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BitShares PTS / Re: pts price crash
« on: November 11, 2014, 11:38:53 pm »
The plan, in general, is to upgrade the existing PTS to a DPOS chain. That means that all transactions in the old chain must be honoured, up to a yet-to-be-announced point in the future. Using the Nov-5 snapshot simply doesn't make any sense.
It would just be giving back PTS to those that sold after the snapshot so that they could sell it again.
Can't existing POW PTS be sent by users to a 'proof-of-burn' address in order to receive new DPOS PTS?
If a burn address were used it would be a way to increase the value of the new DPOS PTS:
- It removes potential competition - what if someone else decided to 'revive' the old POW PTS in a slightly different way? It's harder for them if a load of it's been burned already.
- DPOS PTS hodlers have demonstrated some kind of commitment to it by burning the old PTS.
- DPOS PTS hodlers have also had to invest in it (in a way) by having to think about it and make a conscious decision.
The above points make it a bit more viable and therefore more valuable.
Other advantages of proof-of-burn:
- Because action is required to claim DPOS PTS, it means that all hodlers are currently active. That is to say, it could clear out 'lost', inactive or exchange-owned PTS
- Erm...
If it were to be done from a snapshot we would then have the old POW PTS remaining. This could go on ad infinitum. Dumping, keeping, buying, other devs reviving the old, old PTS with a different feature...101 different versions of PTS. I'm sure some people would say this is fine - let there be competition. I think it'd be too messy.
Wouldn't proof-of-burn bring more clarity and finality to the situation?
I think proof of burn is cool, but the burn period would have to be extremely long, maybe infinite because the original story of PTS was "buy, hodl, and you'll never regret." It would be a shame if someone bought PTS way back in December and then checked the forums a day after the burn period ended.
Another issue is that proof of burn (when XCP did it) happens all on one blockchain; to do it going from PoW to DPOS, you'd need every DPOS delegate to be running a full PTS node and then you'd need to upgrade the vanilla DPOS protocol to somehow monitor the PTS burn address and provably, trustlessly, issue new shares to the burner. I don't mean to say this is impossible, but the DPOS PTS crew is trying to do this upgrade on a shoestring budget and implementing POB would require quite a bit of new development.
Contrast this with issuing shares based on a snapshot, which is already implemented in BTS.
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