150 BTC TO BE AWARDED TOMORROW - PLEASE POST A SUMMARY OF YOUR WORK TOWARD THE DISTRIBUTED EXCHANGEEveryone participating in the current coding contest bounty: please post a summary of all your work to date here in this thread. Go through your old emails, commits, and forum posts. Do not assume that everyone remembers what you did. Please be as complete as possible - you will be reading each others' summaries and using that information to determine payout sizes for each other. Any work which contributed to the distributed exchange should be included, including prerequisite work such as fixing our consensus issues. If you did both development work and testing work, post separate summaries for each, since those bounties are awarded independently of each other. As before, I'll ask each of you to tell me how you would divvy up the money (percentage-wise) if you weren't participating in the contest. I realize this is a difficult task, but it is very important, and I have seen first-hand how well you guys work together as a team when you know that you'll be evaluating each other's work at payout time. Thanks to each of you for your hard work. I hope each of you enjoys the fruit of your labor. 
|
|
|
|
|
Mastercoin Founder here.
I don't believe that any of them are outright scams, including several more you didn't mention. They are all very high-risk (or high reward) investments though. There are a lot of different approaches being tried, but probably only a couple of them will take hold. Investors who pick the right one(s) should be quite wealthy someday.
|
|
|
|
The guys from engine.co found a potential race condition where the user could accidentally create a new sell order when they were trying to change an old one, because the old one had already been bought. At my suggestion, Marv made this pull request to add a 2-confirmation time limit after a sale is complete before that address can initiate a new sell offer: https://github.com/mastercoin-MSC/spec/pull/38I'm posting here because not respecting the time limit will lead to consensus divergence, so I want to make sure everybody is aware of it. Thanks! Perhaps it's the lack of sleep but I don't like the fact that this has been merged already, up till now everything we did was democratic. Shouldn't we discuss such a major change in the protocol before merging it? I would appreciate it if at least some examples could be given in how this is suppose to work before and after the merge. I also think this pull request should be open for discussion like any other pull request. my opinion: I don't think this solution really solves this race condition, e.g. due to difference in fee amount and inputs complexity of the buy/sell change transactions, the sell offer change can still get merged 2 confirmations later, and then we're in the same race condition state. Alternative solution would be to keep only the option to cancel the offer (amount zero), and omit the option to change it. If one wants to make a change, he can first cancel the old offer, and then create a new one. EDIT: it would be also much easier to implement, and reduce complexity. My plus 1 for this idea. Separate messages make a lot of sense to me. any update on this? J.R.? I would like to update the implementation. Apologies for jumping the gun on this guys! I was worried people would get bogged down waiting for a decision on this I'm very happy to accept a pull request adding a cancel command instead. Is somebody available to jump on that task? I want to avoid hearing "I haven't made much progress because I'm waiting on a decision about issue X." |
|
|
|
The guys from engine.co found a potential race condition where the user could accidentally create a new sell order when they were trying to change an old one, because the old one had already been bought. At my suggestion, Marv made this pull request to add a 2-confirmation time limit after a sale is complete before that address can initiate a new sell offer: https://github.com/mastercoin-MSC/spec/pull/38I'm posting here because not respecting the time limit will lead to consensus divergence, so I want to make sure everybody is aware of it. Thanks! |
|
|
|
1/17/2013 I have completed raising funds to work full-time on Mastercoin! Please be on the lookout for major announcements soon |
|
|
|
damn that was fast. well glad thats out of the way. So you're not selling any more?
I'm done with large transactions in the near term. I'm putting together a plan to publicly announce my plans for future diversification SLOWLY and primarily at MUCH HIGHER PRICES (the idea is that my % holdings will go down as a function of Mastercoin market cap increases), and I hope most diversification will be investments into projects building on top of Mastercoin. You guys know there is a whole angel investor group forming up for the purpose of investing in Mastercoin-based companies and projects, right? Anyway, I'm not supposed to be talking about this publicly yet - I'm supposed to let our marketing people carefully craft announcements and when and how they are made. I just wanted to make sure the market knew that I am done fund-raising. That's all I have permission to officially say right now |
|
|
|
so 5-10k msc were sold off the exchange?
