Topic: Communist Bitshares Wealth Redistribution IS THEFT! - page 7. (Read 28375 times)

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of posts that explain everything from the beginning.  I hope some of you find this useful.



Albert Einstein spent most of his career in search of Unified Field Theory.  Today’s physicists are closing in on their Theory of Everything.  We, on the other hand will settle for nothing less than Grand BitShares Sharedrop Theory!

Each of these Grand Unification Theories seeks to describe their field with one simple explanation, preferably no bigger than
e = mc².  In our case, we’ve been seeking a simple way to explain BitShares PTS, AGS, BTS, snapshots and virtual mining all in one relaxing elevator ride.


Our breakthrough in clarity came when a new altcoin decided to target its promotional coin give-away to a specific demographic: employees of leading firms in Silicon Valley.  Rather than give their coins to the general population, most of who would either ignore or quickly sell them, Silicon Valley Coin developers were trying to get them into the hands of people who might appreciate them more by targeting specific Silicon Valley postal codes.  This was much better than simply dropping them from a helicopter somewhere over southern California.  Targeted airdrops were the now obvious answer to getting a fair distribution to likely users!


“That’s it!  That’s what we’ve been doing all along!”  We have been designing coins to represent demographic groups that developers would rather give their promotional shares to than the general public.  There was now a new reason, perhaps the most important reason, for all altcoins to exist!


Instead, we can “sharedrop” them onto holders of one or more existing coins whose demographic profile matches the group of users we want to become our new customers. Whether your coin represented dog-lovers or permaculture enthusiasts or Mars colonizers, air dropping your coin to the holders of their coin represented the perfect bootstrap operation.  Just take a snapshot of the account balances in their block chain and use the same public keys for their corresponding accounts in your block chain.


Now we could describe our first products using the targeted promotion paradigm:




We think these are three demographic “mailing lists” that every savvy developer will want to honor as airdrops replace mining as the preferred way to get a fair (but targeted) distribution of new give-away samples.  Targeted sharedrops to finely tuned demographics are far better than tossing your samples into a few zip codes or to all the uncaring masses of a typical currency.


We have generated three outstanding lists – and make them available for free. Savvy developers want to give free promotional shares in their new digital companies to people who will appreciate them – the kind of people who will hold onto and promote them so their value goes up, rather than crashing prices by dumping them on the market.

These shares work like “sign-up lists” for more free shares

ProtoShares (PTS) – The original grandfather prototype .  Having PTS in your wallet means you are a “holder” not a “dumper” – presumably because you think long term and value owning a stake in the BitShares industry.  Whether you mined them or bought them on the market, the fact that you still have them proves you are a long-term supporter.

AngelShares (AGS) – The original grandmother prototype in reference to the patron “angels” who once funded the performing arts.   That’s why AGS are not liquid.  (No one can trade the proof that you were the one willing to donate to this cause.)  But you can imagine why developers will want to give an industry donor free shares more than anyone else!

BitShares (BTS) - The first child of ProtoShares and AngelShares.  It's a mailing list of people who are currently interested in DACs of this type - and actively engaged as its customers and/or owners.  


It’s not about imitating Bitcoin.  It’s about attracting an affinity group.  And once you’ve motivated that group to hold onto your coin, you have eyeballs to sell.  In this case, the value of your coin is tied to the value of your group as a target for other developers’ promotional shares. This is exactly what PTS, AGS, and BTS holders are:  A demographic MUCH more likely to be good supporters.  These block chains are like mailing codes that let you target your shares to the people you want to reach much, much, much more precisely than using Silicon Valley mailing codes!

You can see the control this gives a developer to build a reliable constituency and minimize the amount of shares wasted on people inclined to quickly sell them!  BitShares Sharedrop Theory offers a much better option than conventional mining for achieving a fair but smart distribution of  new coins or shares.  We think many clever targeting mixes will be devised and this will become a preferred initial share distribution approach in the days ahead.

The following block chains have or will be using this Sharedropping technique:  BitShares, LottoShares, MemoryCoin, PLAY, Music, RandPaulCoin, and Sparkle.


We think this fair distribution method will be adopted widely in the next few years.  There are many possible options.  For example, here is the distribution chosen independently by the Chinese developers of the PLAY DAC:

35 % will go to BTS holders on December 8, 2014 12:00 PM (UTC).
10 % will go to AGS holders on July 18, 2014 12:00 PM (UTC).
10 % will go to PTS holders on November 5, 2014 12:00 PM (UTC).
15 % will go to the R & D team to cover development costs.
10% will be held in reserves
20% will go to a public PLS sale

You can read about other third party DACs here:   Third Party DACs Newsletter

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of posts that explain everything from the beginning.  I hope some of you find this useful.




Sharedrops and Snapshots were another BitShares innovation - It was our replacement for mining as a fair share distribution mechanism.  (Actually, primitive sharedrops were also being tried by other coins, more on that next time)

snapshot - noun
A picture of the instantaneous ownership of all coins in a block chain at a specified point in time (i.e. at a specified block number).  Every block in any blockchain represents a snapshot of the evolving ownership record, and the entire blockchain can be viewed as a motion picture consisting of the ordered sequence of all snapshots.

sharedrop - noun
Distribution of shares in a new coin to holders of another coin by initializing the new genesis block with the same keys holding shares in the old block chain at a specified snapshot.  

