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okay, so as I so far understand it, a person with a 1 gold oz can be assured of x MSC's value is worth what he wants for that gold coin because MSC is backed by an agreed amount of bitcoins? If not, initially, what will a MSC be worth?
and until the MSC's Eventually, all the currency mix?
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what secures a derived currency like goldcoin's worth with the example of an ounce of gold? my main question is, where does that ounce of gold sit to secure such a gold coin?
And also, is every mastercoin the same, ie worth equal to every other MSC? |
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probably a codeword for gays that signals that he is open for gay solicitations  |
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At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:
Buying Bitcoins
Selling Bitcoins
Buying any goods or services in exchange for Bitcoins
Selling any goods or services for Bitcoins
Sending Bitcoins to anyone located outside of Thailand
Receiving Bitcoins from anyone located outside of Thailand
Can we just agree that this might be what they said to him, that they believed it was illegal, that Dave himself didn't (mean to) say that it was illegal, but in the case that it was, he closed operations just to avoid legal ramifications? I really don't want this guy to go to jail for some misunderstanding. Actually, no. I am not an expert in Thailand's laws. I don't think anyone in this thread is. However, so far as I can tell, they said no such things. It seems that OP asked the Bank of Thailand for an affirmative statement that these activities are legal. He suspended activities based, assuming everyone has been truthful, on the Bank of Thailand's NOT stating affirmatively that his actions are legal. They appear, in fact, to have reserved judgment for another time. There does not appear to be any statement that any of these activities are illegal. While OP has possibly done us a long-term service in prodding the Bank of Thailand to provide some regulatory certainty so that business can continue, he might also have simply recklessly prodded a scary state entity to make a bad, hasty decision. I guess we'll see in a week or two. I'll judge the action by its results. But nothing in Thailand that has any power to make laws has actually said Bitcoin is illegal. Goat is completely right on that part. The Bank of Thailand might or might not say that really soon, but it just hasn't yet. And if a central bank says something with legal significance, it says it on paper. might being key word  also, Dave acknowledging that mining bitcoins and gifting bitcoins is legal leads me to believe the specificity of the above was what was said at some point, though any evidence of a record or even the existence of such a record could not be disclosed for one reason or another. |
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i'm surprised mtgox prices haven't gone up even more than it has
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I think instead of providing the source now, he wants to preserve his first-mover advantage, understandably. For the funding, I think it's the things after he creates his mastercoin layer that would give mastercoin utility and worth, which he needs funding for.
This is all speculation, as I don't understand the mechanisms yet, I'm asking for clarification on the issues I don't understand
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Have you done any modelling with various child currency parameters to see how well they might track the desired asset, and how healthy the escrow fund remains?
Best question yet. I have thought about this endlessly. You can't begin to imagine how many nights I laid awake thinking about this. My first proposal had a much more complicated method of providing stability, but I think I've boiled it down to the essence of what is needed. I actually plan on running some experiments with unsustainable currencies (where the data stream the currency is based on just keeps publishing bigger numbers), just to see how long they last and how they die. I'm hoping that will help tune the parameters for real currencies. Why are you releasing this project if it is clearly not ready/fully tested? especially after 2 years of already working on it? What do you need now that you didn't need before? or is it because it is the mechanism by which you can bootstrap the network? I still do not fully understand the mechanisms that allow the protocol to do what your claims say, but I am still trying very hard to. |
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I don't exactly understand what a mastercoin will be worth. Is each mastercoin the same? and is total supply going to be limited by the total MSC bought by sept 1? can you only buy MSC with BTC? I think so due to its blockchain layered protocol, but can you explain this again for me what secures a derived currency like gold coin's worth with the example of an ounce of gold? my main question is, where does that ounce of gold sit to secure such a gold coin? Once you understand the risks, and have properly consolidated your coins in a single address in a PC wallet, you can purchase MasterCoins by sending your bitcoins to the Exodus Address, which is: 1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P Also, I'd be grateful if a few people could quote the Exodus Address on this thread, as that will make it less likely that someone will try to hack my account and change the address. |
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A new protocol is being built on top of bitcoin, not sure what the end result will be, but it sounds F-ing crazy, BUY BUY BUY! this is either extremely crazy good stuff or a very well-executed scam. This is the first development after bitcoin that has really caught my attention. While I don't fully understand its mechanics yet, I do understand its role. Need more time |
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Coinbase sounds like the best option as you don't have to keep your funds on an exchange (less counterparty risk) but you will pay higher fees.
i actually use my coinbase wallet as a mobile wallet. easy access from my phone and laptop, yet secure enough with 2factor that it's worth my risk to keep the amount I do on there |
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I have noticed that whenever Vladimir is active, it's usually BTCullish sign$
that's 'cause Vlad effuses bullishness. the bull is his spirit animal |
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Can't wait until 'The Newsroom' covers BTC
is there a reason you said this?? is it going to be covered? or just wishful thinking. i like that show |
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the name really brings a smile to my face so clever |
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why bother trying to accomplish anything when insects deep fried in MSG are already perfect...
stooooop  |
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Do you think you can manage this? wish i drank coffee! i'd buy a honey badger sticker to slap on my nalgene though I'd love a "hardcore" honey badger design. "Bitcoin don't give a shit." Honey badger with an arm around Snowden, smoking a joint lit from burning USD. |
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i would argue that price is a reflection of all those things
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i never beat him  |
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live and let live, that's how life should be
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That big drop was the price going down.
Anything beyond that is spin and salad dressing.
*looks at board name* hehe but of course |
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