Clarifications about BTS X plan

[liondani]

I think there might be market manipulation ongoing in order to get hands on cheap XTS ... most FUD is/was created by newbies on the forum with accounts created the last few days ..

 

[xeroc]

There are too many BTS investors can't read or understand English. no matter how many times you explaining to them...
 
let me try once more, pay attention please:

For BTS investors. you will be honored 100% of future banking &financing related DACs, which include bts x xi xii xiii..... plus other banking and financing related DACs. for example , If 3i copied the code of NXT or XCP. the 100% of new coins created will be distributed to BTS holders.
(why no reservation for DEV team ? because 3i own some bts as well, from your donated before feb 28. So we are on the same boat


3i is a long sight company, it will have more product which not only restricted in banking and financing field . such as 3i music, 3i insurance. For these non finaning related DACs , at least of 10% will be honored to PTS and AGS holders.

I find Chinese bts community become really upset today.  I ask for any reason, but nobody can explain to me.  i think 80% of this nonsense due to language barrier and 20% is because under education.

i give up to explain these to my Chinese people. they prefer screaming rather than thinking with their own brain.

+5 .. nice summary ..

I think there might be market manipulation ongoing in order to get hands on cheap XTS ... most FUD is/was created by newbies on the forum with accounts created the last few days ..

[neil54321]

There are too many BTS investors can't read or understand English. no matter how many times you explaining to them...
 
let me try once more, pay attention please:

For BTS investors. you will be honored 100% of future banking &financing related DACs, which include bts x xi xii xiii..... plus other banking and financing related DACs. for example , If 3i copied the code of NXT or XCP. the 100% of new coins created will be distributed to BTS holders.
(why no reservation for DEV team ? because 3i own many bts as well. equals to your pts donated before feb 28 multiple by 1.3 . So we are on the same boat


3i is a long sight company, it will have more product which not only restricted in banking and financing field . such as 3i music, 3i insurance. For these non finaning related DACs , at least of 10% will be honored to PTS and AGS holders.

I find Chinese bts community become really upset today.  I ask for any reason, but nobody can explain to me.  i think 80% of this nonsense due to language barrier and 20% is because under education.

i give up to explain these to my Chinese people. they prefer screaming rather than thinking with their own brain.

[Stan]

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.

2 things

1 - See above quote, does this change the future deliverables to PTS or AGS at all?  It seems like this is transferring future value to BTS X away from PTS and AGS, right?

As we described in the March newsletter, BTS XT is a proto-DAC which allows people to invest in one sector of the BitShares industry like PTS does for the entire rest of the industry.  Because it honors PTS/AGS 50/50, honoring it is the "grandfather clause" way to fulfill the Social Consensus - while indirectly having the side effect of making AGS liquid for any sector that adopts this optional clause.  Meanwhile, PTS and AGS continue to represent the entry point for all other DACs or protoDACs outside the X sector.

2 - If no dilution for delegate pay, where is that coming from?

Well, (don't tell anybody, but you may have been right), we should have reserved some of XT %'s for "future purposes" and hence don't have it reserved now to help promote that chain in any of the ways we have since invented.  So, without dilution, delegates will have to settle for a shares of transaction fees.  That may be ok, because being a delegate for the first full scale BitShares X protoDAC may be enough of an honor itself to motivate strong candidates until transaction income becomes sufficient.  It does seem like a showcase opportunity to build a reputation that makes you a more competitive candidate for other DACs where being a delegate carries greater responsibilities and compensation.  The first DAC that goes to the moon because it has the fittest Darwin-selected delegates working hard to promote it will set the ultimate trend.  I don't think it will be long before someone tries it. 

[tonyk]

Explain like I'm 5 version:   ....

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.
.....

Am I again the most stupid here (or 4 year old not 5), that does not get how the bolded part works? 

[AdamBLevine]

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.

2 things

1 - See above quote, does this change the future deliverables to PTS or AGS at all?  It seems like this is transferring future value to BTS X away from PTS and AGS, right?

2 - If no dillution for delegate pay, where is that coming from?

[werneo]

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".

 

Toast for CEO.

[Stan]

And you still do  .. unless you sell your BitShares XT.

The key word is 100%.
If I have 1% xts before bitshare xt→bitshares x, but after the transformation, I only get 0.2% bts in bitshares x.
Does this possibility exist?
If things like this, I can accepet it only in one reason.The bitshares xt have become mature enough, the price of xts is enough to make the early investor get their cost back.

Agree.....still 1% or not?simple question,please.

just a"yes or no"question

是的 Yes.   

[toast]

I.e. no automatic destruction or burning of fees. ...

No, fees are still destroyed. The delegates get a fixed pay equal to transaction fees (and no other fees) at max volume.

[tonyk]

I.e. no automatic destruction or burning of fees. ...

Since when???

[xeroc]

I.e. no automatic destruction or burning of fees. ...

[bytemaster]

2) BitShares XT will be 50/50 with no dilution for delegate pay.

What does this mean, exactly?

It means the share supply will be fixed.

[fluxer555]

2) BitShares XT will be 50/50 with no dilution for delegate pay.

What does this mean, exactly?

[Ggozzo]

Just quit using acronyms or letters. 

Use terms like:

Bitshares XT = Bitshares Test Exchange
Bitshars X = Bitsharss Exchange
Bitshares XO = Bitshares Oil Exchange
Bitshares XCu= Bitshares Copper Exchange    etc............


The Feb. snapshot was for Bitshares Exchange distribution known as BTS to everybody. Since you guys are now calling it things like, Bitshares XTS and XT etc. it confuses people. They/me/we are not sure what the BTS figure over at the Angelshares explorer page means. 

The million dollar questions that will help solve the confusion is:

Is the thing I know as BTS, the same thing as Bitshares XT?
If XT is different than BTS, how do I get XT?
If I participate in XT prior to X, will I be able to acquire or lose some of that BTS distributed from the FEb 28th snap?

[Mako]

And you still do  .. unless you sell your BitShares XT.

The key word is 100%.
If I have 1% xts before bitshare xt→bitshares x, but after the transformation, I only get 0.2% bts in bitshares x.
Does this possibility exist?
If things like this, I can accepet it only in one reason.The bitshares xt have become mature enough, the price of xts is enough to make the early investor get their cost back.

Agree.....still 1% or not?simple question,please.

just a"yes or no"question