Transition from PTS to Bitshares

[bytemaster]

Fiture BitShares X chains will have a snapshot derived from BitShares XT...

All other chains (BitShares Music, Bingo, Votes, Domains, etc) will be taken from AGS/PTS in the future.

[Coindgr]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

You never lose your PTS, you'll just get additional shares in every DAC. So say if you're holding on to 100 PTS at the launch, after the launch of BitShares, you'll have 100 PTS + 100 BTS. The value of PTS might fall but it still has value because Invictus or other community members might come up with other DACs in the future and honor the same social contract of giving initial shares to PTS holders. Invictus has publicly announced their social contract - every DAC they create will be forked from ProtoShares which means by holding ProtoShares, you get a share of each of the Invictus DACs in the future. That's why they're valuable.

Noob question: Does this mean there will be another "checkpoint" block for protoshares in future DACs, or only counts the initial PTS we're holding in first "checkpoint" (in the release of Bitshares) ?

[earthbound]

Earthbound like the game Mother 2?  If so, bomb

Yes, exactly like that, or that's certainly one thing in mind. 

(Although of course the word has meanings all its own apart from that.)

[liquiddrool]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

I drafted the following reply here, before I realized it was a larger problem that needs solving, which I address in the following post:

https://bitsharestalk.org/index.php?topic=1997.msg23020#msg23020

Earthbound like the game Mother 2?  If so, bomb

[earthbound]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

I drafted the following reply here, before I realized it was a larger problem that needs solving, which I address in the following post:

https://bitsharestalk.org/index.php?topic=1997.msg23020#msg23020

[arcke]

where do we do that?

BitShares is currently still under development. You can track development and check out the code on github.

BitShares
Invictus

[HCarvalho]

where do we do that?

[bytemaster]

You have to download bitshares.


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[HCarvalho]

This is a noob question, but when Bitshares are launched will I have to install a new wallet to receive my shares proportionate to my PTSs? How will the BTS allocation will proceed?

[Primecoindude]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys?

Everyone that have interest in Protoshares will have interest in your new DAC if you honor the social contract.
If there is another similar DAC, well go figure, survival of the fittest..

[8bit]

So how long (approximately) before the launch of bitshares will the protoshares block that bitshares is forked from be mined?

[bytemaster]

Yes


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[fuzzy]

Good thought.  Is this how it is?  A protoshare seems to me like a token...and when a user holds that token AND a new DAC launches under the social agreement, a new share is "minted" in the forked genesis block for that DAC.

Is this Correct?

[cass]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

ok thx for your answers But if selling after getting my BTS then iam out of the run for future III product launches ... so it mustn't be clever to do this ...

DomainShares, VoteShares, LuckyShares, BitShares 2.0, AP DAC, ....

thats what i mean * with not clever *... better to sell your BTS you get for your PTS and then buy more PTS for future DACs i guess ^^

[bytemaster]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

ok thx for your answers But if selling after getting my BTS then iam out of the run for future III product launches ... so it mustn't be clever to do this ...

DomainShares, VoteShares, LuckyShares, BitShares 2.0, AP DAC, ....