BitShares Forum
Other => Graveyard => KeyID => Topic started by: toast on March 21, 2014, 02:56:18 am
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I've been given the go-ahead for using future shares in DNS derived from PTS that Invictus holds in the Angelshares fund at the time of the Bitshares DNS snapshot. In other words, about 10% all DNS are available as IOUs from me & Invictus. The amount I'll be spending in the short term is a rounding error with respect to total AGS DNS holdings. This is a way to reward DNS believers who trust I3 at a premium rate while not diluting current AGS funds.
I started a spreadsheet here to track the IOUs:
https://docs.google.com/spreadsheet/ccc?key=0AjWEvwFB1BZ7dHlRMFFlRHVvM21XU3pqS2NoSUFqWWc&usp=sharing
The total share amount might change, and I will adjust bounties accordingly. If you have trust issues (which are actually a little bit reasonable in the land of crypto-equity), I can't help you.
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I have read that first paragraph several times - and I still can't figure out what you are trying to say. Please try being more specific (ie. what "snapshot" are you talking about, the Feb. 28th?)
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Better now?
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Yes, better now. It still took me a while to catch the meaning, but I'm old and ugly.
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So .. What am I supposed to do?
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so when is the bitshare dns snapshot going to be taken?
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so when is the bitshare dns snapshot going to be taken?
I think they're doing the snapshot when they have a pretty-close-to-releaseable product.
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so when is the bitshare dns snapshot going to be taken?
I think they're doing the snapshot when they have a pretty-close-to-releaseable product.
Correct... the entire chain will be tested in public before we announce the snapshot date..... so snapshot indicates 2 weeks left of testing.
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You mean you take the PTS that where received as AGS donations and sell them to people (in some kind of DNS specific AGS funding) as future BTS DNS?
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No, ok. There are 250,000 PTS in the AGS funds right now. A bit over 10%. This translates into a something over
10% 5% (oops, updated OP) of future DNS that will be controlled by AGS fund keys. These are considered to be part of the angel fund, since they're derived from PTS donated before the snapshot. They are available right when the chain launches and will be sent from someone at I3 who has access to the PTS keys.
Can someone give a go at explaining it more simply since I have failed twice now?
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Ok, so what Toast is saying:
The PTS that are still in the AGS wallet, will of course get DNS shares.
These DNS Shares are used to fund DNS.
In this way the AGS funds itself (BTC, PTS) won't be used for the development of DNS.
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Can someone give a go at explaining it more simply since I have failed twice now?
Challenge accepted.
The AGS funds contain about 10% of the total PTS in existence. When BitShares DNS is launched, these PTS (just like all PTS) will generate some shares in BitShares DNS (about 5% of the total DNS supply). These DNS-shares will still belong to AGS, which means their purpose is to fund DAC development. Clear so far? Short version: AGS will control a large number of DNS-shares.
If you help develop BitShares DNS, your name (or whatever identifying information you like) will go in toast's magic spreadsheet, and when BitShares DNS launches, you will be rewarded a portion of the DNS shares that are controlled by AGS.
TL;DR: if you help develop BitSharesDNS, you will be paid in DNS-shares.
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Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...
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Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...
This wouldn't dilute DNS holders because invictus actually owns PTS. This is different from the proposal to preallocate some at the expense of DNS rewards of all PTS holders.
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Thats the way I understood it. But this justs dilutes DNS holders... Which would be ok to me because it is used for DNS developement...
This wouldn't dilute DNS holders because invictus actually owns PTS. This is different from the proposal to preallocate some at the expense of DNS rewards of all PTS holders.
I would defenitely dilute it. It's simple. More claimed BTS DNS = more total money supply compared to when PTS from AGS are not claimed. But it would make sense to fund the developement this way if it is assumed that DNS increase more than PTS in value.
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Oh I was just making the assumption that they'd claim it eventually for some reason no matter what so we would spend those in any case
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I think in the Angelshares Allocation thread (not sure) it was said that XTS would not be claimed with AGS donations as this would make sonsense of the donation process. But maybe what was meant was that XTS are not claimed by AGS donations as III posession. But I think the first one was meant. Nevertheless your proposal might make sense.
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I think in the Angelshares Allocation thread (not sure) it was said that XTS would not be claimed with AGS donations as this would make sonsense of the donation process. But maybe what was meant was that XTS are not claimed by AGS donations as III posession. But I think the first one was meant. Nevertheless your proposal might make sense.
The AGS development fund now has PTS, XTS, and BTC on its books. We can make the fund self sustaining by releasing DACs that add value faster than we spend AGS funds and everyone wins.
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The statement we made was that all the dividends (new DAC shares) earned from donations would also be applied to the same purpose as the original donations - to promote and grow the industry -- including R&D toward new families of DACs for others to build on.
So DNS shares can be used for any of those purposes -- but what more appropriate use is there than to fund the development of BitShares DNS itself?
In fact, that feels so profoundly "natural" I think you guys may have started a trend!
Talk about a DAC bootstrapping itself! And people who contributed get a stake in what they helped to build. Wow.
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Very cool idea to use future angelfun-derived stakes in new DACs as present funding for those DACs. I can't help being baffled by the numerous simple innovations that come along that no one saw coming until right before it happened!