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Offline Rune

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https://github.com/BitShares/bitshares/releases

It looks like the first step in the transition to BTS will begin tomorrow. From what I can read here, the name change from BitsharesX to Bitshares will happen tomorrow at 5 pm GMT, and paid delegates will also be introduced then. The final rules for delegate pay are: They can earn up to 50 BTS per block, and this reward halves every 4 years, like bitcoin. I think that is an excellent solution to the bad impression people got from the initial introduction of "unlimited dilution". There is now a hard cap put in the code, and the total amount of BTS that will ever be in existence is now known (assuming no more sharedrops).

Offline hotpotato

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #1 on: November 11, 2014, 07:27:57 AM »
Good to know!

So am I right to assume that the snapshot of Bitshares Play allocation for BTS holders will be taken at block 991700 during the hardfork?

1. BTS holders 35%
The block to take the snapshot on BTS undecided, BTS being the SuperDAC after the merger. The number of the block will be published after BTS being launched.
To simplify this, the block the merge happening is preferred to be the one BitShares PLAY honoring, but this depend on the details plan from BTS, we need to get the exact snapshot time so that we can inform the exchanges to take snapshot too.

Offline Ander

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #2 on: November 11, 2014, 08:04:23 AM »
They can earn up to 50 BTS per block, and this reward halves every 4 years, like bitcoin.

Yay!  This is awesome, it allows us to calculate a hard cap.


Does it halve exactly every 4 years, just like bitocin?

Or does it adjust more often.

On one hand, being able to say "its exactly like bitcoin" is good.  Its clear, its something people already understand.

On the other hand, I feel like it would be better if it was a smaller reduction every year, or something like that, so the halving isnt such a big disruption.
Its possible that in 4 years we could reach a point where the developers pay is about to be cut in half, and then they will all quit or something.  A more gradual decrease might be better?


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Offline mint chocolate chip

Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #3 on: November 11, 2014, 09:03:53 AM »
For the record, is it be possible at some point in the future for bts holders to vote for changes to the hard cap, pay rate, halving interval, etc. or
This is fiber-reinforced concrete coated with stainless steel and wrapped in titanium.
and cannot be changed?

Offline davidpbrown

Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #4 on: November 11, 2014, 09:33:00 AM »
Yet, still marked as pre-release?..

How many total BTS will there be then .. is it still on target for 2.5Billion?
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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #5 on: November 11, 2014, 10:45:08 AM »
Yet, still marked as pre-release?..

How many total BTS will there be then .. is it still on target for 2.5Billion?

Initial supply: 2,499,012,499.94 BTS. Unless I messed up my genesis calculations, which is always possible. FYI I used 100000000 for the precision of the bts sharedrop balances, the sharedrop then adds up to 499,012,499.99964666 BTS

http://bitsharesblocks.com/genesis-bts
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Offline xeroc

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #6 on: November 11, 2014, 11:01:49 AM »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline Stan

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #7 on: November 11, 2014, 01:22:18 PM »
They can earn up to 50 BTS per block, and this reward halves every 4 years, like bitcoin.

Yay!  This is awesome, it allows us to calculate a hard cap.


Does it halve exactly every 4 years, just like bitocin?

Or does it adjust more often.

On one hand, being able to say "its exactly like bitcoin" is good.  Its clear, its something people already understand.

On the other hand, I feel like it would be better if it was a smaller reduction every year, or something like that, so the halving isnt such a big disruption.
Its possible that in 4 years we could reach a point where the developers pay is about to be cut in half, and then they will all quit or something.  A more gradual decrease might be better?

The actual curve due to shareholder voting and delegate anticipation should be lower and smoother. 
We wanted to be able to say "Just like Bitcoin, only smarter".
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline kokojie

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #8 on: November 11, 2014, 02:15:16 PM »
so delegates no longer set their own rate? every delegate get the same pay?

Offline Riverhead

Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #9 on: November 11, 2014, 02:16:39 PM »
so delegates no longer set their own rate? every delegate get the same pay?


They are being set to 3% at the fork. It's still possible to set your own pay but it would require creating and campaigning a new delegate to justify the new pay level just as before.

Offline kokojie

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #10 on: November 11, 2014, 02:18:11 PM »
so delegates no longer set their own rate? every delegate get the same pay?


They are being set to 3% at the fork. It's still possible to set your own pay but it would require creating and campaigning a new delegate to justify the new pay level just as before.

all delegates are being set to 3%? or just the current delegates?

Online svk

Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #11 on: November 11, 2014, 02:21:14 PM »
so delegates no longer set their own rate? every delegate get the same pay?


They are being set to 3% at the fork. It's still possible to set your own pay but it would require creating and campaigning a new delegate to justify the new pay level just as before.


all delegates are being set to 3%? or just the current delegates?

All delegates that are registed as delegates at the time of the hardfork. New delegates after that point will set their own payrate.
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Offline kokojie

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #12 on: November 11, 2014, 02:23:41 PM »
so delegates no longer set their own rate? every delegate get the same pay?


They are being set to 3% at the fork. It's still possible to set your own pay but it would require creating and campaigning a new delegate to justify the new pay level just as before.

someone will maintain a list of developer/marketing/special delegates?


all delegates are being set to 3%? or just the current delegates?

All delegates that are registed as delegates at the time of the hardfork. New delegates after that point will set their own payrate.

someone will maintain a list of developer/marketing/special delegates?

Offline vikram

Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #13 on: November 11, 2014, 04:50:09 PM »
Good to know!

So am I right to assume that the snapshot of Bitshares Play allocation for BTS holders will be taken at block 991700 during the hardfork?

1. BTS holders 35%
The block to take the snapshot on BTS undecided, BTS being the SuperDAC after the merger. The number of the block will be published after BTS being launched.
To simplify this, the block the merge happening is preferred to be the one BitShares PLAY honoring, but this depend on the details plan from BTS, we need to get the exact snapshot time so that we can inform the exchanges to take snapshot too.

Final BTS sharedrop allocations to PTS/AGS/DNS/VOTE are not yet finalized, they will be finalized soon but after block 991700. When finalized, PLAY can take snapshot.

Offline Ander

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Re: For those who haven't already seen: BTSX to BTS hard fork on nov 12th
« Reply #14 on: November 11, 2014, 06:12:32 PM »

We wanted to be able to say "Just like Bitcoin, only smarter".

Yes!  I love the blatant copying of the bitcoin system. :) 
50 BTS per block.  Halves every 4 years.

"Its EXCATLY like bitcoin.  Except that instead of being wasted in the mining process, it hires developers and others who create real value for bitshares"
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