So I guess the PTS/AGS snapshot will be INDEPENDENT of the presale? you launch the presale AFTER the snapshot?
Snapshot is Oct 10th. Pre-sale will be later than that. Need time to market it and hype it up OUTSIDE of the BitShares world. Let's get some outside capital in here.
My initial thoughts are:
1. I don't feel that we are so much in a crypto booming. Especially with bitcoin price dropping from the beginning of the year
Price is irrelevant. VCs and angel investors are looking for start ups with potential to put in their capital.
2. What happens if BTC drops in price much faster than notes? You will spend very fast all the bitcoins for future development and not raise so much money. Consider also the possibility that not many people learn or invest on the IPO so with few bitcoins, few people earn more shares and dilute PTS-AGS shareholders. This will create a bad image for the PTS and raise questions for their purpose in acquiring in advance shares for future DACs. I have already seen a lot of new members asking why to invest in PTS now and not wait when the DAC is launched.
Nothing is stopping the Foundation for hedging it's funds. If it want's to sell off EVERYTHING it has for fiat, it can. The pre-sale will be done in Bitcoin, but nothing is stopping it from selling some off for Euros, canadian dollars, DOGE lol
3. You do give the opportunity to new people to participate through PTS. I don't understand why you think that an IPO will be different and will bring more members in our community. The same persons that are likely to invest through IPO might as well invest by buying PTS and keep them for the next DACs.
People spending their money on PTS raises exactly ZERO dollars for the Music project. So why bring it up? Your goal is to own a DAC that has wealth behind it no?
4. Definitely agree imposing a cap to the dilution from the delegates in order to avoid selling pressure.
Yes and let's see what Bytemaster comes up with in his other thread.
5. Isn't the 10% of the Foundation sufficient for the development of the DAC especially if it is to be worth billions?
Please re-read the original post.
Summary:
-The foundation has zero dollars.
-at launch, it will have notes
-it will need to DUMP THEM ALL to fund development, marketing, partnerships, etc.
-Price crashes
-people sell off
-New people not interested
-people will park their wealth elsewhere
-everyone gets aids (seriously re-read the first post)
Now the next step is to mentally accept the 'Music Foundation' is not getting any free share allocations. (i.e. no 10% reserved share). Getting the hard cash should be good enough. ( if you want some Notes, feel free to buy some in the IPO)
You are saying that when a company goes public it should not be allowed to retain any stock?
The funds people sent them to develop the product should be used to buy up stock in order to have a say/votes in the project?
The 3rd step is to accept bitUSD (in addition to BTC) - the positives are numerous let's name a few:
- Hedge against possible (likely in my mind) BTC price movement;
- Support for the whole Bitshares eco-system (which your Music DAC is a part of now, and we all hope grown part of it);
If it can be implemented simply. But I remember Toast telling me we would not be ready for this yet. Will have to bring it up again.
While this would be great, we shouldn't forget that we are still using test wallets, not a final product.
I think this would create a great barrier for new investors.
Ah yes! That was the main reason why (:
Do you have expenses that require both 10% to the foundation and then another 20%? Basically you're saying the foundation should get 30% up front?
Do we have expenses!? haha hmm yes.
And I don't understand where you are getting that 30% from. The foundation gets 10%. The 20% is going to whoever buys the publicly available Notes in the pre-sale. They are never in control of the foundation. Genesis block means 35% to PTS, 35% to AGS and 20% to Pre-sale. Foundation gets 10%.
Also the whole presale thing seems like a completely unnecessary ritual. If you just say 30% goes to the foundation then you can just sell that. I think the presale idea is bad.
I think you also missed something in the original post. Of course we can dump Notes at launch. The point of this thread is that it's not a good idea to crash the price of a baby blockchain when instead you can just spend bitcoin to fund devs and marketing and lawyers.
New investors can just buy PTS if they want to get shares prior to launching.
Once again, how does buying PTS off of an exchange pay for a DAC exactly?
I don't understand why you think that an IPO raising bicoins will attract new people.
I speak from personal experience. I know many people that bought into Ethereum and maidsafe that where previously NOT fans. The IPO got them interested "hmmm am I missing out if I
don't read up on this project?"
New people will get attracted by buying PTS in advance as long as this is well communicated to them.
Which helps no one except the PTS seller, whoever that may be.
The IPO is pointless. If they just pre-allocate 30% to themselves it's the exact same effect. Once the shares hit the exchange they can sell off some of it.
So the question is why did they originally offer 45/45/10 and now they want to do 35/35/30?
There is no way that is seriously still "the question" not if you've read the first post of this thread.
If people wanted to get in then what was AGS/PTS for? What about those people?
So now AGS/PTS has to compete with some presale operation? I can see the point that presales can generate hype but AGS/PTS already generated hype. Tell them to buy AGS/PTS.
Dilution is barely acceptable but I don't see any benefit to this idea. What exactly does it gain?
Ah! I see where the confusion may lie.
You seem to think there is a link between third party developers and PTS/AGS.
PTS and AGS were a way to donate to invictus innovations, now called BitShares. Whatever money was sent to them was to make a bitshares toolkit.
BitShares is not launching ANY products. They are merely developers writing software for corporations to launch.
Corporations can use their software under 1 condition and 1 condition only. You allocate 10% of whatever you launch to PTS holders and 10% to AGS. No other strings attached.
Somehow you seem to think Cédric Cobban and Eddie Corral received funds from AGS or PTS.
Let's do an exercise in empathy everyone. Say tomorrow you decide to launch a DAC. *close your eyes and imagine friends!*
You have a cool idea and decide to go forward with it. Good for you! What's your first step? Are you a lawyer? Can you code everything yourself? CAn you market it yourself? hmmm I know. I pay people with mad skills to do what I can't!
First stop, the bank. How much do I have in the bank?
*ok open your eyes now*
How many of you had over 200 000 USD in their bank accounts?
OK. start problem solving (:
I think more then a few of you will think up "Oh! what if I have a pre-sale!"