Congratulations, that's great!

what happens in 2 years?

The original schedule was for mining 2m PTS in 2 years

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Quote from: bytemaster on November 22, 2013, 10:15:55 pm

I think Lucky Mining adds a cheap thrill for certain people that helps decentralize mining while vesting requires miners or the people that hire the miners to think long-term and thus reduce the short-term volatility of hash power.

I agree, are people seeking a cheap thrill the type you are trying to reach with an equitable distribution.  Are all bodies and participants equally valuable?  I don't think they are, and just as you're not trying to appeal to your own type personality with this lotto mentality, I don't think it will appeal to the types of people whom you actually want.  You want people who are smart and can evangelize the product without falling back on the "It'll make you rich" argument. 

I liked the long term vesting idea a lot more, and I like the idea of long term predictable payouts being one end of the spectrum and low odds high payout being the other end, but allowing the balance to be selected by the individual.   If you believe in the project and want to work towards a long term development goal with it, you would very much prefer the slow but reliable payout because it means you are guaranteed to have a stake in what you are working towards as opposed to the lotto "Maybe I get a lot, maybe I get nothing" approach.  With that approach you are only invested if you are lucky.  You don't want people maybe being supporters, you want evangelists who know they are invested.

Has anyone had success at Bter.com with buying PTS with BTC? Please advise. Thank you.

I've used them to buy about 100PTS. Never had an issue.

Quote from: ruletheworld on November 19, 2013, 11:55:50 pm

I really like the vesting idea. However, my major concern is that with something like BitShares, you want a bigger market at first for a prediction market to work well. If you think the people who hold ProtoShares will be enough to give BitShares the momentum it needs to maintain good markets in basic BitAssets like BitUSD, BitBTC, etc. then I am all for it. If we don't have enough volume for these markets to be efficient, then it will be very hard to convince the others after 6 months that the idea will work with a bigger pool. Just my 2 cents.

There is always ample supply of currency on the markets and transaction fees are available to all miners with the normal 120 block maturity.   I don't see anything that would limit the user base.

Not limit the user base, but limit the initial supply of BitAssets. Consider say 1 million BitShares in existence at launch (several people won't convert their ProtoShares to BitShares and use it immediately, right?) It would be hard to predict what % of initial BitShares will be converted to BitAssets, but I am guessing 10% (may be I am off?) so you have 100,000 BitShares out. At today's market rate, that's the equivalent of 1000 BitBTC but then not everyone is going to play the BitBTC market, there are several others. So say 500 BitBTC in the system at launch. Do you think this is enough supply for the prediction market to work well and not skew towards heavy longs/shorts for extended periods? I don't know the answer, just saying it's something you should consider.

Quote from: Stan on November 18, 2013, 02:24:20 pm

Quote from: Sy on November 18, 2013, 10:14:11 am

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys?

They don't have to, but here's why they might: build a community that is automatically vested in their idea.

For instance, if you have an idea of a brand new DAC that you think will interest everyone, instead of starting from ground zero, you might as well just fork protoshares, think of it as a 10% premine that has been distributed to several early adopters. Now everyone is automatically invested in your idea, including Invictus and therefore they have an incentive to help your DAC succeed. You don't have to, but you might just enlist the help of the community who also gains with your DAC. At least that's the idea ...

The forum seems to be missing the ability to view 'All' instead of going through page numbers individually. For longer discussions, it's a good feature I think. Bitcointalk forum has it, for example. Not sure if others agree it's a good feature to have.