The biggest problem right now is the 28 Feb snapshot. As we get farther away from the date, it keeps looking worse (and is generating a lot of heartache amongst investors) and creating more pressure on Dan and co.
The logical order of releases would have been Test DPOS -> Real DPOS Coin -> BTS Me -> BTS X. I have a suggestion (will probably be hated by most) which might get around this.
For starters, PTS mining and AGS donation has to be stopped and all these along with the Feb 28th snapshot merged in a single coin of 4m supply (lets call it Tokens) and the social consensus would state that at least 20% of any DAC should honour these Tokens (instead of 10% each for PTS and AGS). Also, the Feb 28 snapshot will NOT be used for BTS X.
So, the distribution will be
1> Some 1.8m for PTS will become 1.8m Tokens
2> Roughly 1.1m AGS will become 1.1m Tokens
3> The remaining 1.1m can be distributed amongst Feb 28 snapshot and/or award Tokens directly to I3 which will be used only as payments/bounties (and can't be sold directly by I3).
The ratios can be adjusted accordingly to try and even out the playing field amongst the various types of investors. In this scheme, I think all the sets are being accommodated.
1> PTS holders will still get the same portion.
2> Ditto for AGS but as an added bonus they are liquid (BM is trying to get some form of BTS XT out quickly so that those AGSers can have some form of liquid asset).
3> PTS and AGSers before Feb 28th, who got in at a higher price due to the promise of BTS X will be partly compensated by getting awarded extra tokens. If you think that is not enough, that snapshot may also be used to award BTS Me, which is expected to be the first DAC with some features.
In doing so, initially BM releases a test version to try out DPOS. If it works well, the conversion into Tokens happen, which will mean it will be tested on a real coin listed on exchanges and having a good market cap. At this point, a mining pool which awards Tokens can also be set up. Remember, Tokens at this point will be the first DPOS coin, and with the rage about PoS these days, having a supposedly superior (we have to see how it works in practice), we should get a lot of buzz.
Then, BTS Me with some functionality (and maybe honouring Feb 28th snapshot) gets released, and after that every DAC honours Tokens directly - no more having families of DACs with with its own ProtoDACs to provide distribution and all. This simplifies matters to a large extent as you know how may of these Tokens you have and so what percentage you will get - no more trying to calculate separately for PTS, AGS or even BTS XT (for future BTS Xs). Of course, future DAC creators may award differently, like 20% for Tokens and, say, 10% for Bitshares Me, but that is his own choice.
Even if you guys think I am not bonkers, still there is room to adjust the numbers/ratios to even it out amongst the various investors. I just like the idea of having a simple, elegant system to award me the DACs (instead of the complicated mess we have now). The biggest benefit, IMO, is that the infamous Feb 28 snapshot monkey is off the back.
*goes back to smoking that weird plant thingy*
‘still there is room to adjust the numbers/ratios to even it out amongst the various investors. I just like the idea of having a simple, elegant system’
Try suggesting honoring the pre 28th AGS with at least 3:1 ratio, or better, to the other AGS in future DAC’s.
Reasons?
– some of the early investors paid 10X compared to investors now (see currencydebt post above)
–others of them did not have the benefit of ‘... a longer time horizon that would have given them the wisdom to spread out their own investments and thus maximize the AGS per PTS / BTC...’, even though this spreading would have resulted in smaller share for them(*1) (see bytemasters post above)
–the after Feb 28th AGS are late coming diluters of the founding AGSers share; those late comers are also more stupid ones - as they supported someone after this person promised them something and while being very late, instead of trying to deliver on his promises, went to preach his other ideas, improving the concept of his non-existing product and god knows what else. But do not think he moved the delivery day ahead of the possible/reasonable date… no,no ..it is a coincidence that he bunched the donations in a short period and having those funds secured (and not depending on his behavior afterwards), went on doing what he really wanted to do in the first place.
(*1) If you what to check that this is the case - compare what percentage of BTS one with say 100,000 PTS would have if he spread its donation equally from Jan1 to Feb 28 and compare this to what percentage he will get if he spreads same 100K PTS from Jan1 to Today – the difference is about 50% more in the first scenario (and this is without including the reasonable expectation that the donations would have been higher after 28th if such donations gave a chance to participate in the snapshot)
‘…AGS donation has to be stopped…’ here, there is no need donations to be stopped. Just make clear to them donors they can continue donating, but they will not be honored in any future DAC’s with anything more than 1%... as this is the social consensus…
Now I expect to have a good time in the following weeks in a better place with no internet connection …I just hope when I check back this project to be something more than ‘improved’ product existing mainly in somebody’s head…
The point was since in my scheme, before 28 Feb'ers are getting screwed on BTS XT (they will be getting less than 50% of the original amount), can we find a way to compensate them? (that would include me too, btw).
My compensation package was
1> Share in all future DACs - insurance, music, lotto etc (since that snapshot is now part of the unified 'tokens').
2> BTS Me will get awarded with the Feb 28 snapshot. If that still doesn't sound enough then maybe the first BTS X chain, or the first 2, or the first 3, or DNS.
For all those who bought/donated after snapshot date, their stake in future DACs is reduced, but they also get a share in BTS X.
Why take the trouble? My main reasons were
1> Simplify the process. We will have a fixed number of the 'tokens' and we will know exactly how much % of each DAC we are getting (instead of the complicated calculations we were doing before the Feb 28 snapshot).
2> Have a working product - a stand alone DPoS coin which can be tested in real world, and which will show an unique I3 product.
3> Allow Bytemaster the time to release a working BTS X when it is ready. Right now, he is trying to rush out a DPoS coin named as BTS XT so as to make AGS investors liquid (see the post above).
Topic: BitShares X Status Update (Read 264095 times)
