The original BYT program launch document included this section:
The BYT Round 1 program has a fixed term of 180 days. The market shall open on 1 September 2021 and the fund profits calculated until Monday 28 February 2022. Before that date, members will be asked to vote on whether to close and liquidate the fund or roll-over into Round 2.
It is now time to make that decision.
I really don't wish to setup some voting system that can be gamed, and there are not so many members at the moment, so I shall conduct an open vote in the comments below and see if the consensus is obvious.
As of writing, there are just under 25,000 BYT tokens in the hands of members. A look at the BYT Richlist will show that the top 10 members can easily decide this, assuming a majority vote is reached. Voting shall be proportional to BYT tokens held.
Background
Since launching on 1 September 2021, the BYT program has paid out 3,217 SWAP.HIVE to token-holders. The adjusted APR based on the ABV has averaged at 30.5%, and the average per BYT has been 48.3%. As everyone has bought at different prices, it really depends on how you wish to look at it.
The initial price was 1.0 HIVE, but there were some discounted tokens at 0.8 and 0.9 HIVE. The current on-market price is 1.7 HIVE. Here is a graph showing average daily market prices.
The graph illustrates an early issue: too many tokens on sale. I had obviously over-estimated interest in this token and the wall at 1.0 HIVE was too high. This would not have been a problem except that the asset value of the token started to rise. Even that didn't seem to convince anybody that buying an asset worth 1.5 HIVE for just 1.0 HIVE was a bargain. Having fewer tokens for each price-point has allowed the market price to approach the asset-backed price. BYT tokens will continue to be added for sale on a weekly basis at around that week's ABV until the 100,000 limit has been reached.
Proposal
The BYT fund shall continue for a further six months, from 1 March to 31 August 2022. A further vote shall be conducted during the month of August to establish whether the program shall continue beyond that. The aims of the BYT program shall continue to be the same, with a majority staked in the Blurt economy and some allocated to both the Hive and Cosmos ecosystems. The aim remains to maximise rewards while also protecting the capital with a modest amount of compounded profits.
Voting YES means accepting this Proposal.
Voting NO means rejecting this Proposal. There is no counter-proposal currently articulated, but plenty of time till the end of February to construct one, should the need arise.
The closing date is in 7 days, when this post closes for rewards, or sooner, should a clear decision be obvious.
All BYT holders may express their vote, and any opinions, in the comments below.
Buy BLURT on Probit, Ionomy, Hive-Engine and STEX.
Buy BYT on Hive-Engine
BYT is supported by the @busbecq witness.
Well, that was easy! Thanks to everyone who voted.
7 out of the top 10 accounts have voted and overall 71% YES.
That strikes me as a majority unlikely to be overturned ;-)
Note, that as the BYT token is listed on Hive-Engine, it is perfectly possible to have token-holders who are not Blurters - I am in contact with some of them, and some of those have cast their vote on Discord. Perfectly opaque.
YES, YES & YES.
and another YES from the "eco" accounts via Discord.
That should be a wrap!
OK, great, that all pushes the YES vote to 71% - was mercifully painless!
I vote Yes . ….. I would like it to continue forever. But when it does end does the total BYT we have get converted and paid out in Hive ? If I have 1,000 BYT in August to I get 1,000 Hive paid out ? Or 1.x
How does the “liquidation” work
Tokens would be paid out as close to their value as possible. So if hold 1000 BYT and the then price is 2.2 HIVE then should get back about 2200 HIVE. I've run such things before and the easiest way is on-market buybacks. The real issue is the liquidation of what could be 2M BLURT! Which is why if we ever do wind down my best option is to flip the token from an income to a capitalised token - I've done this before with other tokens. So instead of powering down everything in 4 weeks can have a proposal that the BYT token becomes capitalised and that capital be returned to holders as expediently as possible within that given timeframe. What has happened in the past is that almost everyone hangs on till the last days! So need a way to incentivise sales lmao.
Anyway, don't wanna write an essay on this! lol.
One other idea is to switch to paying out in BLURT, so that those who want it can get that without going through 2 transfers and 2 trades. Would need to calculate how that would work, but that would lessen the downward pressure on the coin.
The idea to transform it to BLURT coins i like it , since it will be transformed into BLURT anyway and since it is the BLURT ecosystem we are feeding from such investments .
Yeah, but will be one huge PITA to manage! We shall see ;-)
btw love the stalker-baiting - there seems to be a posse of fakebook droids who are on a mission to retard other networks... i dunno...
Fakebook droids ... oh yes .. everywhere
I am following this discussion.
In my post I have your hashtag. I apologize for not telling you beforehand. I hope you give permission.
Stalker 😝
Am I following someone wrong and following their post. If it's wrong I stop and I fix it.
😱
As long as you are human you can make all the mistakes in the world and be the stalker of the coolest dude on Blurt 😀
@rycharde is the coolest dude on Blurt
He hasnt discussed with me much for me to know him better .
Was it him from @blurtyield comment ?
Yeah …. That’s him. The Mathematical Genius behind many of the Blurt algorithms.
Damn the “post” button should be where the Add emoji button is… I keep hitting it by mistake… then have to scroll for hours….
If all humans can make mistakes then you are human too.
I sure am 🤣
😴
If you love snow and -100 degres Go for it 😁..plus he plays good guitare and draws very cute dogs
Si
YES
I vote yes.
As the holder of a whole 2 BYT I say yes, so I can have time to get more. 😀
I vote yes
YES
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