Exactly. This Grand Compromise has been settled since last fall, I'm surprised this ancient history is coming up again now. Here's a summary for those who may have forgotten (or those just becoming aware of our amazing first two years):
AGS was a 200 day opportunity to donate to get on a "mailing list" for free shares in new DACs. Each day was a donation competition for a fixed number of credits for that day. When a new DAC was launched, its developer would take a "snapshot" of who had donated as of a certain announced date and give them "free samples" of shares in the genesis block of the new DAC. The first snapshot was on 2/28 for the genesis block of BTSX. Prior to 2/28 everyone knew that BTSX would only go to people who donated up to that snapshot - by definition. After 2/28 everyone knew they were donating to support the remaining DACs in the pipeline (and getting less competition for those AGS because of that). So, each new snapshot fixes the owners for that DAC and donors after these snapshots know that shares in past DACs are no longer part of the deal. This has happened for BTSX, VOTE, DNS, MUSIC, PLAY and recently Identabit DACs,
each sponsored by a different independent entrepreneur who had agreed to play by the same rules.
So when you say "two AGS's" you are missing the fact that there are "multiple AGSs", depending on how many snapshots were
in the past on each of the 200 days people donated. That fact entered into everybody's calculation for how much they wanted to donate, effectively letting folks get more AGS for the same sized donations in the latter days. So, the later you donated the more AGS credit you got but the fewer DACs remained eligible for the giveaway promotion.
So I hope that answers your question, "How can pre 28/2 investor have bigger stake in future DACs than post 28/2 investors."
They don't. Post 2/28
donors got a bigger stake in fewer DACS - exactly the way everyone knew it would work.
Until the merger gave them a better deal - a stake in BTSX too.
When pre 2/28 donations ran out, we felt obligated to move on to developing the other DACs that AGS donors were expecting, but BTSX wasn't perfected. Without its success, it was clear that the other DACs in the pipeline would suffer with BTSX if we left it forever in that state. Further the other DACs would wind up implementing their own stabilized smartcoins that would compete with BTSX resulting in fratricide and diluted network effect. So we realized that the only way to finish all DACs in a way that would be both successful and fair to all is to merge as many as possible into one SuperDAC - killing many birds with one stone.
That was necessary, but painful, and resulted in
the Grand Merger Compromise of 2014:
After the merger of all stakeholders that were willing and able to merge into the new BTS SuperDAC (BTSX+VOTE+DNS+AGS+PTS), we negotiated a compromise between holders of BTSX and holders of AGS/PTS: BTSX holders would (barely) tolerate a two-year vesting dilution to (a) give AGS/PTS holders a stake in BTS (b) eliminate fratricide (c) gain access to continuing developer support for a common chain, and (d) become the new consensus share drop target. Everybody got a somewhat smaller percentages of a much bigger DAC. That's how mergers work.
So, no matter when in those 200 days you donated, you now have shares in all those promised DACs which is now able to grow and succeed where before it wasn't.
Everybody hates compromises because by definition they have to give something up for a greater objective. But without compromise, the whole project would have failed and everyone would wind up with nothing. Was it perfect? No, there was no single closed form solution and every new BTS stakeholder sees it differently when they crank in their own numbers.
But because we didn't give up,
we now are able to launch the amazing industrial strength BitShares 2.0 "Super Duper" DAC
in just 32 days.
This has been an exercise in willingness to find a way to succeed in the middle of the Great Crypto Depression which had cut the legs out from under our planned funding strategy.
It wasn't pretty, but we all made it!
Yeah. I still don't know what this means. I was AGS holder, received BTS in initial sharedrop, sold BTS, my wallet also shows a few NOTE/TEST NOTE now. I have spent hours trawling through bitsharestalk trying to understand the "merger" but the level of convolution has my head in knots. Please just tell me, as an AGS holder, will I receive (or should I have received) additional BTS/BTSX after the initial share drop? If so, when how? And how do I get VOTE/DNS etc.?
