Just beware and do you due diligence. It may be all good, but based on what has transpired before, it doesn't seem likely.
How will the numbers be drawn and prizes awarded?
As soon as a new block is generated, its hash will be signed by FreeTrade. The signed hash is used as a seed for the random numbers.
Who will own the shares?
10% will be proportionally distributed to MemoryCoin (MMC) holders
10% will be proportionally distributed to ProtoShares (PTS) holders
10% will be proportionally distributed to AngelShares (AGS) holders
30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email memorycoincc@gmail.com to make a pitch, full list to be provided at launch)
This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address.
20% will be airdropped on the top 1,000,000 Bitcoin addresses (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (Block 232,000)
This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.
it is not a good start for Dacs! Remember also that at first he don't wanted the AGS participation.Remember also that he changed his mind and canceled the project after 3 days... lol... now he changed his mind again... newmine concerns make absolute sense! Even if it is not a SCAM Bytemaster and Stan MUST take care on how to prevent future DAC scams because even we as a community don't loose money because we purchase "free" money we will loose also at last because bad reputation will occur on our ecosystem at the end...
Sent from my ALCATEL ONE TOUCH 997D using Tapatalk
The Lottoshares DAC Denny/Hackfisher is doing is honoring MMC. Why?
Respectfully, Stan and Dan have little they can do about DAC scams. It is the community that needs to inform one another, and the community that must build a value base strong enough to dissuade people from attempting to use them for unearned rewards.
Respectfully, Stan and Dan have little they can do about DAC scams. It is the community that needs to inform one another, and the community that must build a value base strong enough to dissuade people from attempting to use them for unearned rewards.
I agree. I only try to say that we must be extra careful with the first DAC releases to win the crypto communitys confidence and to build the best possible reputation in the BEGINNING, it's very crucial! Imagine the big scams for bitcoin took place before it would go mainstream... I even suggest that the first DAC release must come from 3I or at least from people/company's that have in general a good reputation...
Sent from my ALCATEL ONE TOUCH 997D using Tapatalk
it is not a good start for Dacs! Remember also that at first he don't wanted the AGS participation.Remember also that he changed his mind and canceled the project after 3 days... lol... now he changed his mind again... newmine concerns make absolute sense! Even if it is not a SCAM Bytemaster and Stan MUST take care on how to prevent future DAC scams because even we as a community don't loose money because we purchase "free" money we will loose also at last because bad reputation will occur on our ecosystem at the end...
Sent from my ALCATEL ONE TOUCH 997D using Tapatalk
Respectfully, Stan and Dan have little they can do about DAC scams. It is the community that needs to inform one another, and the community that must build a value base strong enough to dissuade people from attempting to use them for unearned rewards.
Without making any value judgements about any particular developer, what should the BitShares community's policy be about promoting developers who (wisely) choose to honor PTS and AGS?
We have said in the past that, as long as there is not an legal/ethical/philosophical conflict, any DAC that honors the community will be honored by the community.
My absurd example was that "Slavetrader, DAC" would probably not qualify. [https://bitsharestalk.org/index.php?topic=2166.msg25947#msg25947 (https://bitsharestalk.org/index.php?topic=2166.msg25947#msg25947)]
Should we be involved in vetting 3rd party developers? Or should we just be appreciative of anyone who thinks enough of this community to seek its support?
All right. I'll imagine this for you.
Say,I developed a coin called "JobCoin",intend to provide a information business that let people find jobs and let company hire people,they should use my "JobCoin" to pay to post their information.
I premine 100%,then give 50% to PTS and AGS (very good,right ? I'm a good guy at the eyes of 3i).But,hey,this 50% has to be locked for 3 month to longer time before it will be trade able.
Now, by the power of 3i promotion , JobCoin successfully get on all major trading platforms.Since it's promoted by 3i,then the market would love this coin from the start,my 50% coin can sell at a good price.
After selling the coin,I get say ....200K USD easily.Then , I can get off to the sunset and enjoy some quality time with my loaded wallet.
And then , I don't need to maintain this coin anymore. But hey , the community can curse me .That's my wrong doing ,I can take it .
The problem is ,the community won't just hate me . They see this "JobCoin" as 3i's product,no matter how you explain the concept of "3rd party".For example , during that time Feb. 28th which lead to PTS's price boost , some big time MMC dealer also said that MMC is a "3i related product,and because PTS has good news,MMC is bound to rise." That's the real relationship between 3i and 3rd party DAC.They ignore the "3rd" part.
So,if you say I just need to give PTS and AGS a share,you would support me no matter what ,then I think more developer would join this pool. The problem is ,
if 3i can really separate itself from the potential harm or bad act by the 3rd party DAC 3i's promoting ?
I think the 3rd party != full immunity for 3i,at least on a public image level. If 3rd party DAC do good, 3i will benefited. But what if other wise ?
PS. I just image the worst way of doing the wrong thing,not that will surely happen,not that anyone done this or can do this.
But, Can I do this ? That's the real question.
You have presented a valid concern.
Sooner or later something bad like this could happen.
The alternative is to give up on teaming with many great 3rd Party DACs.
It is generally not possible to know the difference in advance.
If we did a small (affordable) amount of due diligence, this could make matters worse. Then there would be an expectation that we are guaranteeing a perfect outcome. And no such guarantee is possible.
The choice seems to be:
Support no 3rd Party DACs.
Support all 3rd Party DACs.
As soon as we decline one, the expectation is that we are smart enough to decline all bad and accept all good. A slippery slope?
Do you see any better alternatives?
I'd say let them do but, ...What should be this community's policy about endorsing third party DACs in general?
I'd say let them do but, ...What should be this community's policy about endorsing third party DACs in general?
