Transition from PTS to Bitshares

[bytemaster]

Fiture BitShares X chains will have a snapshot derived from BitShares XT...

All other chains (BitShares Music, Bingo, Votes, Domains, etc) will be taken from AGS/PTS in the future.

[Coindgr]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

You never lose your PTS, you'll just get additional shares in every DAC. So say if you're holding on to 100 PTS at the launch, after the launch of BitShares, you'll have 100 PTS + 100 BTS. The value of PTS might fall but it still has value because Invictus or other community members might come up with other DACs in the future and honor the same social contract of giving initial shares to PTS holders. Invictus has publicly announced their social contract - every DAC they create will be forked from ProtoShares which means by holding ProtoShares, you get a share of each of the Invictus DACs in the future. That's why they're valuable.

Noob question: Does this mean there will be another "checkpoint" block for protoshares in future DACs, or only counts the initial PTS we're holding in first "checkpoint" (in the release of Bitshares) ?

[earthbound]

Earthbound like the game Mother 2?  If so, bomb

Yes, exactly like that, or that's certainly one thing in mind. 

(Although of course the word has meanings all its own apart from that.)

[liquiddrool]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

I drafted the following reply here, before I realized it was a larger problem that needs solving, which I address in the following post:

https://bitsharestalk.org/index.php?topic=1997.msg23020#msg23020

Earthbound like the game Mother 2?  If so, bomb

[earthbound]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

I drafted the following reply here, before I realized it was a larger problem that needs solving, which I address in the following post:

https://bitsharestalk.org/index.php?topic=1997.msg23020#msg23020

[arcke]

where do we do that?

BitShares is currently still under development. You can track development and check out the code on github.

BitShares
Invictus

[HCarvalho]

where do we do that?

[bytemaster]

You have to download bitshares.


Sent from my iPhone using Tapatalk

[HCarvalho]

This is a noob question, but when Bitshares are launched will I have to install a new wallet to receive my shares proportionate to my PTSs? How will the BTS allocation will proceed?

[Primecoindude]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys?

Everyone that have interest in Protoshares will have interest in your new DAC if you honor the social contract.
If there is another similar DAC, well go figure, survival of the fittest..

[8bit]

So how long (approximately) before the launch of bitshares will the protoshares block that bitshares is forked from be mined?

[bytemaster]

Yes


Sent from my iPhone using Tapatalk

[fuzzy]

Good thought.  Is this how it is?  A protoshare seems to me like a token...and when a user holds that token AND a new DAC launches under the social agreement, a new share is "minted" in the forked genesis block for that DAC.

Is this Correct?

[cass]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

ok thx for your answers But if selling after getting my BTS then iam out of the run for future III product launches ... so it mustn't be clever to do this ...

DomainShares, VoteShares, LuckyShares, BitShares 2.0, AP DAC, ....

thats what i mean * with not clever *... better to sell your BTS you get for your PTS and then buy more PTS for future DACs i guess ^^

[bytemaster]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

ok thx for your answers But if selling after getting my BTS then iam out of the run for future III product launches ... so it mustn't be clever to do this ...

DomainShares, VoteShares, LuckyShares, BitShares 2.0, AP DAC, ....

[cass]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

ok thx for your answers But if selling after getting my BTS then iam out of the run for future III product launches ... so it mustn't be clever to do this ...

[bytemaster]

Correct, once you have your BTS you can sell your PTS and keep the BTS.

[cass]

Also, I'm not sure if you addressed my other question. Let's say Alice has 1PTS which she redeems for 1BTS. She then sells her 1PTS to Bob for 10BTC (It doesn't hurt to dream! ). Bob takes the 1PTS he just bought and attempts to use it to redeem 1BTS. What happens?

It is not a redemption process.  At one specific point in time, when PTS reaches a specific pre-announced block number in its block chain, the forked BTS DAC will initialize a "matching" genesis block.  Whatever PTS you hold as of that block get duplicated into the new DAC.  Then its over.  Alice will have 1 PTS and 1 BTS.

