LottoShares, You probably wouldn't be interested in this™ - It's Live!

[FreeTrade]

I can see my LTS in GST explorer where do I do to get my LTS, is there Bitcoin like wallet I need?

More information here -
https://bitcointalk.org/index.php?topic=694341.msg7840583#msg7840583

[Ether]

I can see my LTS in GST explorer where do I do to get my LTS, is there Bitcoin like wallet I need?

[GaltReport]

FYI, you may need to run with -salvagewallet option to recover your LTS!!

[pharesim]

There's been a network reset to stop the forking

https://bitcointalk.org/index.php?topic=694341.msg8027394#msg8027394

[callmeluc]

Downloading of blocks data stopped for almost 9 days, anything wrong?

[balthazr]

man, leaving couple thousand MMC on bter.com, how can i redeem it 

[Avant]

On importing a private key, an error occurs if the wallet is locked. The wallet does not specify what to do if this is attempted, but just displays an error number - implying perhaps that the private key was incorrect; so some users will need clearer instructions on this. To fix the problem, just unlock wallet before importing keys.

Thank you, pgbit.
You got to the point.

[pgbit]

On importing a private key, an error occurs if the wallet is locked. The wallet does not specify what to do if this is attempted, but just displays an error number - implying perhaps that the private key was incorrect; so some users will need clearer instructions on this. To fix the problem, just unlock wallet before importing keys.

[Avant]

The problem is done. Thanks!

How did you fix? I'm seeing others report the same problem.

I did not fix the problem.
I faced the problem in the mac version, although I imported PTS private key successfully.
In the windows version, the problem did not occur.
I don't know why.

[jwiz168]

how about in multibit client?

In order to extract your private key from multibit, you must export the .key file using the Export option in the multibit client

once you have extracted the key, you must open it in a text file. note: you cannot put a password on the exported file if you wish to view the private key

I got the idea thank you.

[solaaire]

how about in multibit client?

In order to extract your private key from multibit, you must export the .key file using the Export option in the multibit client

once you have extracted the key, you must open it in a text file. note: you cannot put a password on the exported file if you wish to view the private key

[Simeon II]

for AGS - PTS shareholders, even if we import the keys we cannot play until 2.5 months have passed correct? So in any case we should wait until 2.5 months have passed before we import our keys, or have I misunderstood?

I do not think you are forbidden to play for 2.5 mo.
So you can play, just with other/additional funds...

[biophil]

for AGS - PTS shareholders, even if we import the keys we cannot play until 2.5 months have passed correct? So in any case we should wait until 2.5 months have passed before we import our keys, or have I misunderstood?

That's correct - 2.5 months is the shortest you might have to wait. I imported my AGS and MMC keys, and the AGS matures in 2.5 months but the MMC doesn't mature until about a year from now.

[mf-tzo]

for AGS - PTS shareholders, even if we import the keys we cannot play until 2.5 months have passed correct? So in any case we should wait until 2.5 months have passed before we import our keys, or have I misunderstood?

[MrJeans]

The best way would be to covert AGS to a coin like PTS. In that way everytime there is a snapshot we can just transfer the balance to another address. Maybe even combine AGS and PTS into a single unified DPoS coin (I had given a complicated suggestion earlier which involved merging PTS, AGS & BTS XT).

I made a similar sugestion for different reasons but was met with some very good responses for why AGS is not made liquid
https://bitsharestalk.org/index.php?topic=5546.msg75181#msg75181

Thanks for the update FreeTrader.
I will wait around for my LTS to mature and collect at a later stage once the priv key issue has been resolved.

Its not that I dont trust the LTS client with my private keys, but its that I dont want to export and import my private keys at all as this exposes them (eg. pc viruses/spyware etc).

[biophil]

There are orders on the NHZ asset exchange, and it looks like at least one person went and bought NHZ on poloniex specifically so they could buy some LTS. FreeTrade, maybe you should update your bitcointalk announcement to put the NHZ AE under exchanges.

