Welcome to our weekly account statement.
Another week of consolidating our account so that more funds are allocated to SP.
This week has seen a more modest rise in SP, although still slightly more than the value of tokens sold. Our ABV has held stable at 1.19 and both the Vote Value parameters have dropped slightly. Although existing members are no doubt enjoying the lavish upvotes, it's actually good for the fund that these values should slowly come down towards the designed par values.
Although, in the medium term, these Vote Values are likely to rise as our MAPXV SP is added to the delegation-miners' SP. One thing not obvious from the figures below is that we also have delegations going out. These will bring in additional income and, when we need that SP, they can easily be undelegated.
I don't wish to repeat the lengthy previous article, so I hope MAPXV members will read it. In brief, there are two proposals made in the light of how the Steem economy is now behaving after its recent hardforks.
Firstly, the delegation-mining rate is to be brought down slightly from 3600 to 4200 SP-days. This is equivalent to the estimated APR going from about 18% to 16%; this is still pretty high compared to what people are now earning on Steem. This is designed for the long-term health of the fund so that MAPXV tokens earnt by the miners are in line with the SP we are able to earn.
The second proposal is simpler, in that I'd like to set a formal cap on delegation-mining to 30,000 SP. I had not considered a cap necessary but, for the same reason as above, I wish to keep a balance between tokens earnt and the value the fund can generate as SP.
The delegation-mining idea has, I feel, been a great success for both MAPX and now MAPXV, but the environment has changed and we need to adjust to it.
We shall, as always, continue to monitor developments on the Steem blockchain.
Any questions, please ask in the comments below, or you may ask in our new public Discord room.
Have a good weekend!
The headline figures are:
MAPXV tokens active = 6934
SP in @MAPXV = 5923
Mining SP = 28,100
Other STEEM = 2309
Total STEEM = 8232
Total Income = 95.70
Fee = 9.57
Total STEEM carried down = 8222
MAPXV ABV = 1.19 STEEM
MAPXV VV/STEEM = 32.5
MAPXV VV/Token = 17.1
Note that "Other STEEM" is the sum of all holdings not powered up as SP: liquid STEEM and SBD plus holdings within Steem Engine to maintain market liquidity plus some investments; we also now have stakes in MAPR, MAPX, PAL and LEO, and some others, and receive rewards from them. Also note that values are volatile, especially any holdings priced in US$, so the above numbers are a snapshot and may have changed when you look at the @MAPXV account.
Income includes rewards and token trading profits but excludes token sales.
The Asset Backed Value (ABV) is our total holdings calculated in STEEM divided by the number of active MAPXV tokens, whether staked or unstaked. Given that MAPXV token holders are getting 8 times the equivalent daily upvotes per STEEM, and adjusting for a variable VP, I shall leave it to the investor to calculate a market price for MAPXV tokens.
If VVS > 8.0, then MAPXV stake-holders are getting upvotes of greater value than the par 0.2% twice per day per token.
If VVT > 1.0, then MAPX tokens are under-priced on the market and good value to buy.
ONECENT: The First Strategic Token Investment Game (STIG)