Buy Keyhotee ID with ProtoShares 10 PTS+

[Stan]

There will be no round of open bidding.  You can add to your "sealed bid" at any time before Christmas Eve but we can't have an auction for several practical reasons:

Correct me if I'm getting this wrong:
you "collect" all Founder-IDs in a "secret" list only you can see - until Xmas.
The list is not public because you don't want others to steal clever name ideas.
If someone wants to be sure he gets his clever name after Christmas Eve, he should add to his "sealed bid" an unknown amount of PTS.
Looking at the "open" aspect of the whole thing: who guarantees that you don't steal the clever names yourself as you have everything you need for it (the name and the highest bid). I don't want to allege that you do - but you (and nobody else) would be able to.
Wouldn't something like first come - first served be better?

Keyhotee itself has an incorruptible block chain process built in which will autonomously issue names for free on a first-come first-served basis, just as you wish.

But until Keyhotee goes live, we have to do it manually, corruptible humans though we are.   

Auctions are a common way to get the best price for an item and are generally perceived as a fair, free market way to distribute limited resources to those who value them the most. Open ascending price auctions might be optimum but they could not protect a person's novel name idea from being seized by someone with more resources.  First-price sealed bid auctions are how many competitive contracts are awarded where the legitimate intellectual property of the bidders must be protected. 

From wikipedia: 

Sealed first-price auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.[3][16] This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly.[16] This kind of bid produces the same outcome as Dutch auction.[18] What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.[16]

We decided that crypto-wallet technology allowed us to implement a sealed-bid best-and-final-offer auction where people could continue to add to their secret bid while mining remained (theoretically) lucrative and while their assessment of the value of the product continued to grow. 

It also kept our pre-Keyhotee manual workload within the realm of practical feasibility.   

In the end it must be remembered that this auction is layered upon a simple donation for a good cause process as a special thank-you.  The IDs are not being sold.  The credit toward your bid is a perk.

[JustHayden]

I finally decided to look into what this Keyhotee was and I have to say I'm very excited for this thing to take off! I was going to mine 10 PTS to sell and add to my LTC fund but I'm going to put it towards a reserved ID instead.

Just one question though, it might have been already answered but... How do you know these companies will adopt Keyotee?

[Gekko]

There will be no round of open bidding.  You can add to your "sealed bid" at any time before Christmas Eve but we can't have an auction for several practical reasons:

Correct me if I'm getting this wrong:
you "collect" all Founder-IDs in a "secret" list only you can see - until Xmas.
The list is not public because you don't want others to steal clever name ideas.
If someone wants to be sure he gets his clever name after Christmas Eve, he should add to his "sealed bid" an unknown amount of PTS.
Looking at the "open" aspect of the whole thing: who guarantees that you don't steal the clever names yourself as you have everything you need for it (the name and the highest bid). I don't want to allege that you do - but you (and nobody else) would be able to.
Wouldn't something like first come - first served be better?

[Stan]

More Frequently Asked Questions...

Are Keyhotee IDs transferable? Every corporate name seems up for grabs, and my understanding is that name squatters now get prosecuted. If I purchased "IBM" or "Microsoft" then is there a way that I could transfer the ID if I wanted to or was ordered by a court to?  If you want to make money off the names then you could consider guarding against use of corporate names like "IBM". Not sure how to do that, but it seems like asking for trouble if you don't.

No.  They are locked in the genesis block forever as a monument to the Noble Founders who gave Keyhotee to the world. 

Keyhotee IDs, like email addresses, are for personal names, not corporate names.  DomainNames is for corporate identities associated with an IP address and they have their own set of rules.  There is nothing to stop someone from using any combination of characters for their Keyhotee IDs.  The fiat world does not rule free space. 

Since Keyhotee IDs are locked in the genesis block of a block chain controlled by the entire community, it will be impossible for anyone to order it changed.  That's the whole point of freedom engineering.

I'm concerned about the "pull ranks" comments. It seems more like an unequal caste system being built than a equality-under-the-law system. How about if the ruling caste at least give a list of names in advance that no other shall claim so that we know everything else is up for grabs?

Perhaps an unfortunate choice of words.  "Rank" was just our shorthand for the rank ordering of Founders by size of contribution for several purposes:

• Resolving collisions. When a name is desired by more than one person we feel that it should go to the person who values it the most, i.e. the highest bidder.  Ties are broken by who bid first.
• Good citizen points.  The more generous someone has been in contributing to the Keyhotee vision, the less likely they are to be a scammer. This is only one small part of a reputation that must be built up of many components.  See my earlier posts on this topic.
• Sponsor Billing.  It is common for those who sponsor any enterprise or event to be given top billing proportional to the size of their contribution. So, wherever we list them for recognition purposes, it will be in conventional top billing order.  (Of course, only those specifically requesting to be listed will be included.  Keyhotee IDs are anonymous by default.  Privacy is freedom.)