There is no way to recycle your new BTS shares back around for a second forking iteration.  That's what trading exchanges are for.   

so when i get 1:1 change for my PTS in BTS and then sell PTS for example , the buyer can't redeem them again for BTS but he could use it for possible future DACs ?

No redemption, that implies trading in.   BTS is like a dividend on PTS.   Once you earn your BTS you can then trade PTS vs BTS just like PTS vs BTC.

ok cool . but when sell my PTS i will not longer earn BTS dividends on this? To clearify my question, BTS  is launched, i have 1000 PTS --- now i get 1000 BTS the equivalent amount to PTS. So when i sell my 1000 PTS then i still have 1000 BTS !? Sry for asking again ... but want to get this clear for my understanding...

[bytemaster]

Also, I'm not sure if you addressed my other question. Let's say Alice has 1PTS which she redeems for 1BTS. She then sells her 1PTS to Bob for 10BTC (It doesn't hurt to dream! ). Bob takes the 1PTS he just bought and attempts to use it to redeem 1BTS. What happens?

It is not a redemption process.  At one specific point in time, when PTS reaches a specific pre-announced block number in its block chain, the forked BTS DAC will initialize a "matching" genesis block.  Whatever PTS you hold as of that block get duplicated into the new DAC.  Then its over.  Alice will have 1 PTS and 1 BTS.

There is no way to recycle your new BTS shares back around for a second forking iteration.  That's what trading exchanges are for.   

so when i get 1:1 change for my PTS in BTS and then sell PTS for example , the buyer can't redeem them again for BTS but he could use it for possible future DACs ?

No redemption, that implies trading in.   BTS is like a dividend on PTS.   Once you earn your BTS you can then trade PTS vs BTS just like PTS vs BTC. 

[cass]

Also, I'm not sure if you addressed my other question. Let's say Alice has 1PTS which she redeems for 1BTS. She then sells her 1PTS to Bob for 10BTC (It doesn't hurt to dream! ). Bob takes the 1PTS he just bought and attempts to use it to redeem 1BTS. What happens?

It is not a redemption process.  At one specific point in time, when PTS reaches a specific pre-announced block number in its block chain, the forked BTS DAC will initialize a "matching" genesis block.  Whatever PTS you hold as of that block get duplicated into the new DAC.  Then its over.  Alice will have 1 PTS and 1 BTS.

There is no way to recycle your new BTS shares back around for a second forking iteration.  That's what trading exchanges are for.   

so when i get 1:1 change for my PTS in BTS and then sell PTS for example , the buyer can't redeem them again for BTS but he could use it for possible future DACs ?

[Stan]

Also, I'm not sure if you addressed my other question. Let's say Alice has 1PTS which she redeems for 1BTS. She then sells her 1PTS to Bob for 10BTC (It doesn't hurt to dream! ). Bob takes the 1PTS he just bought and attempts to use it to redeem 1BTS. What happens?

It is not a redemption process.  At one specific point in time, when PTS reaches a specific pre-announced block number in its block chain, the forked BTS DAC will initialize a "matching" genesis block.  Whatever PTS you hold as of that block get duplicated into the new DAC.  Then its over.  Alice will have 1 PTS and 1 BTS.

There is no way to recycle your new BTS shares back around for a second forking iteration.  That's what trading exchanges are for.   

[Stan]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

You never lose your PTS, you'll just get additional shares in every DAC. So say if you're holding on to 100 PTS at the launch, after the launch of BitShares, you'll have 100 PTS + 100 BTS. The value of PTS might fall but it still has value because Invictus or other community members might come up with other DACs in the future and honor the same social contract of giving initial shares to PTS holders. Invictus has publicly announced their social contract - every DAC they create will be forked from ProtoShares which means by holding ProtoShares, you get a share of each of the Invictus DACs in the future. That's why they're valuable.

Ah, I see. Do I get Keyhotee rep/name for holding PTS?

Is there incentive for other groups to release their DACs forked from PTS? Or is the success of PTS post-BTS launch pretty much entirely dependent on the success of Invictus' other DACs?

Regular Keyhotee IDs are mined for you by Keyhotee at no cost other than a little of your computer's time for proof of work purposes.  They are first-come first-served by the Keyhotee network.

