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AGSers already received 6X more in every issued DAC, including BTSX.
So, with all of that said here is my new proposal that I don't actually believe the community would accept but is just my attempt at decoy pricing. PTS holders haven't contributed anything to I3 by speculating on that asset, so cut them out entirely. AGS holders have contributed funds (either BTC or PTS that then gave I3 about 10% stake in BTSX) to I3 which has made all of this wonderful technology possible. The pre-Feb 28 AGS holders have already gotten most of their reward from the BTSX snapshot. What remains is the value contributed by post-Feb 28 AGS holders, as well as the residual value of pre-Feb 28 AGS holders that wasn't included as part of the BTSX snapshot. Use the after-drop-off price immediately after Feb 28 to calculate the residual value that is distributed to pre-Feb 28 AGS holders. Use the total value contributed to the AGS fundraiser after Feb 28 until the end of the AGS campaign to distribute to post-Feb 28 AGS holders. Give them a little bonus to compensate them for opportunity costs (let's say a prorated 5% p.a. yield), and distribute that amount of value to them through diluted BTS. Done. The BTSX community wouldn't even need to that, but might do it anyway to be fair and not piss too many people off. Some PTS holders still got their fair share of BTSX, DNS, VOTE, NOTE. The current PTS holders lose their value since the social contract changes. Sorry, you lose. The VOTE holders lose whatever value they might have had (we won't ever know since VOTE hasn't started trading yet). Sorry, you lose. DNS may stay independent or all the development effort may go into the BTS chain (I guess it depends on what toast wants to do?). If it's the latter, then again, sorry, you lose. BitShares Music would still be independent for now. If necessary BTS might later acquire them and merge them into the chain. But for now NOTE holders don't necessarily lose.This will never pass but I really like it !!!
Please note: The above is just my proposal that is not endorsed by anyone else, and even I don't really even believe in it much. Don't start panic selling anything because you think the above is what is going to happen.
blockchain.info/tx/9159d3ddfefd2e96f0740188714b3f962bd00e9b8466bbe258feeedee0adeaf9
IPO is not done yet, they already spent some coins
So why should Bytemaster present a plan as if he's going to do it now?because:
- 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
And market cap + volume of bitUSD is up a bit, people using it to hedge within the system
I think we also need an explanation as to how all of the negative aspects of "one chain to rule them all" no longer apply?
What if I launched a ratty arse dac with 5% collateral (vs BTSXs 200%) and issued bitUSD, can that then be 'atomically cross chain traded' and exchanged for BTSX?
Yep, if you want extra money start pumping a thread on BTT. This is a no-brainer. The sooner the better. I believe they allow pre-sale ANN's. That site has a huge following with the largest # of people friendly to your sale. Then perhaps see if you can get on Arthur B Fall's show which is not the same as the Beyond Bitcoin session you did previously.
different DACs will have different business models .. which will make THEIR base token (BTSX, MUSIC, VOTE) worth SOMETHING ..
if it is worth something you can start trading USD for it ON CHAIN ... and as all USD will be worth the SAME .. you can easily exchange them ...
if there was a DAC that would just ISSUE bitUSD on their chain .. you don't need to trade (ACCT) with them .. ACCT is user initiated .. independently of chains/delegates
how will the outside world identify all kinds of BitUSD ?
A:Do you have a account that accepts BitUSD ?
B:Of course.here,XYZ. (BTSX-wallet)
A:(using VOTE wallet to send BitUSD to XYZ).....Failed.
B:What's wrong?Why can't you send BitUSD to me?Oh,yours is vote-usd。。。。。you need to use ACCT to turn your BitUSD on vote into BitUSD on BTSX and then transfer to me ?
At the moment bitUSD is backed only by BTSX, if it could be backed by BTSX, NOTE, VOTE etc it would get stronger and stronger and help protect all users from systemic failure (black swan event that causing flash crash in one of the dacs share price).
I'm not sure if atomic cross-chain trading is the answer as I don't understand on a technical level.
Since the same technology is behind each one of these DAC's it will probably make more sense just to switch on trading for all the other currencies in the DAC that gains the widest adoption. No need to trade between chains. Just have the delegates publish the appropriate feeds and away you go. BTSX might be worthless.
This is the problem... There is nothing stopping other DACs from creating other Bitassets. BitsharesVote or any other DAC can create bitGLD, bitSLV, etc.. and at that point BTSX is pretty much useless if other DACs have the same functionality with more features built on top of bitAssets.
Think how the bitUSD are issued in BitshareX ? The tokens in Vote DAC let's call them votes. You put 10 $ in value votes how you'll keep the same value one month later we all know that notes will fluctuate like btsx does ? The stability of bitUSD it coming by the way they are issued the whole trading thing. So you need inside chain system to mint bitUSD.
The reason to have bitUSD is the same like in Music. If you have an account open and you put 10 dollars that are converted in Notes, the problem is NOTES fluctuates so 1 month later his 10 dollars in his account are not anymore 10 $. So every chain absolutely needs bitUSD(or bitCurrency) if not we go back to original problem : stability.
But bitUSD is already stable, there's no need for more versions of it to be launched in every dac for the sake of stability. The real reason for launching a new bitUSD the funding model. The vote dac probably needs it's bitUSD to become popular to be able to make its shares become more valuable, just like Bitshares-X and peertracks, rendering them all competitors. The Vote dac could get hired by the government for an election and BTSX holders wouldn't gain a bean. bitUSD could take off around the world, but if that bitUSD is issued by peertracks or the vote dac, BTSX holders get nothing.
I hope I have lots of misunderstandings in my previous post. But unless someone confirms my misunderstandings what I am saying below is essentially a way of promoting bitusd and BTSX by getting it more centralized and effectively create bitusd IOU from the VOTE DAC which is centralized.
If that is the plan there is no surprise why BTSX is plunged.. How would anyone be confident that the centralized entity that owes VOTE DAC will honor bitusd IOUs? If these IOUs are not honored the whole system collapses...
Again, I hope I misunderstood completely VOTE.. I doubt that BM would have a plan like that..
