Vote for OBITS - Let your voice be heard


New OBITS Voting scheduled for October 1st, 2018


Dear Valued OBITS Holder,
As we have received proposals on this subject from the community several times, and in view of the current market liquidity situation, we propose a vote on new OBITS buyback and distribution policy.

The Market Maker Buyback proposal:

Buyback & Burn of the OBITS tokens on dedicated tokens markets.

In October 2018 and every month from then on, we will gather assets from dedicated profit centers (vesting fees, market fees, and so on) in native assets, as we did before. During the first week of each month, we will place an OBITS Buyback order to each asset market: OBITS/OPEN.ETH, OBITS/EOS, OBITS/BTC and others.

All bought-back OBITS will be burned.

The price to place an order will be calculated based on the Median Value from the market price in the previous month.

If the order is not closed during the month, it will be cancelled and the remained assets will be put in the new order.

It will work like this:

October:
Suppose the Median Value is 286 OBITS for 1 OPEN.ETH in September. We have collected 1 OPEN.ETH to be used in OBITS buyback in October. We've put an order on OBITS-OPEN.ETH market in amount 286 OBITS to 1 OPEN.ETH. Only 0.5 OPEN.ETH were spent in that order by November 1st.

November:
Median Value is 350 OBITS for 1 OPEN.ETH in October. We have collected 2 OPEN.ETH to be used in OBITS buyback in November. We cancel the previous order and add 0.5 OPEN.ETH to 2 OPEN.ETH and place the new order in the amount of 875 OBITS to 2.5 OPEN.ETH.

VOTING RUNS UNTIL 01.10.2018, 13:00 CET

Only current OBITS holders can take part in voting. To ensure an accurate voting procedure, we will take a snapshot of OBITS holders accounts on 15:00 CET, September 4th, 2018.

Especially for this voting, we will create a new voting asset - the OBITS.VOTING token, in the amount of OBITS supply shown in the snapshot.

Start of voting - September 5th, 2018


On September 5th, every OBITS token holder will receive an incoming payment of OBITS.VOTING tokens, matching the amount of OBITS they own according to the snapshot. Tokens will be sent from the account obits-voting. In the memo field, each recipient will find the conditions of the voting procedure.

In order to express your opinion, you should send the OBITS.VOTING tokens to the following accounts:

obits-option1 - if you wish to accept the above-mentioned Market Maker Buyback proposal

obits-option2 - if you wish to leave the current procedures in place

Please check your OpenLedger account on September 5th, and express your opinion on OBITS’ future!

Do you agree with the Market Maker Buyback proposal?


On October 1st, 2018 13:00 CET we will take the snapshot of the voting options accounts, and make a calculation.

Whichever of the two voting accounts has more tokens will be the winner, and the Market Maker Buyback Proposal will be implemented according to the results of this vote.


If you have suggestions or ideas for improving ourMarket Maker proposal to bring more value to the OBITS token, we would be happy to hear your voice and look into your ideas! Please submit your thoughts before September 4th, 2018 to info@openledger.info.


Please note:

If OBITS.VOTING tokens are not sent to either voting account, they will not be counted. This could be, for example, if tokens are sent to the wrong account, or never sent at all.

For example: If 5 000 000 OBITS.VOTING tokens were sent to obits-option1 account and 200 000 OBITS.VOTING tokens were sent to obits-option2 account by 01.10.2018, 13:00 CET. The result will be - YES.

The OBITS.VOTING token is only a token that will be used for purpose of this particular Voting proposal. No other use of this token is intended. It will be burned after the voting procedure is finished and the results are published on the obits.io website and in other OpenLedger media channels

After the voting procedure all OBITS.VOTING tokens will be burned.



Dear users,


On October 1st, the OBITS holders community has made its choice on buyback proposal.


Here are the results of the voting




New procedure will be implemented in the next Buyback for September, which will take place in the next few days.
In October 2018 and every month from then on, we will gather assets from dedicated profit centers (vesting fees, market fees, and so on) in native assets, as we did before. During the first week of each month, we will place an OBITS Buyback order to each asset market: OBITS/OPEN.ETH, OBITS/EOS, OBITS/BTC and others.

We would like to disclose more details on how the Price on the buyback order will be established:
  • Automatic script will gather the daily price feed on each asset, involved in buyback, and calculate the median value
  • The data will be collected from the main Bitshares markets (ASSET_BTS, ASSET_BITUSD, ASSET_BICNY, ASSET_OPEN.BTC, etc.)
  • If there will be no relevant price feed on those markets on OL, then the price feed will be taken from coinsmarketcap.com
  • If there will be no relevant price feed on coinsmarketcap.com, then the order on the dedicated market will not be placed. In that case - collected amount of ASSET will be held until next month distribution