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Offline logxing

[Announcement]BitShares PLAY Crowdfunding
« on: December 25, 2014, 03:12:59 AM »

BitShares PLAY Crowdfunding

Bitshares PLAY's crowdfunding is set to start at 00:00 (UTC) 2015.01.05 till 00:00 (UTC) 2015.02.02 on DACX.com for a 28-day period. Investors can simply send Bitcoin to the specified address.

PLS(playshares) has a fixed amount of 2 billion, 20% (400 million) of which will be distributed for crowdfunding. For 1 btc, 100,000 PLS will be offered with a progressively decreasing bonus. For the first week, there will be a 30% of bonus;the second, 20%;the third, 10%;the fourth, none. The rest of the PLS that is not given out will be evenly distributed to investors of the previous four weeks (according to the proportion of the PLS they hold).

Simply put:
1st week: 1BTC=130,000PLS
2nd week: 1BTC=120,000PLS
3rd week: 1BTC=110,000PLS
4rd week: 1BTC=100,000PLS


When 3000BTC is gathered before 2015.02.02, the crowdfunding will be ended in advance. The BTC that is sent to the crowdfunding address will be given back to the sent address.

For example, if during the first week, 3000BTC is received, the crowdfunding will be ended with 390 million PLS distributed. Then the remaining 10 million PLS will be given to all that have participated in the crowdfunding, making 1 BTC with 133,333PLS of return. If in the end, the fund that is collected at the end of the 28-day raising period is less than 3000BTC, there will be more PLS left to give to the investors who have participated.

Due to the fact that the private key of Bitcoin is the only proof for the later distributed PLS's ownership,investors must send from where they control their own private keys (like wallets).

More detailed information will also be disclosed on DACX.com.

https://playtalk.org/index.php?topic=21.0
« Last Edit: December 25, 2014, 09:10:57 AM by logxing »
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Offline toast

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #1 on: December 25, 2014, 03:23:18 AM »
Ugh =[

Another crowdsale under BitShares name. Dan was pissed when Music did a crowdsale.
I'd ask you use the name "playshare".
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Offline mf-tzo

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #2 on: December 25, 2014, 07:43:27 AM »
Instead of accepting only BTC can you guys accept also BitBTC? I would be more than happy to participate with some BitBTC. But BTC at the moment is a big hassle for some of us...

In order to send BTC we need to convert bitbtc to bts
transfer bts to an external exchange
sell bts for btc
transfer btc to my wallet which will take 1 day to synch (haven't used that thing for ages...)
send btc to playshares...

This is the reason I couldn't bother to participate in the Music crowdfunding as well.. We are all in for DPOS or not?

 

Offline islandking

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #3 on: December 25, 2014, 11:25:24 PM »
Based on this crowd sale you are valuing the PLAY DAC at 5-6 million.
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Offline mdj

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #4 on: December 26, 2014, 12:46:26 AM »
Ugh =[

Another crowdsale under BitShares name. Dan was pissed when Music did a crowdsale.
I'd ask you use the name "playshare".

Agreed - it will confuse people too.

Offline jwiz168

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #5 on: December 26, 2014, 12:55:48 AM »
It means they value BTC much, its really not a good method. Others also done this strategy,  giving their assets value. Why not choose BTS or BitBTC to be a crowdfunding medium as stated? In this way, DPOS technology will really be able to achieve what its purpose.... as Standard Blockchain Technology that is easily adapted.

clout

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #6 on: December 26, 2014, 05:51:24 PM »
If you are going to do a crowd funding campaign can you please do it on the bitshares platform and only accept bitUSD or even bitCNY. This would mean that the funds donated are kept in stable store of value. It also means that there will be greater demand for bitUSD and subsequently BTS. If the play platform is truly apart of the bitshares ecosystem why not fully utilize the advantages that bitshares provides?

Offline bytemaster

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #7 on: December 26, 2014, 07:41:28 PM »
If you are going to do a crowd funding campaign can you please do it on the bitshares platform and only accept bitUSD or even bitCNY. This would mean that the funds donated are kept in stable store of value. It also means that there will be greater demand for bitUSD and subsequently BTS. If the play platform is truly apart of the bitshares ecosystem why not fully utilize the advantages that bitshares provides?

If you are going to do a crowd sale it should be in BitCNY / BitUSD.   BTC is nice and liquid but is volatile and doesn't help the ecosystem nor help advertize the advantages of your base platform.

All of that said, I think you are much better off avoiding the crowd sale all together and returning all funds received.   From a regulatory perspective it is just too messy and adds unnecessary risk when we now have the option of funding via delegate pay.   In fact, from a regulatory perspective it would be wiser to launch a simple token like PTS and allocate 20% to you to sell as necessary to fund your operation and then upgrade. 

Delegate pay should also be a means to fund operation.

I do understand that BTC is a good crowd funding system because it can attract NEW money from OUTSIDE BTS which is much more than attempting to attract money from INSIDE BTS.   In fact raising money in BitUSD would probably result in them dumping all the funds raised for BTC so they can sell for CNY and fund operations.   So whether we do it or they do it, BTS must be dumped to invest in PLAY unless the developers of PLAY have incentive to hold BTS.


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Offline onceuponatime

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #8 on: December 26, 2014, 07:43:56 PM »
If you are going to do a crowd funding campaign can you please do it on the bitshares platform and only accept bitUSD or even bitCNY. This would mean that the funds donated are kept in stable store of value. It also means that there will be greater demand for bitUSD and subsequently BTS. If the play platform is truly apart of the bitshares ecosystem why not fully utilize the advantages that bitshares provides?

