I didn't understand the "panic" / selling in the first place! To me it was:
- A proposal for discussion
- No problem because interests are very well aligned between BM / i3 and all AGS/PTS holders. Our interests are theirs.
- The proposal in itself means change but to me seems to bring a lot of value into BTSX: Adam K. maybe on board, simplifying of marketing message, adding more valuable features to BTSX (!), increased network effect and liqiudity, no need for cross chain trading for now. Those are all major value drivers. I thought the price of BTSX would rather go UP therefore. That it went down might have to do with the need of the (relatively uniformed) market to decide how to react while being in a overall downswing from the first major upswing.
- Dilution is misunderstood vastly! On the one side there is dilution of money which doesnt help the money holders (but can help the overall economy (in the short run)). On the other side there is capital infusion (also called dilution) which is a different thing because in this case shareholders profit because their shares are getting more valuable if the money from the sale of new shares is used to grow the company. We had this discussion before and it is simple too understand if BTSX is not seen as currency units but as shares in the Bitshares(x) company. And it definitely makes sense to see it this way because the BTSX shares will most likely get more valuable through this capital infusion which anyway will only be applied if shareholders think it will increase their share price.
- Capital infusion (often confused as monetary dilution; see above) will only happen if the DAC's shareholders think the capital infusion makes sense in order to grow the value of their shares.
- I more and more treat my stake in BTSX (and the other DACs) as an investment in Dan and the team (like in any other startup; except that the mechanics are based not on enforceable contracts but on social consensus, reputation and network effect). In the long run it will likely be (very) valuable.
- Dan proofed to be great conceptually, a great coder (it seems; can't judge that because not my profession) and seems to have a good sense for business reality (which was my biggest worry initially) and a good speaker
http://vimeo.com/user24356268/review/109390470/40926b1e3e. Partnerships are also coming along nicely which I still think are majorly important. i3 is ahead on most of these parameters compared to all the other innovators in the space. So I am long term very bullish.