Ok, so there's been a conversation going on about how to fund the creation of future DACs as there are far more opportunities than funds.  I believe the proposal put forward by Bytemaster to have 100% of Bitshares represented by angelshares and protoshares is a non-starter because it means that all coins that will potentially be created will be owned only by people able to contribute in Bitcoin, when the perception of PTS currently (as a "CPU MINABLE COIN" is that you don't need to do that.   I believe even if the vast majority of mining being performed by participants on the network is done by botnets or cloud miners, the initial marketing of Protoshares makes it untenable to change the social contract in any way that is not optional on a investor by investor basis.

With that in mind, I think we all recognize the value of having sufficient funds devoted to the creation of DACs and I for one have no problem putting my money where my mouth is. 

I would encourage the creation of PTS 2.0 (Angelcoins) that would be another 10% of Bitshares's 21 million, so 20% of total Bitshares would be claimed at the beginning through these two rounds of "venture".

Instead of the validated mining plan that turns Invictus into a central point of failure, Invictus should set up weekly or monthly "Exodus Addresses" and replicate Mastercoin, people send BTC or PTS to "Angel" addresses and at the end of that round whatever the allocation is, is divided evenly between the people who sent value on a proportional basis.   These funds should be clearly labeled with regard to how each % will be spent.

The exodus address would be transparent, so if people see that not many have invested they will want to invest becaues they will get more value for their value.   Invictus controls the address, but each distribution basically results in a large block that issues shares to all investors in the last round.   If I were you I would accept both Bitcoin and PTS in these angel rounds, and accept PTS at a premium to Bitcoin.

2.1 million would be  21 months @ 100k Angelcoins per month - The deal stays the same with Protosharesholders, you get to raise a shitload of money to finance multiple DACs at once and try your new mechanism.  The miners still working on PTS get to keep working, and you don't have to do anything.

Most importantly, Invictus hasn't committed to what they'll do with the other 80%, so when they really solve the problem and have the RIGHT idea their won't have tied yourself down.

What do you think?

I agree that accept both PTS and BTC and accept PTS at a premium to Bitcoin.

I'm thinking on how a DAC company make profit. Here is my idea:
If some company tries to make profit, the company should provide something valuable to the others. Then people will pay for such valuable thing.

So what kind of valuable thing can a DAC company provide? What the company provide is depend on what the company has.  The real companies like Google, Baidu make huge profit from ad because they have large number of users. A successful DAC company will also have a large number of users. So DAC company can make money in ad market.

Is this attractive enough for a real company to put ad in a DAC company? The answer is positive if DAC company has many users. In view of merchant, they pay money for ad not because Google will buy their product but because Google can send product information to potential consumers.

Ad business is helpful for bitshares to be accepted outside DAC company. If some merchant want to make ad in DAC company, he should pay for this. In real world, USD is currency, BTS is unaccepted, but in DAC company BTS is currency, USD is "unaccepted". So the merchant should buy BTS with USD.  This is just like the situation when an American buy something made in China, the American need to change his USD into CNY. We can tell that BTS is accepted by merchant in such ad business.

I think such business plays an important role for a DAC company just like mining because business create value.

Good summary. We all wish BTS had a great success.

Thanks, FreeTrade. Guess what? I did not import the private key. I just simply copied my PTS wallet.dat file to MMC APP document, and open the MMC client, unbelievable, I got the MMC balances. Is there a problem if I do not transfer my MMC to a fresh MMC wallet.dat? Are PTS wallet.dat and MMC wallet.dat file absolutely compatible?

Each and every day over $100,000 is being spent on mining PTS in the form of electricity or cloud computing costs.   This adds up to over $3 million per month.  In recent posts we have made the following observations:

1) Mining based upon resource consumption results in centralization.
2) Mining based security is more expensive than proof-of-stake based security and thus less profitable for a DAC and therefore the DAC would be less competitive.
3) DACs require money to be developed
4) Money is another kind of Proof-of-Work... right now we just prove that we burned it, what if we could use it to build the DAC?
5) The ideal mining pool would allow anyone to pay for 'servers' and receive a payout equal to their capital investment without any fees.

In light of these facts we would like to introduce a new model where you mine with your money rather than mine by burning your money.  Invictus would launch ProtoShares 2.0 that would honor all existing PTS and then mine 100K PTS per week.  To mine, you would send Bitcoin to the Angel address.   The 100K PTS would then be divided among those who contributed proportional to their investment.   The proof-of-work would be switched to the signature of our private key and we would set up a server to produce one block every 2 minutes.  As a result mining will still be proportional to work as measured by the money invested.  The more people the contribute the more difficulty mining becomes.

This new model will raise money for Invictus which we can then use to build out the half dozen DACs that will honor all PTS holders.   Instead of PTS holders getting 10% of new genesis blocks, they would get 100% of the genesis block.  We could implement this as a hard fork that would give everyone time to upgrade their wallets and it would be otherwise entirely transparent to holders of PTS.   

Existing PTS holders benefit because instead of being diluted by miners burning money, they get diluted by miners funding the development of DACs. 

Considering the number of people at Vegas looking to throw money our way, the most successful way to do so would be by capturing money currently being waisted at Amazon, DO, and your electric company.

Thoughts?

Sounds good. Saving energy, why not? As an investor, I only care about how my holding PTS can go up. When will Protoshares 2.0 be available?

We will be releasing a lot of alpha software in the weeks/months ahead.  If you want to be an early tester with code that is very likely to break then follow this thread.  We will let you know of alpha releases that are not ready for general users.

Can I join in at this late time?

I prefer the new logo.

I PM and emailed you, but why no response?