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I suspect some players are trying to deliberately manipulate the market since it is thinly traded compared to other crypto assets with the same order of market cap - Ripple and Mastercoin have about 1/10 or less of the trading volume of NXT, Bitcoin, Litecoin, etc.
It seems market cap is not a very good indicator of the total value of the asset in circulation since it doesn't account for the ability of the market to absorb a sell-off. I suspect NXT is actually a lot less resistant to a sell-off than Litecoin, so it's actual total value is a lot less than what simple market cap indicates.
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Be wary, there was no scam attempt. They failed to credit a valid tx due to a bug in mastercoin-explorer.com and said it was up to me to deal with this issue. The issue has been dealt with and fixed thanks to Tachikoma, yet they still won't credit my msc. If someone knew about this bug before me (or any other mastercoin-explorer.com bug, because apparently they only rely on this website for valid/invalid tx), and successfully withdrew funds, they might be insolvent and are holding my funds hostage blaming me. Until this issue is solved, I would be wary of depositing funds into it. Seems like a legitimate test would have used much smaller amounts of MSC. I don't blame masterXchange for being cautious releasing the deposit given the large value. |
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Perhaps masterxchange.com would be better off charging a fixed fee to place orders on the order book. Some asswipe has placed a bunch of buy orders of .1 MSC in fractionally different prices of .2252x where x ranges from 0 to 9:
Buy Orders (Bids)
Sum (msc) Size (msc) Price (btc/msc)
0.1 0.1 0.2253
0.2 0.1 0.22529
0.3 0.1 0.22528
0.4 0.1 0.22527
0.5 0.1 0.22526
0.6 0.1 0.22525
0.7 0.1 0.22524
0.8 0.1 0.22523
0.9 0.1 0.22522
1 0.1 0.22521
Sell Orders (Asks)
Price (btc/msc) Size (msc) Sum (msc)
0.264 25 25
0.265 25 50
0.268 8.56347746 58.56347746
0.26998 0.71325453 59.27673199
0.26999 1.28820999 60.56494198
0.27 45 105.56494198
0.271 0.5 106.06494198
0.279 50 156.06494198
0.2799 0.5 156.56494198
0.28 12.87342731 169.43836929
This is clearly an attempt to prevent display of other prices for larger amounts.
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One is a ridiculous bunch of nonsense and the other is an interesting project with potential. It is not hard to figure out which is which. This constant source of confusion is unfortunate. I refer to MSC as Mastercoin-Exodus to differentiate it from MST, the alt coin. |
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I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.
Well... you can invest in iXcoin. Here's the deal, we take iXcoin which is a merged mine coin with Bitcoin. It has a ridiculous network hash rate of over 4 peta hash per/sec. It is also dirt cheap at 11 cents with only 17 million coins minted. It has been around for 2 1/2 years. Now layer chromawallet on top of it. You want buy in? You want exclusivity? Well, you buy iXcoin when it is dirt cheap. Of course, I could always say that I got an 'exodus address' that requires a buy it. But let's for now just call it an address where collect funds for development. I'm a bit confused, looked at ixcoin.com website, saw this: Development Fundraising
As you are probably familiar, the iXcoin client has not been updated in over two years. We are currently working on a new version of the software that will bring it current with the Bitcoin code base.
We have a number of developers who are highly skilled and motivated to work on this project. Work has commenced to carefully review and convert patches to create a clean rebase upon v0.8.x. Once this is complete, we’ll need to do extensive testing and some additional documentation. After the client is modernized and the network is upgraded, we have exciting plans to further improve the iXcoin protocol.
These operations take time and unfortunately a number of our developers must necessarily split time between paying projects (i.e. their day jobs) and this important work to better ensure the long-term safety and security of the iXcoin network.
It is for this reason that we are requesting donations to help fund this development work. Funds will first be used to reimburse core infrastructure hosting expenses before being divided amongst the developers.
IXC: xm7RZfDQyiYqFQZ6Q9ZgtSkX9e8uBJ3SLY
We currently have pledges of 25,000 IXC from 2 users: tazman and Vlad2Vlad.
We are trying to reach original developer (Thomas Nakasioto ) for additional bounties but have been unsuccessful.
Thank you,
The iXcoin Development Team
How does one invest (buy ixcoin) instead of donate? Also, it looks more like just an alt coin, no mention of p2p exchange, smart contracts, or other features MSC, PTS, or eMunie will have. |
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Makes a lot more sense now. Also, any chance of adding a ticker of transactions? Liking exchange more now, with modified fee structure.
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Bummer! and here I thought I'd found a low risk money maker...
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Will or is it aviable on an known exchange like Cryptsy or Bter?
Read some first... Signed up for the presale list Check out this Forum for the presale list  http://forum.emunie.com/I tried to sign up on forum, initially got account creation page, failed, now keep getting "error, you are not to allowed to visit this community" message |
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Thanks. The second link has a lot of detailed info and discussion on the proposals.
