Interesting. I'll have to look into Ripple Contracts (to see if it's an idea MasterCoin should steal  ) I'm a ripple fan but you should probably steal that =p So. Ripple Contracts: https://ripple.com/wiki/ContractsSpecifically, here are the proposed contract types: Here are some example use cases (bold ones are worked out):
Subscriptions
Time Release Escrow coins and then have them time release
XRP Auction Auction for XRP that escrows all the bids
Bonds (I don't think there isn't much reason for us to support these. They require the bond holder to trust the issuer so they might as well just work it out outside of our system.)
Bond Auction
Nickname exchange offer
Kickstarter transaction only completes if it reaches a certain balance
Escrow
M of N accounts?
Private box
Multi-stage transaction
Invoices (Someone remind me what the point of these are?)
Auction From that list, I think that native support in MasterCoin for kickstarters would be cool, and subscription support might be interesting to do at some point. When we do distributed e-commerce, we might want to add support for auctions too. I might add something to the spec about this stuff at some point. I'm interested in any opinions from you guys if you see features on that list that we can't live without? |
|
|
|
You should check it again. Totally open-source since a month . I agree they are not good at communicating but their main aim is not bitcoin community but exchange platform like zipzap and future gateways. With more gateways and nodes the ripple network will be distributed enough to be fair and honest.
New features are coming with "contracts". I don't think it's too complex, it can easily be integrated and someone could use a ripple wallet without even know about it. About flexibility I couldn't really tell I'm not competent enough to say.
XRP distribution model is particular but you don't need xrp to use ripple network (mm ok actually you need less than 1$ to fund a wallet...). About long-term appreciation I think it may appreciate if the network find more gateways and plateforms that use ripple. Otherwise it may also disappear (just like bitcoin or mastercoin actually since there's not real economy backing them).
Interesting. I'll have to look into Ripple Contracts (to see if it's an idea MasterCoin should steal ) |
|
|
|
|
Notice of proposed expenditure: 1BTC to prophetX at 1GFC6Kc1UiH8m48EPCFpK7j8Cs9hbyyF55 for his two blog posts so far
ProphetX, can you please publicly confirm this address?
Thanks!
|
|
|
|
what do you think about ripple ? Do you think it's a competitor for mastercoin ?
I think that Ripple is a powerful idea that has been badly mismanaged, and yes, it competes with MSC. Their focus on Peter owes Paul owes Sam owes Jake debt chains causes their true killer features to get lost in the noise. Nobody cares about collapsing debt chains, but distributed exchange is incredibly important. Perhaps they have fixed this marketing snafu (I haven't checked lately). I also disagree with their XRP distribution model, and I am doubtful about the case for long-term appreciation of that currency. (Trivia: the MasterCoin giveaway thread was funded with MSC purchased with BTC I got for selling XRP I received from an early Ripple giveaway) Finally, I think their system is way too complex, not sufficiently decentralized, not sufficiently open source (this may have changed since last I looked), and not flexible enough for other cool things people want to do with distributed currencies. Other than that, I love Ripple. |
|
|
|
Another issue is that mastercoin is centrally controlled by one party, all issued by one public key they call the "exodus address".
MasterCoin is not centrally controlled. This is simply a misunderstanding of how MSC works. Mastercoin was built on top of Bitcoin because DaCoinMinster saw how alt coins are victim of ideological exclusion in the community and how Bitcoiners are inflexible fanatics. It's going to be a good learning for them.
We all know that Bitcoin needs small transactions to move off-chain if we don't want shit to hit the fan in the near future when adoption rate takes off. But instead of that Mastercoin brings more in-chain bloat at a whole new scale.
Mastercoin's success will be Bitcoin's Nemesis."
This was from the Ripple forum. They are a little sore that bitcoin people don't like Ripple. The bias against alt coins IS part of the reason I chose to build on top of bitcoin. I also share that bias Bitcoin should be able to scale as needed to handle a high volume of MSC transactions in the near term. If bitcoin can't scale in the long term, we'll have to migrate to another block chain. (yeah, it's possible) |
|
|
|
I hate PR firms and the notion of hyping this thing up. Let's just make the damn thing work really well. That will bring more users than 50 PR firms. Why spend 'a LOT' of money telling people about how great this is. Why not just let them find out on their own accord. This is accomplished for free the day we make the system highly functional. Putting pretty paint on it won't get us to the finish line any faster. Forget the PR and the hype. We don't need that. We need to focus on a kick-ass solution that just works. The rest will take care of itself.
This was exactly my attitude when this PR firm was first suggested. However, I have several seasoned entrepreneurs on my board who intervened and convinced me that this sort of marketing early on could be critical to attracting the brains and money that will make the difference between success and failure. I'm an engineer at heart, and tend to view marketing very skeptically, but others who have learned this lesson the hard way have helped me balance out my perspective. I'm actually really excited about this PR firm, now that I have seen their proposal. We're about to sign up Michael Terpin's firm SocialRadius for a three-month effort (month-to-month after that). He's offering us a steep discount because he believes in the MasterCoin concept, and is taking payment in BTC/MSC (50/50 split). Michael is a proven thought leader in the bitcoin space ( https://www.google.com/search?q=%22michael+terpin%22+bitcoin), and I can't imagine a better firm to represent us. The cost will be $6k/month. After three months, you guys can let me know whether you think it was money well spent |
|
|
|
And no, it's not just a show, I escrowed over 50 Mastercoin trades over the last couple of weeks.
