This is the first full statement from MAPXV and covers the first ten days of operations. We did publish last Sunday, but that only covered a few days.
This week has been very good for sales of MAPXV tokens. We are starting to see new token-holders who appreciate the value in the program and see that our calculations are based on sound mathematics. We have set a price-point at 1.6 STEEM and will then let it rise.
In preparation for HF21 and the reduction in author rewards, we may then hold the price at 3 STEEM. A reminder that the theoretical value of a MAPXV token is 8 STEEM, but that is the value of a vote assuming 100% voting power. What the author actually receives at the moment is 75% of that, plus any curation rewards from self-voting earlier. With HF21, the author will receive 50% of an upvote plus curation. So, adjusting for average voting power, I see a price of about 3 STEEM per token. We shall, of course, see what the market thinks!
Our major holdings in "Other STEEM" are in other MAP FinTech programs such as MAPR and MAPX. The MAPX holdings will bring in some decent votes and the holdings in MAPR bring some good capital profits. We also have holdings in the trading games such as ONECENT and TULIP. Strangely, we hold no ADDAX tokens merely due to the timing of launching ADDAX and MAPXV very close together.
Although such cross-holdings are good for all our programs, it is also the case that I do not wish to speculate with money that should go towards building our assets. I have seen very few tokens able to hold their value. I am also cautious about mining tokens that have a huge supply of created but un-issued tokens that could easily dilute the current miners.
I shall, of course, scale up our Steem Power, but at the moment our upvotes are supported by some high delegations. Given that token-holders currently own less than 3500 tokens and the voting SP is some 14,500 STEEM, we feel the upvotes are being amply powered.
One other metric to note is that our ABV is at 1.12. This is due to two factors: the price rise of the token; and the lack of freebies! It also means that even without the upvotes, the assets of MAPXV alone are worth a token price of 1.12 STEEM.
The headline figures are:
MAPXV tokens active = 3444
SP in @MAPXV = 2013
Mining SP = 12,500
Other STEEM = 1853
Total STEEM = 3866
Total Rewards = 42.50
Fee = 4.25
Total STEEM carried down = 3862
MAPXV ABV = 1.12 STEEM
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.
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.
ONECENT: The First Strategic Token Investment Game (STIG)