Author Topic: What is BitShares PTS (proto-shares)?  (Read 46425 times)

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Offline Gekko

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Re: What is ProtoShares?
« Reply #45 on: December 03, 2013, 02:51:42 pm »
By George, I think he's got it!   :)
ProtoShares are an investment in an entire DAC product line - perhaps an entire DAC industry.

Thanks.  That means I'm rich.  You will get an invitation to my private island! :)

Offline phoenix

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Re: What is ProtoShares?
« Reply #46 on: December 03, 2013, 05:02:05 pm »
By George, I think he's got it!   :)
ProtoShares are an investment in an entire DAC product line - perhaps an entire DAC industry.

Thanks.  That means I'm rich.  You will get an invitation to my private island! :)

Will the primary industry on your island be DACs?
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline MrJeans

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Re: What is ProtoShares?
« Reply #47 on: December 03, 2013, 05:02:35 pm »
Is my protoshare public key the address I use to receive protoshares from others?
I just need to know what my public key is so that I can use it to dump my private key.
And eventually use that private key to claim future DAC shares (all correct?)
Thanks

Still struggling with this one guys
Thanks

Offline phoenix

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Re: What is ProtoShares?
« Reply #48 on: December 03, 2013, 05:06:14 pm »
I'm pretty certain that you can just import your PTS wallet into the wallets for the future DACs, so you shouldn't need to dump the private key. If you want to get the private key for some other reason, you can just go to the console and type "dumpprivkey <your PTS address>" and it'll give you the private key
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline Riverhead

Re: What is ProtoShares?
« Reply #49 on: December 03, 2013, 05:24:52 pm »
Is my protoshare public key the address I use to receive protoshares from others?
I just need to know what my public key is so that I can use it to dump my private key.
And eventually use that private key to claim future DAC shares (all correct?)
Thanks

Still struggling with this one guys
Thanks

Remember that your wallet contains several addresses that it doesn't display.  These are change addresses used if you've ever sent less than your entire balance to another address.  When you view your wallet balance it automatically adds up all the addresses in the key pool of that .dat file.

If you decide to go the route of dumping your private key please make sure to read up on change addresses and also the various console commands (like listaddressgroupings) to list all the addresses with balances in the .dat file.  Otherwise when you import your privkey to another wallet you won't see the balance you're expecting.

Another option is to do the following:
1) Create a new wallet.dat file by exiting the client, renaming your existing .dat to something else, and then restarting the client.
2) Note down the public address of this new wallet.dat, encrypt the wallet, dump the privkey and note it down as well.
3) Shutdown the client and copy the wallet.dat to somewhere else safe.
4) Copy your original wallet.dat file back and start the client.
5) Send all your coins to the address you noted down in step 2.

This should leave you with an empty wallet and all your coins stored under a single address and privkey. I plan to do this before the BTS block is poured.





Offline bytemaster

Re: What is ProtoShares?
« Reply #50 on: December 03, 2013, 07:03:47 pm »
I'm pretty certain that you can just import your PTS wallet into the wallets for the future DACs, so you shouldn't need to dump the private key. If you want to get the private key for some other reason, you can just go to the console and type "dumpprivkey <your PTS address>" and it'll give you the private key

I have tasked a developer to implement a method to import a PTS wallet and all public keys.  You can simply point your BTS wallet at your PTS wallet and import the keys.  Should make life easy for people who want to migrate.
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 Liberty

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Re: What is ProtoShares?
« Reply #51 on: December 04, 2013, 03:31:18 am »
Is my protoshare public key the address I use to receive protoshares from others?
I just need to know what my public key is so that I can use it to dump my private key.
And eventually use that private key to claim future DAC shares (all correct?)
Thanks

Still struggling with this one guys
Thanks

PTS addresses appear to be version 56. This website shows how to confirm that yourself: https://en.bitcoin.it/wiki/Vanitygen.

If you want to generate PTS addresses outside of the QT wallet program then you can use vanitygen like this:

$ ./vanitygen -X 56 P
Difficulty: 1
Pattern: P                                                                     
Address: PmzUaMxQy2qGjDkp5yKvY1G7StALUKJ934
Privkey: 7BXZZYxWnS3MXCBcjmoaNVHZjEWAbLMMZHVavwA9AXxnXGUD5gA

« Last Edit: December 04, 2013, 03:42:24 am by Liberty »

Offline MrJeans

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Re: What is ProtoShares?
« Reply #52 on: December 04, 2013, 12:59:24 pm »
Thanks people. This is all very helpful :)

Offline suzerain

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Re: What is ProtoShares?
« Reply #53 on: December 07, 2013, 03:19:32 am »
I have a comprehension question:

Let's say I have 10 ProtoShares.

In a few weeks/months/years there are 10/100/1000 different DACs.

What will be my "share" of every DAC?
Will I have 10 "BitShares" in each of the 10/100/1000 DACs (and in every future DAC) just by holding my 10 PTS?
Will my 10 PTS be converted into 10 BTS for every DAC?

If so:
If I hold 10 PTS until there are 100 DACs and I thereby have 10 BTS in each of those 100 DACS - and then I sell 5 of my PTS.
Will I have 5 BTS in every DAC created after the 100 DACs and keep the 10 BTS in each of the first 100 DACs?

