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BitShares PTS / Re: [POLL] Setting another 10% Bitshares as "Angelshares" to fundraise for DACS
« on: December 16, 2013, 07:39:53 am »It was pointed out in the other thread that Bitshares is supposed to be out sooner than in 21 months, I think it is still appropriate to target this number of months because things don't always go to plan and as a startup you want to have "a long runway" so that even if it takes a few extra months you can not need to raise funds in a time of weakness where you might be compelled to take a bad deal because you have few options.
I believe Invictus should be able to essentially presell another 10% of Bitshares to fund its creation, but I disagree with them taking more than 25% in this way. If that was the dicision that was to be made, they needed to do it before the first set of promises were made.
I see no reason why Bitshares should need 21 million coins or why Bitshares has to be mined at all. I also don't understand why you need to have 80% of wasted unallocated coin space.
That space should either go to miners, or remove it entirely because it dilutes everyone elses holding to inflate Bitshares for no reason other than to hang onto 21 million as an arbitrary number. The limit or cap should be like how Mastercoin did it which is to say that you generate it until Bitshares is released.
I suggested 6 million coins in the other thread.
2 million for PTS holders. 2 million for a hybrid Proof of Work Proof of Stake where the goal is to completely transition out of Proof of Work entirely. If we cannot do the hybrid then remove Proof of Work entirely and get rid of the 2 million turning it into 4 million total and do it 50/50. 50% to PTS holders and 50% to Angels.
Forget about percentages because that was based on the idea that the coins had to be mined via Proof of Work over 10 years. It makes no sense to mine Bitshares over 10 years so it makes no sense to hang onto 21 million. If there is no Proof of Work then there is no legitimate reason to have any more coins other than PTS+Angelshares for a total of approximately 4 million Bitshares.