What does a fair allocation of Bitshares to BTSX/AGS/PTS holders look like?

[mf-tzo]

pre - 28th snapshot 0% on new BTS obviously

after 28th snapshot 30% / 10% / 60%  AGS / PTS / BTSX.

The reason I believe in this allocation is because one should take into account the opportunity cost from the lack of liquidity to AGS and one shouldn't take into account the high valuation of BTSX @ $75 mil and the low of PTS @ 5 mil. AGS valuation should be much more than $5 mil imho...

[Ander]

i did't calculated which allocation will be better for me, because i allready increased my BTSX holding in the past, but we all should consider what AGS and PTS holders is promised and that is 10% of a new chain, and that is a new chain as far as i see it.

This was my proposal B.    It is slightly better for PTS/AGS holders than proposal A, which was a purely market cap based calculation.

By the way, if you had some AGS before, and then bought more BTSX after Fed 28, then you are benefitted more by proposal A than by B.

[Shentist]

i am BTSX /AGS and no PTS holder - but with the merger you will strip my AGS from the right to get 10% for every chain in the future. on the day of the proposal the BTSX market cap was under 50 million, so how would 75 million be fair?

Actually, the newly merged BTS should be the entity that provides shares in future DACs.  After all, WE ARE MERGING PTS AND AGS INTO IT! 

So the social consensus in the future changes from:
10% PTS/10%AGS/80% Dev.
to:
20% BTS/80% Dev.

BTS is not ONLY the new BTSX.  It is also the new 'proto/angel' shares!  Because we are merging!


So you are not stripped of your ability to get 10% of new DACs.

You would get BTS due to your BTSX shares, and due to your AGS shares.  And then you would get stake in new independant DACs based on those shares, because PTS and AGS would be no more!


At least that is my interpretaiton.  I could be wrong!  Someone please tell me if I am.

just to count BTSX on the best possible market cap and PTS to the lowest will not be happen.

Actually, this is counting BTSX with its recent diminshed market cap, no where near its high at $100M. 
And the PTS market cap went down because you got VOTE and DNS out of it.  (And BTSX, if pre- Feb 28)

correct, but you should account that BTSX is aquiring AGS and PTS because bytemaster will not serve more then one master and he said with the planed features VOTE will a tough competitor of BTSX. so i don't need this aquisition because i hold shares in every DAC through my AGS shares, but the BTSX holders need AGS and PTS to refocus bytemaster to only one chain. so you could say , only if AGS and PTS are joining forces with BTSX  - BTS will be formed and bytemasters focus will resettel to BTS.

i did't calculated which allocation will be better for me, because i allready increased my BTSX holding in the past, but we all should consider what AGS and PTS holders is promised and that is 10% of a new chain, and that is a new chain as far as i see it.

[GaltReport]

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?

Your balance will remain the same. Market cap will increase by several million. Your balance will increase when you claim your PTS/AGS allocated shares.

Okay, thanks.  That's what I thought. Sounds good.

[roadscape]

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?

Your balance will remain the same. Market cap will increase by several million. Your balance will increase when you claim your PTS/AGS allocated shares.

[Ander]

By % of the total ?

Thats unclear right now.  We need to get a consensus on the fair percentages for everyone.

[GaltReport]

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?

[Ander]

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.

[Rune]

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

Yes, but the total market cap will also increase proportionally, so the share price will stay the same. It is just like a merger or acquisition of real businesses.

[Ander]

i am BTSX /AGS and no PTS holder - but with the merger you will strip my AGS from the right to get 10% for every chain in the future. on the day of the proposal the BTSX market cap was under 50 million, so how would 75 million be fair?

Actually, the newly merged BTS should be the entity that provides shares in future DACs.  After all, WE ARE MERGING PTS AND AGS INTO IT! 

So the social consensus in the future changes from:
10% PTS/10%AGS/80% Dev.
to:
20% BTS/80% Dev.

BTS is not ONLY the new BTSX.  It is also the new 'proto/angel' shares!  Because we are merging!


So you are not stripped of your ability to get 10% of new DACs.

You would get BTS due to your BTSX shares, and due to your AGS shares.  And then you would get stake in new independant DACs based on those shares, because PTS and AGS would be no more!


At least that is my interpretaiton.  I could be wrong!  Someone please tell me if I am.

just to count BTSX on the best possible market cap and PTS to the lowest will not be happen.

Actually, this is counting BTSX with its recent diminshed market cap, no where near its high at $100M. 
And the PTS market cap went down because you got VOTE and DNS out of it.  (And BTSX, if pre- Feb 28)

[GaltReport]

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

[Shentist]

BM and I bounced the number "~16%" for PTS+AGS (+ small for DNS) around because it uses the value at which BTSX seemed to be stable for a long time ($75m for BTSX), also it is halfway between it's current price and ATH.

Yes, I prefer this 16% (or 18% or whatever) number personally (it benefits me slightly).  It more evenly allocates the value based on the market caps at the time.  I made option B because I figured the PTS/AGS people would think this was unfair and would want a bit more.

i am BTSX /AGS and no PTS holder - but with the merger you will strip my AGS from the right to get 10% for every chain in the future. on the day of the proposal the BTSX market cap was under 50 million, so how would 75 million be fair?

so maybe you want count PTS before the last snapshot to get back to 10% ?

just to count BTSX on the best possible market cap and PTS to the lowest will not be happen.

[Ander]

BM and I bounced the number "~16%" for PTS+AGS (+ small for DNS) around because it uses the value at which BTSX seemed to be stable for a long time ($75m for BTSX), also it is halfway between it's current price and ATH.

Yes, I prefer this 16% (or 18% or whatever) number personally (it benefits me slightly).  It more evenly allocates the value based on the market caps at the time.  I made option B because I figured the PTS/AGS people would think this was unfair and would want a bit more.

[matt608]

10%/10%/80% is great!

as i understand it bitshares vote will also exist, but not with support of bytemaster. what he wants is to create all planed feature then for the BTS chain and want that "Adam" (vote guy?) to agree to join the BTS boat.

I thought vote is going to be running on the same BTS chain.

[Ander]

Well, as someone who has more BTSX than PTS, I prefer option A as well, over those that give a bit more to PTS/AGS.  But I wasnt sure the community would buy this, due to the 10%/10% rule.

I am willing to stomach giving the 20% premium over the market caps to the PTS/AGS people in order to 'buy them out'.  More than this would be unfair for sure.  I would expect the PTS/AGS people to feel that giving them less than 10% is unfair.  It is within this fortunately small range that the negotiation occurs.



Obviously, an option E which is a variant on my Option A but which simply renames BTSX into BTS instead of creating a new chain, and creates shares and gives them to PTS/AGS holders, and closes PTS/AGS, is good with me as well.  I figure that bytemaster can implement the technical details of the agreement however works best, once we all agree on what the fair allocation is.