Author Topic: What is BitShares PTS (proto-shares)?  (Read 46432 times)

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Offline bytemaster

Re: What is ProtoShares?
« Reply #60 on: December 15, 2013, 09:03:32 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?

Last I heard it took 30 minutes...
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 520Bit

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Re: What is ProtoShares?
« Reply #61 on: December 16, 2013, 06:46:42 am »
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?

Last I heard it took 30 minutes...

I am not sure if I can add an attachment in this thread. I can provide you my peers.dat file which include all the node I have. My PTS client sync quickly every time I start it.
Accept BTC/XCP/MSC: 152oBitoBwHwxR5UpUQnsvWSFjYHkheDJk
PTS: PtPXhrP5jk8BPH5fFcPnBgNSrfmJ6DCFcW
PPC: PRT95iQEKUzJSb2XsPjLgdbyoSyKiDmyb9

Offline santaclause102

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Re: What is ProtoShares?
« Reply #62 on: December 18, 2013, 08:12:40 pm »
Thanks so far! I like your ideas :)

I think my last two questions aer the most important ones...

Just so I understand it fully... In your October Newsletter you say
"Developers use ProtoShares to raise capital with which to implement a new idea. They are a new
decentralized form of crowd sourcing using incorruptible block chain technology in lieu of lawyers,
bankers and regulators to fund and launch a start-up company."
-> How do I know the DAC publishers/developers will reward each protoshare with one "actual share" in the "actual" blockchain? Is that written into the protoshare or does that rely on trust... ?
-> Is it that a protoshare owner (the protoshares you can buy now) will have one "actual share/coin" in every dac you develop for every protoshare owened by this owner? Or does this only count for every dac that involves bitshares when every protoshare owner will have the same amount of bitshares as he has protoshares?
-> Is a dac defined by producing a currency that can increase in value? Keyhotee as I undersand it is a dac buy what currency does it involve that could increase in value?  <<-- I think I understand this one: The developer of a dac can set any reward ( doesnt have to be the rise of a currency). Correct?
-> You are speacking of a social contract... The social contract in case of protoshares would be to get one bitshare for ervy protoshare? If the Protoshare after this is not destroyed/worthless what is it good for after that? Are the protoshares issued/mined now part of more social contracts that the one I described above? <<-- I think I can also answer this one: The social contract is to get the group of pts owners gets 10% of each dac Invictus ever releases... And this contract is a verbal one, ensured by Invictus' dependence on the trust of the cummunity?
-> How can that work, that I get a share of every company that tries to implement a similar (how is similar defined) idea? In case of the browsers (safari, netscape etc.): I can only imagine that each developer (group) puts out their protoshares and by buying them you bet on a sucessfull implementation. But why should I get a slice of every brwoser? What would motivate all these brwoser develeopers to give me a share if I didnt mine/buy their specific protoshares?  I think i am still missing something... :-/
-> Most practical question: How do I know when you will realease your dacs (bitshares will be the first I guess)? Because I want to wait for btc to fall to buy pts. ...regarding the need to have pts in the private pts wallet at the time of eg bitsahres release. Is there a newsletter to sign up for or a rough date?

« Last Edit: December 18, 2013, 08:19:30 pm by delulo »

Offline Stan

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Re: What is ProtoShares?
« Reply #63 on: December 18, 2013, 10:18:18 pm »
Quote
-> How do I know the DAC publishers/developers will reward each protoshare with one "actual share" in the "actual" blockchain? Is that written into the protoshare or does that rely on trust... ?
Developers stake their reputation on it.  Renege and you are out of business in this domain.

Quote
-> Is it that a protoshare owner (the protoshares you can buy now) will have one "actual share/coin" in every dac you develop for every protoshare owened by this owner? Or does this only count for every dac that involves bitshares when every protoshare owner will have the same amount of bitshares as he has protoshares?
Every DAC Invictus develops, 1 for 1, guaranteed.  Other developers may make similar guarantees if so motivated.  MemoryCoin 2.0 is an example with a different ratio.

Quote
-> Is a dac defined by producing a currency that can increase in value? Keyhotee as I undersand it is a dac buy what currency does it involve that could increase in value?  <<-- I think I understand this one: The developer of a dac can set any reward ( doesnt have to be the rise of a currency). Correct?
DACs are unmanned companies.  Businesses designed to make a profit from services rendered, usually by charging transaction fees for those services.  Profits are shared among stakeholders as dividends.  Appreciation happens when demand for those services drives up the price of the shares/coins needed to buy those services.  Keyhotee is not a DAC.  It is an application you use for secure interactions with DACs, and mere people.

Quote
-> You are speacking of a social contract... The social contract in case of protoshares would be to get one bitshare for ervy protoshare? If the Protoshare after this is not destroyed/worthless what is it good for after that? Are the protoshares issued/mined now part of more social contracts that the one I described above? <<-- I think I can also answer this one: The social contract is to get the group of pts owners gets 10% of each dac Invictus ever releases... And this contract is a verbal one, ensured by Invictus' dependence on the trust of the community?
ProtoShares continue to be valuable as long as there are more DACs in development that will honor them.  A social contract is a formally stated promise of something you will do for which the whole community will hold you accountable.  You forfeit your business if you break it, for no one will trust you after that.  DACs are trustless. DAC developers must be trusted to develop the DAC and give up control.  If you can’t be trusted, you can’t be a successful DAC developer.

