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Messages - GaltReport

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196
Will any of these options reduce current BTSX holders shares by number or percentage of the whole or both?

They all will.

But you will have a smaller part of a larger whole.
By % of the total ? 

Edit: Just wondering what difference will people see ?  In their wallet or in marketcap type numbers?  Will they see less BTSX in their wallet is really the question?

197
Will any of these options reduce current BTSX holders shares by number or percentage of the whole or both?

198
Thank you for this useful overview.

Do we really need to launch a new BTSX?

It would be easy enough do dilute BTSX to add AGS/PTS. Then just rename it to BTS.

The 2 billion cap is only a mental trap, and launching a new DAC with 2 billion shares is more work than accepting that 2B can increase. And accomplishes the same thing.

That's what I was thinking too.

199
How would the Vote Snapshot fit into this since it was already taken?

(i.e. what if you had 1,000 PTS when the Vote snapshot was taken and have 500 PTS now?)

I think that in Bytemasters proposal, VOTE will not exist, and everything will be part of Bitshares.


In your case of having 1000 PTS when the VOTE snapshot happene,d but 500 now, then you only get 500 PTS worth of the new BTS.


However, you also have a bunch of USD/CNY/BTC that you got for selling the PTS.  And if you want you could buy some PTS or BTSX now with that money, and get your full share.  (Actually, would will probably get MORE than those of us who held through this recent price dump, if you buy now!) 


Is this process going to be absolutely, perfectly, 100% fair to everyone?  No, it cannot be.  It is impossible, because we all bought and sold various things at different prices at different times.

But it is going to be as fair as it can to as many people as it can.  It uses values approximating current market prices, so it at least gets as close as possible.

Okay, I forgot.  So Vote would get rolled in and you get it to the extent you have BTS.  Well, really you just get it!

200
How would the Vote Snapshot fit into this since it was already taken?

(i.e. what if you had 1,000 PTS when the Vote snapshot was taken and have 500 PTS now?)



201
General Discussion / Re: Gold 2.0 vs. Shares 2.0: Lets Talk Metaphors
« on: October 20, 2014, 07:59:58 pm »
+100% - The sooner the better.


202
Everything we would have ever implemented.
what is with lottery/play, DNS, music? All those functionalities would go into BTSX?

I think these are independent.  Not sure though.

203

- BM is lightyears ahead of us
- BM needs to ensure future funding for BTSX
- BM wants to let the community take part in the development of future funding methods

That's why I feel the community screw it this time ..
If you want BM to continue publishing his thoughts you should stop panicking on every word he writes! .. especially those declares as PROPOSAL / OPEN FOR DISCUSSION

It's not the first thread in which inflation is discussed .. still people panic .. not rational IMHO

Yes, I agree.

I disagree. Much of the proposal is just that a proposal up for discussion and feedback.
However I feel Bytemaster has recently been clear & honest that dilution is a necessary feature of his grand vision for BitAssets.

Those that want a stable money will use BitGold or BitSilver because those are not subject to change, only supply and demand. If you cannot trust the community of stakeholders to act wisely then create a rigid system with no rule changes and attempt to compete.

Therefore the market has clarity BTSX + no dilution is no longer viable within BitShares as it will not benefit from the full potency of Bytemaster's ability.

That is fine. I think the market has mostly adjusted to that. My BitShares investment is primarily an investment in Bytemasters grand vision. Also BitShares has a short window of opportunity in which to take its shot at the world, lets not miss it.

 +5%

204
General Discussion / Re: Proposal to Resolve a Million Issues at Once
« on: October 19, 2014, 03:01:43 pm »
I have a feeling their is more going on behind the scenes. Maybe money is getting tight, maybe no marketing push or talks have fallen through with on-off ramps.

I am just not seeing the logic of the great need to change so many things at once.

It's like that scene in the Godfather when Michael settled all family business:

https://www.youtube.com/watch?v=EfbYp9oaIT8

except without whacking anybody (fingers crossed!)

205
General Discussion / Re: Proposal to Resolve a Million Issues at Once
« on: October 19, 2014, 02:43:42 pm »
There are many problems we need to resolve as a community:

1) We don't want to compete with ourselves and divide our network effect.
2) We don't want to confuse users with a million brands.
3) We want to have 1 BitUSD for everything rather than many different BitUSDs
4) We need to recognize those who have helped fund development after Feb 28th so they don't compete with us.
5) I don't want to have divided loyalties... I cannot serve two masters.
6) We need to provide for long term funding and growth.
7) We need to resolve the consensus problem once and for all.

As a community effort we are stronger if we can agree on changes using proof of stake and we should agree once and for all that the majority will rule here.   Those that want a stable money will use BitGold or BitSilver because those are not subject to change, only supply and demand.    If you cannot trust the community of stakeholders to act wisely then create a rigid system with no rule changes and attempt to compete.