If so:
selling PTS - ever - would be a no-go, wouldn't it?
As PTS are "all-purpose" and there will be only about 2 million PTS - their price MUST skyrocket if DACs will be successful?
BTS instead are not "all-purpose", you can buy them (you can mine them?) but only put them into a chosen DAC "once" and they are "gone" (into that DAC), until you pull them out of that DAC und put them into another DAC right?

By George, I think he's got it!   :)

ProtoShares are an investment in an entire DAC product line - perhaps an entire DAC industry.


I'm wondering about the example numbers in his post.  I get the concepts...but is it accurate to say that one protoshare is going to equal one bitshare in every DAC, or is this going to be some ratio that fluctuates on a case-by-case basis?

Question two: to keep the 1:1 simplicity...my 100 PTS means i have 100 bitshares in DAC XYZ. So then I sell 25 PTS. Does that also sell the 25 bitshares in DAC XYZ, or are those two entities separate? (editing this to say it looks like this question he had already addressed in his post above)

« Last Edit: December 07, 2013, 03:22:07 am by suzerain »

Offline MrJeans

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Re: What is ProtoShares?
« Reply #54 on: December 07, 2013, 11:15:22 am »

I'm wondering about the example numbers in his post.  I get the concepts...but is it accurate to say that one protoshare is going to equal one bitshare in every DAC, or is this going to be some ratio that fluctuates on a case-by-case basis?

Question two: to keep the 1:1 simplicity...my 100 PTS means i have 100 bitshares in DAC XYZ. So then I sell 25 PTS. Does that also sell the 25 bitshares in DAC XYZ, or are those two entities separate? (editing this to say it looks like this question he had already addressed in his post above)

PTS will represent 10% of the money supply of new coins in the genesis block.
BitSares, DAC is one of the DACs that will be launched in the future. BitShares, DAC will have a total of 20 million BitShares. The BitShares, DAC will honor the social contract it has with PTS, so that 10% of the BitShares will be given to PTS holders.

In the case of BitShares a 1:1 ratio is being used (because BitShares has 20 million shares and there are going to be 2 million PTS). So if you own 100PTS you will get 100 BitShares. The reward is given once in the life-time of a DAC (upon launch of the company/genesis block).

After this point in time you can sell PTS and you will still have your BitShares and vica verse.

Hope that helps

Offline suzerain

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Re: What is ProtoShares?
« Reply #55 on: December 14, 2013, 07:33:32 am »
PTS will represent 10% of the money supply of new coins in the genesis block.
BitSares, DAC is one of the DACs that will be launched in the future. BitShares, DAC will have a total of 20 million BitShares. The BitShares, DAC will honor the social contract it has with PTS, so that 10% of the BitShares will be given to PTS holders.

In the case of BitShares a 1:1 ratio is being used (because BitShares has 20 million shares and there are going to be 2 million PTS). So if you own 100PTS you will get 100 BitShares. The reward is given once in the life-time of a DAC (upon launch of the company/genesis block).

After this point in time you can sell PTS and you will still have your BitShares and vica verse.

Hope that helps

That is a big help.  Thank you for taking the time to educate a newbie.

OK, so bitshares is itself a DAC.

So, what of another DAC? If we're going to have another DAC called furryrabbit, does furryrabbit also start out granting 10% of its shares to Protoshares holders, or do other DACs have a relationship to bitshares instead? And about the percentage: can the person who starts furryrabbit set that percentage at whatever they want?


Offline MrJeans

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Re: What is ProtoShares?
« Reply #56 on: December 14, 2013, 11:11:30 am »
Unless another DAC somehow links itself to Bitshares,DAC, no other DACs will not be tied to it.

If furryrabbit, DAC is created by Invictus then 10% of its money supply will go to protoshare holders.

If furry rabbit is created by another person/compaby they will choose if they want to honor the protoshare holders or not. If they do not, then more money supply will be available for its new users. However if they do honour the protoshare social contract they immidietly get a large user base of protoshare holders on their new DAC which may help their DAC sucseed. In which case you as a protoshare holder will get some furryrabbit coin.

Offline TheLostViking

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Re: What is ProtoShares?
« Reply #57 on: December 15, 2013, 07:05:56 pm »
Quote
For every protoshare you hold at that launch time, you now have a corresponding
share in the DAC accessible via the same public address to which you hold a private key.

That’s it. Simple. Easy to understand. Real hard to renege.
 

So f:ex if i hold 100 PTS in my wallet at launch it will also contain 100 Bitshares?
So what happens if i hold my PTS at f:ex Cryptsy at launch?
Just wondering because i cant get my wallet to sync..

Offline seraphim

Re: What is ProtoShares?
« Reply #58 on: December 15, 2013, 07:39:34 pm »
Cryptsy will get your 100 Bitshares
Meet you on STEEM

Offline TheLostViking

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Re: What is ProtoShares?
« Reply #59 on: December 15, 2013, 08:16:08 pm »
Cryptsy will get your 100 Bitshares

Aight. Cause my wallet refuse to sync. I have added all addnodes i can find and it been up for like 1 hour and still 0 connections.
How long does it take for people to get connected and sync?