Author Topic: Transition from PTS to Bitshares  (Read 17937 times)

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Offline 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?
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 smiley35

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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

Offline 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.

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 smiley35

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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?
« Last Edit: November 21, 2013, 05:07:44 am by smiley35 »

Offline 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/

Offline HCarvalho

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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

Offline phoenix

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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
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline HCarvalho

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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?

Offline phoenix

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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
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline 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.
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 her0

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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.

Offline masterofmyself

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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!

Offline Stan

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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.   :)
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 masterofmyself

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

Offline masterofmyself

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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?