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Offline bitmarket

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Suggested Press Release regarding the merger
« on: October 20, 2014, 11:15:30 PM »

**Would love fact checking corrections because I am not clear myself** 
**Half way through the following I turned it into a press release so apologies for the change of tone** 
**Dan Larimer's quotes are made up by me and await his approval/changes. Which I am sure there will be**

<headline>Is this another first for Crypto? Coin Merges.
</headline>

A proposal has been made to merge 3 Decentralized Autonomous Companies (DAC’s). This is a very exciting possibility and a first in the Crypto world all thanks to the pioneering flexibility of DPOS chains. If accepted by stakeholders, this merger will demonstrate yet another way that DACs built on blockchain technology can do anything normal companies can do only better.

A Decentralized Autonomous Company or DAC is a phrase first coined by BistSharesX lead developer Dan Larimer in an October 2013 White paper of the same name. A DAC is essentially a company where the business plan is in code and product delivery is provided through blockchain technology.

If that sounds  like a foreign concept it might not be as much as you thought. Consider that Bitcoin is in fact a payment services DAC.

Those who have been watching with keen interest the decentralization revolution taking place will no doubt be familiar with BitSharesX, ProtoShares and AngelShares.

BitSharesX is an open source decentralized asset trading platform which launched in July of 2014 with a market cap of $40 Million dollars.

ProtoShares and AngelShares are 2 venture capital development funds held on a blockchain with a combined market cap of $10 million. ProtoShares and AngelShares development funds totaling $X million are intended create a number of new and useful DAC’s. Two examples already under development include: 1)DNS - A record keeping DAC that allowed blockchain stored domain name ownership and 2)Vote - A blockchain based voting solution to provide a more fair and open voting solution.

Larimer has suggested to all 3 communities that they could benefit from a corporate merger similar to what is seen in the traditional world of business.

When any 2 or more companies are considering merging the deal only takes place when stakeholders of both companies perceive a positive outcome. In short when the value of the new merged company has greater value than the sum of the parts then it is possible for win-win scenarios to be created.

An example of this is when Disney (An 80+ year old brand much loved by children) merged with Pixar (A hi-tech animation company known for producing films kids love) merged. Disney's distribution and merchandizing channels allowed Pixars high quality children's movies to explode in viewership and merchandizing sales. The Disney-Pixar merger was indeed more valuable than the sum of its parts and all shareholders were rewarded handsomely.

The proposed merger would see all 3 DACs merge into an entirely new DAC called BitShares.

Larimer said,  “The merger will allow many benefits to all 3 DAC’s”

Proponants of the merger argue the benefits include
- More rapid and focused development because of a pooling of development funds.
- Efficiencies provided by the fact that these 3 DAC’s needed to develop much of the same infrastructure.
- Cross promotion. eg: A Vote user will be immediately exposed to the BitSharesX decentralized exchange and vice versa as it will all take place on the same client.
- An acceleration of network effect as the client is the same for customers of all DAC’s
- Increased visibility in the market place as the market cap of the merged company will be expected to be at least the sum of the 3 individual companies.

As with mergers in the real world the outcome is that stake holders will own a smaller percentage but of a much bigger company that is poised for faster growth.

The developers plan to introduce a voting mechanism that allow each stake holder to vote on the proposal.

Larimer said “The proposed voting mechanism is an important innovation in the world of DAC’s because it allows blockchain based projects a formal mechanism to arrive at a consensus for this and all future proposals.”

Larimer first floated the idea on the BitSharesTalk but was initially met with community outrage and 20% drop in share price of BitSharesX in the first 24 hours.

“The ad hoc fashion in which I made the suggestion was a mistake in hindsight” said Larimer. “I forget that most BitSharesX investors are used to Bitcoin and other altcoins where the lead developers and miners have tremendous power and owners of the coins have very little. One of the benefits of Delegated Proof of Stake (the consensus algorithm BitsharesX is built on) is that its the coin holders have all the power and neither I or anyone else can make any changes without their permission.”

“I was simply throwing an idea out there for discussion and the community thought I was radically changing the business without proper debate or their approval. I think once the community is reminded that nothing will happen without their consensus and that the deal is very good for them they will most likely get behind it.”

Should that happen a world first for crypto could take place with our first corporate merger and the creation of a new company with a $50 million market cap…. how quickly the world of Crypto advances.




