[ANN] BitShares PTS Mandatory Upgrade & Snapshot Announcement

[bitcube]

several hunderd sat now, is it dead?

PTS is very much alive, and more than ever.  The old PTS coins that you own has now been scaled up approx 567 times.  The total PTS supply has reduced, so in fact, it is worth more.

[Coin-Moron]

I could see around 950 million coins remaining unclaimed in the block explorer.
What does it mean actually?

[Coin-Moron]

several hunderd sat now, is it dead?

PTS is very much alive, and more than ever.  The old PTS coins that you own has now been scaled up approx 567 times.  The total PTS supply has reduced, so in fact, it is worth more.

Could you please elaborate a bit more about this re-distribution. I could see only the amount of PTS had actually increased to 999 million, but you are saying otherwise.

[bitcube]

several hunderd sat now, is it dead?

PTS is very much alive, and more than ever.  The old PTS coins that you own has now been scaled up approx 567 times.  The total PTS supply has reduced, so in fact, it is worth more.

Could you please elaborate a bit more about this re-distribution. I could see only the amount of PTS had actually increased to 999 million, but you are saying otherwise.

PTS POW (ie OLD PTS) was designed to have a total money supply of 2 millions in about 2 years. At the time of upgrade, a total of 1.76 million PTS was mined. These 1.76 million tokens are scaled up to the new PTS-DPOS supply of 2 billions. The difference (2 millions - 1.76 millions) is the reduction in PTS supply.  There is no re-distribution of PTS.  If you have 1 OLD PTS, you will get about 567 new PTS (after scaled up to meet the new total supply).

Edit: PTS POW has a 1% inflation target.  The new PTS DPOS has zero inflation and it may even become deflationary when delegates start using burn-rate ie burning PTS.

[Coin-Moron]

several hunderd sat now, is it dead?

PTS is very much alive, and more than ever.  The old PTS coins that you own has now been scaled up approx 567 times.  The total PTS supply has reduced, so in fact, it is worth more.

Could you please elaborate a bit more about this re-distribution. I could see only the amount of PTS had actually increased to 999 million, but you are saying otherwise.

PTS POW (ie OLD PTS) was designed to have a total money supply of 2 millions in about 2 years. At the time of upgrade, a total of 1.76 million PTS was mined. These 1.76 million tokens are scaled up to the new PTS-DPOS supply of 2 billions. The difference (2 millions - 1.76 millions) is the reduction in PTS supply.  There is no re-distribution of PTS.  If you have 1 OLD PTS, you will get about 567 new PTS (after scaled up to meet the new total supply).

Edit: PTS POW has a 1% inflation target.  The new PTS DPOS has zero inflation and it may even become deflationary when delegates start using burn-rate ie burning PTS.

Thanks for the clarification @ Bitcube.
So, Bitshares PTS wont be getting the 10% shares from BitsharesX DAC, right?
Also, i could see alphabar's trying to promote PTS as the base currency for the bitshares platform.
Isn't it like competing with the BTSX directly?

[alphaBar]

Thanks for the clarification @ Bitcube.
So, Bitshares PTS wont be getting the 10% shares from BitsharesX DAC, right?
Also, i could see alphabar's trying to promote PTS as the base currency for the bitshares platform.
Isn't it like competing with the BTSX directly?

The BitsharesX snapshot has already transpired and already sharedropped 50% to PTS and 50% to AGS (the social consensus requires a minimum of 10% each). Also BTSX is now rebranded as just 'Bitshares' (BTS) and Invictus (the "company" that created the Bitshares software) is now disbanded. The original core developers are still working hard on BTS, but are now employed by the blockchain rather than a centralized corporate entity (this was done for obvious reasons). The new Bitshares uses an inflationary protocol that enables delegates to be paid for supporting the network in ways other that just block production. This new funding model enables the currency to incentivize rapid development and innovation. So, we are left with both BTS and PTS. These two tokens are not direct competitors, and are rather symbiotic for at least the following reasons:

