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Offline phoenix

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Transition from PTS to Bitshares
« on: November 17, 2013, 02:24:21 AM »

I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline bytemaster

Re: Transition from PTS to Bitshares
« Reply #1 on: November 17, 2013, 02:26:01 AM »
I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline phoenix

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Re: Transition from PTS to Bitshares
« Reply #2 on: November 17, 2013, 02:37:14 AM »
Ok, Thank you! I'm really looking forward to Bitshares!
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline her0

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Re: Transition from PTS to Bitshares
« Reply #3 on: November 18, 2013, 04:04:28 AM »
I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.
If I import my wallet, does that mean I lost PTS private key. PTS will continue mining it?

Offline bytemaster

Re: Transition from PTS to Bitshares
« Reply #4 on: November 18, 2013, 04:05:02 AM »
I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.
If I import my wallet, does that mean I lost PTS private key. PTS will continue mining it?

PTS mining will continue, you will own both PTS and BTS.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline boshen1011

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Re: Transition from PTS to Bitshares
« Reply #5 on: November 18, 2013, 07:40:15 AM »

PTS := PTS + BTS

Offline Sy

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Re: Transition from PTS to Bitshares
« Reply #6 on: November 18, 2013, 10:14:11 AM »
But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?
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Offline Stan

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Re: Transition from PTS to Bitshares
« Reply #7 on: November 18, 2013, 02:24:20 PM »
But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline Sy

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Re: Transition from PTS to Bitshares
« Reply #8 on: November 18, 2013, 02:43:21 PM »
But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Thanks :)
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Offline marauder

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Re: Transition from PTS to Bitshares
« Reply #9 on: November 18, 2013, 06:07:29 PM »
I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

Offline bytemaster

Re: Transition from PTS to Bitshares
« Reply #10 on: November 18, 2013, 06:09:34 PM »
I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline phoenix

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Re: Transition from PTS to Bitshares
« Reply #11 on: November 18, 2013, 06:42:10 PM »
I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

This will be interesting to see how people split their resources between PTS and Bitshares once both are available to mine on. On the one hand, PTS will get you shares in every other future DAC that honors the contract, but on the other hand mining Bitshares will give you Bitshares directly.
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline marauder

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Re: Transition from PTS to Bitshares
« Reply #12 on: November 18, 2013, 10:08:55 PM »
I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

Probably the best way to do it to be honest, it will be interesting to see how the mining forces decide to move around, the community will end up splitting a little more each time a new chain is split off from protoshares, hopefully the growth will be high enough to overcome this/the difficulty won't kill the chain when miners move to different DACs!

Offline bytemaster

Re: Transition from PTS to Bitshares
« Reply #13 on: November 18, 2013, 10:22:02 PM »
I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

Probably the best way to do it to be honest, it will be interesting to see how the mining forces decide to move around, the community will end up splitting a little more each time a new chain is split off from protoshares, hopefully the growth will be high enough to overcome this/the difficulty won't kill the chain when miners move to different DACs!

If half the miners left, you would end up with 10 minute block intervals just like bitcoin.   Not a terrible situation. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline masterofmyself

Re: Transition from PTS to Bitshares
« Reply #14 on: November 19, 2013, 02:48:48 AM »
But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys? 

 

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