Prior to the allocation proposal BM and I had a discussion about relative valuations and despite agreeing about our personal valuations of the different networks (which was still higher than what DNS is worth now IIRC) we obviously did not properly discuss how the execution of this merger would actually play out. A better approach would have accounted for claimed vs unclaimed stake and would have coordinated snapshots with announcements. That is behind us though.
Despite the recent loss of value of DNS, I think it is ultimately in the best interest of DNS holders to accept the merger
and end the current network sometime soon.
* BTS+BitUSD is where the money is. The marginal benefit of each extra % likelihood that it takes off is huge compared to what DNS could return in the medium term.
* I3 can poach any talent I bring on as long as I’m working nearby (vikram, drltc)
* DNS blockchain functionality is trivial (it's already done!) and the hard work comes in the infrastructure development and navigating the politics of the existing DNS system. Once one person figures this out it opens the gates for any other system to come in and take advantage of it, and BTS now has all the resources that DNS had.
* DNS price has adjusted to BM’s proposal which means any change now will just hurt more people.
Right now the best way to actually get DNS on a blockchain to be successful would be for me to work with Agent and a private investor and do things quietly as a completely independent effort without any BTS baggage. The right thing to do for that project would be to honor DNS holders at a point just prior to the proposed allocation post. The second best way would be to do this under the new BTS umbrella. I do not have plans to do either at this time.
I will probably be spending my time developing KeyID (key graph / rep system etc) as an app within BTS, but who knows - if I get my way I’ll be managing development of BTS Platform with Vikram.I’m very sorry to everyone who got burned by the proposal.
The people this hurt the most are those who specifically believed in me and this project. I was blindsided by this also - I’ve never sold DNS except the private deal prior to network launch which helped pay for key development by dbrock, greg, derrick, etc. Perhaps I will use what’s left of that fund (not much) to buy back DNS at just above it’s “true” price and put it into the non-honored dev fund.
Assuming the proposal cannot be changed (can it? would do more harm than good I think) you should now value DNS as about 4.5% of BTSX by market cap (because (~5/4.1 dev fund adjustment)*(.03/.8 percent of BTS)).
Right now we all need to focus on BTS+BitUSD to solidify a network effect advantage. Let’s get this over with as fast as possible.