Would be nice to have bought a bit more back then!
i wasn't around at the time but those prices are awesome !
Am I missing something? Are we not basically at those prices yet again? We are at .013btc/pts on Cryptsy. And who's surprised?
Invictus diluted the value by changing what each PTS was worth in regards to future DACs. What most people understood to be a ~1:1 share in bitshares and other DACs changed in the past month to 10% of that. New social contract. Why shouldn't the value per PTS dilute to 10% of what it was when the stipulations on its use changed as well? The latest post in the thread, "Intrinsic value of Protoshares" is literally "this is no longer relevant and needs to be updated." Why? The intrinsic value has changed.
And AGS? For being against a central monetary authority, Invictus is sure acting like one. They have essentially pegged the value of PTS to AGS, and are diluting the value of PTS in favor of AGS. One PTS gets more than 1 AGS, but most people consider their intrinsic value (basically) to be equal. Why hold PTS when you can sell off into AGS? A rational market will continue to dilute PTS until the value of 1 PTS = 1 AGS. Unfortunately, until 50% of PTS are sold into AGS, the dilution will not stop. (!)
These poor choices are really burning a lot of the early adopters and enthusiastic supporters of PTS/bitshares. You can't expect the value to stay stable when you dilute it through changes in the social contract and artificially pegging it to another currency.
I may have been off with some of the details regarding 1:1 PTS:DACs, etc. I can't keep track with how often I feel these keep changing (or, I mean, being clarified). But I believe the merit of this post remains true. I think a rational person would leave PTS now. Even if that meant going into AGS - anything but PTS - because trust is lost and the valuation is corrupted. I write this humbly with hope for a response. I don't want to sell my holdings.