Edit:  Spelled Larimar as Larimer - I think it looks better that way...   Stan
« Last Edit: October 21, 2014, 01:28:38 AM by Stan »
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Offline toast

Re: Suggested Press Release regarding the merger
« Reply #1 on: October 20, 2014, 11:18:35 PM »
Looks good. Obviously wait for us to figure all the details out though.

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Offline Ander

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Re: Suggested Press Release regarding the merger
« Reply #2 on: October 20, 2014, 11:24:34 PM »
Your press release should not say "Larimer first floated the idea on the BitSharesTalk but was initially met with community outrage and 20% drop in shareprice of BitSharesX in the first 24 hours."

First of all, its not accurate.  Most of us werent outraged, we were confused.  The price drop was mostly due to people having no idea whatthe hell was going on, plus FUD about 'dilution', combined with some people who didnt like the idea dumping.

Second of all, the press release should explain the positive benefits not dwell on the negative.

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Offline bitmarket

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Re: Suggested Press Release regarding the merger
« Reply #3 on: October 21, 2014, 01:12:11 AM »
Press Releases do not get published if they are a straight ad.   They have to have some negative to show a balance.  But you are right. I could soften that a little from outrage to confusion.
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Offline arhag

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Re: Suggested Press Release regarding the merger
« Reply #4 on: October 21, 2014, 04:23:10 AM »
Personally, I don't like it. Then again, I am not a marketing guy, but I will give my thoughts anyway.

First, I don't really see the value of the press release for the proposal. Let us first come to an official consensus on the merger with all of the details figured out before publishing anything that sounds official.

Second, AGS is just a ledger not a DAC, and I personally think calling PTS a DAC is even a stretch (although I guess it is just as much of a DAC as Bitcoin is).

Third, the voting mechanism (as far as I am aware) was on future hard forks for new functionality and changes on the hard caps for dilution. While I personally envision a future iteration of this voting mechanism to allow shareholders to vote on future mergers or even splits, I don't think the plan is to use a (yet to be developed?) voting mechanism to decide on this particular merger. As far as I am aware, I3 is the one that will facilitate this merger in a way that will hopefully not displease the community too much and prepare the hard fork clients that the BTSX delegates will hopefully accept and upgrade to.

This last point is the main reason why I do not like this press release. If AGS/PTS was part of a DPOS DAC with shareholder voting functionality, and this voting functionality was also added to BitShares X, and there was a common proposal on both blockchains with majority approval by respective shareholders for a particular merger, then I would feel comfortable calling this a merger between DACs. But with how the implementation of this "merger" appears to be planned (at least from my perspective), I believe the public response will be that this is nothing more special than just a complicated snapshot for a new DAC with a new token (BTS). Not to say that a properly worded press release describing the event after the fact wouldn't be beneficial (in particular the benefits of how it better unites the BitShares community and gives us a stronger network effect), but I am cautious of relating it to a merger of traditional companies when PTS/AGS do not have any board of directors (delegates) or even any mechanism for the "shareholders" to even vote on the decision.

Offline clayop

Re: Suggested Press Release regarding the merger
« Reply #5 on: October 21, 2014, 04:30:45 AM »
Good and well organized article. But can you specify what 3 DACs are? BTSX, AGS, and PTS? Or BTSX, DNS, and VOTE?
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Offline Mysto

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Re: Suggested Press Release regarding the merger
« Reply #6 on: October 21, 2014, 04:50:36 AM »
Good and well organized article. But can you specify what 3 DACs are? BTSX, AGS, and PTS? Or BTSX, DNS, and VOTE?
Yea I can see this confusing some new comers.

Offline Thom

Re: Suggested Press Release regarding the merger
« Reply #7 on: October 21, 2014, 05:00:19 AM »
Personally, I don't like it. Then again, I am not a marketing guy, but I will give my thoughts anyway.

First, I don't really see the value of the press release for the proposal. Let us first come to an official consensus on the merger with all of the details figured out before publishing anything that sounds official.

Second, AGS is just a ledger not a DAC, and I personally think calling PTS a DAC is even a stretch (although I guess it is just as much of a DAC as Bitcoin is).

Third, the voting mechanism (as far as I am aware) was on future hard forks for new functionality and changes on the hard caps for dilution. While I personally envision a future iteration of this voting mechanism to allow shareholders to vote on future mergers or even splits, I don't think the plan is to use a (yet to be developed?) voting mechanism to decide on this particular merger. As far as I am aware, I3 is the one that will facilitate this merger in a way that will hopefully not displease the community too much and prepare the hard fork clients that the BTSX delegates will hopefully accept and upgrade to.

