Author Topic: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement  (Read 46445 times)

0 Members and 1 Guest are viewing this topic.

Offline joele

  • Sr. Member
  • ****
  • Posts: 466
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #15 on: November 30, 2014, 06:08:53 am »
What are the special features plan for this DAC?

zerosum

  • Guest
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #16 on: November 30, 2014, 06:12:57 am »
Just call it "protoshares". Calling it "bitshares-PTS" was an unfortunate necessity because I3 was a company that could get sued.

Yes, the branding is a bit of an awful mess but our intention is to address one issue at a time. The current focus is 100% on an upgrade to DPoS. Same coin, same name, same allocation, same exchanges, with only one simple upgrade.

It as all lies - it is not "Same coin, same name, same allocation, same exchanges, with only one simple upgrade.'

It is a share drop on my coin - PTS.

Thanks, btw.

Offline alphaBar

  • Sr. Member
  • ****
  • Posts: 322
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #17 on: November 30, 2014, 06:26:10 am »
What are the special features plan for this DAC?

The new client uses a bare implementation of the DPoS protocol, not intended to "generate revenue" or to implement any particular business strategy or special features as a traditional DAC would do. The objective is to make PTS a DAC-agnostic unit of account and a reference implementation of the BitShares Toolkit that developers can fork and sharedrop with ease.

Offline FreeTrade

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 700
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #18 on: November 30, 2014, 06:28:46 am »
I've updated the original BitcoinTalk thread with the news -

https://bitcointalk.org/index.php?topic=325261.0

“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline FreeTrade

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 700
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #19 on: November 30, 2014, 06:33:44 am »
One question - ProtoShares allows for a 1% inflation over time as a transaction processing subsidy -

1081: // Subsidy may be a minimum of 0.19012850*COIN
1082: // Expected 365.25 * 24 * 12 * 0.19012850 = approx 20,000 coins per year, 1% annual inflation
1083: if(nSubsidy<0.19012850*COIN){nSubsidy=0.19012850*COIN;}

If you're removing this inflation, how will PTS DPOS incentivize delegates sufficiently? What will happen if there is a lack of competition for delegate spots?
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline testz

Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #20 on: November 30, 2014, 06:45:39 am »
I've updated the original BitcoinTalk thread with the news -

https://bitcointalk.org/index.php?topic=325261.0

Thanks!  +5%

Offline alphaBar

  • Sr. Member
  • ****
  • Posts: 322
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #21 on: November 30, 2014, 06:50:49 am »
One question - ProtoShares allows for a 1% inflation over time as a transaction processing subsidy -

1081: // Subsidy may be a minimum of 0.19012850*COIN
1082: // Expected 365.25 * 24 * 12 * 0.19012850 = approx 20,000 coins per year, 1% annual inflation
1083: if(nSubsidy<0.19012850*COIN){nSubsidy=0.19012850*COIN;}

If you're removing this inflation, how will PTS DPOS incentivize delegates sufficiently? What will happen if there is a lack of competition for delegate spots?

I believe the current plan is for delegates to be paid a percentage of transaction fees (0-100%), as in the old BTSX. This is understandably a low amount, and therefore we will need to select transaction and user registration fees carefully in order to help offset, however slightly, the cost of running delegates. I will mention that there will be a degree of centralization in the early days, similar to the "init" delegates of BTS/BTSX. As market cap and volume increase, the incentives for running delegates should increase accordingly.

Offline donkeypong

  • Hero Member
  • *****
  • Posts: 2331
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #22 on: November 30, 2014, 07:30:33 am »
Just call it "protoshares". Calling it "bitshares-PTS" was an unfortunate necessity because I3 was a company that could get sued.

I thought Protoshares was TM'ed, as I3 discovered.

Offline FreeTrade

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 700
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #23 on: November 30, 2014, 07:32:04 am »
we will need to select transaction and user registration fees carefully in order to help offset, however slightly, the cost of running delegates.