The original PTS deal was that a minimum of 10% of new DAC shares would be sharedropped onto holders of ProtoShares on a snapshot date to be announced for each DAC.  Another minimum of 10% would be proportionally sharedropped onto AGS donors on that same date.  At the time, that left 80% to be mined.


So what to do with the remaining 80%?

Over the coming months, our community developed the general consensus that it was up to each DAC developer to propose what to do with the remaining 80%.  If they wanted to, they could propose keeping the 80% for themselves, presumably to fund development and promotion of the new DAC.  But we also pointed out that, derived from the The Ten Natural Laws of the Crypto-Asset Universe, lay one particularly Inconvenient Truth:  If they did that, there was nothing to stop a competitor from cloning their DAC and offering everyone a better deal, like 20/20/60 or 30/30/40 or 40/40/20!


Since we already had funding from AGS, we saw no reason to reserve any developer funds in the BitShares distribution, so we simply made the BitShares distribution 50/50/0.  This is, of course the same as 10/10/0 where the 80% were simply viewed as burned (or never mined in the first place).  

This turned out to be a mistake.

We discovered there were lots of reasons to reserve some shares for use in developing and promoting the DAC.  In the months that followed, other developers continued to honor AGS and PTS with at least their minimum 10/10 shares while experimenting with other allocations for their discretionary 80%.  We actually developed a whole new school of thought we dubbed "BitShares Sharedrop Theory".  I'll cover that next time.

When I tried this there was a pulldown menu thing which had at least one faucet pre-loaded to use.  From there I was able to completely register an account and start trading.  The problem you had a month ago was there previously, but it has been fixed. 

Here's a link to the newsletter which described the "merger" of BTSX, DNS, and VOTE:
BitShares October Newsletter

Good places to post questions:

Account Registration Faucet
Welcome to Newbies

Here's an example of a recent useful response to a newbie's question:
Questions and Insights
In it you will find lots of other helpful links. 

Absolutely!

Various independent developers have several wallets under development including a web wallet and a lite wallet for phones. These will present a much, much simpler user interface.

The BitShares web site will become first and foremost, a decentralized bank and exchange.  We are not even positioning it as a currency.  It is an exchange that produces stabilized smart currencies useful in trading.


The user experiences between the two will be completely different.

Just like when you use the voting, you'll encounter yet another completely different "voting booth" interface.
Other "store fronts" are planned for other business models.

But they will all share the same block chain and benefit from an interchangeable set of BitAsset smart currencies.

All of these things are being developed in parallel and most will be coming out this quarter.

Most of the folks over on bitsharestalk.org have long since stopped talking about DPOS or the underlying technologies.
These days they are talking about new delegate businesses coming on line to grow the ecosystem and especially things like trading strategies!  For example:


The only reason we are all putting up with the current wallet is because its a way to get in and get experienced early, before all this stuff hits the fan in the coming weeks and months.

How do you mean?

When we were discussing AGS, it was meant to funnel funds into development, without the need to pay power companies.

However, you seem to be slowly going back to the model you rejected.

Yeah, I just tried again and you have to have the url for a faucet.  I can go find a faucet, but it obviously isn't meant for regular people to be able to use.

The future of banking:  "Hello, welcome to our bank.  Before you can open an account, you have to have an account with us.  If you don't have an account, you can go on the internet and come back when you find a certain web address.  Maybe ask around on some forums."

I'll try it, thanks!

Back in November the developers of BitShares DNS and BitShares VOTE merged their efforts with BitShares X to form a single Super DAC called simply BitShares.

So you use your BitShares wallet to claim BTS proportional to your share of DNS or VOTE.  There will not be separate DNS or VOTE wallets.

BitShares now comes with a built-in faucet to pay your registration for you if you have no funds of your own yet.  When you are looking at your newly created BitShares account you hit the blue Register button in the top right corner and a pop-up window lets you pick which account to pay your half-penny registration fee with.  If you have no such accounts then a faucet account appears and we'll pay the whole half-penny for you.  Just use that. 

BitShares PTS was recently upgraded from POW to DPOS by a third party.  So you'll need to import your old PTS wallets into the new one to continue trading them.  You can find that developer's web site here:  http://ptscrypto.com/

I'll be back later today with some more links you may find useful.

I have some Bitshares DNS at Poloniex, but they delisted it because "there are no active devs". 

I haven't been able to find any information about a wallet for Bitshares DNS.  Or PTS for that matter. 

I downloaded the regular Bitshares client, but it said I had to have some Bitshares to register an address before I could deposit any Bitshares, which means I can't deposit any, which means I can't register a deposit address.  So I didn't waste any more time on it, that was about a month ago.

