Is BKS a bad buy right now? (it's not, the design paper is old)

B&C Exchange
#1

So I read the B&C design paper tonight.

Blown away. “Shut up and take my Bitcoin.”

But in it was this:

To maximize the number of people who have a stake in B&C Exchange 20 million BlockShares
will be offered to all who hold Bitcoin by having Bitcoin holders sign and broadcast a message
signed by their Bitcoin address, which could be verified by the reputed signers that process
Bitcoin deposit addresses. 100 BlockShares would be created for each Bitcoin up to 10 Bitcoins
per Bitcoin address and 20 million BlockShares in total (for all Bitcoin addresses) will be
distributed this way. This will be done to enlarge the B&C Exchange community by providing a
monetary incentive to all Bitcoiners to promote and use it. In this way initial share distribution will
be completed according to verified proportional Bitcoin ownership, as opposed to centralized
decision making.

This means millions more BKS are going to get created when functional software is released, right?

So I go over to coinmarketcap. Incredibly attractive million dollar market cap. Super cheap right now, right?

Then I look at the supply, and the volume…
The volume is fine with me, I can’t afford that much anyway… but that supply…

Did the numbers in the design paper change, is BKS price poised to plummet, or am I missing something?

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#3

The numbers did in fact change during funding. The current total, 186,239.653, is all that will exist other than 2000 going to Bitcoin holders, minting rewards, signer rewards, and shareholder approved grants.

From the official thread:

The total number of BlockShares on the blockchain and in circulation is
184,765.96 as of the end of fundraising on August 31, 2015. This amount
can only be changed by the 0.01 BKS minting block reward, the variable
reputed signer block reward we will soon add, and BKS grants approved
directly by shareholders. We do not have the ability to create any
additional BKS without shareholder consensus in the protocol.

4 Likes
#4

Perfect! Buying in immediately!

3 Likes
#5

If anyone still has access to the design paper on the site that was used to author it, the design paper should be updated with the new BKS denominations. I just checked and I only possess the .pdf unfortunately.

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#6

I mentioned exactly that problem before and was told that updates in the design paper are not important. Well, this obviously proves you wrong.

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#7

I never understood this situation with peercoins and bitcoins. Has the snapshot of peercoin and bitcoin block chains already been made? Will it be made in the future? Can I already convert my peercoin and bitcoin holding addresses into BKS addresses to gain the reward?

If I have more than 10 BTC on some addresses, will I receive less blockshares for that? How many block shares would I receive per bitcoin I hold/held at the time of the snap shot?

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#8

It’s not ppc, just btc. Once the proper wallet version is released, you just import your btc addresses and you’ll get BKS.

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#9

Has the BTC snapshot been taken already? If so what block?

#10

It has not yet occurred.

Source: https://bitcointalk.org/index.php?topic=1033773.msg11852631#msg11852631

This will be delayed until we have Bitcoin signers set up. We cannot distribute to Bitcoin holders until the exchange is operational.

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#11

If that’s current, I wonder if I can contact somebody to add my recent purchase to the centralized ledger in case of chain failure.

I don’t get why they’d bootstrap a blockchain then not guarantee the funds traded on it would be snapshotted in possible future hard forks. If I’m understanding that correctly.

#12

That reply was months ago; the production blockchain is in effect and there is no centralized ledger. I just linked it to show why a Bitcoin distribution hadn’t occurred yet - the exchange isn’t operational.

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#13

Gotcha.

Well the whole thing sounds awesome. I can’t wait to see what comes of it.

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