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Here's a good start, https://github.com/DavidJohnstonCEO/DecentralizedApplicationsFrom Johnston, et al paper: Bitcoin - Providing an underlying transfer protocol, time stamping, record keeping and more. Bitshare - Stock exchange on own blockchain. Mastercoin - Recording smart property and user currencies on top of the Bitcoin Blockchain. healthcoin – Cloud storage of files, docs, & websites. Computecoin – Cloud compute service for general use. Meshcoin – Mesh Network Internet Service Provider. Healthcoin – Insurance service that reimburses loss. Arbitrationcoin – Lets two parties settle disputes trust-lessly. Ai-coin - Providing intelligent automated actions to users More, from Bitshares forum, https://bitsharestalk.org/index.php?PHPSESSID=f976bd25b056584eaab72a0f973d3a5f&board=9.0 : Cloud Mining DAC - Project Camelot VanityDAC - Generate Vanity Addresses Non-Profit DACs? PowerBall, DAC - Lottery Based Mining Experiment The Hive Voice / VOIP DAC - Decentralised Voice Calls Datacoin is a DAC for Cloud Storage Forever NOTE DAC SportsDAC Healthcare Pricing Models? Alternatives to Health Insurance "Exchanges"? We could all teach something. KryptoKit WeTube DAC - decentralized media provider - the future YouTube A Libertarian Alternative to Patents and Copyright (DAC) DAC simplified explanation Solomon, DAC Search Engine, DAC Questions regarding "PTS VC cookbook" Property Management DAC Idea Global Weather Forecast and Archive Thought I should link this. Xpost r/darknetplan Advertising as payment for free. DeliveryDAC? PolitiShares? MITOSYS: New Encrypted Communications Cryptocurrency Game development futures? Associated Press, DAC ProtoMediaShares Market DAC - a place for decentralized buying/selling goods - the future eBay Job Bank (Get Work) DAC Trading Cards DAC Ad Words, DAC YellowNotes Spiritual / Religious DACs / Religion decentralized (Project Quintessence) 3D Printing DAC |
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+1
I suggest, to promote goodwill, that buymastercoin.com should offer refunds calculated by subtracting the most recent sale price from the purchase price they charged the customer at the time of transaction to determine a spread, and then adding that spread to the current most recent sell price at the time of refund to the customer. I can see subtracting a few percent from the refund to cover buymastercoin's expenses and time.
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Thanks. This is a much better way to handle it, like Bitcoin.org's link to a separate page with a list of vendors and clearly no endorsement of any of them. |
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It's not right. Either he should lower his prices, or the foundation tone down the advertising, or place some sort of disclaimer. Normally, I think disclaimers are BS. Buyer beware. But since at least one guy was clearly sucked into this hole, we have evidence that the trap is a working trap and has actually caught people off guard. I say get rid of the scammy behavior. We don't need that. If buymastercoin.com did not deliver on purchase you could call it "a scam".
You agree with the given price per mastercoin. The fact you are not checking anywhere else for better prices is not the problem of buymastercoin or Mastercoin itself. Clearly this is your site. Nobody could defend this kind of crap. +1 The behaviour of buymastercoin has been offensive from the start. Its continued implied endorsement on mastercoin.org puts my investment in mastercoin at risk. |
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I suppose you've already done some Mastercoin transaction yourself. As it is somehow experimental right now, we do not want to rush a tool for automated transactions in mastercoins and would rather wait for an official command line tool instead.
regarding bitcoins, we will try & automate once we are 100% confident in the robustness of our product. thanks for your suggestions.
Deposit should be pretty fast however as this pose absolutly no security issue. Deposits should be registered as soon as they are confirmed in the blockchain.
I was really focused on timely Bitcoin withdrawals, can understand why Mastercoin warrants a lengthier, more cautious approach for now. |
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Maybe as an interim measure there could be a specified time period during which trading with immediate deposits and withdrawals is available. Also, any chance Protoshares (PTS) will be available. Posting a bond with Maxmint would help to back up the delayed withdrawals, but it does lock up the funds from being available for other trading. I just don't really see a need for a 24-48 hour delay all the time.
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We will try to do it every 24hours at least, but it could sometimes take 48h.
Keep in mind that we will actually store the coins in an offline computer, so thats why the process will be slow, but much much safer than an automated online hot wallet.
So I don't necessarly think that faster is safer. If history is a good example, most of the exchanges that have been hacked were actually using instant-withdrawals hot wallets which allowed them to be wiped very fast. I also think many hacks were probably insider theft but thats another story as well.
Also, in case your account gets hacked (which should not be the case if you use 2FA), this leave you with ample time to see that someone ordered a withdraw from your account and to contact us.
For us it seems like the safest approach and thats what is our priority.
I'd love to see an exchange but 24 to 48 hours is way too long. Too much opportunity for rehypothecation and float of customer funds. Any chance of allowing small, say 1 BTC instant withdrawals and getting larger withdrawals down to a couple of hours? |
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How long will it take to do a withdrawal? My policy with any account based system is not to leave any more in than I'm willing to lose, and to only leave funds in for the absolute minimum time to do the trade or other business. This applies to banks as well as crypto currencies. Recently, a Protoshares exchange (very convenient to use), Coingrounds spin-off, was hacked and lost all BTC.
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Nice, good article, concisely explains the goal of decentralized exchange. |
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