[sumantso]

The best way would be to covert AGS to a coin like PTS. In that way everytime there is a snapshot we can just transfer the balance to another address. Maybe even combine AGS and PTS into a single unified DPoS coin (I had given a complicated suggestion earlier which involved merging PTS, AGS & BTS XT).

[JakeThePanda]

Yeah, this recommendation concerns me a little, especially since my biggest balances are AGS and we can't move those.  I already imported my private keys so I hope these are just precautionary measures.  Is this a real risk? Should I  ?

There's a chain of trust involved in getting the software to you - if you're reading and compiling yourself, that's the shortest chain - you're just trusting the code I've published and that your own system isn't compromised.
If you're using the binaries, or relying on someone else to vet the code, that chain is longer, you're trusting the compiler isn't compromised, that his system/software isn't compromised, that the network isn't compromised, that github and that your own system isn't compromised.
We're looking at other ways to handle this private key issue that require less risk and trust.
For now, there is no reason to import AGS/MMC/PTS keys - those balances don't start maturing for another 2 months anyway.

Wow! Now that I know this I'm very surprised the community would support any DAC without reviewing the code first.  Why are these risks only being brought up now?  No offense, but the code should have been completely reviewed before it was agreed to have it's own section in the forum and be fully supported.  Thank you for adding AGS/PTS to the distribution list, but at what cost do we blindly support a DAC?

At this early stage in the developement of DACs and this community, the leadership of Invictus has the most to say.  I'm pointing at I3 for not making this an important issue.  It could potentially compromise the entire project. No?

Sure, it's very important and we should be concerned with security and all that - but FreeTrade has been around forever, and as far as I'm concerned he's a trusted dev. I believe he created PTS - someone correct me if I'm wrong.

So what you're saying is absolutely true, but in this particular instance the community (and, I believe, I3) decided there wasn't much to be afraid of.

Considering there seem to be people in this community that don't feel comfortable importing AGS private keys to get LTS, I have to disagree with this statement. If this is such a real risk then a security measure/fix should have been a top priority since the inception of AGS.

[biophil]

Yeah, this recommendation concerns me a little, especially since my biggest balances are AGS and we can't move those.  I already imported my private keys so I hope these are just precautionary measures.  Is this a real risk? Should I  ?

There's a chain of trust involved in getting the software to you - if you're reading and compiling yourself, that's the shortest chain - you're just trusting the code I've published and that your own system isn't compromised.
If you're using the binaries, or relying on someone else to vet the code, that chain is longer, you're trusting the compiler isn't compromised, that his system/software isn't compromised, that the network isn't compromised, that github and that your own system isn't compromised.
We're looking at other ways to handle this private key issue that require less risk and trust.
For now, there is no reason to import AGS/MMC/PTS keys - those balances don't start maturing for another 2 months anyway.

Wow! Now that I know this I'm very surprised the community would support any DAC without reviewing the code first.  Why are these risks only being brought up now?  No offense, but the code should have been completely reviewed before it was agreed to have it's own section in the forum and be fully supported.  Thank you for adding AGS/PTS to the distribution list, but at what cost do we blindly support a DAC?

At this early stage in the developement of DACs and this community, the leadership of Invictus has the most to say.  I'm pointing at I3 for not making this an important issue.  It could potentially compromise the entire project. No?

Sure, it's very important and we should be concerned with security and all that - but FreeTrade has been around forever, and as far as I'm concerned he's a trusted dev. I believe he created PTS - someone correct me if I'm wrong.

So what you're saying is absolutely true, but in this particular instance the community (and, I believe, I3) decided there wasn't much to be afraid of.

[MrJeans]

You can use your btc/mmc/pts-wallets with lottoshares. At least it worked for me

The security risk is about the same though. We have to trust freetrade or check his code.

Yep also claimed with PTS, no problem. With AGS its a bit more risky

[JakeThePanda]

Yeah, this recommendation concerns me a little, especially since my biggest balances are AGS and we can't move those.  I already imported my private keys so I hope these are just precautionary measures.  Is this a real risk? Should I  ?