I was going to transact on the exchange too, but enough big buyers stepped forward that I didn't actually get around to doing that. Note that I still have most of the MSC in my control, due to people asking me to wait while they set up more secure storage solutions, but I received the BTC and sold it on coinbase. |
|
|
|
1/17/2013 I have completed raising funds to work full-time on Mastercoin! Please be on the lookout for major announcements soon |
|
|
|
wallet + DEx update: Good news:Tutorial for masterchain.info's cool Hybrid web wallet (TM) that does bitcoin/mastercoin sending as well as Distributed Exchange operations is available on: https://masterchain.info/downloads/masterchain_tutorial.pdfWhat it CAN do: - Show balances of MSC/TMSC/BTC for each of your addresses (just add them to the wallet)
- Initiate a send/sell of each of the funds on the wallet
- Suggest wallet addresses when clicking ACCEPT on an sell offer
- Generate a correct PAY transaction after the offer got accepted
What it CANNOT (yet) do: - Sync wallet with server is not yet implemented. It means that the wallet is kept only locally in your browser. To re-create it, add the addresses to a new wallet
Few technical details: - All view pages are rendered locally on your browser using json data from the server (or from your filesystem). The json files are static (so no problem for 1M users together, since users bring their own CPUs)
- Wallet is kept in browser storage. No private information is stored. A secure mechanism to keep the wallet data online will be later introduced
- Wallet operations are done using a POST request from the server to:
- /wallet/validateaddr/
- /wallet/send/
- /wallet/sell/
- /wallet/accept/
- At this point, the tx gets the bitcion network using pushtx of blockchain.info (will be later changed)
Testing: Not enough testing has been done. There are still sharp edges, and some hick-ups. Example are available in the tutorial. There is still enough work to get to consensus on DEx. Sources: https://github.com/grazcoin/mastercoin-toolsNote: the wallet is not a cold wallet, but a cool wallet ;-) Whoa!  That is a big step forward!! Everybody please remember that we are giving a way a HUGE 50 BTC bounty (over $40k at current prices) for testing alone in addition to the even larger down payment on the distributed exchange work on 1/22. Testing this implementation is a great opportunity to earn some of that cash. Talk about fast, easy money!! |
|
|
|
I may have missed the "use of alt-chain vs use of bitcoin blockchain" discussion. Can you point me to the link. Anyway, iXcoin (created in early 2011) is in the process of implementing colored coins natively. iXcoin is a merged mined coin that has currently 7.2 Peta Hash network ( 40% of bitcoin) to secure it. The nice thing about this approach compared to mastercoin is that we don't sacrifice a lot in hash rate, however we start off with a much solid and well tested foundation. iXcoin is just as robust as Bitcoin, using the latest code base. However, in addition to user defined coins, we will be layer on top our own framework of Smart Contracts. This certainly a race to create the most advanced crypto-currency. We believe iXcoin taking a more conservative approach to implementation can delivery functionality ahead of every other competitor. www.ixcoin.co will be updated shortly to highlight this exciting new development. You certainly are a persistent troll. I am simply informing the community that there are alternatives to Mastercoin. right... it's called threadjacking ... I've removed the off-topic posts. Thanks guys. |
|
|
|
Here is what I feel will happens roughly : if (JRprice == x) { masterXchangePrice = x - 10%; } In my humble opinion, trading OTC will impact the market more than trading quietly on an exchange. First, all trades impact the quantities available in the same way, if you sell 1000 MSC OTC, that will always be 1000 MSC that wont be bought on the market. There is no "if you dont trade on the exchange the price will not be impacted !". Thats an economical fallacy; the price converges to the same value everywhere and the exchange is a part of the market in the same way that the OTC is. Second, saying that you have X quantities to sell at Y prices is much worse than trading them little by little : As long as the market expect a bigger quantity to be traded, the price will correct itself until the price discovery process is finished. Thats like bill gates announcing that he will sell 1% of MSFT the next week. What huge holders are doing is that they pay brokers to liquidate the quantities as quietly as possible on the marketplaces. Having said all that, I will add that this is only an opinion and that its really great that JR is commiting himself to Mastercoin full time This is all fascinating to follow in term of economic theory Yeah, by doing this so publicly, I'm basically ensuring that the price drop happens BEFORE I sell, rather than my sell causing the price to drop. If I had sold privately, the price would have still gone down, and nobody would have known why until somebody noticed in the block chain that J.R.'s coins were being sold, potentially causing a HUGE panic. It seems clear that I would have done a LOT better doing this privately, without telling anybody what I was doing until somebody noticed my coins being sold, but this way seems more ethical to me. JR, I'm sorry to point this out, but when you made the announcement 5 days ago, you wrote: " I hope to sell 3-6% of my total MSC holdings (5000-10000 MSC). If I haven't sold them by August 1st 2014, I'll sell more aggressively.". First, it would appear you didn't run the announcement by the Board. Ripper had to immediately start speaking on your behalf to clarify the message. It appears you ran