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ShortNXT

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ShortBTCD
« on: August 25, 2014, 10:54:54 pm »

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ShortNXT
What is it?
Synthetic BTCD shorting product, intended to generate daily percentage gain/loss inverse to that of BTCD/BTC.
How many shares to be sold?
Up to 1,000,000.
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
3267494002243225342
Ticker symbol
ShortBTCD

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

This a synthetic shorting product for the price of BitcoinDark (BTCD). If the Bitcoin-denominated price of BTCD (BTCD/BTC) goes down, ShortBTCD goes up (and vice versa). Initial Price: 100 NXT.

ShortBTCD aims to generate a daily percentage gain inverse to that of BTCD/BTC. Issuer will support ShortBTCD Target Price with orders on the Asset Exchange.

ShortBTCD Target Price equals the most recent ShortBTCD Daily Reference Price minus the percentage change in BTCD/BTC from the most recent BTCD Daily Reference Price. ShortBTCD Daily Reference Price is set daily at or around 10 am ET to current ShortBTCD Target Price. BTCD 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: August 25, 2014, 11:04:25 pm by ShortNXT »
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Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortBTCD
« Reply #1 on: August 25, 2014, 11:07:57 pm »

Asset will first go on sale tomorrow (Aug 26) at 10 am Eastern.  The initial fair value for the asset will be 100 NXT, but the initial BTCD/BTC reference price is TBD (will be set to the prevailing weighted-average price at that hour).
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Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortBTCD
« Reply #2 on: August 26, 2014, 09:46:48 am »

Daily reference price updates and history will also be enshrined at twitter.com/shortnxt.

Also worth noting, given the extreme volatility in BTCD, the orders maintained by the issuer on the order book will tend to be smaller than the actual available liquidity at/near the fair market value.  Given the occasional slow block, it's unwise to maintain an enormous bid or ask that can quickly become a foolish price to be picked off.  So if you're looking to enter/exit a larger position than the order book seems to accommodate, just leave the rest of your order on the book and  - assuming the price is still appropriate - it will be filled (up to the point that the issuer's actual risk limits are reached).
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ShortNXT

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Re: ShortBTCD
« Reply #3 on: August 26, 2014, 02:05:06 pm »

ShortBTCD is now available.

BTCD/BTC Daily Reference Price: 0.00978009
ShortBTCD Daily Reference Price: 100 NXT

Bid/ask: 99/101
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ShortNXT

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Re: ShortBTCD
« Reply #4 on: August 26, 2014, 02:13:40 pm »

Bid/ask raised to 101/103, as BTCD/BTC slips to 0.00960145.
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ShortNXT

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Re: ShortBTCD
« Reply #5 on: August 26, 2014, 02:23:15 pm »

Offering price raised to 109 (implied value = 108.0), as BTCD/BTC falls further to 0.009.

Edit: Now lowered to 106, as BTCD recovers to 0.0092.
« Last Edit: August 26, 2014, 02:33:17 pm by ShortNXT »
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ShortNXT

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Re: ShortBTCD
« Reply #6 on: August 26, 2014, 02:50:21 pm »

Bid/ask now 102/105 (implied value = 103.2) with BTCD/BTC at 0.00947.

(We won't be announcing all the price adjustments so frequently going forward, but given that it's the first day of trading and BTCD is bouncing around, it seems worth walking folks through how it affects the asset price.)
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ShortNXT

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Re: ShortBTCD
« Reply #7 on: August 26, 2014, 03:27:56 pm »

Offering price lowered to 99 (implied value = 97.8 ), as BTCD/BTC jumps to 0.010.
« Last Edit: August 26, 2014, 03:59:34 pm by ShortNXT »
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ShortNXT

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Re: ShortBTCD
« Reply #8 on: August 26, 2014, 04:00:06 pm »

Offering price lowered to 92 (implied value = 90.1), with BTCD/BTC at 0.1075
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ShortNXT

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Re: ShortBTCD
« Reply #9 on: August 26, 2014, 04:24:48 pm »

Offering price lowered to 90 (implied value = 89.6), with BTCD/BTC at 0.108.
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ShortNXT

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Re: ShortBTCD
« Reply #10 on: August 26, 2014, 06:12:53 pm »

Offering price lowered to 88 (implied value = 87.5), with BTCD/BTC at 0.110.
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2Kool4Skewl

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Re: ShortBTCD
« Reply #11 on: August 26, 2014, 06:32:02 pm »

I'm sure a lot of us on here would like a ShortBTSX.
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ShortNXT

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Re: ShortBTCD
« Reply #12 on: August 26, 2014, 06:34:51 pm »

I'm sure a lot of us on here would like a ShortBTSX.

I think you're probably right.  Alas, can only roll out and support so many assets at a time.  And since there are strong ties between NXT and BTCD, there are users who need a BTCD hedging vehicle.  Hence, ShortBTCD.
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jl777

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Re: ShortBTCD
« Reply #13 on: August 26, 2014, 06:42:26 pm »

I'm sure a lot of us on here would like a ShortBTSX.

I think you're probably right.  Alas, can only roll out and support so many assets at a time.  And since there are strong ties between NXT and BTCD, there are users who need a BTCD hedging vehicle.  Hence, ShortBTCD.
plus we dont want our favorite derivatives issuer to get wiped out when (not if) btsx collapses from the cascading forced liquidation with no floor.
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ShortNXT

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Re: ShortBTCD
« Reply #14 on: August 26, 2014, 06:55:39 pm »

Offering price lowered to 83 (implied value = 81.8 ), with BTCD/BTC at 0.1157.
« Last Edit: August 26, 2014, 07:24:45 pm by ShortNXT »
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ShortNXT

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Re: ShortBTCD
« Reply #15 on: August 26, 2014, 07:26:21 pm »

Offering price raised to 87 (implied value = 86.0 ), as BTCD/BTC falls back to 0.1115.
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ShortNXT

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Re: ShortBTCD
« Reply #16 on: August 26, 2014, 08:12:17 pm »

Offering price lowered to 83 (implied value = 82.4), with BTCD/BTC at 0.0115.
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ShortNXT

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Re: ShortBTCD
« Reply #17 on: August 26, 2014, 10:47:46 pm »

Offering price raised to 102 (implied value = 101.6), as BTCD/BTC slumps to 0.0096.
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ShortNXT

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Re: ShortBTCD
« Reply #18 on: August 26, 2014, 11:10:27 pm »

Offering price raised to 106 (implied value = 104.9), as BTCD/BTC falls to 0.0093.
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ShortNXT

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Re: ShortBTCD
« Reply #19 on: August 26, 2014, 11:56:43 pm »

Offering price raised to 110 (implied value = 108.0), as BTCD/BTC falls to 0.0090.
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