From e8c4dc1471325dcd7e4156fa47b8bc8d79a13200 Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:18:19 -0500 Subject: [PATCH 01/21] 1000:1 Reverse Split of Core BTS Token --- bsip-0086.md | 82 ++++++++++++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 82 insertions(+) create mode 100644 bsip-0086.md diff --git a/bsip-0086.md b/bsip-0086.md new file mode 100644 index 0000000..11096c4 --- /dev/null +++ b/bsip-0086.md @@ -0,0 +1,82 @@ + BSIP: BSIP 86 + Title: 1000:1 Reverse Split of Core BTS Token + Authors: litepresence finitestate@tutamail.com + Status: Draft + Type: Protocol + Created: 2019-12-30 + Discussion: bitsharestalk.org/ + + +# Abstract + +As we approach Jan 1, 2020, the current trading price for BTS core token has fallen below 200 satoshi. It also fell below 200 satoshi in February 2018. Since inception, the price of the core BTS token has spent about 50% of its time below 1000 satoshi. Having spent half of its time below 1000 satoshi, BTS has spent half of its lifetime with only 3 significant figures to trade at centralized exchanges. + +In stock markets, stock splits and reverse stock splits are routine actions performed by corporations upon consent of shareholders. We find in traditional stock markets prices are maintained such that there are always between 4 and 5 significant figures vs. the national currency. That is, most stock prices, in high volume markets, typically range from 10.00 to 999.99. When they get outside of that range, stock split; or reverse stock split is a routine consideration taken up among shareholders and initiated by corporate management. + +Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. + + +# Motivation + +The motivation of this split is to increase share price immediately to prevent delisting risk, encourage listing acceptance at new exchanges, and more generally encourage higher trade volume at centralized exchanges by removing the delisting threat. + + +# Rational + +Exchanges generally specify a minimum bid price for an asset to be listed. If the stock falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. In the cryptocurrency space this price threshold is proprietary, though experience shows it is typically set between 200 and 500 satoshi. Secondly, in fear of delisting, traders are hesitant to purchase an asset who's exchange price is approaching the threshold for delisting. Over time this rational fear decreases trading volume which has a cascading effect on the already weakened asset. Typically when a coin is delisted from exchange there is an immediately negative effect on market price. + +Additionally, when an asset price is at the bottom end of 3 significant figures, such as, in the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half a percent at every trade, the properties of Divisibility and Intrinsic Value come into question. + +In traditional stock markets, upon a reverse stock split there is an immediate and proportional change in market price to the split. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. + +The BTSUSD price, likewise would move from $0.0149 (current) to $14.90 on open markets. This would open doors for BTSUSD markets, where exchanges specify price in cents, to be a rational consideration. + + +# Specifications + +The specification for this change is simple: + +1000:1 reverse split +Core token asset precision changed from 5 to 8 +All open orders on DEX vs the core BTS token would be scaled accordingly +All loans used to issue bitASSETs would also be scaled + +Put simply: + +However many BTS are in existence is divided by 1000. However many you have personally is divided by 1000. + +If there is rounding to be done, round down. + + +# Discussion + +bitsharestalk.org/ + + +# Summary for Shareholders + + +Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures. Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin. + + +# Copyright: + +WTFPL - wtfpl.net + + +# See Also + +"The number one reason for a reverse stock split is because the stock exchanges—like the NYSE or Nasdaq—set minimum price requirements for shares that trade on their exchanges. And when a company’s shares decline to near—or below—that level, the easiest way to stay in compliance with the exchange is to reduce the number of outstanding shares so that the price of the individual shares—like magic—automatically rises. And when that happens, the company’s shares can remain trading on the exchange." + +https://cabotwealth.com/daily/how-to-invest/reverse-stock-splits-shareholders/ + +# Additional Resources + +https://www.investopedia.com/terms/r/reversesplit.asp +https://www.investopedia.com/ask/answers/06/reversestocksplit.asp +https://www.fool.com/knowledge-center/whats-a-reverse-stock-split-and-can-it-really-help.aspx +https://www.wallstreetmojo.com/reverse-stock-split +https://en.wikipedia.org/wiki/Reverse_stock_split +https://www.upcounsel.com/reverse-stock-split +https://www.stocksplithistory.com/reverse-stock-splits +https://finance.zacks.com/reverse-stock-split-good-bad-2298.html From 143bf5f8ea7d204c52b839849156f9f8a0ae1624 Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:28:02 -0500 Subject: [PATCH 02/21] Update bsip-0086.md --- bsip-0086.