BTC/USD is 597.6, down 0.5%, pushing ShortBTC target up to 94.8.)
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #15 on: June 29, 2014, 02:01:24 pm »

BTC/USD Daily Reference Price: 597.47 (-0.5%)
ShortBTC Daily Reference Price: 94.81133 NXT (+0.5%)
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #16 on: June 30, 2014, 10:02:27 am »

Intraday update:

BTC/USD is up better than 5% to 627.83, pushing ShortBTC down to 90.0.

New bid/ask is 89.5/90.5.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #17 on: June 30, 2014, 01:22:10 pm »

BTC/USD back down to 621, with volatility likely stemming from Silk Road auction results about to trickle out.  Could be a day of big swings in one direction or another (or both).

We'll be keeping spreads as tight as possible and updating prices as frequently as possible as it unfolds.  Current fair value of ShortBTC  is 91.1.
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PeterLong

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Re: [ANN] ShortBTC
« Reply #18 on: June 30, 2014, 01:29:33 pm »

Will you set up a World Cup final game bet? There are many Europeans here. I guess you will get enough customers.
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ShortNXT

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Re: [ANN] ShortBTC
« Reply #19 on: June 30, 2014, 01:42:12 pm »

Will you set up a World Cup final game bet? There are many Europeans here. I guess you will get enough customers.

I'm sure the interest would be there. For the moment, sticking with prediction markets tied to events with economic impact, rather than strictly betting markets, given the additional legal implications.
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