There's a chain of trust involved in getting the software to you - if you're reading and compiling yourself, that's the shortest chain - you're just trusting the code I've published and that your own system isn't compromised.
If you're using the binaries, or relying on someone else to vet the code, that chain is longer, you're trusting the compiler isn't compromised, that his system/software isn't compromised, that the network isn't compromised, that github and that your own system isn't compromised.
We're looking at other ways to handle this private key issue that require less risk and trust.
For now, there is no reason to import AGS/MMC/PTS keys - those balances don't start maturing for another 2 months anyway.

Wow! Now that I know this I'm very surprised the community would support any DAC without reviewing the code first.  Why are these risks only being brought up now?  No offense, but the code should have been completely reviewed before it was agreed to have it's own section in the forum and be fully supported.  Thank you for adding AGS/PTS to the distribution list, but at what cost do we blindly support a DAC?

At this early stage in the developement of DACs and this community, the leadership of Invictus has the most to say.  I'm pointing at I3 for not making this an important issue.  It could potentially compromise the entire project. No?

[FreeTrade]

Yeah, this recommendation concerns me a little, especially since my biggest balances are AGS and we can't move those.  I already imported my private keys so I hope these are just precautionary measures.  Is this a real risk? Should I  ?

There's a chain of trust involved in getting the software to you - if you're reading and compiling yourself, that's the shortest chain - you're just trusting the code I've published and that your own system isn't compromised.
If you're using the binaries, or relying on someone else to vet the code, that chain is longer, you're trusting the compiler isn't compromised, that his system/software isn't compromised, that the network isn't compromised, that github and that your own system isn't compromised.
We're looking at other ways to handle this private key issue that require less risk and trust.
For now, there is no reason to import AGS/MMC/PTS keys - those balances don't start maturing for another 2 months anyway.

[pharesim]

You can use your btc/mmc/pts-wallets with lottoshares. At least it worked for me

The security risk is about the same though. We have to trust freetrade or check his code.

[MrJeans]

Yep this is a real risk.
If someone has your private keys for AGS they could take your shares in BitsharesX when it comes out.
Personally I am waiting around for trusted software or client that will allow for importing wallets without the need for using private keys.

Thanks why I would like to know from FreeTrader whether we need to claim our shares for them to start maturing or will they mature automatically and we can claim whenever we want.

[JakeThePanda]

We strongly recommend you move your BTC/DOGE/PTS/MMC/ShareCoin/FootballCoin balance to new wallet before importing your keys or wallets in LottoShares.

I'll be writing a guide on this shortly.

Why ?
Is it possible that my private keys are getting disclosed or something ?

Yeah, this recommendation concerns me a little, especially since my biggest balances are AGS and we can't move those.  I already imported my private keys so I hope these are just precautionary measures.  Is this a real risk? Should I  ?

[JA]

We strongly recommend you move your BTC/DOGE/PTS/MMC/ShareCoin/FootballCoin balance to new wallet before importing your keys or wallets in LottoShares.

I'll be writing a guide on this shortly.

Why ?
Is it possible that my private keys are getting disclosed or something ?

[puppies]

00:49:20

getmininginfo


00:49:20

{
"blocks" : 898,
"currentblocksize" : 8083,
"currentblocktx" : 16,
"difficulty" : 3.95279908,
"errors" : "",
"generate" : true,
"genproclimit" : 2,
"hashespersec" : 1349,
"networkhashps" : 78872674,
"pooledtx" : 18,
"testnet" : false
}

I was expecting this tomorrow.  Its gonna be a few hours til I can get my old mining rigs pointed at a proper client and spun up.  I am happy to see that you seem to have gotten a decent hash rate simply from BTT. 

[FreeTrade]

The problem is done. Thanks!

How did you fix? I'm seeing others report the same problem.

[Avant]

The problem is done. Thanks!

[Avant]

Neat! Imported my AGS privkey, and lo and behold, it tells me I have some immature LTS, and apparently they're supposed to mature in 2.5 months. Thanks, FreeTrade, this is cool!

How do you import AGS priv key?

