Author Topic: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement  (Read 46446 times)

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Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #105 on: December 01, 2014, 10:29:27 pm »
Having a discussion with someone privately about why proof-of-burn is incompatible with a hard fork upgrade and I thought I would share:

Proof of burn for an upgrade is fundamentally unfair. What if you owned the coin and were not checking in on the forums for a couple of months? Then you would not receive your stake in the upgraded chain? That would be so wrong! And if the "burn" was only to vote for or against consensus then nobody would do it because then there would be a chance that the vote fails in which case you just burned all your stake (!). As you can see, proof-of-burn is not a substitute for blockchain voting, is fundamentally unfair for hard forking, and does not work for proving or achieving consensus on a community decision. It is useful as a distribution mechanism for a new asset, but not for this purpose.

Just a tangent really, but I think it may lay to rest some issues for those who brought it up.

Offline fuzzy

Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #106 on: December 02, 2014, 03:52:39 am »
I don't consider it a tangeant.  It just demonstrates how hard it is to kill a blockchain and is integral to the consensus on this discussion. 

Ultimately anyone else can try to create a different PTS chain and get it honored.  But it takes a great deal of acceptance for it to be a worthwhile effort.  For istance, there is little stopping someone from going out there and making another bitcoin.  They can call it the same thing and change the algorithm.  Heck, they might be able to get a few people to buy it and make the chain worth 1 million dollars...but it still will not be the real bitcoin and I sincerely doubt it would last in the long term. 
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #107 on: December 02, 2014, 05:35:59 pm »
Coinmarketcap is updated: http://coinmarketcap.com/currencies/bitshares-pts/

Devs are working hard on to prepare the launch of Dry Run #1.

Offline Empirical1.1

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #108 on: December 02, 2014, 05:39:45 pm »
Coinmarketcap is updated: http://coinmarketcap.com/currencies/bitshares-pts/

Devs are working hard on to prepare the launch of Dry Run #1.

 +5% Great

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #109 on: December 04, 2014, 12:48:29 am »
Dry Run #1 is announced with new trustless genesis claim feature: https://bitsharestalk.org/index.php?topic=11980

This is also a call for testers and "initial" delegates (details in the thread).

Offline fuzzy

Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #110 on: December 04, 2014, 06:28:14 pm »
 +5%
bump
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline TanFan

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #111 on: December 04, 2014, 07:40:34 pm »
So if I have 100 PTS before the snapshot, how many will I have afterward?  I read of the 1:1 but then saw a post stating the total outstanding will be 1 billion and that ones % of the total PTS SHARES won't change, but as I understand it, the number of shares will increase.  Is that right?  If so, 100 shares pre snapshot will equal how many post snapshot?  Thanks in advance.

Offline pc

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #112 on: December 04, 2014, 08:06:40 pm »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.
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Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #113 on: December 05, 2014, 03:09:07 am »
Thanks to svk for getting the block explorer up and running (currently pointed to dry run#1): http://pts.bitsharesblocks.com/

Offline Empirical1.1

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #114 on: December 05, 2014, 03:52:33 am »
Thanks to svk for getting the block explorer up and running (currently pointed to dry run#1): http://pts.bitsharesblocks.com/

 +5% Thanks. Looking good.

Less than 20 BTC PTS for sale below $2 million CAP.

PTS is also being given a 1/3 of Sparkle's initial supply so I think it's a great way to get exposure to two contenders for the no.2 DPOS.

I've noticed the PTS/BTC demand is a lot stronger than PTS/CNY which was historically the reverse. The PTS/BTC buy wall is looking pretty strong too.

It made me wonder whether the Chinese forum actually know about the PTS and Sparkles snapshot?

This is the only thread I've seen but they seem to be talking about BitPTS...
https://bitsharestalk.org/index.php?topic=11913.0

zerosum

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #115 on: December 05, 2014, 04:03:43 am »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.

