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Offline ronjohnson

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Questions on getting my Memorycoin and general benefits of PTS.
« on: January 04, 2014, 06:26:32 PM »

Hey All,

I posted this under protoshares as well. Hoping yall can shed some light.

I've been a bit confused about how the whole MMC redemption process has gone and about the benefits of holding PTS in general.

ABOUT MMC REDEMPTION:
First of all, my understanding is that Memorycoins (MMC) have been pledged and given away to those who held PTS at the time of block 32000. And it sounds like for every 10 PTS you own you get 1 MMC. Does that sound right? A couple of questions about that:
--I'm on cryptsy. How do I determine whether or not this applies to me? I realize that cryptsy is not participating but if I can determine I am eligible I will put into a local wallet as per the instructions and get my MMC.
--How long will this be available?

ABOUT BENEFITS OF PTS IN GENERAL:
Is the way Memorycoin was released to PTS holder a sign of how benefits in general will be distributed to holders of PTS?? If so, these would be my concerns:
--That means PTS are actually not fungible. In this case, PTS that were held at block 32000 were more valuable than PTS otherwise held.
--If there is an expiration on the distribution of Memorycoins it would seem that there is a very heavy benefit to those who have time to watch the message boards over those who don't.

In any case, I realize that PTS serves dual benefits: to the holder of the currency and the developers. In this case, the MMC redemption process seems to have benefited the developers more as it got a bunch of folks to download their wallet and begin using it - akin to coin giveaways that a lot of the scamcoins employ to get people using their coins. 

Truthfully, when I bought PTS I wasn't quite sure how benefits would be distributed/allocated. But if this is any indication I'm a little less excited about the prospects of holding PTS.

Thanks in advance and please know that I'm not intentionally being negative... just trying to dig in and learn!

Offline ripplexiaoshan

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Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #1 on: January 04, 2014, 07:22:27 PM »
1\ PTS holders with be honored for all following DACs at ratio 1:1, it has been written in white paper and will never be changed
2\ MMC is a new altcoin maintained by Freetrade, but it is not a DAC of 3I, the 10:1 ratio was determined by the author. I heard that he maintained the source code of PTS also, so I guess that why he wanted to honor the holders of PTS.
3\ Before every announcement of new DAC, for sure you need to put all your PTS in local wallet. But if you pay attention to this forum, you will know when the new DAC will be released, it is well planned.
4\ You can redeem your MMC at anytime if you had PTS in your local wallet at block 32000.
5\ Since the most exciting DAC--BTS is still in development,not to mention many other amazing DACs. So you still have a lot of chances to benefit from the following redemption of DAC, if you hold PTS since now.

Hope it helps.
BTS ID:xiaoshan

Offline ronjohnson

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Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #2 on: January 04, 2014, 08:11:56 PM »
Okay. So the moral of the story at this point is I need to get my coins off cryptsy and into a local wallet, right?

Also, is there a scenario with these new DACs that, if I'm not paying attention for a few weeks, I could miss out on an opportunity?

Thanks for the explanation!

Offline seraphim

Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #3 on: January 04, 2014, 08:22:12 PM »
When you keep your PTS in a local wallet you don't have to worry.
You could come back in 2 years, look around what happened, and claim your shares of the DACs that have been released.
Meet you on STEEM

Offline ripplexiaoshan

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Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #4 on: January 04, 2014, 08:28:09 PM »
Yes, if you wanna hold PTS for long term, definitely better for you to keep them in local wallet.
If the pts are in your local wallet all the time, even if you missed the release, you can get honored later, by importing the priviate key to the new DAC. There is no expiration time.
BTS ID:xiaoshan

Offline ronjohnson

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Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #5 on: January 04, 2014, 08:41:11 PM »
Thanks all. Makes a lot of sense. Just got all confused with the MMC biz.

I've deleted the other duplicative thread.

 8)

Offline guaka

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Re: Questions on getting my Memorycoin and general benefits of PTS.
« Reply #6 on: January 07, 2014, 11:16:52 PM »
I've been following PTS but for a while, but haven't spent much time on the forum.

I was not aware of the local wallet issue!

I'm not sure how but it would be good to make this clearer.

 

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