* Both tokens promote DPoS as the most secure, innovative, and efficient consensus algorithm in the world.
* BTS was sharedropped 50% to PTS and thus represents a largely overlapping demographic.
* They use slightly different implementations of DPoS. BTS uses targeted inflation to raise funds for development/etc, while PTS is deflationary. In PTS, a delegate with a 100% pay rate receives 100% of the fees in the blocks that they produce. A 0% pay rate would simply burn those fees, thus reducing the supply and increasing the value of everyone else's shares.
* BTS is a true 'DAC' (distributed autonomous corporation), and is designed to rapidly evolve and to disrupt a variety of industries (DNS, Vote, Banking/Exchange, etc). BTS is the Ferrari of crypto-currencies and has cutting edge features found in no other coin.
* PTS is a stable 'currency-DAC' and sharedrop token. It is designed primarily to provide a stable unit of account with fair distribution, and to be a launching pad for feature-specific DACs (some of which may compete directly or indirectly with BTS). PTS is a reference implementation of DPoS and is the original and preferred sharedrop token. It cannot and will not compete with BTS on specific features or within specific industries. Rather, PTS is an investment in the protocol and the ecosystem of future BitShares DACs.

I think at this point most people realize that the crypto wars will not result in a single consolidated token used by every person and for every application. Rather, as Andreas puts it, there will likely be a few or a handful of tokens that take a majority of the marketshare. The rest will make up a long tail of tokens directed towards increasingly niche applications. If you believe this to be true, then it stands that both BTS and PTS can be enormously successful without competing directly for market share.

[damashup]

* PTS is a stable 'currency-DAC' and sharedrop token. It is designed primarily to provide a stable unit of account with fair distribution, and to be a launching pad for feature-specific DACs (some of which may compete directly or indirectly with BTS). PTS is a reference implementation of DPoS and is the original and preferred sharedrop token. It cannot and will not compete with BTS on specific features or within specific industries. Rather, PTS is an investment in the protocol and the ecosystem of future BitShares DACs.

Just to clarify, is there still an expectation that future Bitshares DACS will sharedrop a minimum 10% to PTS holders (as per the social consensus)?

Obviously it would be for each DAC to decide whether to honour it. However if the social consensus still holds that would make DPoS-PTS a very attractive proposition.

[alphaBar]

* PTS is a stable 'currency-DAC' and sharedrop token. It is designed primarily to provide a stable unit of account with fair distribution, and to be a launching pad for feature-specific DACs (some of which may compete directly or indirectly with BTS). PTS is a reference implementation of DPoS and is the original and preferred sharedrop token. It cannot and will not compete with BTS on specific features or within specific industries. Rather, PTS is an investment in the protocol and the ecosystem of future BitShares DACs.

Just to clarify, is there still an expectation that future Bitshares DACS will sharedrop a minimum 10% to PTS holders (as per the social consensus)?

Obviously it would be for each DAC to decide whether to honour it. However if the social consensus still holds that would make DPoS-PTS a very attractive proposition.

Absolutely. The social consensus was never altered. Here is a quote from Stan just today:

...PTS and AGS would remain unchanged by us and might have utility for third party developers.  Our exact words were: 

"They also remain compelling demographics for third party developers to target in their share drops."

...

[Coin-Moron]

So, 10 % shares of any future DAC's can be expected to be share-dropped for PTS holders, right?

[jasemoney]

So, 10 % shares of any future DAC's can be expected to be share-dropped for PTS holders, right?

My understanding is 10% of 3rd party DACS, as BTS "paid off" PTS holders a bit ago when it became its own DAC instead of being under the Invictus name. So anythign BTS comes out with will sharedreop on btsx, anything someone else does will sharedrop on angelshares & dpos pts.

[bitcube]

So, 10 % shares of any future DAC's can be expected to be share-dropped for PTS holders, right?

My understanding is 10% of 3rd party DACS, as BTS "paid off" PTS holders a bit ago when it became its own DAC instead of being under the Invictus name. So anythign BTS comes out with will sharedreop on btsx, anything someone else does will sharedrop on angelshares & dpos pts.

Invictus has dissolved. Before it dissolved, it has changed its focus from creating multiple DACs into combining and doing only a single superDac, ie BTS.  In fact, it has merged all its previous DACs (bitsx, dns and vote) into _this_ Single Dac BTS. Going forward, there would be a series of independent developers interested in sharedroping on PTS eg Rand Paul Coin - https://bitcointalk.org/index.php?topic=848182.msg9970023#msg9970023.  This is an exciting time.