God knows I have about 750 pointless posts...but this one rivals them gooooooooood.

Offline donkeypong

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #116 on: December 05, 2014, 04:09:38 am »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.

God knows I have about 750 pointless posts...but this one rivals them gooooooooood.

You mean suddenly you'll have a billion nothings? That are worth nothing as soon as everyone dumps the rest of them? Because there are a billion nothing DACs on the horizon? Any of which, if they do exist, might just honor BTS' "Final" snapshot or a current BTS snapshot rather than PTS?

zerosum

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #117 on: December 05, 2014, 04:24:35 am »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.

God knows I have about 750 pointless posts...but this one rivals them gooooooooood.

You mean suddenly you'll have a billion nothings? That are worth nothing as soon as everyone dumps the rest of them? Because there are a billion nothing DACs on the horizon? Any of which, if they do exist, might just honor BTS' "Final" snapshot or a current BTS snapshot rather than PTS?

I kind of like the idea to have twice as many nothings as before (and one of those nothings will be in the (multi)millions)... the idea makes me smile.... do you blame me?

 :) 8) ;D :o 8) :-X :-\ :)

Just add a bit of wine and Sparkle(s)...and you have a party....
« Last Edit: December 05, 2014, 04:31:27 am by tonyk2 »

Offline alphaBar

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #118 on: December 05, 2014, 04:57:06 am »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.

God knows I have about 750 pointless posts...but this one rivals them gooooooooood.

You mean suddenly you'll have a billion nothings? That are worth nothing as soon as everyone dumps the rest of them? Because there are a billion nothing DACs on the horizon? Any of which, if they do exist, might just honor BTS' "Final" snapshot or a current BTS snapshot rather than PTS?

I kind of like the idea to have twice as many nothings as before (and one of those nothings will be in the (multi)millions)... the idea makes me smile.... do you blame me?

 :) 8) ;D :o 8) :-X :-\ :)

Just add a bit of wine and Sparkle(s)...and you have a party....

"GUYS, I DON'T LIKE PTS." We get it, Tony. Let us get on with our work and just don't buy any.

zerosum

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Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #119 on: December 05, 2014, 05:18:37 am »
There are currently ~1,763,472 PTS in existence. To scale these up to 1 billion we multiply each balance in the snapshot with a factor of ~567. IOW your 100 old PTS will become about 56,700 new PTS.

What won't change is your relative possession of the total existing PTS. I. e. if you own 1% of the total existing PTS before the upgrade you'll also own 1% of the total after the upgrade.

God knows I have about 750 pointless posts...but this one rivals them gooooooooood.

You mean suddenly you'll have a billion nothings? That are worth nothing as soon as everyone dumps the rest of them? Because there are a billion nothing DACs on the horizon? Any of which, if they do exist, might just honor BTS' "Final" snapshot or a current BTS snapshot rather than PTS?

I kind of like the idea to have twice as many nothings as before (and one of those nothings will be in the (multi)millions)... the idea makes me smile.... do you blame me?

 :) 8) ;D :o 8) :-X :-\ :)

Just add a bit of wine and Sparkle(s)...and you have a party....

"GUYS, I DON'T LIKE PTS." We get it, Tony. Let us get on with our work and just don't buy any.

Do not worry AB, I will have twice as many as I need after 14th... and I did not start it...donkey did.

Do I like PTS??? ha-ha always have man, always... after all CH came with the idea and I just LOVE him...also donkey was a decent supporter of them, as far as I can tell.

As far as PTS 2.0 goes...why not... It will not be the first ridiculous idea being replicated/duplicated...after all humans reproduce all the time...

PS
I am sharedroping on them PTS on 12/17 2014 btw :)

PSS
I kept my end of the bargain -'Not posting in this thread, if you change the misleading title'... you did not!
So I am free to post my opinions here, I am not?

« Last Edit: December 05, 2014, 05:27:08 am by tonyk2 »