^^ This makes sense to me.   +5%

Offline ag

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #9 on: December 26, 2014, 10:39:51 PM »
crowd selling a portion of playshares is a good way to jumpstart development I would think, so I am for it. I'm not sure you can necessarily raise the same amount of funds in the same time period with dilution. Although if the DAC is going to use the bitshares codebase,  I do like the idea of a version 0.1 early release with basic functionality for exchanges to list. This would allow developers to start getting paid by playshares earlier rather than later... but I'm concerned that early dilution for developer pay, with no actual product yet, could be harmful to the share value.

if the crowd sale does happen I also strongly support the idea of crowd selling shares for bitUSD. Playshares would be reinforcing bitshares banking functionality by adopting bitUSD for the crowd sale. It would be a positive early sign to me... as a bitshares investor... that playshares wants to work with bitshares rather than compete against it in its current market niche.

Offline clayop

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #10 on: December 26, 2014, 11:00:05 PM »
If you are going to do a crowd funding campaign can you please do it on the bitshares platform and only accept bitUSD or even bitCNY. This would mean that the funds donated are kept in stable store of value. It also means that there will be greater demand for bitUSD and subsequently BTS. If the play platform is truly apart of the bitshares ecosystem why not fully utilize the advantages that bitshares provides?
Support this idea too, by doing this BTS and PLS live together.
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Offline HackFisher

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #11 on: December 28, 2014, 03:41:14 PM »
If you are going to do a crowd funding campaign can you please do it on the bitshares platform and only accept bitUSD or even bitCNY. This would mean that the funds donated are kept in stable store of value. It also means that there will be greater demand for bitUSD and subsequently BTS. If the play platform is truly apart of the bitshares ecosystem why not fully utilize the advantages that bitshares provides?

If you are going to do a crowd sale it should be in BitCNY / BitUSD.   BTC is nice and liquid but is volatile and doesn't help the ecosystem nor help advertize the advantages of your base platform.

All of that said, I think you are much better off avoiding the crowd sale all together and returning all funds received.   From a regulatory perspective it is just too messy and adds unnecessary risk when we now have the option of funding via delegate pay.   In fact, from a regulatory perspective it would be wiser to launch a simple token like PTS and allocate 20% to you to sell as necessary to fund your operation and then upgrade. 

Delegate pay should also be a means to fund operation.

I do understand that BTC is a good crowd funding system because it can attract NEW money from OUTSIDE BTS which is much more than attempting to attract money from INSIDE BTS.   In fact raising money in BitUSD would probably result in them dumping all the funds raised for BTC so they can sell for CNY and fund operations.   So whether we do it or they do it, BTS must be dumped to invest in PLAY unless the developers of PLAY have incentive to hold BTS.

This crowdfunding is through dacx.com platform. I didn't pay any attention on this, logxing was communicating with the community and DACX, and know the reason better than me. My understanding from the communication with others is as following, the reason for not using model of crowd-hiring with PLS is that, people have family and bill to pay, they have faith in PLAY but have no choise but to sell the PLS for bitcoins/USD to pay the bills, this is not a tend that PLS holders would prefer. If there are ways to resolve this, I can agree and follow with bytemater's suggesion that the crowdfunding should be stopped. (PS: PLAY now is no longer an one-manned project, there are several entities promoting this project now, I only have one vote even if I would like to follow with bytemaster's approach)

It’s easier for investors who really have great faith in PLAY’s growth to invest because they only need to invest in the first week to receive the most bonus. Avoid competition like AGS holders.

It will let the market decide how much they think the whole project should be priced. Also, to guarantee the initial investors benefits but also guarantee a minimum amount of fund to operate and develop PLAY, we decided to set a cap for the fund that we are raising. So that each PLS won’t start too high a value and investors will get more gains in the value growth of Play.

Why not use BitUSD or BTS? The first one is for technical reason, because of TITAN, BTS is not good for participates to audit on hand at present, and a wide used and tested multi-signature feature is required too.
For Bitcoin, there are more holders, People are easier and more used to use Bitcoin to invest in these projects. So, in order to guarantee the benefits of all PLS holders, we decided to raise in Bitcoin. The reason not to use a user created asset like PTS for sale is similar to this, the reason for crowdfunding is for marking concerns too, to have more people who didn't have bts but are interested in play to participate. But please remember that you *SHOULD* always read the risk warning first, participate should treat it like AGS donations.

Some options might be converting the Bitcoins to BitCNY or BitUSD to resolve the concerns of volatility since BitCNY and BitUSD is perfect on this.

« Last Edit: December 28, 2014, 04:10:09 PM by HackFisher »
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 script

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #12 on: December 28, 2014, 09:47:17 PM »
hello all

noob question here.

can you not make a asset on bitshares for PLS tokens , people can donate with bitcoin to a
 bitcoin address and after crowdfunding is over people can import there privatekey to a bitshares account
 and have there allocated PLS tokens in there account to trade with on the bitshares exchange.


Offline mitao

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Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #13 on: December 29, 2014, 12:21:54 AM »
This sucks...won't send a penny to you.

Offline clayop

Re: [Announcement]BitShares PLAY Crowdfunding
« Reply #14 on: December 29, 2014, 12:37:35 AM »
Is DACX reliable? Remember an example of Syscoin; they got screwed by moolah and long and wasting law case is still on process.

Regarding technical problem of TITAN, I partially agree on this. But I still believe that accepting bitCNY or bitUSD is better than BTC if the problem can be solved or abated.
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