You find your BTC address that you donated to AGS with, let's call it 1addy-------------. Then you go to help->debug in Bitcoin-qt, and then click on the Console tab.
type

Code: [Select]

dumpprivkey 1addy------------- The text it spits out (let's call it AGSprivkey---------------) is your AGS private key! Be careful, the fact that you have to do this is one of the major vulnerabilities of AGS. If someone manages to steal the key, you could lose your entire donation.

Anyway, open up the lottoshares client, go to the console in it, type

Code: [Select]

importprivkey AGSprivkey--------------- hit enter, and wait a few minutes. If it works, you should see immature LTS show up in your wallet soon.

Thank you! I tried to get LTS from PTS, and it succeed. But I failed to get LTS from BTC AGS.  The error information is "Error adding key to wallet (code -4)".
My BTC address is 17enyuDJz5w5ybgKcsATgfgxQrhnB5Szu5. http://www1.agsexplorer.com/balances/17enyuDJz5w5ybgKcsATgfgxQrhnB5Szu5
I don't know why.

[cass]

will try to import my privkeys also when get time to. great work FreeTrade

[biophil]

I think in multibit you export your private let to a text file or something along those lines. I bet 5 minutes of poking around would get you your answer.

Sent from my SCH-S720C using Tapatalk 2

[jwiz168]

Neat! Imported my AGS privkey, and lo and behold, it tells me I have some immature LTS, and apparently they're supposed to mature in 2.5 months. Thanks, FreeTrade, this is cool!

How do you import AGS priv key?

You find your BTC address that you donated to AGS with, let's call it 1addy-------------. Then you go to help->debug in Bitcoin-qt, and then click on the Console tab.
type

Code: [Select]

dumpprivkey 1addy------------- The text it spits out (let's call it AGSprivkey---------------) is your AGS private key! Be careful, the fact that you have to do this is one of the major vulnerabilities of AGS. If someone manages to steal the key, you could lose your entire donation.

Anyway, open up the lottoshares client, go to the console in it, type

Code: [Select]

importprivkey AGSprivkey--------------- hit enter, and wait a few minutes. If it works, you should see immature LTS show up in your wallet soon.

how about in multibit client?

[biophil]

Neat! Imported my AGS privkey, and lo and behold, it tells me I have some immature LTS, and apparently they're supposed to mature in 2.5 months. Thanks, FreeTrade, this is cool!

How do you import AGS priv key?

You find your BTC address that you donated to AGS with, let's call it 1addy-------------. Then you go to help->debug in Bitcoin-qt, and then click on the Console tab.
type

Code: [Select]

dumpprivkey 1addy------------- The text it spits out (let's call it AGSprivkey---------------) is your AGS private key! Be careful, the fact that you have to do this is one of the major vulnerabilities of AGS. If someone manages to steal the key, you could lose your entire donation.

Anyway, open up the lottoshares client, go to the console in it, type

Code: [Select]

importprivkey AGSprivkey--------------- hit enter, and wait a few minutes. If it works, you should see immature LTS show up in your wallet soon.

[jwiz168]

Neat! Imported my AGS privkey, and lo and behold, it tells me I have some immature LTS, and apparently they're supposed to mature in 2.5 months. Thanks, FreeTrade, this is cool!

How do you import AGS priv key?

[MrJeans]

Please provide some details on how to obtain LTS from angelshare balances.
Also how long do balances take to confirm.
Looks fun 

[GaltReport]

Got wallet running no problem.  Closed wallet and copied my protoshares wallet.dat file to lottoshares directory, restarted lottoshares wallet and have a current balance of 0.00 LTS, some unconformed LTS and some immmature LTS !!!

Good job. Glad to see stuff work as planned. 

Can someone enlighten me a bit on what happens to the unconfirmed and immature balances from here?

[Gentso1]

No may be a good time to put up detailed instructions on how to claim your shares.

[biophil]

Neat! Imported my AGS privkey, and lo and behold, it tells me I have some immature LTS, and apparently they're supposed to mature in 2.5 months. Thanks, FreeTrade, this is cool!