The incentive for other groups to honor the ProtoShares Social Contract is that they instantly get the attention and buy-in of everybody who already understands and believes in the potential of DACs.  All the early adopting True Believers by definition are ProtoShareholders.  We believe that the desire to inherit that community, (and the fear that if you don't honor them you leave the door open for a competitor to do so) will cause a lot of third party developers to honor the social contract. 

The existence of a knowledgable and motivated DAC Angel community of potential investors interested in leveraging their PTS holdings might also influence whether they want to go it alone or not.   

[8bit]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

You never lose your PTS, you'll just get additional shares in every DAC. So say if you're holding on to 100 PTS at the launch, after the launch of BitShares, you'll have 100 PTS + 100 BTS. The value of PTS might fall but it still has value because Invictus or other community members might come up with other DACs in the future and honor the same social contract of giving initial shares to PTS holders. Invictus has publicly announced their social contract - every DAC they create will be forked from ProtoShares which means by holding ProtoShares, you get a share of each of the Invictus DACs in the future. That's why they're valuable.

Ah, I see. Do I get Keyhotee rep/name for holding PTS?

Is there incentive for other groups to release their DACs forked from PTS? Or is the success of PTS post-BTS launch pretty much entirely dependent on the success of Invictus' other DACs?

Also, I'm not sure if you addressed my other question. Let's say Alice has 1PTS which she redeems for 1BTS. She then sells her 1PTS to Bob for 10BTC (It doesn't hurt to dream! ). Bob takes the 1PTS he just bought and attempts to use it to redeem 1BTS. What happens?

[Stan]

So What will the PTS price go just before and after release of bitshares? There may be lots of people want to get BTS so they buy PTS and few people want to sell. So the price maybe go very high. And PTS may become very cheap after people receive their BTS. 
In the result, will the price fluctuate dramatically at that time?

Those who value PTS solely as a vehicle for owning one specific new DAC may lose interest in PTS and sell them after they have their new DAC shares.  Conversely, those interested more in PTS for future DACs on the horizon may quickly sell their new DAC shares to buy more PTS.  To the extent that there exist trading vehicles that span the genesis block singularity, the transients that occur there may be significantly damped.

Those who have ears, let them hear.

[lib]

So What will the PTS price go just before and after release of bitshares? There may be lots of people want to get BTS so they buy PTS and few people want to sell. So the price maybe go very high. And PTS may become very cheap after people receive their BTS. 
In the result, will the price fluctuate dramatically at that time?

[ruletheworld]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

You never lose your PTS, you'll just get additional shares in every DAC. So say if you're holding on to 100 PTS at the launch, after the launch of BitShares, you'll have 100 PTS + 100 BTS. The value of PTS might fall but it still has value because Invictus or other community members might come up with other DACs in the future and honor the same social contract of giving initial shares to PTS holders. Invictus has publicly announced their social contract - every DAC they create will be forked from ProtoShares which means by holding ProtoShares, you get a share of each of the Invictus DACs in the future. That's why they're valuable.

[8bit]

Once you redeem your BTS from your PTS, is there any point in holding onto PTS? Also, once PTS are already used to redeem BTS, can they not be used again? So someone buying PTS won't know if they're getting PTS+BTS or just PTS?

[phoenix]

I wouldn't call a 6 month delay a "slight delay" It's a substantial delay, but it's worth it if you believe in the value of Bitshares

[Sy]

And they aren't really piling up, they will start to be matured after 6 month, one block every 5 minutes -> normal supply, just added a slight delay

[smiley35]

Oh, I was reading the white paper for bitshares but I must have misunderstood.

[bytemaster]

so for 6 months the supply will be 1.5 mil, meanwhile 5 million reward blocks are just piling up? By the way this is one of the more interesting things ive come across on the internet. thank you bytemaster

The BitShare supply will be 20 million over 12 years.  I don't know where your 5 million reward blocks piling up comes from?

[smiley35]

so for 6 months the supply will be 1.5 mil, meanwhile 5 million reward blocks are just piling up? By the way this is one of the more interesting things ive come across on the internet. thank you bytemaster

[bytemaster]

So when the transition happens Protoshares will be honored 1:1. How many bitshares exist? 5 million BTS block reward yes? So since there are aprox 600,000 pts everyone will be sharing like a 1/10 of the first block in founding shares or whatever? If one was trying to acquire BTS would they not be better off just waiting and buying bts or spending that money on mining?