[CryptoStar]

Cant understand. Bitshares (PTS) selling on poloniex.com 170 sat. Useless now or?
Thank You

[jasemoney]

Cant understand. Bitshares (PTS) selling on poloniex.com 170 sat. Useless now or?
Thank You

pts changed blockchain from traditional (and broken) pow to dpos, every 1 pts turned into about 570 pts therefore price matched by falling 570 times...  if you had pts before on poloniex or bter your balance is multiplied 570 times. if you had in wallet, take private key and unlock new coins on the new pts dpos blockchain client and do what you will.

[Super T]

Hi - sorry for the lack of awareness, I'm WAY out of the loop on PTS, would appreciate some help.

I have some PTS sitting on Cryptsy (bought maybe a year ago then forgot all about them), now i'm trying to figure out a few things:

It looks like PTS is now "new PTS" - Cryptsy still shows my original balance of what is presumably "old PTS"

How do I get the "new PTS"? Do I need to do anything?

Do I now automatically own other air-dropped DAC shares too?

If so, same question - how do I see them?

[jasemoney]

Hi - sorry for the lack of awareness, I'm WAY out of the loop on PTS, would appreciate some help.

I have some PTS sitting on Cryptsy (bought maybe a year ago then forgot all about them), now i'm trying to figure out a few things:

It looks like PTS is now "new PTS" - Cryptsy still shows my original balance of what is presumably "old PTS"

How do I get the "new PTS"? Do I need to do anything?

Do I now automatically own other air-dropped DAC shares too?

If so, same question - how do I see them?

You need to contact cryptsy support open a ticket and ask them to knwo for sure. As far as I know, and I could be wrong but... I do not believe they honored the switch. and they are on the old blockchain.. if cryptsy is interested in doing the leg work they can take their PTS private keys, and unlock their respective coins on the new blockchain PTS-Dpos. then they could give each of their users with a balance 570 coins for every PTS coin they have. since cryptsy doesnt have any Delegated Proof of Stake coins, they may be unwilling to implement the changes needed to their system to accomodate, same as they never have made the changes necessary to implement any cryptonote coins like XMR.

[Super T]

...

You need to contact cryptsy support open a ticket and ask them to knwo for sure. As far as I know, and I could be wrong but... I do not believe they honored the switch. and they are on the old blockchain.. if cryptsy is interested in doing the leg work they can take their PTS private keys, and unlock their respective coins on the new blockchain PTS-Dpos. then they could give each of their users with a balance 570 coins for every PTS coin they have. since cryptsy doesnt have any Delegated Proof of Stake coins, they may be unwilling to implement the changes needed to their system to accomodate, same as they never have made the changes necessary to implement any cryptonote coins like XMR.

ok thanks - have done that - I have a feeling this is going to be a long process.  There must be a ton of others in the same boat, what a mess.

If I can get my address and private key exported, are there instructions anywhere on how to perform this migration manually?

Also - have other DAC shares been issued over the past 12 months to PTS holders, assuming so, is there a process for accessing/tracking these (presumably also reliant on access to original address)?

[markm]

I found two threads about this, they have slightly different github URLs they say to go to, however the BUILD instructions for Ubuntu on both pages are the same, and also the URL that github provides for you to use in your clone command are also the same.

Thus I followed the instructions:

Code:

sudo apt-get update
sudo apt-get install cmake git libreadline-dev uuid-dev g++ libdb++-dev libdb-dev zip libssl-dev openssl build-essential python-dev autotools-dev libicu-dev libbz2-dev libboost-dev libboost-all-dev
git clone https://github.com/PTS-DPOS/PTS.git
cd PTS
git submodule init
git submodule update
cmake .
make

git submodule update gets an error regarding leveldb:

Code:

fatal: reference is not a tree: 028f9409247be6d3d09a157e8eb347a173afc599
Unable to checkout '028f9409247be6d3d09a157e8eb347a173afc599' in submodule path 'libraries/leveldb'

I suspect that maybe these instructions are leaving out some kind of magic involving the difference between the github URL this thread specifies and the one the older thread specifies.

Basically, this thread seems to dive into the thing deeper instead of being the front page of the project, so maybe some kind of magic involving tags might need to be added to those instructions in order to make them work?

Specifically, the URL github shows on the page for you to clone is the URL the older thread gave, not the URL of the actual page tis thread tells you to go to.

I have a bunch of protoshares wallets so I am trying to get modern version of protoshares so I can start looking into what is in those wallets...

-MarkM-

[runpaint]

So it's been 10 months, and not a single thing has ever been sharedropped to holders of BitShares PTS.

In related news, PTS went to 19 satoshis today.