[emre]

yay!

[mitao]

Sent from my iPhone using Tapatalk

[FreeTrade]

It's ready!
https://bitcointalk.org/index.php?topic=694341.0

[FreeTrade]

Yes, looking good.

[MrJeans]

Launch still scheduled for the 15th July?

[emre]

really excited the for launch -- no need to rush though.

[kokojie]

Take your time, but make sure it's perfectly working when it launches

[cass]

Sorry guys, we've had to push out the release by another week -
http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th/4

pity - eager to see it launched

[FreeTrade]

Sorry guys, we've had to push out the release by another week -
http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th/4

[pharesim]

i've missed the snapshot but would be very interested on buying LTS. Im guessing it's still too early to speculate when that would be possible?

There's no announcement yet, but we're working on a way to trade LTS at launch. Stay tuned!

[Akado]

i've missed the snapshot but would be very interested on buying LTS. Im guessing it's still too early to speculate when that would be possible?

[FreeTrade]

Is the random period provably random or is it going to be one that makes sure your shares get vested first?

That's a great question - I've answered here on our new forum -
http://forum.lottoshares.org/topic/5/randomness-of-vested-shares-maturation-blocks

[bitmeat]

Is the random period provably random or is it going to be one that makes sure your shares get vested first?

[FreeTrade]

Note - latest announcement information moved to -

http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th

Vesting period is now  (60 + rand(365))days  rather than  (90 + rand(365))days

[pgbit]

Where is the website / client / instructions for claiming?

Lottoshares hasn't been released yet. Once it's released then it will be relatively simple to claim and instructions will be posted. Keep eye on this thread!

[Xeldal]

Where is the website / client / instructions for claiming? 

[gamey]

Distribution blocks are in -

MMC/Block #39,983
Time:    5/31/2014 11:50:26 PM (UTC)

PTS/Block #65,959
Time:    5/31/2014 11:04:00 PM (UTC)

!@#$(!*@#$ Cryptsy.  They'd always processed PTS immediately until yesterday.  My latest withdrawal was on block 65960.  Story of my life.  Less gambling for me but perhaps Big Vern won't need to go to Vegas as soon.

[funklr]

good

[voldemort628]

Hi Freetrade, what about ags holders?

[FreeTrade]

Distribution blocks are in -

MMC/Block #39,983
Time:    5/31/2014 11:50:26 PM (UTC)

PTS/Block #65,959
Time:    5/31/2014 11:04:00 PM (UTC)

[xeroc]

You wait for the wallet and import yourt pts wallet into it ...

[dbstmddhks]

I send whole my pts to my wallet
And how do I get lottoshare after snapshot ?

[xeroc]

Why does the title still say Launch Suspended?

The launchdate for his LottoShares is suspended
Snapshot will take place 31.May

[bitmeat]

Why does the title still say Launch Suspended?

[longriver]

Thank you! 

[FreeTrade]

What about PTS on exchanges, should be retrieved to wallet as usual?

Yes, absolutely. As an aside, I'd recommend keeping your crypto coins and equities offline as much as possible. I know the exchanges are convenient, but there have been so many compromises and thefts, the risk is just not worth it even with the most reputable exchanges.

[SyRenity]

What about PTS on exchanges, should be retrieved to wallet as usual?

[pgbit]

"Distribution date for ProtoShares and MemoryCoin will be the last block before the end of May 2014 UTC."

In view of the ? launch delay, are snapshots being taken still in 2 days?

edit. OK. I need to read the right thread. https://bitsharestalk.org/index.php?topic=4774.0;topicseen

[networker]

Hope to see it launch very soon

[FreeTrade]

how often will numbers be drawn and prizes awarded?

Looks like it's going to be every block with prizes coming in the block following the next set of NY lottery numbers.

[jae208]

how often will numbers be drawn and prizes awarded?

[FreeTrade]

FreeTrade, do you gamble at Casinos and do you anticipate being a user of your services?   Put another way, are you scratching your own itch or is a casino coin one on a list of interesting and potentially profitable coins to prototype?