We are still refining the details, but by current estimates I would expect about 1.5 million PTS to exist at the time BitShares is launched.  BitShares will start out with a difficulty near the difficulty of PTS and will have a rapid / continuous difficulty adjustment period.  Furthermore, after seeing the rapid 'mine and dump' of ProtoShares we are looking to implement a 6 month vesting period for new BitShares that are mined.  This means that the only way to acquire BitShares in the first 6 months is to purchase them from people who have mined (or purchased) ProtoShares.    Therefore, the cheapest way to acquire BitShares is to buy ProtoShares today.

[smiley35]

So when the transition happens Protoshares will be honored 1:1. How many bitshares exist? 5 million BTS block reward yes? So since there are aprox 600,000 pts everyone will be sharing like a 1/10 of the first block in founding shares or whatever? If one was trying to acquire BTS would they not be better off just waiting and buying bts or spending that money on mining?

[testz]

And what are DACs? Digital startups? If so, this coulda been a great idea in 95, we could be stockholders in google, yahoo and facebook, lol

Did you try to read it: http://invictus-innovations.com/i-dac/

[HCarvalho]

And what are DACs? Digital startups? If so, this coulda been a great idea in 95, we could be stockholders in google, yahoo and facebook, lol

[phoenix]

With our protoshares will we be able to turn them in every dac that is bitshare based? The same pts can be used in 10 different DACs?

This is correct, you don't lose your PTS when a new DAC comes out, you just get shares in that DAC

[HCarvalho]

With our protoshares will we be able to turn them in every dac that is bitshare based? The same pts can be used in 10 different DACs?

[phoenix]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

This should also be done before you fork protoshares into proto-domainshares so we can withdraw from trading platforms

[bytemaster]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

Yes, that is a very good point.  We will give everyone a 2 week notice and the exact block number from which the snapshot will be taken.

[her0]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Before obtaining a snapshot should be given me some time so that we can withdraw the coins from the trading platform into our wallets, in other words, there should be a prior notice.

[masterofmyself]

Thanks for clearing that up for me!  I think I was a bit unclear about what exactly is Protoshares purpose, but now I understand.  Really excited about the future!

[Stan]

So if Invictus is invested in a new DAC, they wouldn't necessarily have an incentive to "sabotage" them by selling shares at a super low price?  I guess so long as it is a new DAC unrelated to the services that Invictus provides...

Say the new DAC is a competing service that Invictus already offers... would there even be incentive for someone to compete with Invictus since Invictus could just change its protocol to the upgraded competing service's protocol and sell off the shares of a competitor at a hyper-undervalued price?

The only way Invictus makes money from our free, open source DACs is by owning shares in the ones we believe will make a profit and/or appreciate.  If there's a competing DAC out there whose dividends are bigger and/or whose shares are appreciating faster than one of ours, we want to own more of its shares and less of ours!

It's a game of leap-frog building on each other's open source code for the good of all - investing in the current leader while perhaps trying to unseat him with yet another leap forward. 

What the community sees is release after release of an ever-improving product that just happens to be produced by a distributed team of competitors.  And it is the community that decides whether to upgrade or not.

Coerce that.   

[masterofmyself]

Sorry Bytemaster and Stan, just read your replies.  Makes a lot more sense now - thanks a ton!

[masterofmyself]

So if Invictus is invested in a new DAC, they wouldn't necessarily have an incentive to "sabotage" them by selling shares at a super low price?  I guess so long as it is a new DAC unrelated to the services that Invictus provides...

Say the new DAC is a competing service that Invictus already offers... would there even be incentive for someone to compete with Invictus since Invictus could just change its protocol to the upgraded competing service's protocol and sell off the shares of a competitor at a hyper-undervalued price? 

[ruletheworld]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys?

They don't have to, but here's why they might: build a community that is automatically vested in their idea.

