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Muse/SoundDAC / Re: NOTE value after snapshot
« on: October 14, 2015, 04:10:48 pm »
very silent over here after the snapshot
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I know I am changing the subject (slightly), but the decision to have museUSD will be the main contributor why the whole MUSE block chain fails.
so even if museUSD would never launched/used you still thing the MUSE block chain would fail?
Would you prefer it to coexist on bts2.0 as a token without the need of a new chain birth and all the power of our bitAssets?
No, all am saying is that museUSD is a stupidity of such a proportion, that it will lead to Muse failing not matter what else is done.
museUSD will be backed by MUSE .. fees are payed/burned in MUSE (finally)
Thats a better value proposition than bitcoin! Satisfied?
so do you say NOTE will become MUSE?
Yes. This is how it works:
After the MUSE chain is launched, you will download and install the new MUSE wallet. Then, you will import your private keys from your BitShares wallet (which contains your NOTES). This will unlock (from the MUSE genesis block) 1 MUSE for each 1 NOTE that you own.
Then, the BitShares 1.0 blockchain will die/become irrelevant, and the NOTE UIA on this old chain will be worthless. So in a way, you are correct. The NOTE on BitShares 1.0 will be worthless, once the value is transferred to MUSE.
After this, MUSE value will likely increase, since the utility of the MUSE core asset is much greater than the utility of the NOTE on bts 1.0, which was really just a placeholder so that people could begin trading and speculating.
museUSD will be backed by MUSE .. fees are payed/burned in MUSE (finally)
Thats a better value proposition than bitcoin! Satisfied?
Export your wallet on Oct 12th and you'll likely never have to fire up the BTS client again.