16) Have a commission system for the bounty operator/organizer.  The goal is to motivate rapid question/answer/evaluation cycles and divide up the task of running the bounty in addition to completing the bounty.

what do you mean by a commission system? How do you imagine it working?

Quote from: JustHayden on December 28, 2013, 06:13:23 pm

I purchased my ID through PM so will I get an email?

Yes.  Everyone can confirm in a few days when the tool goes out for claiming the IDs you have won.
This will let you privately check and flag any errors before we lock down the genesis block.

As Elmer Fudd once said, "We must be vewy, vewy careful..."

I agree, it's better to be late with the right thing than on time with the wrong thing.

Quote from: phoenix on December 27, 2013, 09:00:59 pm

Quote from: bytemaster on December 27, 2013, 08:42:53 pm

No gold ever needs to exist in the hands of any user. BitGold will have the purchasing power of gold but is not a promise to pay gold.

How do you expect people to honor the purchasing power of gold without the promise to pay gold?

If you haven't grasped this detail of BitShares and are already a huge fan, then when this finally sinks in you will really appreciate how valuable BTS will be

BitGold is lent into existence like a Gold Bank Note from back in the day.  When you went to get a mortgage on your house you promised to pay the bank 100 oz of Gold and pledged your house as collateral.  In exchange the Bank promises to pay you 100 oz of Gold On Demand by either giving you bank notes or a balance in your checking account.  They never actually gave you the gold you supposedly borrowed from the bank and instead played a fancy game of IOU swapping.   An IOU from the bank is worth more than a personal IOU and therefore the bank charges you interest.   The bank also demands collateral because they need to have the ability to make good on their IOU or there will be a bank run.  Namely, if you don't pay the bank is still solvent so long as the collateral can be seized and sold to cover the loan. 

BitGold is like a bank note backed by Stock in Bank of BitShares.   Someone had to borrow it and pledge Stock as collateral.  Just like with a real bank loan, you can only borrow up to 50% of the value of the collateral.  Just like a real bank loan, if the value of the collateral starts to fall the bank can foreclose or demand you put up extra money.   Unlike traditional bank loans, Stock in Bank of BitShares is far more fungible and liquid than title to a unique house.    In effect, a 'bank run' just means loans get called and a short squeeze begins, the short squeeze represents an opportunity to open a new short position and profit when the price settles down post-squeeze.   

In other words, BitGold is a promise to pay 1 oz of gold worth of BitShares.   From day to day the number of BitShares you receive for your BitGold will change, but those BitShares will always equal about the same value as 1 oz of gold.   The way the price tracks is very similar to how prediction markets can track the value of abstract ideas.

One word describes my feelings about this: "WOW!" This is awesome, I can't wait to get my Bitshares! Happy New Year!

I had a similar idea, but instead of limiting the bounty to one person, I thought you should allow anyone to claim the bounty, as long as the majority of the people who donated towards the bounty(weighted by the amount they contributed to the given bounty) agreed that the individual submitted a legitimate claim. Here's how the system would work:

1, somebody puts up a bounty, with a complete description of what the requirements are
2, anybody that wants to encourage the bounty can then donate to the bounty address. By donating to this address, your address is given a certain % of control of the bounty address, equal to the % of funds that you donated. If you donate 2 BountyShares out of 20 BountyShares that were donated to the total bounty, you would have 10% control
3, anyone can then submit a claim for the bounty, but they have to pay a small fee to prevent spam
4, if within a set amount of time (1 week?) a minimum % of the people that donated, weighted by the amount they donated, have voted to accept the bounty as legitimate, then the bounty will be transferred to the developers address.
5, if the claim isn't accepted, then the fee is put towards the bounty, and the cycle continues.

Advantages:
-this could work with more than just code. People could create graphics bounties, music bounties, etc.
-All bounties are visible on a block-chain, anybody can use the works submitted to improve their own projects

Potential issues:
-somebody could submit a massive donation, followed by a claim that's absolutely worthless. Since they now have majority control, they can take the full bounty. (perhaps this could be solved by linking to Keyhotee IDs?)