High transaction and registration fees are definitely one sustainable model - however they might inhibit adoption and transaction volume.

I wonder if there isn't a way to have both a hardcap and a transaction processing subsidy?
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline svk

Re: [ANN] BitShares PTS Mandatory Upgrade &amp; Snapshot Announcement
« Reply #24 on: November 30, 2014, 07:48:24 am »
+5%.

I'd support higher registration fees for sure, it's a good idea by itself imo just to prevent name spam. 10 times higher than in BTS shouldn't be a problem imo.
Worker: dev.bitsharesblocks

Offline graffenwalder

Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #25 on: November 30, 2014, 08:28:28 am »
Why isn't there any mention of sharedrops in future DAC's on the website? It's just a DPOS alt coin, the way it looks now.

Also what's the point of having 1 billion units? At current prices this would bring PTS to Dogecoin level.

Offline alphaBar

  • Sr. Member
  • ****
  • Posts: 322
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #26 on: November 30, 2014, 08:48:11 am »
Why isn't there any mention of sharedrops in future DAC's on the website? It's just a DPOS alt coin, the way it looks now.

Also what's the point of having 1 billion units? At current prices this would bring PTS to Dogecoin level.

There is a page dedicated to the social consensus, though I agree it should be more prominent on the front page: http://ptscrypto.com/BitShares.html

The billion units was primarily to help in marketing. It gives us a nice round number to start with for supply (vs. 1,783,034) and it creates the perception of value (eg, feels better to tip 100PTS than 0.1PTS). Perception drives reality.

Offline FreeTrade

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 700
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #27 on: November 30, 2014, 08:55:37 am »
The billion units was primarily to help in marketing. It gives us a nice round number to start with for supply (vs. 1,783,034) and it creates the perception of value (eg, feels better to tip 100PTS than 0.1PTS). Perception drives reality.

I agree this is an unnecessary and distracting change. Changing the number of units again feels like a new project, rather than an upgrade. Maybe a 1.8 mil hardcap, with the the last 40,000 set aside for transaction subsidies.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline liondani

  • Hero Member
  • *****
  • Posts: 3694
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: [ANN] BitShares PTS Mandatory Upgrade &amp; Snapshot Announcement
« Reply #28 on: November 30, 2014, 09:40:22 am »
The billion units was primarily to help in marketing. It gives us a nice round number to start with for supply (vs. 1,783,034) and it creates the perception of value (eg, feels better to tip 100PTS than 0.1PTS). Perception drives reality.

I agree this is an unnecessary and distracting change. Changing the number of units again feels like a new project, rather than an upgrade. Maybe a 1.8 mil hardcap, with the the last 40,000 set aside for transaction subsidies.
+5

Sent from my ALCATEL ONE TOUCH 997D

  https://bitshares.OPENLEDGER.info/?r=GREECE  | You are in Control | BUY | SELL | SHORT | SWAP | LOAN | TRADE |  

Offline alphaBar

  • Sr. Member
  • ****
  • Posts: 322
    • View Profile
Re: [ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement
« Reply #29 on: November 30, 2014, 09:40:31 am »
The billion units was primarily to help in marketing. It gives us a nice round number to start with for supply (vs. 1,783,034) and it creates the perception of value (eg, feels better to tip 100PTS than 0.1PTS). Perception drives reality.

I agree this is an unnecessary and distracting change. Changing the number of units again feels like a new project, rather than an upgrade. Maybe a 1.8 mil hardcap, with the the last 40,000 set aside for transaction subsidies.

I think the community and exchanges are fairly accustomed to this by now. There is broad enough support that I don't think the scaling will be a problem, especially now that the PoW chain has almost ground to a complete halt.

I've already pledged that I will not support any pre-mine, dilution, or change to the snapshot allocation, so I think inflating for subsidies is a non-starter. One thing I will say is that with most things there are a million wrong ways to do it and a handful of right ways. For all the things that could be done better, I think the plan I've outlined reaches common ground among PTS holders on the most important points.