solo, without analyzing what kind of message your announcement sends. This shows questionable judgement on your part. Second, could you please explain why, when you just caused a panic sell 5 days ago, you cause another drop by forgetting your promise of keeping the prices you announced until August? Kindly explain your thought process, because I'm really at a loss. The founder should act in a predictable, altruistic way. I would also suggest you do a session similar to Reddit's AMA, where the community can send you questions, and you actually answer them. This is the only ICT project I've ever been involved in where the leader is the least visible and most unavailable person in the project. It should be the other way around. My apologies for the harsh words, J.R., but I think we deserve answers. Sure no problem. Yes, the board was aware I would be selling (and in fact had been urging me to do so for some time). I don't think anybody was prepared for the way people panicked though. Ron (Ripper) had to jump on reddit and calm people's fears because I was offline at that time. He and I had been discussing my planned sale just a few hours before I announced it. August 1st is when I qualify for long-term capital gains on my Mastercoins, and therefore I'm more willing to sell when we get there. I did not mean to imply that I would never change my price between now and then. I REALLY want to work full-time on Mastercoin, and that is what is driving me to do this, painful though it is to see how the price has fallen. The price movement is simply what happens when somebody sells into very thin volume. Hopefully the current price will be a window of opportunity for a few people who've been kicking themselves for missing out on the initial 1Exodus distribution. |
|
|
|
Here is what I feel will happens roughly : if (JRprice == x) { masterXchangePrice = x - 10%; } In my humble opinion, trading OTC will impact the market more than trading quietly on an exchange. First, all trades impact the quantities available in the same way, if you sell 1000 MSC OTC, that will always be 1000 MSC that wont be bought on the market. There is no "if you dont trade on the exchange the price will not be impacted !". Thats an economical fallacy; the price converges to the same value everywhere and the exchange is a part of the market in the same way that the OTC is. Second, saying that you have X quantities to sell at Y prices is much worse than trading them little by little : As long as the market expect a bigger quantity to be traded, the price will correct itself until the price discovery process is finished. Thats like bill gates announcing that he will sell 1% of MSFT the next week. What huge holders are doing is that they pay brokers to liquidate the quantities as quietly as possible on the marketplaces. Having said all that, I will add that this is only an opinion and that its really great that JR is commiting himself to Mastercoin full time This is all fascinating to follow in term of economic theory Yeah, by doing this so publicly, I'm basically ensuring that the price drop happens BEFORE I sell, rather than my sell causing the price to drop. If I had sold privately, the price would have still gone down, and nobody would have known why until somebody noticed in the block chain that J.R.'s coins were being sold, potentially causing a HUGE panic. It seems clear that I would have done a LOT better doing this privately, without telling anybody what I was doing until somebody noticed my coins being sold, but this way seems more ethical to me. |
|
|
|
More Exodus Address funds are moving offline to the following 10 offline addresses held by one of our board members: 14U8kCELPcFghQLk5REPvpCnvoRxJvyUad 13MAUshaCbAnWrrJXqmfaKe9rwY4nCvfsk 1KgzQ3EWN4SbxyFBVCajgmC6kTNAjdL7pE 14zy9vb2uPmQPMHPCRZMmKYN88fmYrVxW5 15sX78oHhV9rsx9id7M55z5D6nd4eKPryj 1ErkNG7s1zPpEGCNyb4jydkvDT7JGBoFTg 1EG8or2YJskDPjMch4ue6esypgBxjJy2nN 1Etsrob7fxx2a5mwHYZFoJrVLKksRx19fB 1BvpM2u1b6wtcdf1vKvweBMrxpjFz6sRYQ 18w1KqtRxS7mXUSf8uuU7viiBNBuSaRMjS This will be done in a couple days (to give him time to say "oh crap my email was hacked") Thanks |
|
|
|
Hey Dexx, I see that Ron originally listed the bounty as $500 to $850 in this thread. It appears that you have done the full $850 worth of work, so I have put a pending payment for $850 for you in our ledger ( https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing#gid=0). I will send BTC worth $850 (according to the 3-day average from bitstamp) the next time I access project funds (probably within a few days) to your address 11NiSNoGYomEA3ZHEN4R9ne4kwDjECsAy. Thanks for your work on this! -J.R. |
|
|
|
|
Please note that the number available is lower now.
|
|
|
|
Hey guys, Having just finished up with our weekly dev sync con-call, I'm now pleased to publicly announce that I will be joining the project full-time! The foundation has been working tremendously hard to attract quality talent to drastically speed up development and I can't express enough how excited I am to have the opportunity to dedicate significantly more time to Mastercoin. We have a great team working on the project and with a significant number of new hires coming on board too and getting involved the next few months should be an exciting time! I will be ceasing my current role and transitioning to working full time on development on 24 Feb. Thanks to the community for all your support to date Zathras I'm so happy I . . . . . . I think I just wet myself. |
|
|
|
|
Hey guys,
There are just too many PMs and emails coming in to post them all. I'll let you know if my prices change.
Thanks!
|
|
|
|
On Wed, Jan 8, 2014 at 2:38 PM, <major bitcoin entrepreneur> wrote: Hi guys,
Heard there is a block out there, any price target ?
------ |
|
|
|
|
Show Posts