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index 11096c4..f3e7159 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -4,7 +4,7 @@ Status: Draft Type: Protocol Created: 2019-12-30 - Discussion: bitsharestalk.org/ + Discussion: https://bitsharestalk.org/index.php?topic=31970.0 # Abstract @@ -50,7 +50,7 @@ If there is rounding to be done, round down. # Discussion -bitsharestalk.org/ +https://bitsharestalk.org/index.php?topic=31970.0 # Summary for Shareholders From 7c0972369204b6836c5784c845a55bc52ffe22b7 Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:50:03 -0500 Subject: [PATCH 03/21] Update bsip-0086.md --- bsip-0086.md | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index f3e7159..82bfcb5 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -36,10 +36,10 @@ The BTSUSD price, likewise would move from $0.0149 (current) to $14.90 on open m The specification for this change is simple: -1000:1 reverse split -Core token asset precision changed from 5 to 8 -All open orders on DEX vs the core BTS token would be scaled accordingly -All loans used to issue bitASSETs would also be scaled +- 1000:1 reverse split +- Core token asset precision changed from 5 to 8 +- All open orders on DEX vs the core BTS token would be scaled accordingly +- All loans used to issue bitASSETs would also be scaled Put simply: From c0f82fa6a43bd5339e68e3f5302fefb0037254ef Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:51:12 -0500 Subject: [PATCH 04/21] Update bsip-0086.md --- bsip-0086.md | 18 +++++++++--------- 1 file changed, 9 insertions(+), 9 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index 82bfcb5..a887737 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -68,15 +68,15 @@ WTFPL - wtfpl.net "The number one reason for a reverse stock split is because the stock exchanges—like the NYSE or Nasdaq—set minimum price requirements for shares that trade on their exchanges. And when a company’s shares decline to near—or below—that level, the easiest way to stay in compliance with the exchange is to reduce the number of outstanding shares so that the price of the individual shares—like magic—automatically rises. And when that happens, the company’s shares can remain trading on the exchange." -https://cabotwealth.com/daily/how-to-invest/reverse-stock-splits-shareholders/ +- https://cabotwealth.com/daily/how-to-invest/reverse-stock-splits-shareholders/ # Additional Resources -https://www.investopedia.com/terms/r/reversesplit.asp -https://www.investopedia.com/ask/answers/06/reversestocksplit.asp -https://www.fool.com/knowledge-center/whats-a-reverse-stock-split-and-can-it-really-help.aspx -https://www.wallstreetmojo.com/reverse-stock-split -https://en.wikipedia.org/wiki/Reverse_stock_split -https://www.upcounsel.com/reverse-stock-split -https://www.stocksplithistory.com/reverse-stock-splits -https://finance.zacks.com/reverse-stock-split-good-bad-2298.html +- https://www.investopedia.com/terms/r/reversesplit.asp +- https://www.investopedia.com/ask/answers/06/reversestocksplit.asp +- https://www.fool.com/knowledge-center/whats-a-reverse-stock-split-and-can-it-really-help.aspx +- https://www.wallstreetmojo.com/reverse-stock-split +- https://en.wikipedia.org/wiki/Reverse_stock_split +- https://www.upcounsel.com/reverse-stock-split +- https://www.stocksplithistory.com/reverse-stock-splits +- https://finance.zacks.com/reverse-stock-split-good-bad-2298.html From 495f668795dceefdce09b99a0dfaea1c2a6420bf Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:54:25 -0500 Subject: [PATCH 05/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index a887737..2700669 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -56,7 +56,7 @@ https://bitsharestalk.org/index.php?topic=31970.0 # Summary for Shareholders -Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures. Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin. +Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures vs BTC in satoshis; and less than 1 US Dollar (currently 1.5 cents). Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin while open doors to USD markets which trade with 2 decimal precision. # Copyright: From 675080b736c19a18f4cb6a4fdfe6038d0cea74c4 Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:54:55 -0500 Subject: [PATCH 06/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index 2700669..9613a34 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -56,7 +56,7 @@ https://bitsharestalk.org/index.php?topic=31970.0 # Summary for Shareholders -Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures vs BTC in satoshis; and less than 1 US Dollar (currently 1.5 cents). Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin while open doors to USD markets which trade with 2 decimal precision. +Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures vs BTC in satoshis; and less than 1 US Dollar (currently 1.5 cents). Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin, while opening doors to USD markets which trade with 2 decimal precision. # Copyright: From 0de92d7fd1c85f9d6abaaa5aa8b80924667db06f Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:57:21 -0500 Subject: [PATCH 07/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index 9613a34..c82cbe1 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -13,7 +13,7 @@ As we approach Jan 1, 2020, the current trading price for BTS core token has fal In stock markets, stock splits and reverse stock splits are routine actions performed by corporations upon consent of shareholders. We find in traditional stock markets prices are maintained such that there are always between 4 and 5 significant figures vs. the national currency. That is, most stock prices, in high volume markets, typically range from 10.00 to 999.99. When they get outside of that range, stock split; or reverse stock split is a routine consideration taken up among shareholders and initiated by corporate management. -Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. +Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. Likewise in USD markets the precision offered is 0.00. # Motivation From 5370dca3b6d03598fe27ca22aaefaa827853389c Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 15:57:50 -0500 Subject: [PATCH 08/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index c82cbe1..c191fd8 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -13,7 +13,7 @@ As we approach Jan 1, 2020, the current trading price for BTS core token has fal In stock markets, stock splits and reverse stock splits are routine actions performed by corporations upon consent of shareholders. We find in traditional stock markets prices are maintained such that there are always between 4 and 5 significant figures vs. the national currency. That is, most stock prices, in high volume markets, typically range from 10.00 to 999.99. When they get outside of that range, stock split; or reverse stock split is a routine consideration taken up among shareholders and initiated by corporate management. -Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. Likewise in USD markets the precision offered is 0.00. +Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. Likewise in USD and CNY markets the precision offered is typically 0.00. # Motivation From 43d9068a564463126b7490df2df7fa2b6c5795ae Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 16:11:40 -0500 Subject: [PATCH 09/21] Update bsip-0086.md --- bsip-0086.md | 18 +++++++++--------- 1 file changed, 9 insertions(+), 9 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index c191fd8..0a46ef1 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -9,27 +9,27 @@ # Abstract -As we approach Jan 1, 2020, the current trading price for BTS core token has fallen below 200 satoshi. It also fell below 200 satoshi in February 2018. Since inception, the price of the core BTS token has spent about 50% of its time below 1000 satoshi. Having spent half of its time below 1000 satoshi, BTS has spent half of its lifetime with only 3 significant figures to trade at centralized exchanges. +As we approach Jan 1, 2020, the current trading price for BTS core token vs. BTC has fallen below 200 satoshi. It also fell below 200 satoshi in February 2018. Since inception, the price of the core BTS token has spent about 50% of its time below 1000 satoshi vs. BTC. Beneath 1000 satoshi, BTS has only had 3 significant figures to trade at centralized exchanges. Significant figures of a number are the non-leading-zero digits, which carry meaning - contributing to its measurement resolution. -In stock markets, stock splits and reverse stock splits are routine actions performed by corporations upon consent of shareholders. We find in traditional stock markets prices are maintained such that there are always