Convert your CENTUS to BILLEX and get high profits
You can get (issue) BILLEX (Bill of Exchange) for less than 1 CENTUS (U.S. Stable Cent) through an open discount auction and receive 1 CENTUS at maturity.
The discount is determined at a public auction: To get a BILLEX, you place your bid, entering a price for 1 BILLEX in CENTUS and number of BILLEX you want to receive. In other words, that are you who determine how much CENTUS will be converted to BILLEX and how much BILLEX will be issued at the price you specified.
FOR EXAMPLE, you specify that you would like to get 100 BILLEX for 0.5 CENTUS each.
You place your bid sending it to our BILLEX Chat in the following form:
/ifttt GC5XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 100 0.5
with all data separated by space, where:
/ifttt — required command;
GC5XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX — your Stellar address;
100 — number of BILLEX;
0.5 — price at which you would like to convert your CENTUS to BILLEX.
Your bid is considered accepted after you receive a confirmation from IFTTT bot.
IMPORTANT: Once you have sent the order, you should transfer specified amount of CENTUS to the Stellar address GBB3TVTRXVUUE6RNJSYAOHMVDGQCDGHC6M7AOJMJIVQAMUUAX3WZMMWQ to confirm it, only after that your order will become valid.
After receiving all bids, we begin converting holders’ CENTUS to BILLEX by iterating the BILLEX Queue in descending order and selecting bids with the highest rates.
An example of how the discount will be determined:
• Let’s assume that 100 BILLEX are issued at auction.
• Suppose that holders placed three convertation orders:
-one bid for 80 BILLEX at 0.8 CENTUS each
-one bid for 80 BILLEX at 0.6 CENTUS each
-one bid for 80 BILLEX at 0.4 CENTUS each.
• The system will compute the clearing price, i.e. a single price at which all asked BILLEX would have been converted. Here, the clearing price is 0.6 CENTUS.
Clearing price
• The system will fill the winning bids at the clearing price:
-the first participant will receive 80 BILLEX in exchange for 80 * 0.6 = 48 CENTUS
-the second participant will receive 20 BILLEX in exchange for 20 * 0.6 = 12 CENTUS.
-the third participant will receive 0 BILLEX, i.e. all bids below clearing price 0,6 would be considered lost, and the CENTUS would be sent back to addresses they were received from.
BILLEX redemption (payout)
The maximum BILLEX circulation period is 1 year. During this period, BILLEX will be redeemed on a first-in-first-out (FIFO) basis, that is, they will be redeemed one by one, in accordance with their order in the BILLEX Queue.
The FIFO queue incentivizes people to convert their CENTUS earlier rather than later, since BILLEX created earlier are paid out before BILLEX created later.
One year maturity does not mean that BILLEX will be redeemed in exactly one year. They can be redeemed before their maturity date depending on the CENTUS price in the market.
All BILLEX unclaimed after 1 year will be considered overdue and not redeemable.
IMPORTANT: When converting CENTUS to BILLEX you get insurance in case of seigniorage rate reduction, because your profit in BILLEX is fixed due to the discount. You know exactly what you will receive when repaying 1 CENTUS, and the discount will be your guaranteed profit.
CONDITIONS:
Auction start: 11.12.2019 at 11.00 UTC
Auction limit: 1,000,000 BILLEX
Bidding deadline: 72 hours
Minimum bid: 100 CENTUS
Maximum discount: 90%
CENTUS on multisig wallets cannot be converted to BILLEX
Seigniorage is not accrued on converted CENTUS
The bidding process, participants’ proposals for prices and a number of CENTUS can be observed online at http://bit.ly/2sbdDEa.
