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Author Topic: ShortUNITY  (Read 9595 times)

ShortNXT

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ShortUNITY
September 24, 2014, 11:42:53 am

Promoter
ShortNXT
What is it?
Synthetic UNITY (SuperNET) shorting product, intended to generate daily percentage gain/loss inverse to that of UNITY/NXT.
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
7354273072976020
Ticker symbol
ShortUNITY

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This a synthetic shorting product for the price of SuperNET (UNITY). If the NXT-denominated price of SuperNET (UNITY/NXT) goes down, ShortUNITY goes up (and vice versa).

Initial Price: 100 NXT.

ShortUNITY aims to generate a daily percentage gain inverse to that of UNITY/NXT. Issuer will support ShortUNITY Target Price with orders on the Asset Exchange.

ShortUNITY Target Price equals the most recent ShortUNITY Daily Reference Price minus the percentage change in UNITY/NXT from the most recent UNITY Daily Reference Price. ShortUNITY Daily Reference Price is set daily at or around 10 am ET to current ShortUNITY Target Price.

UNITY Daily Reference Price will be drawn from one or more exchanges that trade the UNITY/NXT pair (e.g. BTER, NXT Asset Exchange), weighted and/or adjusted 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. More details at https://nxtforum.org/assets-board/shortunity/

Check local laws before participating.  Please ensure you understand the calculation methodology and limitations on market liquidity of the asset. Contact issuer with any questions or clarifications before participating.
« Last Edit: September 24, 2014, 12:16:13 pm by ShortNXT »
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 12:04:22 pm

Since this product is being launched shortly before trading goes live on BTER (i.e. before we have any live pricing history), the initial UNITY Daily Reference Price will be set at the current highest bid on the NXT Asset Exchange (180 NXT).

That means that over the course of the first day, the ShortUNITY target price will be equal to 100, less the percentage gain in UNITY vs. that reference price of 180.  So if UNITY is trading at 162 (-10%), the ShortUNITY target price will rise to 110 (+10%).  If UNITY is trading at 198 (+10%), the ShortUNITY target price will fall to 90 (-10%).

Tomorrow's daily reference price (and all subsequent daily reference prices) will be the actual price of UNITY (either from BTER or weighted between BTER, NXT AE, and other exchanges once it's live and trading decent volume elsewhere) at or around 10 am ET.

Daily reference prices will be documented in this thread and will take the following format:

September 24, 2014:

UNITY/NXT Daily Reference Price: 180 (+0.0%)
ShortUNITY Daily Reference Price: 100.00 NXT (+0.0%)

Bid/ask: 99/100
« Last Edit: September 24, 2014, 12:09:59 pm by ShortNXT »
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 12:27:43 pm

Also, since we can probably expect significant volatility in early trading, please be aware that you won't necessarily be able to hop in and out of ShortUNITY throughout the day repeatedly at precisely the price you might expect.  We'll be adjusting bid/ask prices periodically, but just because you see a momentary spike or plunge in the price of UNITY doesn't meant that you'll be able to catch the corresponding price in ShortUNITY.  We expect third parties to make the order book more robust, but issuer price support will not be 24/7 and will not adjust immediately, particularly to rapid or unsustained price movements.  That being said, you should be able to liquidate any open position at least once a day (likely much more frequently, as evidenced by the track record of our other products) via issuer price support.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

superresistant

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Re: ShortUNITY
September 24, 2014, 01:49:28 pm

 
So it's not automated ?

bitcoinpaul

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Re: ShortUNITY
September 24, 2014, 01:51:12 pm


So it's not automated ?

It was never automated, imho.
Like my Avatar? Reply now! NXT-M5JR-2L5Z-CFBP-8X7P3

ShortNXT

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Re: ShortUNITY
September 24, 2014, 01:56:01 pm


So it's not automated ?

Not currently automated. Best to calculate the fair value yourself before purchasing, based on the percentage change since the daily reference price.  Some intraday price adjustments and the corresponding intraday target prices will be documented in this thread as well.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 02:21:00 pm

Very early trading on BTER and the order books are still filling up, so don't read too much into the pricing, but for sake of example, the UNITY/BTC pair is currently trading at 0.013.  With NXT/BTC at 0.0000762, that implies a UNITY/NXT price of 170.6 and a ShortUNITY target price of 105.6.  Leaving the asking price at 100 for the time being, since things are still shaking out.