 

Better yet would be if you let bitSharesTalk.org be used to reserve names that have the option to be purchased for 10 PTS by a certain date. "bytemaster" and "Stan" would get first dibbs on their IDs by the same rules as the rest of us. No need to create an unjust system with resentment and worry. People will still need to pay a fixed amount to get a Keyhotee ID for their forum ID or else it can be purchased by someone else at highest market price. The owner of the forum ID can pay a base price and need not fear being outbid or having "ranks pulled".

We will apply the same rules to everybody, including ourselves.  Those rules are that the greater the contribution, the higher the priority in the case of a conflict.  If someone makes a donation greater than one of our investors, they will have priority over that investor.  (Go ahead, make our day.  )

I'm concerned about these closed bids being opened to a round of open bidding late in the cycle. If the point is to maximize your ability to sell names then you'll accomplish that; however, people already resent how quickly mining became unprofitable and this just grows resentment. You want this to be more than a sandbox that a few privileged play in then you should provide and low barriers with equal opportunity. Opportunities for participants and not just the elite caste and mining farmers.

There will be no round of open bidding.  You can add to your "sealed bid" at any time before Christmas Eve but we can't have an auction for several practical reasons:

• We can't spend time on that, we have a whole world to change.
• Publishing a list of names would unfairly reveal somebody's clever name to others who wouldn't have thought of it.
• Many people naturally want their names to remain private.  Why publish a "spam me" list?

In the end, the Keyhotee Founder ID promotion is intended to generate interest and raise funds to advance the whole ecosystem for everybody's benefit.  Founder ID's are just a small way for us to say thank you for the people who want to do that.

[bytemaster]

How long does it take after we sign up to get our email notice with payment info. I don't want to miss it or have it go to spam.

Within 24 hours.  We process them once per day.

[spoonman]

How long does it take after we sign up to get our email notice with payment info. I don't want to miss it or have it go to spam.

[bytemaster]

Who wants to be Santa?

http://bitsharestalk.org/index.php?topic=700.msg7049#msg7049

[bytemaster]

Will the list be made public prior to closing?

We are working on it!

[Brekyrself]

Will the list be made public prior to closing?

[Stan]

Just a question: I signed for my ID when it was 0,25 BTC minimum, if I would like to add some PTS to bounce it up a bit how is this done? Am I bonded to the 10 PTS minimum or can I add any amount?

Register for a new Keyhotee Founder ID and tell me what you want to do in the message field.  I'll link your old BTC account to the new PTS account manually.   Just tell me the BTC account number we gave you before.  In return, I'll send you a PTS wallet account for further additions.

Since each account we have sent out is an ordinary wallet account, you can send funds to it as often as you like.  You could even point a miner at that account and just let it run.   

Then when you are all celebrating the holidays, I'll be holed up at Great Grandma's House converting all accounts to the market price in USD on Christmas Eve and compute your Founders Rank (name picking order) as the sum of the two accounts in USD.

This response should make it clear that we are hand processing each Keyhotee Founder's ID request like the premium concierge service we are (hence the minimum bid).  Since this is a one-off promotion, it didn't make sense to take time away from Things That Matter to implement some automated system that won't be used after Keyhotee Genesis Day.  (Although in the time it has taken us to service the traffic, we might have been able to develop a Glorious Web Site to handle it.)  No regrets.  I actually enjoy seeing all the creative names people are grabbing.

Anyone who loses a bid will be notified by email as soon as I discover it after Christmas Dinner, and given one last chance to update their ID.  If no response from you is available when we have to go to press, then we will use the backup names you have provided in the order you listed them.

[carisma]

Just a question: I signed for my ID when it was 0,25 BTC minimum, if I would like to add some PTS to bounce it up a bit how is this done? Am I bonded to the 10 PTS minimum or can I add any amount?

[luckybit]

ProtoShares is not for Keyhotee ID.... ProtoShares is for a position in the genesis block of BitShares and all other currency based block-chains. 

We reduced the price on our website to 10 PTS

This is much more reasonable.

[Stan]

Whew, we just got caught up.  Everyone should have their Keyhotee Founder ID responses (for one brief shining moment).

[bytemaster]

Note: we are processing requests manually at this point in time, do not fret if it takes a while for us to respond to your requests as we do them in batches about once per day.

[Amazon]

Great!