Some recent posts by BM have caused a bit of panic. I just talked to him and we came up with a clearer game plan which I think this will make everyone happy.Explain like I'm 5 version: XT is now what most people probably think BitShares X is. Buy XT, have decentralized exchange. No dilution.
1) BitShares XT will launch without market functionality but will be upgraded to a full-featured BitShares X DAC.
It will have a small number of BitAssets, probably USD, GLD, and BTC. 2) BitShares XT will be 50/50 with no dilution for delegate pay.3) BitShares XT will be the snapshot target for *all* subsequent BitShares X DACs. These won't appear until long after everyone understands BTS X.
For example, BitShares XCC might trade cryptocurrency, XFC might trade fiat currency, XCM might trade commodities, etc.
These will all share *some* BitAssets and have cross-chain trading. This was how it was described in the whitepaper back in fall 2013.
What a lot of people think of as "the one BitShares X" is actually a collection of X chains that have cross-chain trading of shared bitassets. The idea is that once you have BitUSD it doesn't matter which chain is backing it.4) I3 will focus almost exclusively on XT for a long time. Anyone who launches the subsequent chains will honor XT and pull upgrades to XT onto their chains.
Notice that:* There was never a plan to have one monolithic "BitShares X" chain, not even back in november.
Heck, there's even a sticky at the top of this forum that describes this: https://bitsharestalk.org/index.php?topic=2940.0
* It was always the case that any chain could be forked with different parameters at any time. Now that XT will be a real bts X chain with bitassets, this is no different from BM having said "hey, our clones would probably do better if they dilute their shares to pay the delegates".