For instance, if you have an idea of a brand new DAC that you think will interest everyone, instead of starting from ground zero, you might as well just fork protoshares, think of it as a 10% premine that has been distributed to several early adopters. Now everyone is automatically invested in your idea, including Invictus and therefore they have an incentive to help your DAC succeed. You don't have to, but you might just enlist the help of the community who also gains with your DAC. At least that's the idea ...

[Stan]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys?

ProtoShares no longer belongs to Invictus.  It belongs to the community of people who believe in its vision and therefor hold on tightly to its shares - Steely-Eyed ProtoShareholders.  They are the ones best qualified to tell a good DAC from a bad one.  They are the most likely to be early adopters of a new DAC.  What is the best way to get their early buy-in to your new World's Greatest DAC?  Issue some of your shares to them in your Genesis block.  Or you can give them all to people in a hurry to sell them.  Your call.

We look at the big picture.  If someone can launch a particular DAC that is more worthy of survival than one of ours, it strengthens the fabric of Free Space for everybody.  We want to grow the pie, not fight over every slice.  The competitors we'd like to beat are back in Fiat Space.  May the best DACs win!

[bytemaster]

I don't know why other people would honor ProtoShares... we are just suggesting that if someone did create a new DAC with cool new features that someone could fork it and honor ProtoShares and thus inherit a user base.   But ultimately it is the market and not Invictus that decides whether to honor protoshares or start from 0 or use a pre-mine. 

[masterofmyself]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

I'm finding it hard to understand why competing DACs would honor Protoshares.  What incentives are there?  Wouldn't Invictus and Invictus' DACs also be making money off competitors?

I've also seen an explanation that referred to the competing DACs wanting an already present customer foundation via Protoshare holders. Does that mean competitors would be inheriting your customer base away from you guys? 

[bytemaster]

I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

Probably the best way to do it to be honest, it will be interesting to see how the mining forces decide to move around, the community will end up splitting a little more each time a new chain is split off from protoshares, hopefully the growth will be high enough to overcome this/the difficulty won't kill the chain when miners move to different DACs!

If half the miners left, you would end up with 10 minute block intervals just like bitcoin.   Not a terrible situation. 

[marauder]

I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

Probably the best way to do it to be honest, it will be interesting to see how the mining forces decide to move around, the community will end up splitting a little more each time a new chain is split off from protoshares, hopefully the growth will be high enough to overcome this/the difficulty won't kill the chain when miners move to different DACs!

[phoenix]

I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

This will be interesting to see how people split their resources between PTS and Bitshares once both are available to mine on. On the one hand, PTS will get you shares in every other future DAC that honors the contract, but on the other hand mining Bitshares will give you Bitshares directly.

[bytemaster]

I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

The initial difficulty for BitShares will be the same order of magnitude as PTS and will adjust continuously.

[marauder]

I was wandering, will the mining difficulty be getting reset (for bitshares) or will it be inherited from the PTS difficulty in the genesis block?

[Sy]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

Thanks

[Stan]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

Just a snapshot of PTS ownership distribution at first release, when the genesis block of a new DAC is laid down.  After that, your PTS are still good for ownership in other developing DACs that honor the ProtoShares Social Contract.

[Sy]

But you will only own the PTS mined so far, right?

So it's taking a snapshot at release - or will future pts get credited too?

[boshen1011]

PTS := PTS + BTS

[bytemaster]

I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.

If I import my wallet, does that mean I lost PTS private key. PTS will continue mining it?

PTS mining will continue, you will own both PTS and BTS.

[her0]

I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.

If I import my wallet, does that mean I lost PTS private key. PTS will continue mining it?

[phoenix]

Ok, Thank you! I'm really looking forward to Bitshares!

[bytemaster]

I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?

You can import your PTS wallet into BitShares and your balance will show up.

[phoenix]

I'm sorry if this has already been explained and I missed it, but how exactly do Protoshares holders get their stake in Bitshares when they come out? I know that you get to keep the PTS for future DACs, but how do we get those Bitshares once they're mined in the Genesis Block? Will they be tied to the same public & private keys as our PTS so we just need to import the private keys on our Bitshares wallet, or is there some other mechanism for obtaining them?