Transition from PTS to Bitshares

[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?