between 4 and 5 significant figures vs. the national currency. That is, most stock prices, in high volume markets, typically range from 10.00 to 999.99. When they get outside of that range, stock split; or reverse stock split is a routine consideration taken up among shareholders and initiated by corporate management. +In stock markets, stock splits and reverse stock splits are routine actions performed by corporations, upon consent of shareholders. We find in traditional stock markets, prices are maintained such that there are always between 4 and 5 significant figures vs. the national currency. That is, most stock prices, in high volume markets, typically range from 10.00 to 999.99. When they get outside of that range, a stock split; or reverse stock split is a routine consideration taken up among shareholders and initiated by corporate management. -Exchanges do not tend to change their UI or back-end to accommodate assets which do not fit within their existing framework. In Bitcoin markets that framework allows for precision up to 8 digits; 0.00000000. Likewise in USD and CNY markets the precision offered is typically 0.00. +Exchanges do not tend to change their user interface or back-end to accommodate assets, which do not fit within their existing framework. In Bitcoin markets, that framework allows for precision up to 8 digits; 0.00000000. Likewise in USD and CNY markets, the precision offered is typically 0.00. # Motivation -The motivation of this split is to increase share price immediately to prevent delisting risk, encourage listing acceptance at new exchanges, and more generally encourage higher trade volume at centralized exchanges by removing the delisting threat. +The motivation of this split is to increase share price immediately; to prevent delisting risk, encourage listing acceptance at new exchanges, and more generally encourage higher trade volume at centralized exchanges, by removing the delisting threat. # Rational -Exchanges generally specify a minimum bid price for an asset to be listed. If the stock falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. In the cryptocurrency space this price threshold is proprietary, though experience shows it is typically set between 200 and 500 satoshi. Secondly, in fear of delisting, traders are hesitant to purchase an asset who's exchange price is approaching the threshold for delisting. Over time this rational fear decreases trading volume which has a cascading effect on the already weakened asset. Typically when a coin is delisted from exchange there is an immediately negative effect on market price. +Exchanges generally specify a minimum bid price for an asset to be listed. If the asset falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. In the cryptocurrency space this price threshold is often proprietary, though experience shows it is typically set between 200 and 500 satoshi. Secondly, in fear of delisting, traders are hesitant to purchase an asset who's exchange price is approaching the threshold for delisting. Over time, this rational fear decreases trading volume, which has a cascading effect on the price of an already weakened asset. Typically, when a coin is delisted from exchange there is a sharp, immediately negative effect on market price. -Additionally, when an asset price is at the bottom end of 3 significant figures, such as, in the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half a percent at every trade, the properties of Divisibility and Intrinsic Value come into question. +Additionally, when an asset price is at the bottom end of 3 significant figures, such as, in the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most centralized exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half a percent at every trade, the properties of Divisibility and Intrinsic Value come into question. -In traditional stock markets, upon a reverse stock split there is an immediate and proportional change in market price to the split. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. +In traditional stock markets, upon a reverse stock split, there is an immediate and proportional change in market price to the split. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. -The BTSUSD price, likewise would move from $0.0149 (current) to $14.90 on open markets. This would open doors for BTSUSD markets, where exchanges specify price in cents, to be a rational consideration. +The BTS:USD price, likewise would move from $0.0149 (current) to $14.90 on markets. This would open doors for the BTS:USD pairing, where exchanges specify price in cents, to be a rational consideration. # Specifications @@ -56,7 +56,7 @@ https://bitsharestalk.org/index.php?topic=31970.0 # Summary for Shareholders -Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures vs BTC in satoshis; and less than 1 US Dollar (currently 1.5 cents). Making this change to the core protocol will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs the value of Bitcoin, while opening doors to USD markets which trade with 2 decimal precision. +Significant figures in financial markets send key signals to both traders and exchange operators. BTS has consistently traded at 3 significant figures vs BTC in satoshis; and less than 1 US Dollar (currently 1.5 cents). Making this change to the core protocol, will eliminate delisting risk at centralized exchanges due to the very concrete issue of divisibility vs. the value of Bitcoin; while opening doors to USD markets which trade with 2 decimal precision. # Copyright: From 447eb3500a2611d424b43a7e7ccdc1b9e7d0ba20 Mon Sep 17 00:00:00 2001 From: litepresence Date: Mon, 30 Dec 2019 16:19:05 -0500 Subject: [PATCH 10/21] Update bsip-0086.md --- bsip-0086.md | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index 0a46ef1..e3c05c8 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -23,11 +23,11 @@ The motivation of this split is to increase share price immediately; to prevent # Rational -Exchanges generally specify a minimum bid price for an asset to be listed. If the asset falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. In the cryptocurrency space this price threshold is often proprietary, though experience shows it is typically set between 200 and 500 satoshi. Secondly, in fear of delisting, traders are hesitant to purchase an asset who's exchange price is approaching the threshold for delisting. Over time, this rational fear decreases trading volume, which has a cascading effect on the price of an already weakened asset. Typically, when a coin is delisted from exchange there is a sharp, immediately negative effect on market price. +Exchanges generally specify a minimum bid price for an asset to be listed. If the asset falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. In the cryptocurrency space this price threshold is often proprietary, though experience shows it is typically set between 200 and 500 satoshi. Secondly, in fear of being stuck with a delisted asset, traders are hesitant to purchase a currency who's exchange price is approaching the delisting threshold. Over time, this rational fear decreases trading volume, which has a cascading effect on the price of an already weakened asset. Further, when a coin is delisted from exchange there is a typically a sharp, immediately negative effect on market price. -Additionally, when an asset price is at the bottom end of 3 significant figures, such as, in the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most centralized exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half a percent at every trade, the properties of Divisibility and Intrinsic Value come into question. +Additionally, when an asset price is at the bottom end of 3 significant figures, such as is the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most centralized exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half-a-percent measurment resolution at every trade, the properties of Divisibility and Intrinsic Value come into question. -In traditional stock markets, upon a reverse stock split, there is an immediate and proportional change in market price to the split. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. +In traditional stock markets, upon a reverse stock split, there is an immediate and proportional change in market price to the split ratio. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. The BTS:USD price, likewise would move from $0.0149 (current) to $14.90 on markets. This would open doors for the BTS:USD pairing, where exchanges specify price in cents, to be a rational consideration. @@ -66,7 +66,7 @@ WTFPL - wtfpl.net # See Also -"The number one reason for a reverse stock split is because the stock exchanges—like the NYSE or Nasdaq—set minimum price requirements for shares that trade on their exchanges. And when a company’s shares decline to near—or below—that level, the easiest way to stay in compliance with the exchange is to reduce the number of outstanding shares so that the price of the individual shares—like magic—automatically rises. And when that happens, the company’s shares can remain trading on the exchange." +"The number one reason for a reverse stock split is because the stock exchanges—like the NYSE or Nasdaq—set minimum price requirements for shares that trade