1. Situation update
2. New fiscal year – new way of reporting performance
3. Robin Hood Services is now Economic Space Agency
1. Situation update
Firstly, an apology for the delay on the info about the new system that we have promised already in June. Unfortunately we cannot always be as fast as we would like or expected. All the core team can guarantee is that we do the best we can with the resources available. We work on a volunteer basis with the team spread around the world, and we do our best to take care of the co-op, every and each of its members. Also when we are dealing with innovation, developments are often surprising and the processes often face challenges, technically and also regarding timetable.
More concretely, we have encountered a challenge in transferring the data from the old system to the new.
The over 30 different series and different profit splits inside them create a wonderful mix in themselves, and this coupled with the fluctuations of the USD-EUR excghange rate mean that the old system has been very hard to tame. Now that we want to get rid of the series, but keep the differences in performance between shares bought at different times, we have had to basically recalculate all the data, and with a limited amount of hands on deck, that has taken a lot longer than we expected.
To complicate things further, the Ethereum blockchain underwent a hard fork
on 20.7., which meant that some of the clients and other backend software related also to our new system had to be updated. This has created an additional delay.
All in all, the information from the old database has not been transferred onto the blockchain yet. Unfortunately this also means that at the moment the member pages are not available. So if you can't log in, that is not because of you, but because of the system is offline.
However, now we are back on track, moving forward, and hope to ready in the near future. But learning from the past — no promises on a launch yet. Stay tuned and bear with us! It is not just a new website that is coming up. What is coming up is an innovative system functioning on the Ethereum Blockchain, with changes on the core functioning on what the co-op offers - it will offer really new and unique features, as we always look for, towards socialisation and democratisation of finance.
2. New fiscal year — new way of reporting performance
As you might remember, on the old website the performance of the fund has been reported in terms of the relationship between the cumulative amount of assets under management (AUM) and the daily net asset value (NAV). The AUM has simply been the sum total of all the shares ever bought. The costs of running the fund have not been deducted form the total sum, which has meant that it has been unrealistic. Consequently, also the relationship of the AUM to the daily NAV has been unrealistic, in practice meaning that the performance of the fund has during the fiscal year 2015- 2016 been reported as being even worse than it has actually been.
Now, with the new fiscal year 2016-2017 we move to the more commonplace system of reporting the AUM after costs.
That means that we deduce form the cumulative AUM number all the costs of running the fund, the shares bought back from members that have left, the funds the AGM has allocated to projects, for development and so on.
As an example, on 21.7., the cumulative AUM was 688258 € and the NAV 396969.03 €. According to the old way of reporting the performance was 42 % in the red (minus). When we deduct the operating costs (1.1. 2012 - 25.7. 2016) from the cumulative AUM, the corrected AUM after costs is 512420 €, and, correspondingly the performance of the fund was 22 % in the minus.
This latter way of reporting is the one we will use from now on.
3. Name change: Robin Hood Services is now Economic Space Agency
Robin Hood Services, the start-up launched by the RHC team, has changed its name (due to trademark issues in the US), and is now called Economic Space Agency –– the website is here.
The goals of ECSA are unchanged:
- to develop the next generation cooperative as a platform
- to develop new financial instruments and services for the platform
- to make the running of RHC viable; such as arranging offices and seminars, helping in running the cooperative
See for more: http://discourse.robinhoodcoop.org/t/faq-on-robin-hood-services/145
We are now 926 at the time of writing this! And with the new exciting tools we will surely hit the 1000 mark soon.
Keep your networks informed, come discuss at the forum and volunteer if you can!