My Proposal:

1) Drop all other BitShares brands.... rename BitShares X to just BitShares
2) End PTS...  BitShares will evolve to incorporate every possible feature that stakeholders vote on.
3) If there is a clone then it should start out with stakeholders it thinks are best... because BitShares holders are uniting.
4) Add stake holder approved dilution without limit to BitShares X.
5) Bring in all AGS holders and given them a stake in BitShares X that cannot be moved for 6 months... the ratio that this stake should be given should be equal to PTS market cap... so $5 million or 10% dilution of BTSX allocated to these individuals.    This is effectively BTSX buying out our competition. 
6) Bring in one last PTS snapshot also valued at $5 million for another 10% dilution of BTSX... 6 months until funds could be spent... buy out this competition and end PTS.
7) Our team will focus on no other DACs other than BitShares in general and work to make it the most robust and *FLEXIBLE* DAC out there. 

There will still be other DACs based upon our toolkit  (Music, Gaming, DNS, etc) but those clones will not be dividing my loyalty because they have their own teams and are already known and operating independently of us.  Those who have joined those DACs can attempt to grow them how they see fit and BitShares will be competing with them where we can.

Our goal will be to scale BitShares to handle the transaction volume and users... to solve the scaling problem while still remaining decentralized and allowing 0 barriers to entry for competition except our network effect.

At the risk of calling BitShares one DAC to rule them all... I think we can worry about that after we have achieved critical mass, until then someone else may come along and build one DAC to rule them all and we don't want them to get there if we can get there first.

Once again... just proposals... everything will be thought out and community input is valued.

 +5% - Do it!  You have to adapt.  Current situation is very confusing, complicated and limited resources are spread to thin.  I see this as very positive long-term with possibilities of short-term down-turn (buy opportunities).



206
General Discussion / Re: Open Bazaar
« on: October 14, 2014, 08:58:28 pm »
I started this thread because I think Open Bazaar is not viable in its current form.    I think I have a more profitable, self-funding, design for achieving the same thing they are.... only better.

1) Users shouldn't have to keep their computers on to "serve" their ads.  That is a non-starter for the masses.
2) Users want auctions as well as fixed price sales / ads.   
3) Users want a solid filtering system for items.

So you implement a DAC that allows users to post ads, start auctions, and implement "buy it now" functionality.   The DAC would execute the auction and natively support a local BitUSD / other currencies.

Merchants looking to sell to this audience now have a central place to list their products and get paid in BitUSD....

Implemented properly this DAC would grow far faster than Open Bazaar.. especially with the marketing it could fund to bootstrap.

Not that I want to "compete with everyone out there"... but you have to do it right and Open Bazaar is missing some critical design points.

Last I heard we were short of developers, and OpenBazaar was working hard on their project with no idea how to make it profitable.

Rather than launching a competing project we don't have the time to support, I suggest showing them how to make their project profitable, why they should support bitUSD, and why they should honour PTS and AGS if they use the toolkit to support the profitability model.

This - why not offer to help them build a DAC if they agree to honour the social contract for AGS/PTS holders?

Utilize the OB dev team that is in place, supply high-level oversight from the I3 team.

Minimal resource input for I3 but maximum returns for the development kitty.

Win win for the whole world.

Working on something bigger.... and better for everyone.
Okay, well that works for me! Hope to hear more details in the near future.


207
General Discussion / Re: Lets get ebay not Open Bazaar...
« on: October 14, 2014, 04:18:19 pm »
Another thing to keep in mind.  Some of us may look at OB's design/architecture and say "that's wrong, no one wants that or would use that..." but remember that people use SR and have proven they are willing to use something "good enough" if their choices are limited or there is some other advantage (convenience, privacy etc...).  MP3s are a good example of something proven to be "good enough" for most people.

208
General Discussion / Re: Lets get ebay not Open Bazaar...
« on: October 14, 2014, 04:09:42 pm »
I now see BM talking about a DAC here:

https://bitsharestalk.org/index.php?topic=9996.msg130114#msg130114

I have zero doubt BM could design a better system given the time and resources.  Maybe that's his next big challenge after BitSharesX?  Time and Resources though could be a killer.

209
General Discussion / Re: Lets get ebay not Open Bazaar...
« on: October 14, 2014, 04:03:13 pm »
With the comments from Stan about thinking BIGGER and BM's comments about a broader use case, I'm beginning to think they want an eBay/OB like DAC of their own....which would be great if their was one almost done...but I don't think their is...and that would be a lot of work...or maybe they are thinking of Amazon? 

Seems they are keeping their cards close to their chest.

210
General Discussion / Re: Lets get ebay not Open Bazaar...
« on: October 14, 2014, 12:58:17 am »
Like others have said, if you can get eBay to accept BitUSD, great. That would obviously do us a lot of good. But how realistic is it to expect eBay/PayPal to integrate BitUSD into their platform? Especially considering BitUSD hasn't proven itself anywhere else and it's hard enough getting big businesses to accept Bitcoin. I'd really like to shoot for something actually achievable.

OpenBazaar is like a cheap and effective advertisement for the utility of BitUSD. A lot of very important businesses are watching what happens there. If we can get a solid footing on OB, I fully expect BitUSD to spread to other areas.

 +5% i agree with this.  However, i'm getting the impression that the multisig support needed for OB is not trivial and that is why BM and the team don't seem that excited about it as everyone else.  Maybe BM can comment on how easy/hard it would be to support OB.

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