What is BitShares PTS (proto-shares)?

[que23]

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.

[danielauhlig]

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?

[Stan]

http://invictus-innovations.com/founder-sign-up

Or wait till January and get a free regular ID.  Not needed to get forked.   

[recci]

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?

[bytemaster]

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

[Number 1]

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?

[santaclause102]

.... 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...

[santaclause102]

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!

[Stan]

-> 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.

-> 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.

-> 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.

-> 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.

-> 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. 

-> 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.

[santaclause102]

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?

[520Bit]

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.

[bytemaster]

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...

[TheLostViking]

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?

[seraphim]

Cryptsy will get your 100 Bitshares

[TheLostViking]

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..