We feel responsible for investors and do the following:
* check genesis block and coin distribution after launch
* check source code (in order to prevent stealing of privkeys)
* check DAC model/profit
When all is fine we could announce a +ACK or a -NACK to investors.
I'd say let them do but, ...What should be this community's policy about endorsing third party DACs in general?
We feel responsible for investors and do the following:
* check genesis block and coin distribution after launch
* check source code (in order to prevent stealing of privkeys)
* check DAC model/profit
When all is fine we could announce a +ACK or a -NACK to investors.
Check source code (in order to prevent stealing of privkeys) probably mean that we also should publish precompiled binaries?That's probably the consequence ... too good we already have jenkins in place :-) *thumbs up*
Update: As idea, we can distribute binaries over BitShares nightly build system.
OK, so now you have hit on something really, really BIG! This is where PTS/AGS earn their 10%s.Probably
This community is the single biggest group of well-informed experts on what makes a good BitShares DAC.lol .. i am just amused about .... rectal examination .... too funny
When a developer honors this community, it is, in part, to take advantage of that expertise to get a thorough rectal examination and vetting that they can point to with pride.
(Presumably, if this community finds no show-stoppers and is excited about the product, that is the primordial DAC equivalent of an endorsement from Underwriter's Labs, Consumer Reports and an alphabet soup of consumer protection agencies BEUC/SPCA/PETA/EPA, etc.)Thats actually what I also mentioned on an other thread, that this might be a very good opportunity to earn money here.
This is not something I3 can do, but it is something the BitShares Community can do!
The Lottoshares DAC Denny/Hackfisher is doing is honoring MMC. Why?clarify:
Answering my own question: LottoShares is what MMC developer (former Protoshares maintainer) Freetrade is doing, nothing officially supported by Invictus. Of course he is honouring his own coin....
Newmine is a crank and has been hounding me ever since I called him greedy and stupid to discourage others from joining him in his short-sighted behavior with MemoryCoin. He has lied about me many times and his statements continue to be deliberately skewed and misleading. He is continuing to conduct a personal butthurt vendetta.
MemoryCoin 1 was a public project that everyone could take part in. MemoryCoin 2 genesis was discussed in public and everyone was free to take part in that discussion. Salaries in MemoryCoin 2 are voted on in public, are transparent and are a major feature of the coin.
LottoShares is a new project. It is a DAC of which I could choose to keep 100% if I so decided. That's the same as founding any other corporation. I'm giving away the vast majority of it, over 98% to encourage participation.
Also there is a way to make this provably fair, and not have to use his own seed, which he can control. If I was running this coin, that would be my priority.
Just my 2 BIP.
The solution can be to start from blank page and not to honor MemoryCoin (MMC) holders. This will solve a historical problems and misunderstandings?
The word endorse should never be used in these relationships.
I3/Bitshares should not be in the business of endorsing, just supporting the ecosystem which means DACs using the ecosystem. The support should be seen as technical support and basic announcements, but no value judgement by I3. They really need to make that clear all over the place.
Again with the lies, Newmine.
Points have all been addressed repeatedly.
https://bitsharestalk.org/index.php?topic=2288.0
Katie: But you told Bter to de-list MemoryCoin?
FreeTrade: No. There's something called a trading halt - that's when something big is about to happen to a stock and trading is stopped to allow people to absorb the news. I told them they should probably suspend trading for a while because there was big news. But I don't get to tell exchanges what to list and de-list. Believe me, I've tried!
Katie: What was your stake in the original coin that was forked into the new coin?
I had a 1.6% stake, so I got about 160,000 coins. At the current price, that's under $50,000. Some people will say that is excessive but I've worked very hard at it and that's not really very much for the skills I have and there's a lot of risk of ending up with nothing at all.
I also control something called the Memory Coin Foundation which gives out tips and grants and that got 47,000 coins. From the earliest days I've explained those are not mine and I'm continuing to give those away to people helping the project.
Katie: So you put them the pre-mine?
Well I had a lot of coins too, but the problem I was trying to solve was how do we keep voting but stop the short-sighted shareholders from taking the salaries and firing the devs?
And the solution I came up with was to fork all the balances from the old coin, but dilute anyone who wasn't voting, or just voting to share the grants out amongst the winning voters. So the fork rewarded people who were really engaged and trying to make the project work, but still kept balances for everyone.
Again with the lies, Newmine.
Points have all been addressed repeatedly.
https://bitsharestalk.org/index.php?topic=2288.0
This would be a perfect opportunity for Freetrade and Newmine to join a Mumble Session so they can get feedback from the community on record. Anyone in attendance could ask questions and could record the session to propagate as they see fit. The more avenues made available the better in my opinion.Personally, I see FreeTrade as a honorable member of this community and love the idea of a mumble session for this. I'd like to participate to the next session, but I am afraid I wont have time again (private business) :-(
Personally, I would gladly set this up and run it since Freetrade will honor PTS/AGS.
Please let me know if you are both interested in discussing this topic, clarifying any misconceptions, and learning the value of the community even at this early stage of Beyond Bitcoin.
Again with the lies, Newmine.
Points have all been addressed repeatedly.
https://bitsharestalk.org/index.php?topic=2288.0
This would be a perfect opportunity for Freetrade and Newmine to join a Mumble Session so they can get feedback from the community on record. Anyone in attendance could ask questions and could record the session to propagate as they see fit. The more avenues made available the better in my opinion.
Personally, I would gladly set this up and run it since Freetrade will honor PTS/AGS.
Please let me know if you are both interested in discussing this topic, clarifying any misconceptions, and learning the value of the community even at this early stage of Beyond Bitcoin.