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Offline btcxyzzz

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What is snapshot, I really do have trouble finding straight information about it all. It all seems a bit of unorganized to me.
Where we should keep our BTSX on that date, locally or on exchanges, does it matter at all?
« Last Edit: October 30, 2014, 04:57:37 PM by btcxyzzz »

Offline nomoreheroes7

Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #1 on: October 30, 2014, 04:50:50 PM »
Never keep your money on exchanges, first of all. But the snapshot is only to airdrop BTS to PTS/AGS/DNS/VOTE, BitSharesX will just change its name to BitShares. You can keep your BTSX wherever you want at the time of the snapshot as it won't be affected.

Offline Rune

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #2 on: October 30, 2014, 04:58:28 PM »
Unfortunately, as far as I understand we will not see an increase in market cap. That will not happen until the new genesis block is hard forked in, when the market cap will increase by 25%. Once it happens, however, the price shouldn't fall as a result of the higher supply.

Offline btcxyzzz

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #3 on: October 30, 2014, 04:59:01 PM »
Thanks, what does "airdrop BTX to PTS/AGS/DNS/VOTE" mean?

Offline nomoreheroes7

Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #4 on: October 30, 2014, 05:01:56 PM »
Thanks, what does "airdrop BTX to PTS/AGS/DNS/VOTE" mean?

Basically they will receive shares in the new BTS based on the amount of PTS/AGS/DNS/VOTE they're holding at the time of the snapshot...therefore, it is important to keep any PTS and DNS you may have in your wallet on November 5th, so they can be included in the snapshot without worrying about whether the exchange will honor the airdrop.

Offline xeroc

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #5 on: October 30, 2014, 05:12:05 PM »
Be reminded .. that "airdropped" funds have a vesting period of 2 years .... which means .. you can get a 1/(2*365)-th part of your funds every day .. you can only withdraw all you funds after 2 years!

That introduces the risk of losing parts of your funds if the exchange shuts down within the next 2 years!
Unless you have them withdrawn to your own wallet!
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Offline progmac

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #6 on: October 30, 2014, 05:23:27 PM »
I invested in Angelshares before the 2-28 deadline and received BTS-X. I've got that setup in my wallet. So this one doesn't mean anything to me, right?
if you want to support my incoherent ramblings
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Offline nomoreheroes7

Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #7 on: October 30, 2014, 05:38:00 PM »
I invested in Angelshares before the 2-28 deadline and received BTS-X. I've got that setup in my wallet. So this one doesn't mean anything to me, right?

Yup, AGS can just wait it out...you'll get BTS allocated on November 5th.

Offline btcxyzzz

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #8 on: October 30, 2014, 05:40:08 PM »
Be reminded .. that "airdropped" funds have a vesting period of 2 years .... which means .. you can get a 1/(2*365)-th part of your funds every day .. you can only withdraw all you funds after 2 years!

That introduces the risk of losing parts of your funds if the exchange shuts down within the next 2 years!
Unless you have them withdrawn to your own wallet!

So BTSX we already have on exchanges can be withdrawed no problem after 5th Nov, 2 years vesting period is only for new funds? I don't have PTS or AGS, I only have BTSX on exchange...

Offline nomoreheroes7

Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #9 on: October 30, 2014, 05:40:50 PM »
Be reminded .. that "airdropped" funds have a vesting period of 2 years .... which means .. you can get a 1/(2*365)-th part of your funds every day .. you can only withdraw all you funds after 2 years!

That introduces the risk of losing parts of your funds if the exchange shuts down within the next 2 years!
Unless you have them withdrawn to your own wallet!

So BTSX we already have on exchanges can be withdrawed no problem after 5th Nov, 2 years vesting period is only for new funds? I don't have PTS or AGS, I only have BTSX on exchange...

Yup, BTSX has no vesting period and nothing to worry about.

Offline Empirical1.1

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #10 on: October 31, 2014, 10:36:55 PM »
Will the BTS total supply appear as 2.5 Billion on Nov 5th?

I think that would be preferable. As otherwise our perceived rate of dilution will be a lot higher.

Offline xeroc

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #11 on: October 31, 2014, 10:37:57 PM »
Will the BTS total supply appear as 2.5 Billion on Nov 5th?

I think that would be preferable. As otherwise our perceived rate of dilution will be a lot higher.
totally agree
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Offline Ander

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #12 on: October 31, 2014, 10:38:25 PM »
Will the BTS total supply appear as 2.5 Billion on Nov 5th?

I think that would be preferable. As otherwise our perceived rate of dilution will be a lot higher.

It should, imo.

Coinmarketcap should list 2.5 billion BTS.
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Offline roadscape

Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #13 on: November 01, 2014, 02:19:50 AM »
I was under the impression that the 500M extra shares will be added gradually over the 2-year vesting period. There would be no sudden jump like Ripple's.
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Offline Ander

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Re: Will someone explain what will exactly happen on 5th Nov regarding BTSX?
« Reply #14 on: November 01, 2014, 02:25:25 AM »
I was under the impression that the 500M extra shares will be added gradually over the 2-year vesting period. There would be no sudden jump like Ripple's.

They will slowly become available over 2 years.

I just think coinmarketcap should display the new total up front.
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