Author Topic: WARNING: Withdraw your BitShares PTS from exchanges immediately (12/14 snapshot)  (Read 6004 times)

AlphaBar

  • Moderator
  • Jr. Member
  • *****
  • Posts: 87
Summary

* December 14th snapshot date is approaching
* WARNING: Move your funds to your local wallet as some exchanges do not honor snapshots (i.e., Cryptsy)
* Block production in the current PoW chain is SLOW. Transfer funds now (with appropriate fee) to make sure you catch a block.
* Dry Run #2 is announced: https://bitsharestalk.org/index.php?topic=12157.0


Fellow PTSers,

As the PTS upgrade approaches, in order to ensure that your stake in the new chain is honored you are advised to store your funds in a secured wallet on your local machine. BTER has privately assured us that they will be honoring the snapshot, but other exchanges (specifically cryptsy) may not. As always, the safest route is to maintain control of your own private keys.

One important thing to note is that the current PoW chain is barely producing blocks (~ 1-2 blocks per day). You only need 1 confirmation to be counted in the snapshot, but you will need to move your funds immediately to ensure that they confirm.

Announcement thread: https://bitsharestalk.org/index.php?topic=11877.0

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
Bter is honoring PTS snapshot. See screenshot captured from bter site:

Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
Poloniex is honoring the 14 Dec snapshot.
Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

fuzzy

  • Jr. Member
  • **
  • Posts: 78
Poloniex is honoring the 14 Dec snapshot.

Yeh but we should be careful.  I think the only reason they are doing that is because they think it would be valuable to keep the old PTS themselves in case this one doesn't work out.  Don't expect poloniex to return the Old PTS if something happens to this chain...or it is significantly changed in some way. 

AlphaBar

  • Moderator
  • Jr. Member
  • *****
  • Posts: 87
Poloniex is honoring the 14 Dec snapshot.

Yeh but we should be careful.  I think the only reason they are doing that is because they think it would be valuable to keep the old PTS themselves in case this one doesn't work out.  Don't expect poloniex to return the Old PTS if something happens to this chain...or it is significantly changed in some way.

I don't believe this is the case. I've been chatting with Moby and he will be posting an announcement with details from Poloniex shortly.

fuzzy

  • Jr. Member
  • **
  • Posts: 78
Poloniex is honoring the 14 Dec snapshot.

Yeh but we should be careful.  I think the only reason they are doing that is because they think it would be valuable to keep the old PTS themselves in case this one doesn't work out.  Don't expect poloniex to return the Old PTS if something happens to this chain...or it is significantly changed in some way.

I don't believe this is the case. I've been chatting with Moby and he will be posting an announcement with details from Poloniex shortly.

I am not saying it is guaranteed.  I am saying "don't expect".  It is always better to be safe than sorry.  I do not know them, but I do know that they are very closely tied to NXT.  It is silly for people to keep their PTS in any exchange at this point though. 

I personally want to keep myself hedged (even though I personally support this project) from any potential catastrophic failure or unforeseen events.  PTS wallets held by exchanges (any exchange) are not guaranteed to be given back to users once the transfer to DPOS occurs. 

Looking forward to hearing from Moby.   

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
Sending back to your PTS-POW wallet has risk too.  It may not catch a block in time due to the low miner rate.
Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

emski

  • Newbie
  • *
  • Posts: 4
https://bitsharestalk.org/index.php?topic=12160.msg161251;topicseen#msg161251

One issue I see is yPool requires more than 100 confirmations before you can withdraw your funds.
All the PTS BM paid for returning the donated PTS are in their possession ATM and I doubt they will be released until the snapshot.

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
https://bitsharestalk.org/index.php?topic=12160.msg161251;topicseen#msg161251

One issue I see is yPool requires more than 100 confirmations before you can withdraw your funds.
All the PTS BM paid for returning the donated PTS are in their possession ATM and I doubt they will be released until the snapshot.

Are you referring to the mined PTS of a ypool user and that these mined PTS are withheld in ypool until 100 confirmations?
Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

emski

  • Newbie
  • *
  • Posts: 4
https://bitsharestalk.org/index.php?topic=12160.msg161251;topicseen#msg161251

One issue I see is yPool requires more than 100 confirmations before you can withdraw your funds.
All the PTS BM paid for returning the donated PTS are in their possession ATM and I doubt they will be released until the snapshot.

Are you referring to the mined PTS of a ypool user and that these mined PTS are withheld in ypool until 100 confirmations?

Yes. Actually it is 110 confirmations.

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
https://bitsharestalk.org/index.php?topic=12160.msg161251;topicseen#msg161251

One issue I see is yPool requires more than 100 confirmations before you can withdraw your funds.
All the PTS BM paid for returning the donated PTS are in their possession ATM and I doubt they will be released until the snapshot.

Are you referring to the mined PTS of a ypool user and that these mined PTS are withheld in ypool until 100 confirmations?

Yes. Actually it is 110 confirmations.

I am trying to understand this.

If the mined coins are with the pool, wouldn't it be the pool operator's interest and responsibility to return to the miners their coins as converted PTS post-14Dec?

Are you a user of ypool?
« Last Edit: December 13, 2014, 08:39:52 pm by cube »
Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

emski

  • Newbie
  • *
  • Posts: 4
If the mined coins are with the pool, wouldn't it be the pool operator's interest and responsibility to return to the miners their coins as converted PTS post-14Dec?

Pool's operator's intentions are unclear. Basically if they want to be extremely "fair" they should do that.

Are you a user of ypool?

Depends...  Technically I'm a user with a tiny stake.

cube

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 293
  • Bit by bit, we will get there!
I think the best approach is to first find out from the operator what is their intention for these PTS miners.  If they already planned to issue new PTS to the miners, there would be a no-issue.  Have you contacted the pool operator?  Do you have their contact?
Contribute to the PTS Development Program!
Please send your donation to ID: bitcube

AlphaBar

  • Moderator
  • Jr. Member
  • *****
  • Posts: 87
I think the best approach is to first find out from the operator what is their intention for these PTS miners.  If they already planned to issue new PTS to the miners, there would be a no-issue.  Have you contacted the pool operator?  Do you have their contact?

I've reached out to jh00 and he assures me that the snapshot will be honored and that these payouts will be honored in the new chain. He should be posting confirmation shortly. :)

pc

  • CoreTeam
  • Jr. Member
  • *
  • Posts: 218
Great!
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de/
My PTS binary packages for CentOS, Fedora, openSUSE: http://software.opensuse.org/download.html?project=home%3Ap_conrad%3Abts&package=PTS
Please donate: pts:cyrano - thanks!