I feel like the "interested in Cryptocurrency" and "big gambler" isn't neccesarily a huge demographic overlap which is why it's interesting to hear people who develop these solutions (like Bytemasters Mining-as-playing-the-lottery proposal of a few months ago) don't actually want to use the product, they just see the percieved market void.

No, I don't usually enjoy gambling on games of pure chance. Yes I see it as an interesting technical challenge and a potentially profitable coin. A small tax on gambling may also be a way to subsidize transactions processing / blockchain security.

Aside from turning a profit, I'm interested in encouraging the spread of crypto-currency. I think the best way of achieving that is through continual speculative manias.

[CLains]

Gambling is the new sugar.

Let's go! 

[FreeTrade]

Updated:

Snapshot date for AGS, PTS, MMC remains the same, but other aspect are under review.

[liondani]

Thx freetrade ...  good news 

? ? ?

...before the "bad" ones...

Sent from my ALCATEL ONE TOUCH 997D using Tapatalk

[cass]

Thx freetrade ...  good news 

[JakeThePanda]

I've been made aware of a similar project called ChanceCoin (thanks ABL). I'm not sure how I missed it, but it is a very similar project. In some ways, it is better than what I'm working on and yet seems to be failing to attract a high valuation in the marketplace.

For these reasons, I'm suspending the planned launch while I fully review this project and any lessons that can be learned.

It's failing because they had problems with the wallet.

[kokojie]

Good, I just transferred my dogecoin to my local wallet, now I can use my dogecoin to participate

[liondani]

lol,  he  announce the launch of a dac and because Adam 2-3 days later inform him about a competitor he changes his mind...  theoretical bitshares is hurt... well done... the "coincidence" is that only our community is informed well and our members concerns  was that it is not fair for the mmc holders to loose the "opportunity" to participate on snapshot in one week ... lol... 

Sent from my ALCATEL ONE TOUCH 997D using Tapatalk

[AdamBLevine]

I've been made aware of a similar project called ChanceCoin (thanks ABL). I'm not sure how I missed it, but it is a very similar project. In some ways, it is better than what I'm working on and yet seems to be failing to attract a high valuation in the marketplace.

For these reasons, I'm suspending the planned launch while I fully review this project and any lessons that can be learned.

FreeTrade, do you gamble at Casinos and do you anticipate being a user of your services?   Put another way, are you scratching your own itch or is a casino coin one on a list of interesting and potentially profitable coins to prototype?

I feel like the "interested in Cryptocurrency" and "big gambler" isn't neccesarily a huge demographic overlap which is why it's interesting to hear people who develop these solutions (like Bytemasters Mining-as-playing-the-lottery proposal of a few months ago) don't actually want to use the product, they just see the percieved market void.

[xeroc]

Too bad :-(

[FreeTrade]

I've been made aware of a similar project called ChanceCoin (thanks ABL). I'm not sure how I missed it, but it is a very similar project. In some ways, it is better than what I'm working on and yet seems to be failing to attract a high valuation in the marketplace.

For these reasons, I'm suspending the planned launch while I fully review this project and any lessons that can be learned.

[tonyk]

My error! It is about 15.11%

FreeTrade
My math could be wrong, but it shows that the house cut is actually  about 26.70% based on the odds suggested in the original post.

[thistome]

welcome!!!

[xeroc]

You won't regret that decision ... thanks alot

[toast]

Updated to add AGS to shares distribution

You are a baller and a scholar

Sent from my SCH-I535 using Tapatalk

[FreeTrade]

Updated to add AGS to shares distribution

[liondani]

obvius

Sent from my ALCATEL ONE TOUCH 997D using Tapatalk

[bitmeat]

That's a terrible setup for a pump and dump. It will spike MMC and then MMC will collapse. There is no whitepaper whatsoever either. Yeah let's all buy MMC so FreeTrade can unload. This is really short sighted.

[testz]

Can you be more clear on what date will the MMC snapshot be taken? If it is end of May that is not nearly enough time for people to consider cashing out of exchanges.

last block before the end of May 2014 UTC

This means the last block at May in UTC time, same as AGS donation counts.

