biophil, my understanding was that a premium (I seem to remember 10%) was being paid for the PTS shares due to being locked up. Your understanding is that was priced into the % sharedropped?
So do I have this right... if I had 730 PTS at snapshot and 1 PTS = 100 BTSX, I would receive 3,000 BTS after one month and 73,000 BTS after 2 years? No lockup premium would be due either monthly or after the full two-year term?
That's right. 1 PTS is about 100 BTS, and PTS were trading anywhere from 85x to 120x the price of BTSX. So at best, the lockup premium was 15%, and at worst, around negative 20%. But you have to take into account that the same exact PTS snapshot will be used for BitShares Play and whatever replaces PTS, and whatever other projects decide to use this snapshot. So the value of 1 PTS on the snapshot included 100 locked-up BTS, some number of PLAYs, and some number of future PTSs. We knew the price of BTS ahead of time, but we have no idea how to price either PLAY or future PTS.
So the reality is that we don't really know how to calculate the lockup premium. 10% was calculated when PTS was trading at 90x the price of BTSX, and people were assuming that the only value PTS contained was that of BTS. Eventually it became clear that the market was pricing in a bunch of other things.
This was my long-winded answer to say "yes, the premium was priced in, not hard-coded."