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Offline toast

DNS-Pinky-Promise Bounties
« on: March 21, 2014, 02:56:18 AM »

I've been given the go-ahead for using future shares in DNS derived from PTS that Invictus holds in the Angelshares fund at the time of the Bitshares DNS snapshot. In other words, about 10% all DNS are available as IOUs from me & Invictus. The amount I'll be spending in the short term is a rounding error with respect to total AGS DNS holdings. This is a way to reward DNS believers who trust I3 at a premium rate while not diluting current AGS funds.

I started a spreadsheet here to track the IOUs:

https://docs.google.com/spreadsheet/ccc?key=0AjWEvwFB1BZ7dHlRMFFlRHVvM21XU3pqS2NoSUFqWWc&usp=sharing

The total share amount might change, and I will adjust bounties accordingly. If you have trust issues (which are actually a little bit reasonable in the land of crypto-equity), I can't help you.
« Last Edit: March 21, 2014, 03:27:17 AM by toast »
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline onceuponatime

Re: DNS-Pinky-Promise Bounties
« Reply #1 on: March 21, 2014, 03:23:21 AM »
I have read that first paragraph several times - and I still can't figure out what you are trying to say. Please try being more specific (ie. what "snapshot" are you talking about, the Feb. 28th?)

Offline toast

Re: DNS-Pinky-Promise Bounties
« Reply #2 on: March 21, 2014, 03:26:55 AM »
Better now?
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline onceuponatime

Re: DNS-Pinky-Promise Bounties
« Reply #3 on: March 21, 2014, 03:43:08 AM »
Yes, better now. It still took me a while to catch the meaning, but I'm old and ugly.

Offline xeroc

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Re: DNS-Pinky-Promise Bounties
« Reply #4 on: March 21, 2014, 07:21:10 AM »
So .. What am I supposed to do?
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Offline voldemort628

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Re: DNS-Pinky-Promise Bounties
« Reply #5 on: March 21, 2014, 09:49:20 AM »
so when is the bitshare dns snapshot going to be taken?

Offline biophil

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Re: DNS-Pinky-Promise Bounties
« Reply #6 on: March 21, 2014, 05:36:16 PM »
so when is the bitshare dns snapshot going to be taken?

I think they're doing the snapshot when they have a pretty-close-to-releaseable product.

Offline bytemaster

Re: DNS-Pinky-Promise Bounties
« Reply #7 on: March 21, 2014, 06:56:02 PM »
so when is the bitshare dns snapshot going to be taken?

I think they're doing the snapshot when they have a pretty-close-to-releaseable product.

Correct... the entire chain will be tested in public before we announce the snapshot date..... so snapshot indicates 2 weeks left of testing.
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Offline santaclause102

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Re: DNS-Pinky-Promise Bounties
« Reply #8 on: March 21, 2014, 07:40:35 PM »
You mean you take the PTS that where received as AGS donations and sell them to people (in some kind of DNS specific AGS funding) as future BTS DNS?

Offline toast

Re: DNS-Pinky-Promise Bounties
« Reply #9 on: March 21, 2014, 07:44:43 PM »
No, ok. There are 250,000 PTS in the AGS funds right now. A bit over 10%. This translates into a something over 10% 5% (oops, updated OP) of future DNS that will be controlled by AGS fund keys. These are considered to be part of the angel fund, since they're derived from PTS donated before the snapshot. They are available right when the chain launches and will be sent from someone at I3 who has access to the PTS keys.

Can someone give a go at explaining it more simply since I have failed twice now?
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline graffenwalder

Re: DNS-Pinky-Promise Bounties
« Reply #10 on: March 21, 2014, 07:59:40 PM »
Ok, so what Toast is saying:

The PTS that are still in the AGS wallet, will of course get DNS shares.

These DNS Shares are used to fund DNS.

In this way the AGS funds itself (BTC, PTS) won't be used for the development of DNS.

Offline biophil

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Re: DNS-Pinky-Promise Bounties
« Reply #11 on: March 21, 2014, 08:07:13 PM »
Can someone give a go at explaining it more simply since I have failed twice now?

Challenge accepted.

The AGS funds contain about 10% of the total PTS in existence. When BitShares DNS is launched, these PTS (just like all PTS) will generate some shares in BitShares DNS (about 5% of the total DNS supply). These DNS-shares will still belong to AGS, which means their purpose is to fund DAC development. Clear so far? Short version: AGS will control a large number of DNS-shares.

If you help develop BitShares DNS, your name (or whatever identifying information you like) will go in toast's magic spreadsheet, and when BitShares DNS launches, you will be rewarded a portion of the DNS shares that are controlled by AGS.

TL;DR: if you help develop BitSharesDNS, you will be paid in DNS-shares.

Offline santaclause102

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Re: DNS-Pinky-Promise Bounties
« Reply #12 on: March 22, 2014, 02:17:31 AM »
Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...

Offline toast

Re: DNS-Pinky-Promise Bounties
« Reply #13 on: March 22, 2014, 02:20:27 AM »
Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...

This wouldn't dilute DNS holders because invictus actually owns PTS. This is different from the proposal to preallocate some at the expense of DNS rewards of all PTS holders.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline santaclause102

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Re: DNS-Pinky-Promise Bounties
« Reply #14 on: March 22, 2014, 02:25:58 AM »
Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...

This wouldn't dilute DNS holders because invictus actually owns PTS. This is different from the proposal to preallocate some at the expense of DNS rewards of all PTS holders.

I would defenitely dilute it. It's simple. More claimed BTS DNS = more total money supply compared to when PTS from AGS are not claimed. But it would make sense to fund the developement this way if it is assumed that DNS increase more than PTS in value.

 

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