BYT Token Launch Success

The BYT token was launched over an hour ago. I see people have snapped up the discounted tokens, but still some left below the standard 1.0 HIVE.

A reminder that the first distribution of profits will be on Monday 13 September. This means these next 10 days are an accumulation period and also waiting for rewards to come in within 7 days. So there will be no distribution of tokens this coming Monday.

Let me explain briefly how the tokens were placed on the market. I did write in the launch post that: "The launch price is 1 HIVE but, [...] there will be some placed at a discount." There was thus a bit of luck in estimating precisely how low the "discounted tokens" would be.

I distributed, in order, 80,000 BYT at 1.0 HIVE, then 7,000 BYT at 0.9 HIVE and finally just 1,000 BYT at the lowest 0.8 HIVE. I also added 10,000 BYT at 2.0 HIVE to factor in future price growth. This is all the tokens that will be on sale for this BYT Round 1 program.

Please note, that the Hive-Engine market currently shows that the BYT price has fallen. This is not true, but is an artefact of selling the most expensive tokens first. This is logical, as the market places those buy orders above cheaper ones. So the first tokens sold were just above 1.0 HIVE followed by those at 0.9 HIVE and then 0.8 HIVE - a "drop" of slightly over 20%. But as I said, this is not a drop in value, just a consequence of how the tokens were created. This will settle in a few hours - and at some point will even show a 20% rise!

The issue of buying BLURT with HIVE is interesting. Today, the best price was on Ionomy; it is worth shopping around the most active exchanges of Probit, Ionomy and, of course, Hive-Engine. Trading and withdrawal fees are obviously absorbed by the whole fund. It is unprofitable to wait too long for such swaps in the hope of getting a better price, but we do aim for the best possible price within the same day. Such BLURT will be quickly powered up to start earning.

Thanks to all new BYT holders!