MAPXV Weekly Profit Statement & News - 8 September 2019 [MAP Steem FinTech]
Welcome to our weekly account statement.
Another difficult week has seen us buy back some of our own MAPXV tokens to help the TULIP Game liquidate its holdings. This is why we have what may seem peculiar in that the active tokens have risen but our total fund value has gone down.
Our SP has increased slightly but the general lack of activity in the token market has made it difficult to increase it further. The delegation-miners thus ensure that all MAPXV members are still getting very high upvote values.
Our ABV has dropped a little to 1.36 STEEM, meaning that without any upvotes the tokens are worth at least this amount just based on asset values. These are nearly all MAP FinTech tokens; our tribe tokens grow organically from rewards but, as most of them spiral downwards, we hold them mainly to increase further the upvotes to members who post within these tribes.
The Vote Value has also dropped a little to 37.87 per STEEM and 23.67 per token (par values being 8 and 1 respectively) which is actually good to see as there was a small price rally early in the week.
As I have said before, these parameters have not changed since HF21 as they are based on the ratio of our upvotes compared to your own SP upvotes. Yes, both have dropped with respect to author rewards but their ratio remains the same.
Indeed, if you hold the maximum of 500 MAPXV tokens and are currently being upvoted by an SP of about 27,000 SP, the new non-linear curve means our votes are worth significantly more than the STEEM value of those tokens. Sure, we're talking cents, but these add up as weeks progress.
Our one major concern is the general slowdown in the activity of the whole Steem blockchain. We can see this from both general parameters, such as the reward pool, as well as from our own out-going votes. This is also reflected in the token market; we would not have needed to buy back our own tokens if the market was more vibrant.
It strikes me that a lot of regular bloggers don't really know what to do next. Accepting the lower author rewards without doing anything to increase them seems like a non-strategy. You may be seeing a slight increase in curation rewards but, as predicted, and as we see the reward pool stabilising, you may also have noticed that such rewards are certainly nowhere near the promised double. Indeed, what we are seeing is that they are drifting back to just marginally above their pre-HF21 values.
Our MAP FinTech vote bonds were designed before HF21 was unleashed on the chain but backed up by my own analysis of what the real consequences were going to be. Hence, if you do continue blogging, these vote bonds will increase your rewards more than the equivalent STEEM powered up as your own SP. That was, and remains, their whole purpose.
One useful side-effect of buying MAPXV is that your funds are then liquid and are not stuck in SP. I think (or hope) that more users will realise that the STEEM currently locked inside one's SP can earn much more by being powered down and invested in either one of our vote bonds or the stable fund of MAPR.
Sure, we have to power up some of our sales, but not all of them, and we are also on a permanent cycle of power downs just so we can use those funds to either pay investors or buy more under-valued assets. If the market ever picks up and we have no need of that liquid STEEM then it will just get powered up again.
I have seen quite a few regular Steemians express their concern that powering down is their remaining option; this is said with some distress and disappointment. What I can say is that, sure power down some SP, but do you really wish to sell STEEM at 16 cents? The solution is to park that STEEM into some of our FinTech tokens, depending on whether you continue posting or not, and let us earn some extra funds for you while you wait for the STEEM price to improve.
You may well at that point discover your own way forward; perhaps some of the tribes will have figured out a better economic system and their prices start to rise. Whatever may happen in, say, 4 or 8 or 12 weeks, you will still be holding your STEEM-based assets and can then decide what to do next.
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 = 5287
SP in @MAPXV = 4387
Mining SP = 23,800
Other STEEM = 2805
Total STEEM = 7192
Total Income = 87.60
Fee = 8.76
Total STEEM carried down = 7183
MAPXV ABV = 1.36 STEEM
MAPXV VV/STEEM = 37.87
MAPXV VV/Token = 23.67
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.
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