Quote
-> How can that work, that I get a share of every company that tries to implement a similar (how is similar defined) idea? In case of the browsers (safari, netscape etc.): I can only imagine that each developer (group) puts out their protoshares and by buying them you bet on a sucessfull implementation. But why should I get a slice of every brwoser? What would motivate all these brwoser develeopers to give me a share if I didnt mine/buy their specific protoshares?  I think i am still missing something... :-/

It is a voluntary exchange where a developer gives up shares to gain the attention and support of a group of people.  Most coins are simply given away to the general public hoping to attract the right supporters.  ProtoShareholders are a distillation of all the right supporters.  The most important supporters to attract are those who understand DACs already and believe in their potential.  People who have lots of ProtoShares to reinvest.  Attracting those eyeballs is hugely more valuable than the average casual observer.  MemoryCoin 2.0 is a great example.  You see the buzz it generated by adopting this community with only 1%.  As more DACs compete for those most valuable eyeballs, the share needed to attract their attention will go up.  Get ProtoShares.  Be Somebody. 

Quote
-> Most practical question: How do I know when you will realease your dacs (bitshares will be the first I guess)? Because I want to wait for btc to fall to buy pts. ...regarding the need to have pts in the private pts wallet at the time of eg bitsahres release. Is there a newsletter to sign up for or a rough date?

We will announce the precise ProtoShares block from which the fork will take place at least two weeks in advance.  You get them if you control their address at the time. Don't leave them on an exchange at that time.   Use the ContactUs link at invictus-innovations.com.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline santaclause102

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Re: What is ProtoShares?
« Reply #64 on: December 19, 2013, 01:31:16 am »
Thanks. All makes sense!
I am more coming from a perspective of social science.... and I see a lot of positive potential for solving some of the problems hugh anonymous groups (humanity) have to solve in the oncoming century.... It all goes the same direction, in technology and in the organization of groups...
Keep on doing what you do!



Offline santaclause102

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Re: What is ProtoShares?
« Reply #65 on: December 19, 2013, 02:59:20 am »
.... I would suggest though to make it more clear (like a warning, prominent when you talk about protoshares on your website or elsewhere) that pts have to be in local wallets. I went trough your website, a radio interview on lettalkbitcoin, the c3 conference video and quite a few forum articles and I didnt recognize this necessity before. Maybe that's just because I'm not a techie...  :) Not invictus' reputation suffers from this...

Offline Number 1

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Re: What is ProtoShares?
« Reply #66 on: December 19, 2013, 09:34:52 am »
Guys excuse my technical incompetence but i want to be sure I have things properly set up with protoshares.
So I have purchased some protoshares and transferred some for my invictus ID and some to the client on my mac.
I have then closed the client (as i'm not a miner) and saved the .dat file (backed up in numerous places).

Is this enough for me to ensure I receive BTS providing I don't transfer out of the client?
Lastly what are public and private keys?
PTS: Pj8UH9ExVidcFd4LKtEgPSrwrtpYhPhug8

Offline bytemaster

Re: What is ProtoShares?
« Reply #67 on: December 19, 2013, 04:41:04 pm »
Guys excuse my technical incompetence but i want to be sure I have things properly set up with protoshares.
So I have purchased some protoshares and transferred some for my invictus ID and some to the client on my mac.
I have then closed the client (as i'm not a miner) and saved the .dat file (backed up in numerous places).

Is this enough for me to ensure I receive BTS providing I don't transfer out of the client?
Lastly what are public and private keys?

Yes
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 recci

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Re: What is ProtoShares?
« Reply #68 on: December 19, 2013, 07:49:30 pm »
How do you get this invictus ID? Im still not clear on that and is the invictus ID required to get the forked bitshares when the are realised?

Offline Stan

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Re: What is ProtoShares?
« Reply #69 on: December 19, 2013, 07:57:30 pm »
http://invictus-innovations.com/founder-sign-up

Or wait till January and get a free regular ID.  Not needed to get forked.   :)
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Offline danielauhlig

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Re: What is ProtoShares?
« Reply #70 on: December 28, 2013, 12:37:12 am »
Ok read the entire thread unfortunatly with much confusion. I have bought PTS on cryptsy and moved them to my offline wallet. How are BT shares now distributed. How do you know they are there?

Offline que23

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Re: What is ProtoShares?
« Reply #71 on: December 28, 2013, 01:39:39 am »
Ok read the entire thread unfortunatly with much confusion. I have bought PTS on cryptsy and moved them to my offline wallet. How are BT shares now distributed. How do you know they are there?

Don't worry. It's actually not that difficult, and when the time is near, there will be some instructions on the site.
PTS: Pa75dEzGkMcnM85hRMbdKiS1YdF81rnSCF

Offline danielauhlig

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Re: What is ProtoShares?
« Reply #72 on: December 28, 2013, 01:45:22 am »
ok thanks for now ill just hang on to the PTS that ive got. i guess it will probably be my loss due to my inability to understand how all these  other shares tie in which limits me from purchasing more.

Offline bytemaster

Re: What is ProtoShares?
« Reply #73 on: December 28, 2013, 03:29:27 am »

ok thanks for now ill just hang on to the PTS that ive got. i guess it will probably be my loss due to my inability to understand how all these  other shares tie in which limits me from purchasing more.

If you send what you have to the angel address you can magnify your future stake and all you give up is the ability to sell what you have until after we launch bitshares.


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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 danielauhlig

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Re: What is ProtoShares?
« Reply #74 on: December 28, 2013, 09:41:07 pm »
Are you saying i should send my PTS share to the address given as an investement into angel shares? I did this to the angelwallet address using BTC I would be interested in sending some of my PTS to the other wallet given however where is the reference or (receipt) of this having occured . How do I have proof that I have sent them other than in my wallet itself.