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Offline dacer

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Questions regarding "PTS VC cookbook"
« on: December 05, 2013, 08:21:13 AM »

hi, bytemaster,
I read the December news letter and I'm not sure I understand how DACs will be funded. You said the process is like the following

Quote
1. New DAC ideas are already under discussion on the forum, pick one or invent your own.
2. Announce you are developing a DAC and publish an Unsolicited Proposal on the forum.
3. Publish a PTS “Angel Wallet” address where we can bid for allocated shares in your DAC.
4. If the response is good, fund development by selling the ProtoShares in the Angel Wallet.
5. When your DAC is ready, launch it honoring all block-chain recorded deposits to the Angel
Wallet address according to the social contract you defined in your Unsolicited Proposal.

I'm ok with the first 2 bullets, but I do have questions regarding the rest:

for #3, the Angel Wallet is used to receive funding from investors? Who'll do the bidding, the developers or the funders?
for #4, after selling funding PTS, people can have fiat currency to support their project development, so these PTS are then gone, how does those PTS affect the share-structure of the DAC
for #5, I'm totally confused.

I believe an example would make it much easier to understand. Thank you and look forward to making a contribution to the DAC idea.

BTW, I have engineering background but lack experience in virtual currency development.

Offline dacer

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Re: Questions regarding "PTS VC cookbook"
« Reply #1 on: December 05, 2013, 09:10:36 AM »
I'd like to follow up with another question. Does the above process assume each DAC will honor protoshares? Will honoring PTS make developing such DACs technically much easier?

Offline dacer

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Re: Questions regarding "PTS VC cookbook"
« Reply #2 on: December 05, 2013, 10:16:16 AM »
I saw this post from bytemaster that I think will answer my previous question.

Quote
I noticed that Mastercoin is trying to do something very similar to BitUSD only using trusted price feeds.    His code is all open source so if Mastercoin works out then anyone could create a fork of Mastercoin that honors the ProtoShares positions and as a result compete against Mastercoin.   In fact, his latest design for BitUSD was inspired after I revealed problems in his original design.  I would go so far as to say that Mastercoin is an implementation of BitShares without dividends.

In fact, ANY new altchain should honor ProtoShares positions if they want to adopt our user base.   The social contract behind ProtoShares is that it will serve as the 'pre-mine' seed for all future crypto-assets and any chain of value that does not honor it can be forked to honor it.   

If this social contract gets strong enough, no new altcoin will be able to start without honoring it and therefore ProtoShares become the most highly sought-after coin in the crypto-currency space.   

So honoring ProtoShares is not a technical concern, but for the benefit of getting support from the potentially huge ProtoShares user base. It sounds to me that when ProtoSharesHolders invest into a DAC idea, they use PTS as a currency to fund the developers; and for those ProtoSharesHolders who didn't initially invest in a DAC, they still will try to make that DAC succeed if that DAC honors protoshares.

Correct me if I'm wrong, bytemaster.

Offline bytemaster

Re: Questions regarding "PTS VC cookbook"
« Reply #3 on: December 05, 2013, 03:43:57 PM »
We recognized when we wrote the news letter that it would require an example.... so let me give you a draft of what we are thinking.

We would set up an 'Exodus Address' like Mastercoin did.  We would then split the shares in the genesis block between PTS holders and those who send PTS to the Exodus Address.   As a result those who help fund the development of the new DAC will end up owning a significant but by no means controlling interest in the new DAC.  The developers of the DAC can either hold the PTS sent to the Exodus Address or sell the PTS to put food on the table.   

The exact details for every DAC would be different, but bottom line is investors in DACs can profit from delivering and the PTS community will profit and thus support them.  Together we all make more money by producing valuable DACs. 
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 dacer

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Re: Questions regarding "PTS VC cookbook"
« Reply #4 on: December 05, 2013, 03:56:57 PM »
There will be only 2million PTS and they are trading at ~$25 each,  funding a good DAC will probably need 2 million US dollars for round A, so the DAC needs to get 4% of all PTS (80k) invested into the exodus address...

Offline bytemaster

Re: Questions regarding "PTS VC cookbook"
« Reply #5 on: December 05, 2013, 05:54:14 PM »
There will be only 2million PTS and they are trading at ~$25 each,  funding a good DAC will probably need 2 million US dollars for round A, so the DAC needs to get 4% of all PTS (80k) invested into the exodus address...

Your estimate of funding requirements for Round A are too high.  Invictus will deliver a minimum viable BitShares product to market on $500K along with all of Keyhotee ID / Mail.  As we get products into market the share price rises and it becomes self funding.  The DACs we will propose will all require less than $200K in initial funding to begin work.
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 naralda

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Re: Questions regarding "PTS VC cookbook"
« Reply #6 on: December 30, 2013, 05:37:49 PM »
study

 

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