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Offline bytemaster

Fix for DNS Holders who lost money buying into DNS
« on: October 22, 2014, 06:33:35 PM »

We don't want anyone to lose out, especially those who bought into the systems like DNS after launch.   Toast and I have been working on a solution that does not involve changing my proposal and upsetting the markets further. 

Only ~10% of DNS has moved from the genesis block.  Prior to the 50% fall DNS had a market cap of $6.5 million (according to Toast) which means the total value of all DNS purchased prior to my proposal post was about $650,000.   After the post it lost 50% of its value causing some DNS fans to lose $325,000 while those that sold prior made $325,000.   

We happen to own a large part of DNS through the PTS Angel address and this part that we own was in excess of 10% (haven't actually imported it yet)...  we will divide this fund among DNS holders outside the genesis block based upon a snapshot just prior to my post.   

This allocation should not harm any other players other than us and should make everyone who purchased DNS whole. 

There is no point in moving your funds from the genesis as a result of this post.

We would like to thank everyone in the community who supports our project and to show our commitment to make sure that you all are taken care of even if it comes at our own expense.

Once again.. this is not an obligation and we may change our mind on the details of this post.  I just wanted you to know the gist of what our plans are to make everyone as happy as possible.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline feedthemcake

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #1 on: October 22, 2014, 06:35:58 PM »
We don't want anyone to lose out, especially those who bought into the systems like DNS after launch.   Toast and I have been working on a solution that does not involve changing my proposal and upsetting the markets further. 

Only ~10% of DNS has moved from the genesis block.  Prior to the 50% fall DNS had a market cap of $6.5 million (according to Toast) which means the total value of all DNS purchased prior to my proposal post was about $650,000.   After the post it lost 50% of its value causing some DNS fans to lose $325,000 while those that sold prior made $325,000.   

We happen to own a large part of DNS through the PTS Angel address and this part that we own was in excess of 10% (haven't actually imported it yet)...  we will divide this fund among DNS holders outside the genesis block based upon a snapshot just prior to my post.   

This allocation should not harm any other players other than us and should make everyone who purchased DNS whole. 

There is no point in moving your funds from the genesis as a result of this post.

We would like to thank everyone in the community who supports our project and to show our commitment to make sure that you all are taken care of even if it comes at our own expense.

Once again.. this is not an obligation and we may change our mind on the details of this post.  I just wanted you to know the gist of what our plans are to make everyone as happy as possible.

Offline matt608

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #2 on: October 22, 2014, 06:39:13 PM »
I hope this helps bring the community back together.
:)

Offline clayop

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #3 on: October 22, 2014, 06:39:37 PM »
Great move!  +5%
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Offline Shentist

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #4 on: October 22, 2014, 06:41:34 PM »
 +5%

i am one of DNS buyers to increase my holdings. i appricate this idea, because i invested in believing in the ecosystem. i am in favor of the merger, but i am feeling really wronged in this case and lost good money.


Offline Ander

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #5 on: October 22, 2014, 06:41:42 PM »
I'm glad to see this, hopefully it will help out those who bought DNS recently and help make a lot less people angry.

(Also, the trick about doing a snapshot and then posting!  Good way to help the people who actually had DNS, rather than to help whatever trader managed to see this post first). ;)
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Offline Harvey

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #6 on: October 22, 2014, 06:42:53 PM »
Thank u so much for the compensation!  +5%
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Offline biophil

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #7 on: October 22, 2014, 06:43:23 PM »
This is a super-cool idea, and it speaks huge volumes about your commitment to making this work. Really, really great.  +5% +5%

So to re-state what you said to make sure I got it right:

You take snapshot of DNS balances just prior to your announcement, and distribute AGS funds to those addresses which are not in the genesis block to compensate them for the possibility that they purchased on the exchange pre-announcement?

Offline Xeldal

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #8 on: October 22, 2014, 06:43:49 PM »
How would this work?  won't most of this then just go to the exchange addresses?  How will it make its way to individual users? 

Offline biophil

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #9 on: October 22, 2014, 06:44:23 PM »
(Also, the trick about doing a snapshot and then posting!  Good way to help the people who actually had DNS, rather than to help whatever trader managed to see this post first). ;)

Here's the secret: since he has a copy of the blockchain, he can do a snapshot retroactively!

Offline bytemaster

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #10 on: October 22, 2014, 06:44:30 PM »
This is a super-cool idea, and it speaks huge volumes about your commitment to making this work. Really, really great.  +5% +5%

So to re-state what you said to make sure I got it right:

You take snapshot of DNS balances just prior to your announcement, and distribute AGS funds to those addresses which are not in the genesis block to compensate them for the possibility that they purchased on the exchange pre-announcement?

Yes
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline biophil

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Re: Fix for DNS Holders who lost money buying into DNS
« Reply #11 on: October 22, 2014, 06:45:04 PM »
How would this work?  won't most of this then just go to the exchange addresses?  How will it make its way to individual users?

Bter and BTC38 are really great about distributing these kinds of things to users. The problem will be if they don't have pre-announcement snapshots...

Offline bytemaster

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #12 on: October 22, 2014, 06:46:06 PM »
How would this work?  won't most of this then just go to the exchange addresses?  How will it make its way to individual users?

It doesn't help those with balances on the exchange at the snapshot date... cannot help everyone though I try.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Online bobmaloney

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #13 on: October 22, 2014, 06:46:10 PM »
These are the kind of hacks that give me a high degree of confidence in Dan and the rest of the I3 crew.

Good decision guys.

Good to see Shentist appreciates this move.

I'd like to hear from Bobb as well.
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Offline bytemaster

Re: Fix for DNS Holders who lost money buying into DNS
« Reply #14 on: October 22, 2014, 06:46:33 PM »
We don't want anyone to lose out, especially those who bought into the systems like DNS after launch.   Toast and I have been working on a solution that does not involve changing my proposal and upsetting the markets further. 

Only ~10% of DNS has moved from the genesis block.  Prior to the 50% fall DNS had a market cap of $6.5 million (according to Toast) which means the total value of all DNS purchased prior to my proposal post was about $650,000.   After the post it lost 50% of its value causing some DNS fans to lose $325,000 while those that sold prior made $325,000.   

We happen to own a large part of DNS through the PTS Angel address and this part that we own was in excess of 10% (haven't actually imported it yet)...  we will divide this fund among DNS holders outside the genesis block based upon a snapshot just prior to my post.   

This allocation should not harm any other players other than us and should make everyone who purchased DNS whole. 

There is no point in moving your funds from the genesis as a result of this post.

We would like to thank everyone in the community who supports our project and to show our commitment to make sure that you all are taken care of even if it comes at our own expense.

Once again.. this is not an obligation and we may change our mind on the details of this post.  I just wanted you to know the gist of what our plans are to make everyone as happy as possible.

 outside the genesis block based upon a snapshot just prior to my post

"my post" = this one ? or the topic about merging?

The post that caused the 50% fall.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

 

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