More than 230 Million Bitshares have been removed from Traditional exchange accounts in 2 weeks!!
Congratulations!!! you made it. The Peerplays snapshot period has now started and as a special treat for the Bitshares community you will receive a portion of the 5% of Peerplays tokens being generously share-dropped onto the community... or will you???
I think by now if your a Bitshares holder you would be aware that Peerplays are share-dropping 5% of their tokens onto Bitshares holders proportional to their holding in BTS. if your not aware your in luck i have written up a post that details whats going on and how to be apart of it; but you should act now without delay as the snapshot period has commenced; there is a very small chance (3.58%) that you are already too late.. the longer you leave it there higher the risk of missing out
The snapshot period runs for 15 days from SEPTEMBER 1, 2016 (0:00 UTC) – SEPTEMBER 16, 2016 (0:00 UTC) and at some time within that period the team at Peerplays will take a snapshot of everybody account balance in BTS (including open orders on the Bitshares Decentralized Exchange). This snapshot will be used to distribute the new Peerplays tokens proportional to your holding in Bitshares. if you would like more details on this please see the official news release HERE or see my previous blog post HERE.
You may miss out if you hold your Bitshares on traditional Exchange's Like PoloniEX and Bittrex!!
More than 230 Million Bitshares have been removed from Traditional exchange accounts in 2 weeks!!
These exchanges have not official announced honoring this sharedrop on behalf of their customers and given the snapshot period has already commenced i don't expect any announcements.
It will go down one of two ways:
- Option 1: They decide to honor the sharedrop and give you your free shares (this would also require them supporting Peerplays token on their exchange; which may be an issue for Bittrex)
- Option 2: They don't and they keep your shares for themselves and profit by dumping your free shares on the market.
I know for a fact the Bittrex requires compliance checks and has their SEC lawyer check over and give the ok to list any new assets; this it self costs 5,000 USD and is generally paid for by the new coins developers and/or community; beside this cost they have a rule regarding assets that pay dividends; which i believe is borderline what Peerplays is doing with a revenue share model for token holders via a Graphene Fee Backed Asset (FBA).
I have no idea about the back-end process at PoloniEX but if you have compared the two you would see that POLO is generally slow to add new assets (unless your ETC) and the range of assets available is ~ 1/4 that which is on offer at Bittrex.
How many Peerplays will i get?
It depends on how many Bitshares you hold proportional to the network as a whole.. for further details about how the process is preformed see my previous post, otherwise see below for an estimate based on differing amounts of Bitshares.
I honestly hope that exchange account will be excluded from the proportional distribution which will mean a larger percentage of Peerplays token actually dropped onto Bitshares users and holders and not to exchanges that may sell the tokens to the detriment of existing Peerplay's holders.
i have no idea if this is the case but I thought it would be interesting to see the result so i have include two tables below; describing an estimate for each method.
Distributed on all Bitshares users including exchanges
| BTS Holdings | Peerplays Share-dropped | Value in BTS | USD Value |
|---|---|---|---|
| 10000 | 0.194 | 514.77 | $3.03 |
| 100000 | 1.943 | 5147.69 | $30.33 |
| 1000000 | 19.433 | 51476.90 | $303.28 |
| 10000000 | 194.326 | 514768.96 | $3,032.81 |
Distributed on all Bitshares users Excluding exchanges
| BTS Holdings | Peerplays Share-dropped | Value in BTS | USD Value |
|---|---|---|---|
| 10000 | 0.281 | 744.27 | $4.38 |
| 100000 | 2.810 | 7442.74 | $43.85 |
| 1000000 | 28.096 | 74427.44 | $438.50 |
| 10000000 | 280.964 | 744274.37 | $4,384.97 |
The short answer is Bitshares holders in supported wallets would be roughly 45% better off in terms of Share-dropped Peerplays tokens awarded if exchange accounts where excluded from the distribution.
DON'T LEAVE YOUR BITSHARES ON TRADITIONAL EXCHANGES AND EXPECT TO GET THE SHAREDROP!
To be part of the sharedrop all you have to do is transfer your Bitshares from a tradition exchange to one of the following supported Bitshares wallets; the difference with the wallet's below as apposed to a traditional exchange is that you control the accounts/keys.
As always be sure to have a strong password and store the backup file in a safe place (Backup is generated during account creations wizard)