This last point is the main reason why I do not like this press release. If AGS/PTS was part of a DPOS DAC with shareholder voting functionality, and this voting functionality was also added to BitShares X, and there was a common proposal on both blockchains with majority approval by respective shareholders for a particular merger, then I would feel comfortable calling this a merger between DACs. But with how the implementation of this "merger" appears to be planned (at least from my perspective), I believe the public response will be that this is nothing more special than just a complicated snapshot for a new DAC with a new token (BTS). Not to say that a properly worded press release describing the event after the fact wouldn't be beneficial (in particular the benefits of how it better unites the BitShares community and gives us a stronger network effect), but I am cautious of relating it to a merger of traditional companies when PTS/AGS do not have any board of directors (delegates) or even any mechanism for the "shareholders" to even vote on the decision.

The PR flowed well and looked good in general, but I agree 100% with arhag. Lets not be too hasty until arrive at a consensus.
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Offline luckybit

Re: Suggested Press Release regarding the merger
« Reply #8 on: October 21, 2014, 07:02:50 AM »
**Would love fact checking corrections because I am not clear myself** 
**Half way through the following I turned it into a press release so apologies for the change of tone** 
**Dan Larimer's quotes are made up by me and await his approval/changes. Which I am sure there will be**

<headline>Is this another first for Crypto? Coin Merges.
</headline>

A proposal has been made to merge 3 Decentralized Autonomous Companies (DAC’s). This is a very exciting possibility and a first in the Crypto world all thanks to the pioneering flexibility of DPOS chains. If accepted by stakeholders, this merger will demonstrate yet another way that DACs built on blockchain technology can do anything normal companies can do only better.

A Decentralized Autonomous Company or DAC is a phrase first coined by BistSharesX lead developer Dan Larimer in an October 2013 White paper of the same name. A DAC is essentially a company where the business plan is in code and product delivery is provided through blockchain technology.

If that sounds  like a foreign concept it might not be as much as you thought. Consider that Bitcoin is in fact a payment services DAC.

Those who have been watching with keen interest the decentralization revolution taking place will no doubt be familiar with BitSharesX, ProtoShares and AngelShares.

BitSharesX is an open source decentralized asset trading platform which launched in July of 2014 with a market cap of $40 Million dollars.

ProtoShares and AngelShares are 2 venture capital development funds held on a blockchain with a combined market cap of $10 million. ProtoShares and AngelShares development funds totaling $X million are intended create a number of new and useful DAC’s. Two examples already under development include: 1)DNS - A record keeping DAC that allowed blockchain stored domain name ownership and 2)Vote - A blockchain based voting solution to provide a more fair and open voting solution.

Larimer has suggested to all 3 communities that they could benefit from a corporate merger similar to what is seen in the traditional world of business.

When any 2 or more companies are considering merging the deal only takes place when stakeholders of both companies perceive a positive outcome. In short when the value of the new merged company has greater value than the sum of the parts then it is possible for win-win scenarios to be created.

An example of this is when Disney (An 80+ year old brand much loved by children) merged with Pixar (A hi-tech animation company known for producing films kids love) merged. Disney's distribution and merchandizing channels allowed Pixars high quality children's movies to explode in viewership and merchandizing sales. The Disney-Pixar merger was indeed more valuable than the sum of its parts and all shareholders were rewarded handsomely.

The proposed merger would see all 3 DACs merge into an entirely new DAC called BitShares.

Larimer said,  “The merger will allow many benefits to all 3 DAC’s”

Proponants of the merger argue the benefits include
- More rapid and focused development because of a pooling of development funds.
- Efficiencies provided by the fact that these 3 DAC’s needed to develop much of the same infrastructure.
- Cross promotion. eg: A Vote user will be immediately exposed to the BitSharesX decentralized exchange and vice versa as it will all take place on the same client.
- An acceleration of network effect as the client is the same for customers of all DAC’s
- Increased visibility in the market place as the market cap of the merged company will be expected to be at least the sum of the 3 individual companies.

As with mergers in the real world the outcome is that stake holders will own a smaller percentage but of a much bigger company that is poised for faster growth.

The developers plan to introduce a voting mechanism that allow each stake holder to vote on the proposal.

Larimer said “The proposed voting mechanism is an important innovation in the world of DAC’s because it allows blockchain based projects a formal mechanism to arrive at a consensus for this and all future proposals.”

