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Offline addcoolman

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Additional Q's
« on: December 07, 2013, 08:50:13 AM »

on this website  - http://tradebitshares.com/what-are-bitshares/
It states "The first thing you need is a BitShares Client which you will soon be able to download from this page."
"You Can Mine Them
If you leave your BitShares Client running and set to help operate the distributed network,  you get paid for being a BitShares Network Node. "

How can mention the offer of a download which (will mark the start of bitshare?) and not list a release date? How do you prevent develops from early/pre mining without offering a release date to the community? I read the whitedoc and realized there is to much work being put into bitshare for it to be a scam so what am I missing? Someone please tell me that client won't be available before any announcements.

Also on a sidenote this paragraph is crazy confusing (partially due to the missing graph?)

"Based entirely on the  mining rewards and ignoring  any fees, the effective annual dividend rate
by­-month is shown to the right.  You will notice that early miners have a lot to gain by mining and
holding.  This  will  create  market  demand  that  will  push  the  net-­present­-value  of  the  early
BitShares to be much higher than the later BitShares and should drive prices higher early on and
add to the price stability.  Note that those holding BitUSD will earn twice this rate and therefore
have the opportunity to earn over 20% APR for the first 10 years this new chain is in operation."

How do early miners have much to gain (excluding the low difficulty rate) due to the 1 million protoshares being instantly dumped into the bitshare economy? I'm lost as to how mining and holding these shares differ from holding grandfathered shares? I'm guessing not?

Thanks for reading and any replies.

(ref)
http://static.squarespace.com/static/51df1ba4e4b08840dcfce197/t/5212ca63e4b0348bfd2276c6/1376963171729/BitShares%20White%20Paper%20%282%29.pdf
« Last Edit: December 09, 2013, 03:44:11 AM by addcoolman »

Offline bytemaster

Re: Bitshare Scamcoin?
« Reply #1 on: December 07, 2013, 05:06:45 PM »
on this website  - http://tradebitshares.com/what-are-bitshares/
It states "The first thing you need is a BitShares Client which you will soon be able to download from this page."
"You Can Mine Them
If you leave your BitShares Client running and set to help operate the distributed network,  you get paid for being a BitShares Network Node. "

How can mention the offer of a download which (will mark the start of bitshare?) and not list a release date? How do you prevent develops from early/pre mining without offering a release date to the community? I read the whitedoc and realized there is to much work being put into bitshare for it to be a scam so what am I missing? Someone please tell me that client won't be available before any announcements.

Also on a sidenote this paragraph is crazy confusing (partially due to the missing graph?)

"Based entirely on the  mining rewards and ignoring  any fees, the effective annual dividend rate
by­-month is shown to the right.  You will notice that early miners have a lot to gain by mining and
holding.  This  will  create  market  demand  that  will  push  the  net-­present­-value  of  the  early
BitShares to be much higher than the later BitShares and should drive prices higher early on and
add to the price stability.  Note that those holding BitUSD will earn twice this rate and therefore
have the opportunity to earn over 20% APR for the first 10 years this new chain is in operation."

How do early miners have much to gain (excluding the low difficulty rate) due to the 1 million protoshares being instantly dumped into the bitshare economy? I'm lost as to how mining and holding these shares differ from holding grandfathered shares? I'm guessing not?

Thanks for reading and any replies.

(ref)
http://static.squarespace.com/static/51df1ba4e4b08840dcfce197/t/5212ca63e4b0348bfd2276c6/1376963171729/BitShares%20White%20Paper%20%282%29.pdf

This information is outdated and we will update it ASAP.   Bottom line the mining schedule called for 50% of new coins to be paid as dividends which means that you are really getting a stock split if you hold BTS, but if you are Short BitUSD then you lose this benefit and the new BTS are paid to the person Long BitUSD.   No scam, just shorts paying high borrowing interest rates and paying longs equally high rates.

Under the latest design, shorts will pay 5% and longs will earn 5% and BTS will pay dividends proportional to transaction fees.   Very simple, no scam.
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 addcoolman

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Re: Bitshare Scamcoin?
« Reply #2 on: December 08, 2013, 10:42:03 PM »
Thanks for answering my second question. However my first question is still there, when will Bitshares be released or if you can't say that can you at least least let me know how much warning we will have when you do tell us?

One more thing what will happen to Protoshares when Bitshares come out beside the share transfer, will you stop supporting Protoshare? No releases and hope eventually the market cap moves from protoshars to Bitshares? Thanks.

Offline Stan

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Re: Bitshare Scamcoin?
« Reply #3 on: December 09, 2013, 12:03:54 AM »
Thanks for answering my second question. However my first question is still there, when will Bitshares be released or if you can't say that can you at least least let me know how much warning we will have when you do tell us?

One more thing what will happen to ProtoShares when BitShares come out beside the share transfer, will you stop supporting Protoshare? No releases and hope eventually the market cap moves from protoshars to Bitshares? Thanks.

BitShares will have one or two test releases before the final release, so you'll have plenty of warning.
We will give a couple of weeks notice and specify the exact ProtoShares blocks from which BitShares and other PTS DACs will branch.

As long as there are new PTS DACs in queue like planes waiting to take off at a busy airport, there will be good reasons to hold onto your ProtoShares.   Read "from my cold dead hands" - https://bitsharestalk.org/index.php?topic=1253.0 . Then imagine the fun of having to make those kind of win-win strategic decisions over and over again as each new DAC rolls out!   :)
 
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 addcoolman

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Re: Bitshare Scamcoin?
« Reply #4 on: December 09, 2013, 03:43:50 AM »
Thanks Staff for answering my questions. So if Bitshares is just one split from Protoshares what will give Bitshares their great value, which I'm sure they will receive in comparison to other new alt-coins? By mining Bitshares you can easily convert them to bitusd and bitgold, is this what will make them valuable? I know its early in the game which is good but how would you go about predicting the value of future bitshares, when there could be so many future DAC popping up and ripping off the PTS chain?

Offline Stan

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Re: Bitshare Scamcoin?
« Reply #5 on: December 09, 2013, 04:47:48 AM »
Thanks Staff for answering my questions. So if Bitshares is just one split from Protoshares what will give Bitshares their great value, which I'm sure they will receive in comparison to other new alt-coins? By mining Bitshares you can easily convert them to bitusd and bitgold, is this what will make them valuable? I know its early in the game which is good but how would you go about predicting the value of future bitshares, when there could be so many future DAC popping up and ripping off the PTS chain?

BitShares gives you a bank and exchange that you can own, that can't betray you, that pays dividends / interest, and gives you the ability to store and trade your wealth in terms of a wide range of currencies and commodities all without leaving cryptographic Free Space and exposing yourself to the thousand natural shocks that flesh is heir to.

Since its all open source code, everybody can build on everyone else's work.  So this won't be the discriminator. 
It will come down to the network effect and which developer(s) serve this community best over time.
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.

 

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