on their exchanges. And when a company’s shares decline to near - or below - that level, the easiest way to stay in compliance with the exchange is to reduce the number of outstanding shares so that the price of the individual shares - like magic - automatically rises. And when that happens, the company’s shares can remain trading on the exchange." - https://cabotwealth.com/daily/how-to-invest/reverse-stock-splits-shareholders/ From 1f207fb23996905a812fefc48a66144c4b4b8b55 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:31:28 -0500 Subject: [PATCH 11/21] Update bsip-0086.md --- bsip-0086.md | 8 ++++++++ 1 file changed, 8 insertions(+) diff --git a/bsip-0086.md b/bsip-0086.md index e3c05c8..550de4d 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -41,6 +41,14 @@ The specification for this change is simple: - All open orders on DEX vs the core BTS token would be scaled accordingly - All loans used to issue bitASSETs would also be scaled +Currently the chain supports 15 digits in format: + + X,XXX,XXX,XXX.XXXXX + +After the split it supports 15 digits in format: + + X,XXX,XXX.XXXXXXXX + Put simply: However many BTS are in existence is divided by 1000. However many you have personally is divided by 1000. From 38d5aeb486b58831239c0cf7ed6746e87b91a372 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:36:40 -0500 Subject: [PATCH 12/21] Update bsip-0086.md --- bsip-0086.md | 7 ------- 1 file changed, 7 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index 550de4d..55062d0 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -41,13 +41,6 @@ The specification for this change is simple: - All open orders on DEX vs the core BTS token would be scaled accordingly - All loans used to issue bitASSETs would also be scaled -Currently the chain supports 15 digits in format: - - X,XXX,XXX,XXX.XXXXX - -After the split it supports 15 digits in format: - - X,XXX,XXX.XXXXXXXX Put simply: From 4f40de115278275e5b6824d744ed789642fac587 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:46:20 -0500 Subject: [PATCH 13/21] added air drop implementation suggestion added air drop implementation suggestion --- bsip-0086.md | 21 +++++++++++++++++++++ 1 file changed, 21 insertions(+) diff --git a/bsip-0086.md b/bsip-0086.md index 55062d0..0a30e5c 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -41,6 +41,21 @@ The specification for this change is simple: - All open orders on DEX vs the core BTS token would be scaled accordingly - All loans used to issue bitASSETs would also be scaled +Currently the chain supports 15 digits in format: + + X,XXX,XXX,XXX.XXXXX + +After the split it supports 15 digits in format: + + X,XXX,XXX.XXXXXXXX + +Current maximum supply is: + + 3,600,570,502 + +After the split maximum supply is: + + 3,600,570 Put simply: @@ -48,6 +63,12 @@ However many BTS are in existence is divided by 1000. However many you have per If there is rounding to be done, round down. +If it is technically less challenging to "air drop" a new token at 1000:1 ratio and rename it: + + newBTS, BTS3, bitBTS, coreBTS, BTS2020, etc. + +Then lock trading / transfer of the original BTS core token, to initiate the reverse split; this would be acceptable as well, so long as all major exchanges are put on notice of the upcoming change and agree to distribute the air drop after the protocol upgrade. + # Discussion From d6f987de59fae5362714db092127560249bb2255 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:48:51 -0500 Subject: [PATCH 14/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index 0a30e5c..cefa5ba 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -45,7 +45,7 @@ Currently the chain supports 15 digits in format: X,XXX,XXX,XXX.XXXXX -After the split it supports 15 digits in format: +After the split it still supports 15 digits in the new format: X,XXX,XXX.XXXXXXXX From eebebdb35892d58478932ace59b7375c4a2fecd5 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:50:21 -0500 Subject: [PATCH 15/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index cefa5ba..fb49034 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -55,7 +55,7 @@ Current maximum supply is: After the split maximum supply is: - 3,600,570 + 3,600,570 (or if possible 3,600,570.50200000) Put simply: From 5741e6b81f3e0733bfcf7702480c9d7ab9c1c807 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:52:55 -0500 Subject: [PATCH 16/21] Update bsip-0086.md --- bsip-0086.