[bitmeat]

Can you be more clear on what date will the MMC snapshot be taken? If it is end of May that is not nearly enough time for people to consider cashing out of exchanges.

[FreeTrade]

For #2 I'm talking about our own Denny Wang aka HackFisher in the "charity" subforum. There are two Denny's lottos =P

Ah I see. I haven't seen any plans about the naming for that - is it to be BitSharesLotto? Hopefully we won't have a naming conflict.

Regarding the RNG, I'm hesitant to try to implement or adopt anything based on DPOS until it's more weathered. My approach to DAC's is an incremental one and that's especially true with a target as big as a lottery. The changes to the code and protocol are as limited as possible to reduce the potential attack surface of new code. I'm still looking for an improved way to generate randomness, but my instinct is that the solution will be a simple, brilliant idea rather than a convoluted complex one.

[Amazon]

Cool and congratulations, FreeTrade, I believe more gaming DACs will coming in next months, so let's competing 

And another one:
http://countersports.com/

[HackFisher]

Cool and congratulations, FreeTrade, I believe more gaming DACs will coming in next months, so let's competing 

[Harvey]

sounds great！

[JakeThePanda]

First of all, thank you.

[Amazon]

Thanks FreeTrade, the only two products honoring PTS till now are from you~

[lzr1900]

WOW....!

[ebit]

Thanks 

[FreeTrade]

This information may be outdated - latest information here -

http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th


-----------
I'll shortly be launching an experimental Distributed Autonomous Corporation - LottoShares DAC.

LottoShares allows shareholders to use their shares to play a lottery style game, choosing 6 numbers from 42.

Players can choose the size of their stake and prizes are fixed-odds -

6 numbers = 1,000,000 X stake
5 numbers = 5,000 X stake
4 numbers = 100 X stake
3 numbers = 10 X stake

How will the DAC turn a profit?

When a lottery ticket is played, the shares used as a stake are destroyed. Prizes are paid from the coinbase and provide an 85% average return. Thus as the lottery is played 15% of the total stake is destroyed, giving non-playing shareholders a greater stake in the DAC.
See Dividends 2.0 for more explanation - https://bitsharestalk.org/index.php?topic=1169.0

How will the DAC protect its blockchain?

LottoShares is merge-mined with Scrypt based coins. Thus anyone mining Litecoin, Dogecoin etc can process LottoShares tickets and transactions with little additional cost. The processor retains a small percentage of the ticket stakes, and a small percentage subsidy for processing prizes.  LottoShares allows for a small subsidy while blockchain difficulty is low to ensure bootstrapping and continuity.

How will the numbers be drawn and prizes awarded?

As soon as a new block is seen on the network, its timestamp will be signed and broadcast to the network. The next set of NY state lottery quick pick numbers drawn will be used as a seed. This seed will be broadcast as a transaction and a block including the transaction must also deterministically generate the pseudo random numbers and award the prizes in the same block.

Isn't that a bit centralized?

Yes. The problem of provably fair distributed random numbers has not been solved yet, so block hashes together with NY lottery numbers will be used. Where the problem of provably fair distributed random numbers is solved, LottoShares DAC will incorporate it.

Who will own the shares?

10% will be proportionally distributed to MemoryCoin (MMC) holders (Block #39,983)
10% will be proportionally distributed to ProtoShares (PTS) holders (Block #65,959)
10% will be proportionally distributed to AngelShares (AGS) holders

30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email memorycoincc@gmail.com to make a pitch, full list to be provided at launch)

This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address. Distribution date for ProtoShares and MemoryCoin will be the last block before the end of May 2014 UTC. Where it is possible to identify exchange holdings for PTS/MMC, these will not be eligible for any distribution. AngelShares distribution will be undertaken the advisement of I3.

20% will be airdropped on the top 1,000,000 Bitcoin addresses (excluding coinbase transactions) (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (excluding coinbase transactions) (Block 232,000)

This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.

Launch Date
Test network live.

Launch date July 15th