What is BitShares PTS (proto-shares)?

[doesntmatter]

i believe someone may have just proved you idea unsuccessful by stealing all pts, well 8/10... and counting... with a virus compiled on the 29th of october...!

[Amazon]

so imho, bitshare is better than msc in the sense that the former pays div while the latter one doesnt. what's you opinion on that ?

BitShares is better also because it uses real market forces, lower overhead, faster transactions, etc.   I am not too concerned about competing with Mastercoin in this market, though we are attempting to work together in ways that I cannot discuss right now.

WOW, that is an exciting news. I really hope things can work out. Can't imagine how powerful you guy work together.

[bytemaster]

so imho, bitshare is better than msc in the sense that the former pays div while the latter one doesnt. what's you opinion on that ?

BitShares is better also because it uses real market forces, lower overhead, faster transactions, etc.   I am not too concerned about competing with Mastercoin in this market, though we are attempting to work together in ways that I cannot discuss right now.

[voldemort628]

so imho, bitshare is better than msc in the sense that the former pays div while the latter one doesnt. what's you opinion on that ?

[bytemaster]

His code is all open source so if Mastercoin works out then anyone could create a fork of Mastercoin that honors the PTS positions and as a result compete against Mastercoin.   In fact, his latest design for BitUSD was inspired after I revealed problems in his original design. 

because anyone can easily "create" another Mastercoin that honours Protoshares positions, then this means that it doesnt really matter if msc or bitshares comes out successful, the real prob here is to ensure that people adopt protoshares and the idea?

In fact, ANY new altchain should honor PTS positions if they want to adopt our user base.   The social contract behind ProtoShares is that it will serve as the 'pre-mine' seed for all future crypto-assets and any chain of value that does not honor it can be forked to honor it.   

but how do we ensure that the newly-created DAC in the future will honour the positions? because they might be created by just anyone? i have actually read your arguments on this somewhere but wasnt completely clear about it ;P mind to elaborate ?
thanks

You cannot force anyone to do anything, but in this market is is all network effect.  If someone comes up with a compelling implementation then you can adopt the entire PTS community for the cost of generating a new genesis block.  The individual who decided to start from scratch would have to build an entire new community around his system.   Considering the network effect, I suspect that the coin that honors ProtoShares will win.

[voldemort628]

His code is all open source so if Mastercoin works out then anyone could create a fork of Mastercoin that honors the ProtoShares positions and as a result compete against Mastercoin.   In fact, his latest design for BitUSD was inspired after I revealed problems in his original design. 

because anyone can easily "create" another Mastercoin that honours Protoshares positions, then this means that it doesnt really matter if msc or bitshares comes out successful, the real prob here is to ensure that people adopt protoshares and the idea?

In fact, ANY new altchain should honor ProtoShares positions if they want to adopt our user base.   The social contract behind ProtoShares is that it will serve as the 'pre-mine' seed for all future crypto-assets and any chain of value that does not honor it can be forked to honor it.   

but how do we ensure that the newly-created DAC in the future will honour the positions? because they might be created by just anyone? i have actually read your arguments on this somewhere but wasnt completely clear about it ;P mind to elaborate ?
thanks

[yago]

Traducción al español no oficial del primer post: http://bitsharestalk.org/index.php?topic=471

[bytemaster]

I noticed that Mastercoin is trying to do something very similar to BitUSD only using trusted price feeds.    His code is all open source so if Mastercoin works out then anyone could create a fork of Mastercoin that honors the ProtoShares positions and as a result compete against Mastercoin.   In fact, his latest design for BitUSD was inspired after I revealed problems in his original design.  I would go so far as to say that Mastercoin is an implementation of BitShares without dividends.

In fact, ANY new altchain should honor ProtoShares positions if they want to adopt our user base.   The social contract behind ProtoShares is that it will serve as the 'pre-mine' seed for all future crypto-assets and any chain of value that does not honor it can be forked to honor it.   

If this social contract gets strong enough, no new altcoin will be able to start without honoring it and therefore ProtoShares become the most highly sought-after coin in the crypto-currency space.   

[bytemaster]

As a financial Compliance office and developer I'm currently working with several partners in regards of building a exchange that will be core for the main forex market place and compliant with trade rules and regulations. We have been working with NYSE and CME and really interested in moving into this side of the market. if you have any suggestions or wish to participate lat me know

can I ask that there would be any potential legal issues with proto-shares/bitshares? like how bitcoin is abused by criminals, bitshares can be abused too, and the govt can pick on Invictus Corp.

Pick on me they may, stop BitShares and Proto-Shares they will not.    The point of this coin is to establish market demand for BitShares + other ideas of Invictus.  ANYONE could implement it and the social contract would be enforced because it is all open source code  

[voldemort628]

As a financial Compliance office and developer I'm currently working with several partners in regards of building a exchange that will be core for the main forex market place and compliant with trade rules and regulations. We have been working with NYSE and CME and really interested in moving into this side of the market. if you have any suggestions or wish to participate lat me know

can I ask that there would be any potential legal issues with protoshares/bitshares? like how bitcoin is abused by criminals, bitshares can be abused too, and the govt can pick on Invictus Corp.

[alex_c]

As a financial Compliance office and developer I'm currently working with several partners in regards of building a exchange that will be core for the main forex market place and compliant with trade rules and regulations. We have been working with NYSE and CME and really interested in moving into this side of the market. if you have any suggestions or wish to participate lat me know

[bytemaster]

Owning BitShares PTS is a way to acquire future BitShares and speculate on their value today!


What is BitShares PTS?
BitShares PTS is a class of crypto-currency that let you capture a position in one or more cool new DACs before they are ever implemented. The speculative value of PTS is a subjective mix of three market
perception pillars. These pillars are the market’s assessment of:

• The speculative value of a future DAC share.
• The probability that the DAC can and will be successfully fielded.
• Confidence that the PTS will map to an equitable share in the implementation.

... summed across all DACs that announce there intention to honor PTS holders with shares when launched.

Developers use BitShares PTS to capture early adopter interest in their new idea.

Investors use PTS to get in on the ground floor of an entire new industry.  Instead of enduring the hassles and costs of mining every new DAC into existence, they focus on acquiring PTS once and for all, and thereby claim a stake in every new DAC that honors BitShares PTS.

Developers and Investors start on a level playing field for obtaining BitShares PTS. They are being slowly mined and easily accessible from public exchanges as one of the top crypto-currencies on the market.

What about that Third Pillar?

The third Public Perception Pillar is confidence that owning a DAC’s PTS will translate into
actual ownership of an equitable share in the objective DAC. It is up to the DAC developer to convince
the market that this will happen using whatever social consensus the market will accept. The PTS Social Consensus is simply:

At our DAC’s pre-published launch time, a DAC’s genesis block shall be initialized
to precisely match the current unspent outputs of the corresponding BitShares PTS blockchain.

For every BitShares PTS proto-share 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.

You can read about the latest, more general form here:  http://invictus-innovations.com/social-consensus/

What do you mean “real hard to renege” on your social consensus?

Who would want to abandon the entire universe of informed early adopters by reneging on their rights as
founding shareholders? In this business, the network effect of market share is everything. Besides, if
someone deploys an open-source DAC without honoring the social contract to its PTS holders,
someone else will simply fork the open source code, and honor that contract. Bingo, they’re in business!
The network effect of informed early adopters will do the rest and the reneging developer’s implementation
will go into the dustbin of history.

BitShares PTS were designed to be mined into existence according to the curves below.  This has been considerably accelerated in practice by the overwhelming amount of interest from the mining community.