Larimer first floated the idea on the BitSharesTalk but was initially met with community outrage and 20% drop in share price of BitSharesX in the first 24 hours.

“The ad hoc fashion in which I made the suggestion was a mistake in hindsight” said Larimer. “I forget that most BitSharesX investors are used to Bitcoin and other altcoins where the lead developers and miners have tremendous power and owners of the coins have very little. One of the benefits of Delegated Proof of Stake (the consensus algorithm BitsharesX is built on) is that its the coin holders have all the power and neither I or anyone else can make any changes without their permission.”

“I was simply throwing an idea out there for discussion and the community thought I was radically changing the business without proper debate or their approval. I think once the community is reminded that nothing will happen without their consensus and that the deal is very good for them they will most likely get behind it.”

Should that happen a world first for crypto could take place with our first corporate merger and the creation of a new company with a $50 million market cap…. how quickly the world of Crypto advances.




Edit:  Spelled Larimar as Larimer - I think it looks better that way...   Stan

Probably not a good idea to announce this considering the confusion it already seems to be generating. First we need to see the 3 DACs actually launched before the announcement will make sense otherwise it will be a merger between DACs no one has heard of.
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Offline bitmarket

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Re: Suggested Press Release regarding the merger
« Reply #9 on: October 21, 2014, 12:58:14 PM »
The intent was that the 3 DACS merging are AGS PTS and BTSX, not Vote and DNS.

As Arhag suggested there may be some inaccuracies that would need to be fixed

However it sounds like the general feeling is this is not a good idea for right now.  I disagree but am happy to acquiesce to the community.

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All press is good press. We should put out press releases on bad news and good news.  When ideas are hatched and when they come to fruition.  The bad news is often easier to get published.   People love drama.  Even worse would be this idea not coming to fruition and receiving no press on it all.
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Offline santaclause102

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Re: Suggested Press Release regarding the merger
« Reply #10 on: October 21, 2014, 02:33:11 PM »
The merger is between BTSX and Vote (and posssibly other DACs that were meant to have an own chain). Ending PTS and AGS is a byproduct of merging "everything" into BTSX.
AGS is clearly not a DAC and can therefore not be merged. I would also say PTS is not a DAC since it does not provide a designated service (it could provide the same service as Bitcoin but that was never the intention).
The stakes in the Vote DAC merge with the stakes in BTSX. And since the stakes in the Vote DAC are mapped in the ledgers of PTS and AGS, AGS and PTS holders get a stake in BTSX.
What is true though is that since "everything" (I am not clear yet myself what that is) is merged into BTSX there is no more need to snapshot PTS/AGS in the future.
« Last Edit: October 21, 2014, 03:14:59 PM by delulo »

Offline Method-X

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Re: Suggested Press Release regarding the merger
« Reply #11 on: October 21, 2014, 03:10:00 PM »
Coin mergers: Another first for crypto?

Offline MktDirector

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Re: Suggested Press Release regarding the merger
« Reply #12 on: October 21, 2014, 03:15:11 PM »
If Dan approves, we could send out a new press release like this, as we've been regularly releasing them over the last couple months. b

Offline bennyliaa

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Re: Suggested Press Release regarding the merger
« Reply #13 on: October 21, 2014, 03:19:24 PM »
If Dan approves, we could send out a new press release like this, as we've been regularly releasing them over the last couple months. b

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Offline matt608

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Re: Suggested Press Release regarding the merger
« Reply #14 on: October 21, 2014, 03:31:24 PM »
A press release is all well and good but lets get this all done first.  Make a successful transition to BTS, and then author it a glorious creation myth.  The release could be timed to come out around the day that coinmarketcap updates to show the new shares so when people ask wtf is going on with bitshares?  We can post the link to the press release.

Also I don't like much about how this release is written.  *Bitshares* should absolutely be included (eyeballs on bitshares brand!) in the headline and as this should be done after the change is complete the talk of it being a proposal should be taken out and only the actual final deal be talked about (whatever it ends up being). 

There's no need to give more than a cursory mention to the original proposal, perhaps mentioning it helps with SEO as it could be an opportunity to post a link to bitsharestalk.org. 

And make the headline much more exciting.  More like:

Bitshares unites to form Super DAC
Bitshares completes first ever crypto-merger deal
Bitshares unites the first ever crypto-merger deal
Bitshares expands via first of its kind crypto-merger


 
« Last Edit: October 21, 2014, 03:37:43 PM by matt608 »

 

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