Update on the migration:
CPIF has decided to migrate to counterparty.io
, unless a better option presents itself. CPIF has already started with the process and has removed all additional shares from litecoininvest. This means that the number of outstanding shares are fixed. Furthermore, CPIF has created an asset on counterparty with 100000 shares, the asset creation cost will be borne by CPIF.
To assist with the migration, CPIF has put 1323 shares in a 'side pocket' which is the number outstanding shares on litecoininvest. Please create an account on counterwallet.io
and send [email protected]
your wallet address from the email address used to register on litecoininvest.
Shortly after the 19 April 2015 12:00 GMT trade stop on litecoininvest, CPIF will start sending shares out of the 'side pocket' to wallet addresses received. The number of shares sent to the respective wallet addresses will correspond to the number of shares owned by the respective litecoininvest accounts at 19 April 2015 12:00 GMT.
Unclaimed shares will therefore stay in the side pocket and will receive dividends just like claimed shares. CPIF is considering to reinvest these dividends on behalf of shareholders that have not yet claimed their shares by buying more shares in CPIF.
All of this should make it possible for CPIF to pay its next dividend via counterparty and not on litecoininvest.Notes on buying/selling of shares, FUM and dividend payments
The current FUM sits at 3,6828 BTC (@219.01 btcusd), which means that each share is backed by 3.6828/1323 = 0,002783673 BTC or ~0.45LTC. This is the price at which shares of CPIF will be sold on counterparty, however it will need to be denoted in XCP, which brings us to buying and selling of shares.
Unfortunately CPIF shares will have to be bought/sold via XCP and not BTC or LTC. Right now the easiest way to overcome this problem is to use https://shapeshift.io/
which makes converting between cryptocurrencies much less a pain. At some point in the future, CPIF can list its counterparty asset on another exchange, which will allow buying and selling of shares with BTC/LTC, but right now let's just get the migration right.
Lastly, dividend payments will be done in BTC, which we think is preferable to XCP.
Please note that all of this is open for discussion! A summarised version of this post will go out in an email shortly.