"Disinformational?"  Hey, it's not my fault your DPoS algo is easily rigged by the wealthiest stakeholders.  You guys chose it.  I didn't.  You're the one, Stan, who keeps trying to pass Bitshares' DPoS algo off as some type of "representative government" founded on the same principles as the United States Constitution.  I have news for you.  The US Constitution was not created to institute a "government of the wealthy".  The US Constitution is a document meant to DECENTRALIZE the power from the rulers to the governed and ensure EQUAL REPRESENTATION (per person regardless of wealth).  Bitshares' DPoS doesn't do either of these things.  In fact, it does the exact opposite.

Quite frankly, I don't have to do anything to make Bitshares fail.  Bitshares is built upon a flawed concept.  Anybody who has any experience in finance knows that no convertibility means no parity.  Bitshares will work fine until the system comes under stress and then it will break.  Imo, it will break very badly and hurt a lot of people.


Yeah, I read about it on your forum.

re:  Building on top of PoS...

There's just the tiny issue of "Distributed Consensus from Proof of Stake is Impossible"
https://download.wpsoftware.net/bitcoin/pos.pdf

I have not seen a convincing rebuttal to this.

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of posts that explain everything from the beginning.  I hope some of you find this useful.



While AngelShares was off and running we turned our attention to eliminating mining from the security component of BitShares. Our goal was to get BitShares launched by "The Ides of March", but Bytemaster was not yet satisfied with the technology.

During his analysis of all the POSsibilities, just four weeks after the launch of ProtoShares, he made this famous statement:


He read everything he could about Proof of Stake, but was unable to convince himself that he could cover all the attack vectors that still remained in the literature.  He wasn't saying there was anything provably wrong with POS.  But he couldn't convince himself it had all bases covered.  That's when he began pondering if it was possible to do an end-run around these issues.



This led to his invention of Transactions as Proof of Stake which he presented for review here on bitcointalk.  
A similar, longer thread ran in parallel on bitsharestalk:  Transactions as Proof-of-Stake & The End of Mining

These links show the discussions for historical purposes.  I won't go into them here. I just link to them to show this community that a serious attempt was made to:

• Build on top of Proof of Stake
• Involve this forum in the discussions

So with all this effort, why did Bytemaster abandon his TaPOS invention?  Suffice it to say, when I asked him today, he simply said "It wasn't fast enough.  It took too long to confirm transactions. To support a decentralized trading exchange it needed to do that much, much faster."  For Bitcoin it can take an hour.  We needed it to take seconds.  TaPOS was faster, but not fast enough.

That was unfortunate.  He was going back to the drawing board and we weren't going to make our March 15th target.

It took another six weeks to invent DPOS and even longer to test and debug it.  Four precious months in this industry is a long painful time.  It delayed the launch of BitShares from March to August.  But we all feel it was absolutely necessary -- and well worth the wait.

DPOS solved both problems.  It was totally analyzable and lightning fast.  And best of all, it gave us a new commodity as a by product:  Distilled Trust!



Yes!  He had recognized that residual trust lay scattered in dark corners all around existing systems.   We trusted the coin's self-hired developers.  We trusted their wallets with our keys.  We trusted its self-appointed big miners and big forgers to sign most of the blocks.  Come to think about it, we do a lot of trusting for supposedly trustless systems!

Bytemaster's crowning innovation was to collect all that trust, bring it out into the bright light, make it explicit, subject it to a competitive Darwinian reputation distillation process, and place control over it directly into the hands of the token owners.  


But it get's better!  Once you have such a mechanism, you have a valuable commodity to exploit.  Having decentralized hiring and firing of people with trusted reputations as part of the system gives powerful new capabilities.  We can have them publish trusted price feeds which are invaluable for bootstrapping market pegs.  We can give them control over tunable system parameters - like what fees to charge and what thresholds to set.  Hard fork upgrades are now trivial to implement - but only with the approval of elected delegates.  The system can hire developers and marketeers using the same distilled reputation mechanism.  It can have built-in multi-sig escrow functions and other services that require trustworthy human judgment.  This was especially perfect for bytemaster's long term vision of transferring many of the traditional roles of government to the incorruptible block chain.

Systems without Distilled Trust must work very hard to limit the impact of unknown powers in dark places.  This makes them very rigid and unresponsive to changes in market conditions.  This may be ok if all you aim to make is a single unchanging currency like Bitcoin.  But rigidity and unresponsiveness are not exactly what you are looking for in a competitive company!



Bytemaster carries this thinking to its logical conclusion in his latest blog article, just posted:

Of course, we aren't complaining.  Without those early problems we would never have been motivated to develop what we have today.  In retrospect, I wouldn't change a thing! 

This is very true and it further proves how western people believe that their values are the only correct values!
Respect other people, only if their society and system of government is like the West's!

Unforkable more so because of their contacts in the music industry, which are amazing.

I assume you mean BitShares PLAY, or simply PLAY.  This is a DAC which uses the BitShares Toolkit to produce a currency for the gaming industry.  It is being developed independently in China by a team centered around Denny Wang.  Denny worked in Virginia for a few months last summer to get spun up and help develop the Toolkit.

Other than a rare communication about some technical issue, there is little day to day contact.  The BitShares and PLAY teams are completely independent and their devs each make their own decisions.

nothing to say about bitshares Paly current IPO??