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« on: February 08, 2015, 02:41:33 pm »
Hey everyone
Instead of doing a weekly or monthly buyback of CFSGOLD at their NAV, we have decided to instead do a continous buyback, meaning that anyone can withdraw the bitgold they invested with us at any time by going to the CFSGOLD:bitGOLD market and sell their CFSGOLD to our buy orders. We will attempt to keep a constant float of open buy orders at all times, but if there is high demand for withdrawal then there can be a wait of up to a day as we transfer bitgold from the bots to the market.
We have also added a 0.1% fee for buying into CFSGOLD, so the open CFSGOLD sell orders have been moved from 1.000 bitgold to 1.001 bitgold per CFSGOLD. In the future all CFSGOLD sell orders will always be 0.1% above the NAV, and all buy orders will be at the NAV. 70% of the income from these fees are distributed to CFSGOLD holders (as increased NAV), and 30% of the fee to CFSCOIN holders. This new fee does not affect those who already bought CFSGOLD before today, since they can withdraw at 1 bitgold per CFSGOLD, the same as what they deposited. The fee enables us to do the continous buyback since we can then have two orders right next to each other on the book.
With this change it will be easy and convenient for anyone to withdraw their bitgold to cover a short or for other reasons. If you want to do a large withdrawal you can contact me in advance and I will transfer bitgold from the bots to the buy orders so you can get all your bitgold out in one transaction. Otherwise you can simply sell into the buy orders with your CFSGOLD and i will continously put up new bitgold until you have sold all your CFSGOLD.
When the NAV of CFSGOLD increases both the buy and the sell order will move on the orderbook (buy order will move to new NAV, sell order will move to new NAV + 0.1%)
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