Hi all, I'm a new user here and I have a few questions I would like to clarify before I Invest hopefully later today (I couldn't find any specific answers searching)

A little about me: I have just been introduced to the world of Cryptocurrency and knew it was something I wanted to invest in, I started mining for LTC but after 8 hours I realized it wasn't cost efficient on my PC so researched options and come across Protoshares which obviously led me to the evolved BitShares X. Now I have a basic understanding of the shares and system etc but Assets and deeper confuse me but I will dig into that after I have invested.

My questions are, and I apologize if these have been covered before:

1- I plan on buying BTSX as an investment into the project which I believe has great potential, not looking for a get rich quick scheme but if I double my investment value in 2 years +/- then great. Being in the UK I would have to go Local exchange GBP --> BTC then BTER BTC-->BTSX. If I have BTSX in my wallet, on Nov 5th when the system changes will it just be a seamless software update, nothing lost funds wise?

2- I see PTS are available on BTER, is it worth investing in these now before BTSX for the 5% bonus on switch over? If so do they store in my BitShares X wallet?

3- On the subject of wallets, I plan on replacing my PC soon, Is it as simple as EXPORT WALLET, save file to USB, install client on new PC and then IMPORT WALLET using the exported file from old PC? I would hate to loose my BTSX so thought I'd check first before I buy

4- Last question for now, When the change is made on NOV 5th to BTS, is the buy price expected to increase significantly? Only reason I ask is I will be investing £10 GBP today/tomorrow, and a further £30/40 GBP in 2 weeks, would hate to screw myself over which is why I'm looking to invest a little at least before the switch.

Thank you guys for your patience and time, I understand I am just another of many with silly questions but I am excited about this as it looks very promising as a whole.

Regards

Scott

Hey, welcome to the community!

I can answer some of your questions:

1. Yes, the November 5 event will be seamless for BTSX holders.

2. I would avoid PTS just for the sake of simplicity. Beyond that, in my opinion it isn't offering nearly enough discount relative to BTSX to be worth the 2-year lock-in of value.

3. This will work, but the problem is you'll have to re-scan the blockchain when you import the wallet, and that has left a bad taste in my mouth when I've had to do it. I believe there is a better way involving making a copy of the AppData\Roaming\BitSharesX folder (on Windows), but I'm on mobile so I can't look up the instructions for you right now. A couple months ago, someone on the forum made an extensive post about backup procedures on Windows; it's well worth the read if you can find it.

4. There are no technical reasons the price should spike up after the snapshot, but it's anybody's guess. Today is the lowest price it's been in weeks; hoping it doesn't rebound could get you into trouble.

Sent from my SCH-S720C using Tapatalk 2

nobody will mine pts after 11.05
btc38.com stop trade the pts after11.05
BM you should think a way to protection PTS.if not PTS wil dead

Last I heard, AlphaBar was working on a DPOS replacement for PTS.

Quote from: marcelus on October 28, 2014, 06:11:44 pm

It has emerged Invictus is right in the firing line of a SEC investigation in crypto IPOs. People are putting their money in BitUSD in the expectation that this news will cause the price of BitsharesX to fall without crashing it completely.

Not only is this a lie (about the firing line of SEC investigation), but you have it all backwards.  Someone who would short hundreds of thousands of $ of bitUSD in existence is actually betting that BTSX will soon RISE in price, not fall.

Whoever shorted all of the bitUSD into existence, increasing the supply, is both a whale and is bullish on BTSX.

But someone had to buy all that as well; it seems unlikely that half a million worth of shorts and bids would appear at almost exactly the same time. My bet is that some whale shorted it all to himself.

Can anyone explain why bitUSD is so far off the peg?  Is it something to do with the needs of the short/long positions?

People are waiting to see if we get a correction back down below 45. If it stays at 48 for a couple days, the peg should correct. Yesterday the peg was rock solid, then the feeds changed, and now it's off.

Just curious... Can it possible that Music will be merged into BTS as a DApp after its launch?
In this case, how are they merged, increasing the amount of BTS and exchanging Notes to BTS based on market cap?

I think this would be the basic idea. I wouldn't expect it to happen strictly on market cap; if it happened, BTS would essentially be buying out Music. So there would be negotiations and eventually both parties will have to agree on a price; it's possible this price would not be exactly equal to the market cap.

If it happens, it will be interesting to watch: how does one DAC negotiate with another DAC?

Sent from my SCH-S720C using Tapatalk 2

Will this be using the same PTS snapshot on Nov 5 that BTS is using? Or will PoW PTS continue to exist until you snapshot it later for DPOS PTS?

Welcome to the community! I think I can give quick answers to your questions:

1) What is the worldwide currency that people use under the Bitshares model?
   
    Example:
    I go to the coffee shop to buy a coffee.
    What is the currency that I use?
    Do I pay with BitsharesX (BTSX)?
    Do I pay with Bitshares USD (BitUSD)?
    Do I pay with something else?

The short answer is that BTSX is not a currency, and is never intended to be one. If you live in the USA, You'll pay with BitUSD, because its value is stable relative to the currency you're used to buying coffee with. The value of BTSX will go up and down over time, so it's a terrible choice if you want to buy something with it.

Second note here: the "X" in BitSharesX is going away soon, and BitSharesX will become simply BitShares.

2) I am confused about Bitshares Music using something called the "Note".
 
    Am I to understand that "Note" is another/different currency separate from btsx?

    Does this mean that I have to acquire/buy notes, so that I can buy digital music
    files (mp3s or whatever) of my favourite musical artists?

    If the "note" is different from "btsx" then why is this necessary?

The story is not yet completely written on BitShares Music. Its basic unit of account will be the NOTE, which is analogous to BTS for BitShares. But NOTE is not a currency! It represents ownership in the BitShares Music business. The currency will be something like BitUSD; you'll buy songs with a currency unit that is pegged to the US dollar. However, anything could still happen with BitShares Music. My suspicion is that at some point in the next year, the main BitShares DAC will "buy out" BitShares Music so that both businesses can operate on the same blockchain and use the same BitUSD. But now I'm straying into more technical territory that I wouldn't expect an Average Guy on the Street to understand or be interested in.

Suffice it all to say: a major part of the Bitshares story is that for something to be useful as currency, it really needs to have a stable purchasing power.