You went from owning a share of a company (DAC) which had to pay 50% of its earnings (transaction fees) to miners to burn them up while also serving to centralize control in economies of scale to owning a share of a company (DAC) which can pay you 100% of its earnings.  This alone DOUBLES the value of the new BTS vs the old BTS.   You also went from owning 55% of a company that has $500K to grow on to owning 50% of a company with several million backing it and therefore much better adoption and support.   

If you ignore the stock-split effect of the original BTS dividend design, then what you have is a DAC that was charging you a 20% wealth tax to pay miners the first year and then taking 50% of the profits.   Now you get a DAC with no wealth tax paying you 100% of the profits.  The question becomes what kind of revenue will be generated from transaction fees because this will determine how long it takes before PTS holders under AGS surpass PTS holders under the original design in terms of percent ownership.   In terms of the value proposition you come out ahead in the first year based on the value being 2x the old value (when viewed as a revenue stream). 

One last detail is that if PTS holders contribute just 5% of their PTS to get AGS then they will have significantly increased their cut from 50% to 75% while providing $1 million worth of PTS to fund development and promotion.   Essentially, we have given PTS holders a way to repurpose their debasement due to mining toward more productive activities that increase the value of BTS and PTS.   

I hope this helps.

This is a good deal for people who just want to hold their PTS. But for people who want to invest their PTS in Angel Shares, this is an amazing deal! The ROI for Angel Shares looks pretty good right now (about 7.76 AGS per PTS), and might be better on some days than others

Quote from: bytemaster on December 26, 2013, 05:48:21 am

Quote from: Number 1 on December 26, 2013, 05:41:45 am

Quote from: Lighthouse on December 26, 2013, 05:38:52 am

So you raised over 100BTC worth of PTS from something that is basically free for you to do, pretty successful initiative!

It will fund a team working on keyhotee for a couple of months.  Enough to get a pretty nice user experience.     Our polish devs have been working hard on it,  unfortunately they don't work for pts.

I believed the PTS launch was more successful than expected. Thus Invictus has more money than they expected to, right?

So why the need for more funding via AngelShares? Was this the plan all along?

I dont mean to be so critical, I believe Invictus is really doing something great here.
I just dont understand why there is a need for more funding at this stage if venture capital was successfully obtained and PTS launch was such a success.

Now it looks like either the original plan was set under-budget. Or the plan was to just get some cash, see how far it goes, and then get some more.

Not all of the Angel Share funding is going towards Bitshares. I3 is investing it into the development and marketing for even more DACs, so this isn't just short-term funding, it's long term funding.

Quote from: Lighthouse on December 26, 2013, 01:25:03 pm

Given that, my incentives suggest I should wait to invest because since total investment in Angelshares is capped per day, there's probably a lot of pent up demand that will be very impatient and maybe not think so much about the value they're getting for their investment, in their rush to invest.

Problem is, that's actually a disservice you're doing the people who want to help you reach your goal.  You're saying - Ok, I'm offering interest and you should all compete against each other to see who wants it most, but if tomorrow none of you show up I'm going to sell it all to Lighthouse for a dollar because those are the rules I invented!

If you designed this system to allow people with a lot of capital to invest in you, it's a loser.  It requires either minimum daily micromanagement or is basically picking pricing with a blindfold on.

Honestly the "minimum daily micromanagement" takes what, 15 seconds? Or if you plan to be AFK, do you have a computer you can leave a cron job on? I could write a guide on how to set that up if there's enough interest

It could take longer if you want to get better deals. But I think there will be 2 main strategies: Throw a bunch of PTS/BTC at the donation address early in the day and hope that everyone else decides that the rate they would get for investing would be to low, or, wait until the last minute to try to grab as many Angel Shares as possible for as few PTS/BTC as possible

Okay, it's "seven weeks behind."  Please tell me I won't be waiting that long

No, that's just the number of weeks since PTS was launched. I recently tried to re-sync completely, and got all 7 weeks in less than 10 minutes, plus a little extra time to connect to the network