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Offline bitmeat

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« on: February 28, 2014, 03:06:40 am »
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« Last Edit: July 26, 2014, 09:37:34 pm by happypatty »

Offline super3

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Re: Bter will Redeem BTS for PTS holders
« Reply #1 on: February 28, 2014, 04:10:18 am »
Oh thats super cool. Bter will get tons of volume right after that.

Offline jwiz168

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Re: Bter will Redeem BTS for PTS holders
« Reply #2 on: February 28, 2014, 04:18:16 am »
It is not really advisable for PTS to be in an exchange where in addresses use to deposit or withdraw funds from different users.  To be safe, I3 has advised PTS holders to have it IN RESPECTIVE WALLETS.

Offline donkeypong

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Re: Bter will Redeem BTS for PTS holders
« Reply #3 on: February 28, 2014, 06:33:34 am »
Nice of them to offer that. But I really wouldn't risk keeping PTS in an exchange, especially during this snapshot. I'm sure Cryptsy's gonna keep its BTS.

Offline super3

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Re: Bter will Redeem BTS for PTS holders
« Reply #4 on: February 28, 2014, 10:11:04 pm »
Honestly I took a gamble and put some of my PTS in Bter. There is a very short window in which we convince the rest of the market that BTS is worth $1000 each. I'd rather have it on the exchange at that instant then wait a bunch of confirmations. Hopefully I won't get Goxed.

Offline donkeypong

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Re: Bter will Redeem BTS for PTS holders
« Reply #5 on: February 28, 2014, 10:41:51 pm »
The people on this forum think BTS is worth $1000. I'm right there with you on that. But aren't there plenty of soon-to-be BTS holders who are not active and may have just purchased it to speculate? Gotta be a few who would sell for less than $1000. How about everyone on here agree to buy it up right away? I sure will if I see any for sale. It will be great if real long term stake holders can prevent that sort of erosion. 

Offline onceuponatime

Re: Bter will Redeem BTS for PTS holders
« Reply #6 on: February 28, 2014, 10:44:12 pm »
Honestly I took a gamble and put some of my PTS in Bter. There is a very short window in which we convince the rest of the market that BTS is worth $1000 each. I'd rather have it on the exchange at that instant then wait a bunch of confirmations. Hopefully I won't get Goxed.

I've got some PTS on Bter also, but I don't see why you think it is such an "at that instant" crisis/opportunity if bitsharres blockchain won't even be launched until March 15th (ides of March)?

Offline graffenwalder

Re: Bter will Redeem BTS for PTS holders
« Reply #7 on: February 28, 2014, 10:59:32 pm »
Honestly I took a gamble and put some of my PTS in Bter. There is a very short window in which we convince the rest of the market that BTS is worth $1000 each. I'd rather have it on the exchange at that instant then wait a bunch of confirmations. Hopefully I won't get Goxed.

I've got some PTS on Bter also, but I don't see why you think it is such an "at that instant" crisis/opportunity if bitsharres blockchain won't even be launched until March 15th (ides of March)?
It wouldn't matter, what the release date is, since all coins traded on exchanges are iou's. So they could allow trading BTS iou's right after the snapshot.

It says BTS (read IOU) will be added to user account, after that PTS will start trading again. It doesn't make sense to hold off PTS trading till the ides of March.
« Last Edit: February 28, 2014, 11:02:49 pm by Graffenwalder »

Offline CLains

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Re: Bter will Redeem BTS for PTS holders
« Reply #8 on: February 28, 2014, 11:11:19 pm »
Honestly I took a gamble and put some of my PTS in Bter. There is a very short window in which we convince the rest of the market that BTS is worth $1000 each. I'd rather have it on the exchange at that instant then wait a bunch of confirmations. Hopefully I won't get Goxed.

Great minds think alike. I took the same calculated risk :D

sumantso

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Re: Bter will Redeem BTS for PTS holders
« Reply #9 on: March 01, 2014, 12:32:52 am »
I see a new 'coin' in fund - PTS_s

I withdrew from Bter 25 hours back but the coins never arrived (transaction not visible on blockchain either). Lets see if they honour the credit.

Offline AdamBLevine

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Re: Bter will Redeem BTS for PTS holders
« Reply #10 on: March 01, 2014, 12:39:01 am »
uh, so how is this going to work?  Since BTS isn't launching for another week or three, but BTer is going to have PTS_s representing Bitshares, does that mean the entire trading money supply of Bitshares will be based on the amount of PTS sitting in the BTer exchange?

Is this a good thing?
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sumantso

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Re: Bter will Redeem BTS for PTS holders
« Reply #11 on: March 01, 2014, 12:41:44 am »
uh, so how is this going to work?  Since BTS isn't launching for another week or three, but BTer is going to have PTS_s representing Bitshares, does that mean the entire trading money supply of Bitshares will be based on the amount of PTS sitting in the BTer exchange?

Is this a good thing?

That will be some form of token closed trading. I don't see how you can prevent them.

If I have enough trust, I can say I will have x amount of BTSXTs in future; and I can sell them on the condition that when it actually launches I will make good on my promise.

Offline onceuponatime

Re: Bter will Redeem BTS for PTS holders
« Reply #12 on: March 01, 2014, 12:46:36 am »
uh, so how is this going to work?  Since BTS isn't launching for another week or three, but BTer is going to have PTS_s representing Bitshares, does that mean the entire trading money supply of Bitshares will be based on the amount of PTS sitting in the BTer exchange?

Is this a good thing?

I don't see how they could be called BTS on Bter until Bishares is launched. These creatures are called "Snapshot PTS_S" in my Bter account. I suppose they can be traded - but the gain or loss will disappear if Bitshare3s is not a successful launch and a new snapshot needs to be taken in the future.

