Author Topic: Proposed Allocation for Merger  (Read 46074 times)

0 Members and 1 Guest are viewing this topic.

Offline Method-X

  • Hero Member
  • *****
  • Posts: 1131
  • VIRAL
    • View Profile
    • Learn to code
  • BitShares: methodx

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12920
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc

Offline Empirical1.1

  • Hero Member
  • *****
  • Posts: 886
    • View Profile

Offline CryptoPrometheus

  • Sr. Member
  • ****
  • Posts: 324
    • View Profile
Just so I understand, 500 million new shares created? If someone chooses to access their new shares before the 2 year period, where does the penalty go. Is it burned? Does it go to the delegates?
"Power and law are not synonymous. In fact, they are often in opposition and irreconcilable."
- Cicero

sumantso

  • Guest
Get ready for PTS dump in 3..2..1.. *grabs popcorn*

Offline chono

  • Full Member
  • ***
  • Posts: 59
    • View Profile
Weibo:Will_BTS

Offline amatoB

  • Full Member
  • ***
  • Posts: 62
    • View Profile
Bytemaster, the 2-year vesting period is not good--it's too restrictive and will unnecessarily harm everyone by imposing more risk on people's portfolios. Also, AGS, PTS should get 10% each as they don't have a seat at the negotiating table.

Offline BTSdac

  • Hero Member
  • *****
  • Posts: 1219
    • View Profile
  • BitShares: K1
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1070
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BitShares: benjojo

Offline matt608

  • Hero Member
  • *****
  • Posts: 878
    • View Profile
 +5%  Full steam ahead!

Edit:  Hope someone is doing a Chinese translation!  We need Chinese translations done and ready to post at the same time for big announcements like this.
« Last Edit: October 21, 2014, 05:04:23 pm by matt608 »

Offline bytemaster

3% VOTE
3% DNS
7% PTS
7% AGS

2 year vesting period... ie: you can withdraw early for a fraction of your cut.. if you want to sell after 6 months you get 25%... if you wait for a year you get 50%... etc. 

80% BTSX

*NOTE* BTSX will remain liquid...just renamed to BTS.


Rationale:

There is no way to possibly estimate the relative value of all systems and each of us has a different estimate on the viability of each project and their respective growth curves.  In light of so many variables I wanted to go with a simple solution.   Market caps are not available for VOTE or AGS and BTSX/PTS price has been so volatile that the market doesn't have an honest valuation.

So I hope this proposal gets it "close enough" the advantages we get by combining out weigh any estimation errors.

What does each party get out of the deal?

PTS:
  1) No more dilution for mining for an instant gain of ~20% over 2 years
  2) A stake in all PAST DAC ideas as well as future... this compensates for getting 3% less than the 10% min of all DACs
  3) A vastly higher chance of success for a comparatively lower percent of ownership.

AGS
   1) Gradual Liquidity
   2) Otherwise the same as PTS

VOTE:
   1) Support of the main development team and better liquidity

DNS: network effect of more general user base brought in by VOTE

BTSX
   1) No competition for BitUSD
   2) Combined network effect
   3) Marketing support from Adam / VOTE
   4) Long term funding and support plan
   5) Dilution at a slower rate than Bitcoin

This said we are working with Eddie and Cob to use BTS as the backend of their music service and I am going to recommend any future merger with them be funded via electing Eddie and Cob as delegates to buy out NOTE holders from their fund raiser over time.   

We are going to lower asset creation fees for user issued assets.
BTSX will be renamed to BTS
Snapshot for PTS / AGS will be Nov 5th...

Merger to be complete by end of November.

We seem to have over 83% support from forum members with 130 votes cast and huge support from the marketing team, the development team, and just about everyone.

We will be creating a DevShares chain that will have all experimental updates and have regular release schedules with new "hard fork" features once every 3 months and eventually every 6 months.   Details on the DevShares are still unclear.   DevShares will hard fork frequently and not be suitable for accumulation of capital.. it may have down time, be hacked, etc... but we will maintain it as a testing ground for all features and for 3rd party developers.   Unlike Bitcoin Testnet, DevShares are designed to have economic value of their own and the chain will not "reset ownership".   It will therefore also support BitUSD.. but far less liquid.

Future dilution will have a hard coded limit of 10% per year and will be allocated to delegates that campaign and get approval for their pay.  This 10% limit may be raised via a hard fork with shareholder approval.     Our new "social consensus" will be that "majority shareholders rule" and everything else is subject to change.   

Nothing is perfect, I am sure we will lose some people as a result of this change.  But my goal is that we can have the funding and flexibility to take on the mainstream with our product offerings of BitUSD / etc. 

This is a semi-final proposal that will be adopted and implemented unless someone has a VERY compelling argument.  The market needs certainty and I hope to get it settled ASAP.
« Last Edit: October 21, 2014, 09:53:25 pm by bytemaster »
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.