AGS and PTS snapshot on Feb 28 - bitshares x test

[bytemaster]

Yes. 


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[HCarvalho]

those are on my wallet right?

[bytemaster]

No need to do anything.  Just hold your private keys


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[HCarvalho]

so, what will users like me who only have some PTS and aren't mining anymore have to do on February 28th? Have ou PTS wallet open?

[jae208]

Yeah, lots of incentive to get it right the first time

Yes but it probably won't be done right the first time. I think there may be a month or two of a delay.
I'm just sticking to Protoshares now as I can always convert to BTC and cash out if needed.

[jifehuang]

Does this mean to treat our test shares as if they were the real thing because they might become so at any moment? Only a critical failure that requires a restart will reset their value?

For XT to be testable they have to have nonzero value.  They get that value from the fact that the current version could become the real one.  We will all discover this together.

Once a chain is started, can it be declared as not real afterwards? It may be phased out, by a new chain, because of bugs, or lack of functionality, etc, but it should always be real. Even when the market is abandoning it, its value greatly depreciated, as long as the value is not zero, it's still real. I believe we should consider it as always real if we let the market only to sort it out. Even if it is called XT, it should not be like the bitcoin testnet, which can be reset at someone's will.

[Stan]

Does this mean to treat our test shares as if they were the real thing because they might become so at any moment? Only a critical failure that requires a restart will reset their value?

For XT to be testable they have to have nonzero value.  They get that value from the fact that the current version could become the real one.  We will all discover this together.

[sschechter]

Does this mean to treat our test shares as if they were the real thing because they might become so at any moment? Only a critical failure that requires a restart will reset their value?

[Stan]

After Feb 28 AGS investors will have a hard time making decisions, especially for investment in BTC. If the first testnet becomes successfully,  the AGS obtained in Mar and later gives you no BTS.

They give you shares in future DACs, icluding new chains of BTSX. Say, a floating interest is implemented in a future chain which releases in April; then each AGS will give you 2 shares in that new chain (while PTS will give you some 1.5).

Bytemaster has said if the new DACs don't require much extra work they will be very likely awarded 50/50 to AGS/PTS.

Still confusion. If the first chain is successful, why will there be a second chain? If the second chain contains new features, how to ensure people to adopt it when many are already using the first chain (some may even made a profit on it) ? Is it introducing competition among BTSv1 and BTSv2, and possibly more to come?

As long as a chain is functioning adequately, you let it run rather than perturb the environment for its users.  (Small upgrades can be added without perturbing the rules.)

But natural competition will always introduce better or special-purpose competing chains.  (If we don't do it someone else will.) 

The beautiful thing about the BitShares Ecosystem is that introduction of new chains is not disruptive because every PTS/AGS holder automatically has a stake in both the old and the new.

So utilization and value can change gradually as each individual decides when to switch over.
If you like the new version, sell your old shares early.  If you are not so sure, stick with what already has the network effect.  Or keep your shares in both and win either way.

No worries.  No panics. Take your time and let the market sort it out.

[Amazon]

Why not take a snapshot on the 28th and let us all beta test it for a month to fix any bugs?  If all works out take a final snapshot and official launch the following month?

Because for a pure testnet, the test-bts collateral has no value

This process of launching test networks that "might be final release" networks will continue until all bugs are found.  This is necessary because for a test network to function it must have a non-0 value otherwise bitasset evaluation results in divide by 0 errors.   

[Brekyrself]

Why not take a snapshot on the 28th and let us all beta test it for a month to fix any bugs?  If all works out take a final snapshot and official launch the following month?

[toast]

Different chains will have different assets and different rules like interest rates
There will also be non-BTS DACs

[jifehuang]

After Feb 28 AGS investors will have a hard time making decisions, especially for investment in BTC. If the first testnet becomes successfully,  the AGS obtained in Mar and later gives you no BTS.

They give you shares in future DACs, icluding new chains of BTSX. Say, a floating interest is implemented in a future chain which releases in April; then each AGS will give you 2 shares in that new chain (while PTS will give you some 1.5).

Bytemaster has said if the new DACs don't require much extra work they will be very likely awarded 50/50 to AGS/PTS.

Still confusion. If the first chain is successful, why will there be a second chain? If the second chain contains new features, how to ensure people to adopt it when many are already using the first chain (some may even made a profit on it) ? Is it introducing competition among BTSv1 and BTSv2, and possibly more to come?

[Amazon]

so nobody know which version will success.
I have no courage to test the function by buy or sell my bts. maybe tomorrow the price is totally different.
All I can do is do nothing before I know it is success.

I would do the same thing. You may lose a lot because of a bug or the volatility in the test.

[sumantso]

After Feb 28 AGS investors will have a hard time making decisions, especially for investment in BTC. If the first testnet becomes successfully,  the AGS obtained in Mar and later gives you no BTS.

They give you shares in future DACs, icluding new chains of BTSX. Say, a floating interest is implemented in a future chain which releases in April; then each AGS will give you 2 shares in that new chain (while PTS will give you some 1.5).

Bytemaster has said if the new DACs don't require much extra work they will be very likely awarded 50/50 to AGS/PTS.