(The UNITY/NXT pair will likely be given more weight, but since there aren't any trades on that pair yet, UNITY/BTC is currently the best (only) guide post.)
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 02:40:29 pm

Jump in NXT/BTC to 0.0000767 and dump in UNITY/BTC to 0.012 boost target price to 112.8.  Raising asking price to 110.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 06:52:37 pm

Some recovery on BTER (despite still thin volume) to 0.0129 BTC and pullback in NXT/BTC suggest UNITY/NXT at 171 (very close to TOKEN bid of 172).  171 yields a ShortUNITY target of 105, which is what the asking price has been reduced to.

(There have now been a few trades in the UNITY/NXT pair on bitter, but the spread is nearly as large as the price itself, so it's still pretty meaningless.)
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 24, 2014, 08:44:41 pm

With UNITY/BTC up to 0.014, the UNITY/NXT price implied by that benchmark would be 183.  TOKEN still selling at 170 on AE, but 183 would give a ShortUNITY target price of 98.3, so the asking price has been reduced to 100.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 25, 2014, 01:16:25 pm

UNITY/BTC bouncing around the 0.0115-0.0120 range on BTER (153-159 NXT), with decent volume of 55 BTC.  UNITY/NXT spreads are still gigantic, but the midpoint gives us about 150 NXT (on volume of around 8 BTC).  TOKEN trading in a range of 160-170 on AE, on volume of roughly 15 BTC.

On a weighted average basis, this still immature market is therefore showing us a current price of roughly 157 NXT, which gives us a ShortUNITY target price of 112.8 NXT.  The asking price has accordingly been raised to 113 NXT.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 25, 2014, 02:01:54 pm

September 25, 2014:

UNITY/NXT Daily Reference Price: 157 (-12.8%)
ShortUNITY Daily Reference Price: 112.78 NXT (+12.8%)

Bid/ask: 110/113
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 26, 2014, 02:03:16 pm

September 26, 2014:

UNITY/NXT Daily Reference Price: 160 (+1.9%)
ShortUNITY Daily Reference Price: 110.6 NXT (-1.9%)

Bid/ask: 109/112
« Last Edit: September 27, 2014, 02:04:24 pm by ShortNXT »
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 27, 2014, 12:03:11 pm

The weighted-average price of SuperNET has fallen to 136.9, boosting the ShortUNITY target price to 126.6.

Offering price raised to 127.5.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 27, 2014, 02:05:31 pm

UNITY/NXT Daily Reference Price: 130 (-18.8%)
ShortUNITY Daily Reference Price: 131.4 NXT (+18.8%)
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 28, 2014, 02:23:43 pm

UNITY/NXT Daily Reference Price: 156.6 (+20.5%)
ShortUNITY Daily Reference Price: 104.5 NXT (-20.5%)
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 29, 2014, 01:06:05 pm

Based on the following prices and volumes:

BTER UNITY/BTC: 0.01188 BTC (42 BTC vol)
BTER UNITY/NXT: 163 NXT (15 BTC vol)

AE SuperNET: 182 NXT* (24 BTC vol)
AE TOKEN: 184 NXT* (14 BTC vol)

... and with NXT/BTC at 0.0000747, the new unofficial weighted-average benchmark price is 169.1, which yields a target price for ShortUNITY of 96.2.

The asking price has therefore been reduced to 97.

* AE prices reflect bid/ask midpoints.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

youyou

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Re: ShortUNITY
September 29, 2014, 01:09:09 pm

Do you plan to issue a shortDoge?

ShortNXT

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Re: ShortUNITY
September 29, 2014, 01:13:42 pm

Probably not.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL

ShortNXT

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Re: ShortUNITY
September 30, 2014, 11:34:59 am

ShortUNITY target price down to 91.4, as weighted average SuperNET price climbs another 5% (up 36% from Saturday) to 177.4.

Offering price lowered to 92.
Account ID: NXT-D7WC-SKR6-F2EC-7VUXL
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