"Is this a ood thing?  I dunno, are computer games a good thing?

Offline CLains

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Re: Bter will Redeem BTS for PTS holders
« Reply #13 on: March 01, 2014, 01:07:28 am »
Probably good for bter and the people who hold PTS there.

There are a lot of consequences that are inherent to the structure of our situation, but are still not even on our horizon; bter may simply have seen further, and (if so) their revenue will increase as a consequence.

It's important to see particular consequences in light of the greater structure that give rise to them; sometimes the structure is necessary, leaving the consequences unavoidable without crazy ad hoc solutions.

Offline graffenwalder

Re: Bter will Redeem BTS for PTS holders
« Reply #14 on: March 01, 2014, 01:59:14 am »
Update bter:

Update: Bter has already take a snapshot of user's PTS balances after shut down the PTS trading at 4:00:00 Feb.28, 2014 CST and save it to user's PTS_S. The user's PTS_S will be the reference for getting BTS redemption in the future. PTS trading will be enabled soon. Please beware of the price change and don't forget to cancel your orders in advance.

Offline super3

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Re: Bter will Redeem BTS for PTS holders
« Reply #15 on: March 01, 2014, 02:50:33 am »
uh, so how is this going to work?  Since BTS isn't launching for another week or three, but BTer is going to have PTS_s representing Bitshares, does that mean the entire trading money supply of Bitshares will be based on the amount of PTS sitting in the BTer exchange?

Is this a good thing?
Looks like it won't let me trade PTS_S. I assume these are just a placeholder till they can actually redeem the PTS keys for BTS.

Offline wmbutler

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Re: Bter will Redeem BTS for PTS holders
« Reply #16 on: March 03, 2014, 10:25:10 pm »
Hopefully this doesn't result in flames. Does anyone have a clue what BTS is worth right now or what it will be worth when things settle out? Not looking for a specific value but rather a generalization based upon the collective sentiment.
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Offline mint chocolate chip

Re: Bter will Redeem BTS for PTS holders
« Reply #17 on: March 03, 2014, 11:42:52 pm »
Does this make sense, I sent this to BTER asking them about my PTS that were in transit:

which seem to show that both transactions happened after the snapshot. Their response:
Quote
Dear Sir,
For the 14.98 PTS, the time included in the block is March 1 10. which is later than Feb28, 24:00 GMT. Your BTS will be added to your destination.
For the 0.034PTS.Time included in block: 3/1/2014 8:13:56 AM (UTC), later than Feb 28, 24:00 GMT. Your BTS will be added to your destinaiton address.

What am I missing, I am thinking that if the time stamp is after the snapshot, then my wallet didn't have the PTS in time and would be in possession of BTER at that moment. Therefore, the BTS would not be going to my 'destination'.
« Last Edit: March 07, 2014, 09:22:10 pm by currencydebt »

Offline pc

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Re: Bter will Redeem BTS for PTS holders
« Reply #18 on: March 04, 2014, 09:22:53 am »
Interesting. I mailed them too on on a similar issue, only my tx was confirmed before the snapshot. Haven't heard back from them yet. Did you use their normal support address?

And yes, since your txs appeared in the blockchain after the snapshot the BTS will be credited to your own wallet and not to bter (provided that they arrived in your wallet before the snapshot).
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sumantso

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Re: Bter will Redeem BTS for PTS holders
« Reply #19 on: March 04, 2014, 11:03:55 am »
What am I missing, I am thinking that if the time stamp is after the snapshot, then my wallet didn't have the PTS in time and would be in possession of BTER at that moment. Therefore, the BTS would not be going to my 'destination'.

Thats what I would expect. My withdrawl confirmed after snapshot too. I have asked for clarification.

Offline mint chocolate chip

Re: Bter will Redeem BTS for PTS holders
« Reply #20 on: March 04, 2014, 02:29:10 pm »
What am I missing, I am thinking that if the time stamp is after the snapshot, then my wallet didn't have the PTS in time and would be in possession of BTER at that moment. Therefore, the BTS would not be going to my 'destination'.

Thats what I would expect. My withdrawl confirmed after snapshot too. I have asked for clarification.
@pc, try the Support button on the menu instead of using the Contact us email address, the contact email I sent last week was never delivered according to the email system I use.

Well here is the clarification they sent me, and their rationale does not make sense to me at all.
Quote
Dear Sir,
The time is based on that in the lockchain. "Time included in block: 3/1/2014 8:13:56 AM (UTC)". The dead line of snapshot is Feb 28, 24:00UTC.
If"Time included in block" is early than the dead line, we are responsible for your BTS ; it is later than the deadline, then the receiving side will be held the responsibililty for your BTS.

Offline pc

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Re: Bter will Redeem BTS for PTS holders
« Reply #21 on: March 07, 2014, 08:44:34 pm »
@pc, try the Support button on the menu instead of using the Contact us email address, the contact email I sent last week was never delivered according to the email system I use.

thanks a lot, that worked! Took a couple of days, but they credited the missing transaction to my PTS_S balance.
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Offline mint chocolate chip

Re: Bter will Redeem BTS for PTS holders
« Reply #22 on: March 07, 2014, 09:21:02 pm »
@pc, try the Support button on the menu instead of using the Contact us email address, the contact email I sent last week was never delivered according to the email system I use.

thanks a lot, that worked! Took a couple of days, but they credited the missing transaction to my PTS_S balance.
Your welcome. I too have been credited by BTER, it seems it took them a little while to understand that PTS in transit that were confirmed on the blockchain after the snapshot are their responsibility.