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index fb49034..27c0fb4 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -51,11 +51,11 @@ After the split it still supports 15 digits in the new format: Current maximum supply is: - 3,600,570,502 + 3,600,570,502.00000 After the split maximum supply is: - 3,600,570 (or if possible 3,600,570.50200000) + 3,600,570.00000000 (or if possible 3,600,570.50200000) Put simply: From 780f2b299f522ce4076fdc7157228ba5266feab5 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 09:56:01 -0500 Subject: [PATCH 17/21] Update bsip-0086.md --- bsip-0086.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/bsip-0086.md b/bsip-0086.md index 27c0fb4..5fa7580 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -27,7 +27,7 @@ Exchanges generally specify a minimum bid price for an asset to be listed. If t Additionally, when an asset price is at the bottom end of 3 significant figures, such as is the current case of Bitshares at 200 satoshi; there is now 0.5% change in value for every up or down tick in price. At 100 satoshi, that becomes one full percent change in value for every tick in tradable asset price vs BTC (the core currency BTS is traded against at most centralized exchanges). The core properties of money are Durability, Portability, Divisibility and Intrinsic value. When price is moving in ticks of half-a-percent measurment resolution at every trade, the properties of Divisibility and Intrinsic Value come into question. -In traditional stock markets, upon a reverse stock split, there is an immediate and proportional change in market price to the split ratio. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. The delisting risk profile would immediately and permanently change. +In traditional stock markets, upon a reverse stock split, there is an immediate and proportional change in market price to the split ratio. Instead of trading at 0.00000200 in CEX markets, Bitshares would immediately trade at 0.00200000. Markets are very reliable and resilient in this regard. There would be no immediate effect on market cap or the vaule of individual holdings vs. USD, CNY, or BTC. However, the delisting risk profile would immediately and permanently change. The BTS:USD price, likewise would move from $0.0149 (current) to $14.90 on markets. This would open doors for the BTS:USD pairing, where exchanges specify price in cents, to be a rational consideration. From fa8077a0bbfb1686fd656da7dbffe85167fbaf55 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 12:57:05 -0500 Subject: [PATCH 18/21] Update and rename bsip-0086.md to 1000:1 Reverse Split.md --- bsip-0086.md => 1000:1 Reverse Split.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) rename bsip-0086.md => 1000:1 Reverse Split.md (99%) diff --git a/bsip-0086.md b/1000:1 Reverse Split.md similarity index 99% rename from bsip-0086.md rename to 1000:1 Reverse Split.md index 5fa7580..6b60465 100644 --- a/bsip-0086.md +++ b/1000:1 Reverse Split.md @@ -1,4 +1,4 @@ - BSIP: BSIP 86 + BSIP: Title: 1000:1 Reverse Split of Core BTS Token Authors: litepresence finitestate@tutamail.com Status: Draft From e16a07b0a96ef5fdf2360959bb03646915eb6461 Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 12:59:10 -0500 Subject: [PATCH 19/21] Rename 1000:1 Reverse Split.md to bsip-0086.md --- 1000:1 Reverse Split.md => bsip-0086.md | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename 1000:1 Reverse Split.md => bsip-0086.md (100%) diff --git a/1000:1 Reverse Split.md b/bsip-0086.md similarity index 100% rename from 1000:1 Reverse Split.md rename to bsip-0086.md From d35900fcf00b06b891edc584f647dca0dc6458ef Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 13:03:35 -0500 Subject: [PATCH 20/21] Update bsip-0086.md --- bsip-0086.md | 10 ++++++++++ 1 file changed, 10 insertions(+) diff --git a/bsip-0086.md b/bsip-0086.md index 6b60465..0f7abec 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -1,3 +1,13 @@ +#Note + +I've been advised that BSIP86 has already been assigned. see: + +https://github.com/bitshares/bsips/pull/253 +BSIP 86: Share market fees to the network #253 + +proposal continues below: +------------------------------ + BSIP: Title: 1000:1 Reverse Split of Core BTS Token Authors: litepresence finitestate@tutamail.com From 07ec15c98fd90ed751ca11a027aae0fbe7de0ebd Mon Sep 17 00:00:00 2001 From: litepresence Date: Tue, 31 Dec 2019 13:03:59 -0500 Subject: [PATCH 21/21] Update bsip-0086.md --- bsip-0086.md | 5 +++-- 1 file changed, 3 insertions(+), 2 deletions(-) diff --git a/bsip-0086.md b/bsip-0086.md index 0f7abec..192d4eb 100644 --- a/bsip-0086.md +++ b/bsip-0086.md @@ -1,8 +1,9 @@ -#Note +# Note I've been advised that BSIP86 has already been assigned. see: -https://github.com/bitshares/bsips/pull/253 +https://github.com/bitshares/bsips/pull/253 + BSIP 86: Share market fees to the network #253 proposal continues below: