Author Topic: Angel Shares Feedback Requested  (Read 32199 times)

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Offline coyote47

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Re: Angel Shares Feedback Requested
« Reply #30 on: December 15, 2013, 07:18:26 am »
I understand you have to do what you have to do but I think this will kill the price of PTS and destroy what "shareholder value" you have earned over the last few months.

+1 for Liberties Comments





Offline Lighthouse

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Re: Angel Shares Feedback Requested
« Reply #31 on: December 15, 2013, 07:27:15 am »
The important part of mining is people can get something for what they percieve to be nothing but what is in reality a combination of their attention and their hardware's attention.  I think nobody would fault Invictus for taking a % of a new type of Protoshares to fund DACs so long as it's understood in advance thats what it does, and it sticks to its mission even if you really really want to change it.   That doesn't mean it's ok for you to essentially pre-mine the whole thing and auction it while calling it mining.   If you have some, you should be giving some away in a way where people who don't have money to invest can still be invested in your success.  Don't forget the little people
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline bytemaster

Re: Angel Shares Feedback Requested
« Reply #32 on: December 15, 2013, 07:29:05 am »
This is just a proposal to get feedback.... we have not committed to any particular course of action at this time.  We are suggesting this for the benefit of everyone involved except botnet owners mining with stolen resources.  Obviously, we have to make our case.

We are not getting any increased ownership by these actions, the people getting ownership are the 'miners'

Someone who spends $10 extra on electricity will get just as many (or more) PTS by sending $10 to the Angel Address... we are in favor of supporting the little guy.

We are not decreasing ownership PTS holders will get in new DACs, we are increasing it.

We are increasing the profitability of new DACs after launch by eliminating mining (an expense). 

We could honor the social contract for PTS without any modifications at all... release BitShares with Momentum Mining right beside BitShares without Momentum Mining and let the market figure out which one is worth more.   Obviously the DAC with lower expenses and higher yields is worth more, but I could be wrong.  I don't really want to fragment the market, but obviously it would honor the social contract as originally designed.

I recognize that I cannot violate the social contract in such a way that would decrease value to PTS holders, but do reserve the right to increase their value proposition.

We will not be implementing any of these proposed changes until after Keyhotee launches.





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.

Offline bytemaster

Re: Angel Shares Feedback Requested
« Reply #33 on: December 15, 2013, 07:31:22 am »
I understand you have to do what you have to do but I think this will kill the price of PTS and destroy what "shareholder value" you have earned over the last few months.

+1 for Liberties Comments

We don't have to do anything, we are trying to present the community with an option that would get them more for their time and money.
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.

Offline bytemaster

Re: Angel Shares Feedback Requested
« Reply #34 on: December 15, 2013, 07:34:37 am »
If DAC idea can't attract independent developers, it will fail eventually. 100% stake of DAC is actually preventing new developers joining as independence, but like hired ones.

Also, breaking a social contract is not good idea now.


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We are trying to improve the social contract to the upside by proposing a way to deliver more value to current holders. 

There is nothing preventing new developers from joining as independent... the process is identical to how it works today, resources are just redirected from paying for electricity to paying for development.   How does a independent developer consuming electricity help motivate them? 
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.

Offline bytemaster

Re: Angel Shares Feedback Requested
« Reply #35 on: December 15, 2013, 07:37:02 am »
Quote
I don't want Inviticus to develop a kingdom of centralized power. Are you now saying there is no market incentive for DACs to form unless you help them? That nobody would possibly want to profit in that way? Your actions eliminate all independent market forces that would otherwise form to assist with DAC creation. We already had one DAC created. Didn't seem so impossible without your help. I don't want to gamble whether you alone will be a good steward of my investment. I want a marketplace to decide among many participants.

Right now your 'investment' is in Amazon and your power company.  What are they doing with your money to improve the value of PTS or build DACs? 

New DACs require ways to raise funds to build them.  They can of course launch with or without our help and with or without PTS.
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.

Offline Amazon

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Re: Angel Shares Feedback Requested
« Reply #36 on: December 15, 2013, 08:46:12 am »
It is good thought to change clouding mining cost into investment into DACs. But I am against the approach.

Changing the hard limit of ProtoShares will be a disaster. The question of "how many PTS there will be" has been answered thousands of times, I am pretty sure the scarcity is the no.1 factor make protoshares succeed in Chinese community. It is extremely hard to educate this change.

Mining is special. Most BTC miners would rather spend $ in ASIC than purchase BTC directly, even with lower ROI. This may give you some hints of their investment manners. 
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Offline que23

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Re: Angel Shares Feedback Requested
« Reply #37 on: December 15, 2013, 08:51:02 am »
Quote
I don't want Inviticus to develop a kingdom of centralized power. Are you now saying there is no market incentive for DACs to form unless you help them? That nobody would possibly want to profit in that way? Your actions eliminate all independent market forces that would otherwise form to assist with DAC creation. We already had one DAC created. Didn't seem so impossible without your help. I don't want to gamble whether you alone will be a good steward of my investment. I want a marketplace to decide among many participants.

Right now your 'investment' is in Amazon and your power company.  What are they doing with your money to improve the value of PTS or build DACs? 

New DACs require ways to raise funds to build them.  They can of course launch with or without our help and with or without PTS.

Let's say I'm part of a team and we want to get in on the action with Invictus and develop a DAC. What would this look like? Before, there was talk of sending PTS to a team with a good idea. I'd assumed that they were selling these shares to fund their development. In exchange, the investors would get shares in the new DAC perhaps even greater than 1 to 1, which is what all other PTS holders would get. What would this new system look like?
PTS: Pa75dEzGkMcnM85hRMbdKiS1YdF81rnSCF

Offline devilfish

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Re: Angel Shares Feedback Requested
« Reply #38 on: December 15, 2013, 09:18:12 am »
I agree with Liberty's points on this one although I won go so far as to say its If it's just a proposal to the community bytemaster then why are you getting so defensive? A little more tact in your explanations might win you more support.

Also I feel the hosting companies might be getting money but at least the distribution mechanism for the coins/shares is decentralised because they play no part in determining how many coins you end up with at the end of the day.
BTC: 1MqCxQ2qD7ZuS3ELFY43wfaBTbA2XkYwDP
PTS: PiuFEJHz6zScALgPWzcu2SDKtWJW4cnUFi
XPM: Af5qzgsEwWaHZdGUq8dUoHkhmH4XBmnGW9

Offline HackFisher

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Re: Angel Shares Feedback Requested
« Reply #39 on: December 15, 2013, 09:24:53 am »
It is good thought to change clouding mining cost into investment into DACs. But I am against the approach.

Changing the hard limit of ProtoShares will be a disaster. The question of "how many PTS there will be" has been answered thousands of times, I am pretty sure the scarcity is the no.1 factor make protoshares succeed in Chinese community. It is extremely hard to educate this change.

Mining is special. Most BTC miners would rather spend $ in ASIC than purchase BTC directly, even with lower ROI. This may give you some hints of their investment manners.

I agree, and also against this approach just for Invictus as central point, and total money supply. Existing approach and commitment to the community already exist and should not change in a hard-to-understand way. Although the motivation is good, there could be better solutions.  The other 90% of BTS and new DAC could be the source of funding, but should not use term "PTS". It take too much risk for only less than 50% PTS unmined.

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« Last Edit: December 15, 2013, 09:42:07 am by HackFisher »
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.

Offline Liberty

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Re: Angel Shares Feedback Requested
« Reply #40 on: December 15, 2013, 10:22:45 am »
Right now your 'investment' is in Amazon and your power company.  What are they doing with your money to improve the value of PTS or build DACs?

The power companies serve the same value for coins as earth does to the supply of gold. I could ask you what the value of something is that came to you for nothing. DeBeers created a market for diamonds by way of controlling the supply. The value of diamonds is because they are artificially hard to acquire and there is clever marketing. One way to increase the value of PTS is to make them more difficult to mine--which is the opposite of rapidly increasing the supply.

It is useful to have a slowly increasing supply to bring an incentive for exchange. A rapidly increasing supply is no better than what the government does with fiat. A rapid increase in supply causes rapid exchange as people seek better investments to hold. Government gets to maximize exchange tax revenues, but people that exchange their fiat get fleeced and eventually the currency is abandoned.

You want to transform the cost of supply into a more productive one (which is a worthy goal). You did not stop there though. My reading of your proposal sees a rapid increase in supply that undermines the value of existing investment and causes a destructive consolidation of ownership. Your careful selection of short-term benefits to PTS investors ignores the full picture by which you expect value to come to Inviticus. The value to Inviticus comes from somewhere, and that is from the potential profits that investors banked on. By expanding the 2M supply limit and simultaneously increasing the supply rate you'd undermine existing PTS value. The economy you intended to form seemed to contain a financial incentive to invest in the worst DACs to just retain a percentage of PTS ownership.

I see your proposal as highly subjective. I don't see that you'd propose a change like this if you owned more PTS.

New DACs require ways to raise funds to build them.  They can of course launch with or without our help and with or without PTS.

My understanding is that you build a list of Angel investors so that they can help out. You have not revealed your plan for that. Investors should be smart enough to realize that helping DACs form would return value. At this point we are probably all wondering how to help though.

MemoryCoin2 didn't seem to need advance assistance but other DACs would. I see MC2 as benefiting by starting with an established body of market participants with a stake in outcome. MC2 begins with cheerleaders and market volume. A perceived risk is that some of the large PTS owners will just dump MC2 as quickly as they can because they have no interest or faith in future appreciation, but that is also a buying opportunity for any with faith in MC2. Given that a large percentage of PTS ownership is from easy acquisition in the first week, it is hard to say how any of this will go. A malicious VC investor can probably ruin a company easier than a good VC investor can nourish it. The plunder will depend on how much value is pre-built into the release as compared with anticipated earnings later. I don't know what MC2 is about yet, but I intend to hold it and nourish it with a premise that it can return long term value.

I had intended to propose the formation of a DAC to my employer this week. In this case money would not need to be raised to fund it, the funding would be from my employer according to perceived value. If I have to turn the reigns completely over to Inviticus because they remain a group with protected implementation knowledge then I'd rather not take such a chance. I need to understand what I'm recommending. The knowledge needs to be well shared. We all need to be potential developers on your team.

You seem to trust your ability to negotiate regulatory obstacles. You are missing that the obstacles are intended to destroy competition slowly to protect vested interests. Obstacles can be easily placed in your path to cause you to fail or to corrupt your solution. The size of the obstacle is proportional to the threat. The regulatory framework is now predatory and destructive to society. You know this, but ego is seemingly a stronger voice. Decentralization is a requirement if you hope to remain true to ideals we bought into. Angel investors have a natural incentive to help Inviticus too.


Offline que23

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Re: Angel Shares Feedback Requested
« Reply #41 on: December 15, 2013, 10:23:49 am »
I don't know. I've been thinking about this all day. I think that Bitshares can't compete with Mastercoin or Ripple without greater investment. Mastercoin and Ripple have a lot of money. Invictus needs more to accelerate and money is being wasted towards mining. And Bytemaster is talking about making our PTS more valuable. I think there are questions that need to answered, but we might be crazy to turn this down.
PTS: Pa75dEzGkMcnM85hRMbdKiS1YdF81rnSCF

Offline HackFisher

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Re: Angel Shares Feedback Requested
« Reply #42 on: December 15, 2013, 10:45:22 am »
My suggestion to the model, PTS2.0 should be another ProtoDAC to honor  and map Invictus DACs, e.g. 100%

But the social contract and commitment of PTS1.0 should not change, for easy understand, PTS 2.0 should honor 10% of it, thus, exsiting PTS can gain 1:10 (10%) of Invictus-Dac.

Then, the total supply is important and should be fixed. The mining rewards shoud careful designed, and have a way to make people trust it.

This is only my suggestion to the improvement, absolutely not the best.

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« Last Edit: December 15, 2013, 12:44:29 pm by HackFisher »
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.

Offline 5chdn

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Re: Angel Shares Feedback Requested
« Reply #43 on: December 15, 2013, 11:50:21 am »
Considering the number of people at Vegas looking to throw money our way, the most successful way to do so would be by capturing money currently being waisted at Amazon, DO, and your electric company.

Thoughts?

This is one of your worst ideas ever. This would exclude anyone who is not rich as shit.

I dont have bitcoins, I dont have AWS or DO, all I have is my mining hardware at home.

So I guess people like me are the losers in this round.

Offline gloine

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Re: Angel Shares Feedback Requested
« Reply #44 on: December 15, 2013, 12:01:57 pm »
I am very new here but please state my opinion.

A limited number of shareholders would not protect you from future obstacles. You may gain a few million dollars for your initial development, but those who don't have the shares would turn to your enemies, with hundreds of millions of dollars to attack you in various ways.

Letting them take the portions as much as they want would let them help you in some way. You may feel like you (and initial participants) are losing control and those who have money are taking most of the gains, but please face it. They are already gaining everything and exploiting those with lesser resources.

You are making an environment where your gain is linear to the resources you have, however small you have. This thing being done in a transparent way is good enough for diligent people to grow up and smart people to innovate. This is really hard since without enough resources, you cannot even purchase a bitcoin from the exchange since they don't have credit cards and bank accounts.

And please think about whether people in Proof-of-Stake systems would invest enough resources to actually run the system. You need a really good incentive system to achieve this. Especially those with small stakes would not be able to run servers since they would not profit from doing that.


Regards,
Gloine