Our weekly report for both delegators and token-holders of M will need to change day. My apologies, I forgot last week's, but with the power-downs and buybacks now happening on a Tuesday, it is probably best I publish immediately after doing so, rather than forgetting to do them earlier! I shall also shorten the next one, as members have either read this too many times, or not at all.
This is very similar to last week, but with an update on how many M tokens remain in circulation.
As I have said below, there is no real need for regular updates apart from informing those pending token sellers that the process remains on-going.
M News
The last token distribution was on 1 November 2021. It is now time for members to sell their tokens and undelegate. Thanks for your support and trust, and I hope everyone has made a decent profit.
I shall keep a weekly report going just as reminders to members and to give a sense of progress in the winding down process. We are limited by the rate of powering down, plus selling some other token holdings, which is why this was started a few weeks back. Looking at the current, lower, rate of power-downs, I estimate possibly 8 weeks till all tokens have been bought back.
Please note that a fresh power-down has been initiated. This is smaller than the previous one but is necessary to pay out the remaining HIVE. Also, due to waiting for funds to undelegate, the major buybacks will now take place on a Tuesday rather than a Monday. The sale of other tokens will now be accelerated to make up for the lower power-downs, however, this is all part of maximising returns, especially as many third party tokens are worth more as income than as capital. Our program has always been managed in HIVE, so that the rise in market price has had a negative effect on us due to the adjusted drop in the value of other tokens.
Note that circulating M tokens have fallen further to about 3,300; this includes those still being held and those for sale on the market. Power-downs are currently on Tuesdays, so that will show the greatest amount of buybacks, although they can also take place on other days if third party token sales are realised.
I trust everybody knows how to operate in the market. There will be a backlog at the 0.96 HIVE price point; that is natural if most have left it late. So it really depends on how patient you are; you can either place a sale at that price, or try to front-run others and place one slightly cheaper. It isn't up to me to teach you how to trade, and each person has their own plan of what they wish to do with their funds.
I have removed many of the metrics as they are now of little use, and take time to calculate, but I have added one: the M tokens in circulation. This will be dropping every week, so is a simple measure of how close we are to fully winding down. I expect some tokens will be left at the end - there always are - just ensure they are not yours.
No further new delegations shall be accepted - this includes increasing current delegations.
Thanks to all delegators for your support. If there are monies at the end of the winding down process, they shall go to MAPR, which is where the value originated.
In the spirit of the paying attention economy, I shall tag users who haven't acted only once everybody else has.
The Numbers
Distribution to delegators = closed
Buyback price = 0.960 HIVE (+0.000)
M tokens in circulation = 3,300 (-790)
New delegations now closed.
You can check older metrics at this last distro post.
The story of M:
Have a fine week!
Any questions, please ask in the comments below or in our public chatroom.
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