ANNOUNCEMENT 8 - IDentabit Will Sharedrop on BitShares Community

[Buck Fankers]

³⁶"No one knows about that day or hour, not even the Angel Investors in AGS, nor the Dev's, but only the Issuer. As it was in the days of Satoshi, so it will be at the coming of the ShareDrop."

[tinker]

 

[bobmaloney]

This was an  A B S O L U T E L Y  awesome OP, bravo Stan!!!

Talk about a great experiment! My ultimate hope is that the need for AML / KYC compliance "features" will ultimately be removed from BitShares b/c everyone that wants to use them would rather go where the action is (Identibit).

+5

[Stan]

what the difference between keyid& identabit?

Totally different.

KeyID tracked ID name spaces.

Identabit just requires verified IDs for every account but otherwise just intends to be a better bitcoin.

[Xeldal]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

There seems to be a lot of rejoicing and support for this idea already.  I am not so sure it makes any sense.

Even if you announce after the fact, what prevents people from simply dumping on the day of the announcement.  I'm not sure it saves or prevents anything.

Not telling people the intended date would not be good for traders, market makers, arbitragers, and other liquidity providers, which in turn is not good for BTS as a whole.   Until the BitShares DEX is the largest BTS exchange, interoperable with bitcoin, and the goto place to buy and sell BTS with banking connections, having BTS liquidity on external exchanges is an unfortunate requirement.

This idea may just pad the pockets of any exchange who doesn't intend to bother honoring the snapshot, because traders will not have forewarning to remove them.  This could be dangerous for the sharedropping coin as the exchange likely has no interest at all in holding on to them.

I agree though, sharedropping a coin of equal or greater magnitude on BTS could cause a black swan, and that is of greater concern. 

If BTS2.0 has key banking conections, a solid internal exchange network, much higher market cap, and a user base primarily not overlapping of bitcoin/crypto then I might support throwing the remaining external exchange liquidity providers under the bus, but not before then.   

This all can be alleviated to some degree with simply getting major exchanges to honor the snapshots, and I think quite a few have shown they will.

[roadscape]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

 . But I'll miss the excitement of the countdown

[puppies]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

I have to agree with all this logic, and I hope this is the direction things go. Here's to hoping the snapshot is 2:30 pm EST yesterday, to reward those who had enough faith in Brownies to hodl before realizing just how precious BM's gift was. 

There is a poetic justice to that, and it would be the best monetary benefit for me. (at least in the short term) So I of course find it attractive.

Rationally though, the purpose of this sharedrop should not be to reward the faithful, but to bring value to iDentabit, by putting it in the hands of those most likely to help improve it.  I have seen a lot of people that have contributed ask for brownies since yesterday at 2:30.  I think they should be included in the drop.

[Thom]

The premise of IDentabit is to anticipate where the regulators will wind up and get there first with a solution that gives them what they need to do their “legitimate” jobs while protecting the public from overreaching abuses.  That’s a tall order and may be the crypto equivalent of Icarus flying too close to the sun.  Underwood shuns the accepted strategy of avoiding the beast, and boldly walks into its lair with a leash.

This was an  A B S O L U T E L Y  awesome OP, bravo Stan!!!

Talk about a great experiment! My ultimate hope is that the need for AML / KYC compliance "features" will ultimately be removed from BitShares b/c everyone that wants to use them would rather go where the action is (Identibit).

This is truly a grand experiment, and it remains to be seen how it will play out or how long it will take. I don't believe the conclusion will occur quickly, b/c bureaucracy moves so dang slow. That may be a major issue in the speed at which Identibit can evolve, and it may create a tug of war competition based on features alone. It could put considerable pressure on Identibit (and possibly bureaucrats) to evolve faster to provide the utility that freedom loving chains provide.

We must be reaching the pinnacle of these announcements b/c this one will be hard to beat.

[Ben Mason]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

I have to agree with all this logic, and I hope this is the direction things go. Here's to hoping the snapshot is 2:30 pm EST yesterday, to reward those who had enough faith in Brownies to hodl before realizing just how precious BM's gift was. 

I agree too, great shout Xeroc....

[tbone]

I tend to agree with rewarding the hodlers by just doing the drop and then announcing it's done.  My only concern is for those who have BTS on the exchanges.  Do we know all of the main exchanges can/will handle a sharedrop (aside from perhaps BTER)?

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

[Stan]

It probably ought to be a random BTS block number between now and two weeks prior to genesis chosen at that time.

[nomoreheroes7]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

I have to agree with all this logic, and I hope this is the direction things go. Here's to hoping the snapshot is 2:30 pm EST yesterday, to reward those who had enough faith in Brownies to hodl before realizing just how precious BM's gift was. 

[Stan]

Has there been any word as to around when the snapshot is expected to take place?

It could be announced with some advance warning like we have done in the past, but we really like xeroc's ideas about announcing it at some point AFTER it has occurred.  This would minimize any "black swan" impact to the chain from people pumping then dumping around a pre-announced snapshot date.  It would also have the effect of encouraging people to HODL their shares for a long-term probability of a snapshot, not just buying in just in time to collect.  This rewards HODLers which is not a bad idea.

Here's what xeroc recently posted:

It clearly IS competing against BTS as a sharedrop target and against BTS market value.

Actually there is one argument AGAINST using BTS as sharedrop target no-one brought up yet:
If you can recall PTS prices, what exactly happened after 28th of february last year?
BTS(X) market cap was effectively taken out of the PTS market cap at the time of the snapshot and the priced tanked big time.
Because BTS are used as collateral, this may result in ... you guess it .. a black swan (of course only if the airdropping market cap is large vs. BTS's market cap)

Also, IMHO, the goal of a snapshot is NOT to drive the price up (because it will go down again eventually) .... but to honor a community.

In my opinion, snapshots nowadays only make sense if you do them without further notice .. that way you
* do not drive price up
* prevent a price tanking at the time of the snapshot
* while you are still able to drop on your valuable demographic

Just my thoughts ..

I guess having the possibility of a snapshot that could occur at any time would encourage folks not to leave their BTS on some external exchange and not to sell BTS even temporarily just to fool around promiscuously with other coins...

^^ THIS! but mainly because of what I stated in my previous post.

[lakerta06]

pls don't go with the IMPACT font as logo font ... if you want i woukld love to send an alternative design .. if any possible ... just said

Totally Agree. The logo sucks to be honest. I'm sure CASS can come up with something in a heartbeat ..

The double cross is most probably intentional and has a meaning. I bet logo wont change

[nomoreheroes7]

Has there been any word as to around when the snapshot is expected to take place?