The distributed exchange will make things much better, I'm really looking forward to this.
Heh. I can imagine! When I started this thread, people assumed I would be available for escrowing trades. I considered trying to do that (briefly), but I am SO glad other people have stepped up. It looks like a lot of work! |
|
|
|
OK, so grazcoin posted a MSC address, and tachikoma said to use the one he gave me for the contest. Just need one from zathras now No big hurry on this (the distributed exchange is way more important). Sorry for the distraction. The board just wanted to get some concrete evidence that the "dev mastercoins" (I like that name, vokain) would be treated as valid. |
|
|
|
Foreget it. Its a scam. Don't send that monkey guy your bitcoins.
It's too late to send the monkey guy bitcoins anyway. The fundraiser is over now. If you want MSC, you'll have to buy them from someone who got them during the fundraiser. Mine aren't for sale |
|
|
|
hi everybody, i am new here and please excuse my englisch  i read about the problems about to be accepted from the bitcoin nodes etc. - dacoinminster you wrote about "to be a good bitcoinchain citizen" - my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period - you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted. Maybe you discussed this point already and i missed it. Keep up everybody with this cool project. TR Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason |
|
|
|
Question: If a company wants to issue 100,000 shares of stock, and wants to track each individual share, i.e. each share needs to have an ID associated with it, which coin should they use?
Issuing 100k shares of stock, yes. What do you want ID numbers for? If it's to pay dividends, we'll have support for that. If you want to put 100k individual unique numbers in the block chain for some reason, please don't! You could write a script to generate 100k unique pieces of property, but that would be very expensive, both for you and for the block chain! I was just thinking it would be great to offer that capability, especially if not all shares were created equal (e.g. preferred, non-preferred), furthermore, it can give peace of mind to the shareholders if an ownership# is added. People can trade individual shares, blocks of shares, but not fractional. Yes, I do realize it's not a good idea to store this kind of information in btc blockchain itself. Ah. MasterCoin would support preferred and non-preferred. That would just be issuing two properties - for instance 20k shares preferred, and 80k shares non-preferred. |
|
|
|
619478.59338440 MSC in the world, 61947.859338440 of those are reward MSC. 11% of those is a bit less than 7000 MSC available there right now. I believe this is not correct. As quoted from mastering explorer Total bought via Exodus MSC 563,162.36 Total MSC that will ever exist 563,162.36 × 110% = 619,478.596 Cap Total reward MSC 563,162.36 x 0.1 = 56,316.236 Reward MSC You are correct - I was multiplying 10% times the total of all MasterCoins, rather than 10% of the total sent to 1exodus. Thanks for the correction. I got my number for the total number of MSC from the FAQ here: http://wiki.mastercoin.org/index.php/FAQ#How_many_mastercoins_exist.3FIt might need to be updated |
|
|
|
I got a PM from someone (who shall remain anonymous) which ended with: Cheers mate and thank you for saving me financially...
That's kind of scary. If you are in financial trouble, please do NOT bet your remaining money on wildly risky distributed currencies! Sure, if you do your homework it's probably better than a lottery ticket, but still I think it's safe to say that a financial advisor would not recommend this course of action! |
|
|
|
Just so I understand it correctly: The 'earned' amount of Mastercoins for the Exodus address at a given time is 1-(0.5^y). Correct?
This is trick since this does not depend on the Bitcoin protocol. A Mastercoin node who's time is drifted more then a few seconds might invalidate certain transactions. Should we perhaps somehow tie the vesting to Bitcoin?
Yeah, I think we should use the timestamp of the most recent bitcoin block, rather than the node's local clock. I guess the full formula is actually (1-(0.5^y)) * 10% * total number of mastercoins bought at 1Exodus before the deadline |
|
|
|
Question: If a company wants to issue 100,000 shares of stock, and wants to track each individual share, i.e. each share needs to have an ID associated with it, which coin should they use?
Issuing 100k shares of stock, yes. What do you want ID numbers for? If it's to pay dividends, we'll have support for that. If you want to put 100k individual unique numbers in the block chain for some reason, please don't! You could write a script to generate 100k unique pieces of property, but that would be very expensive, both for you and for the block chain! |
|
|
|
Just a reminder that nitty-gritty protocol questions are probably better suited from our developer/contest thread: https://bitcointalk.org/index.php?topic=292628.0Usually this thread is used for general discussions, and that one is for technical stuff. The devs may notice technical questions here and answer them, but asking them on that thread saves them a bit of time. Thanks! |
|
|
|
Can I get a MSC address from Tachikoma, Zathras, and grazcoin please? I'd like to send you each some MSC from the Exodus Address (needs to be approved by the board, but I'm thinking 500 MSC each). A MSC send from the Exodus Address will currently be invalid on all of your implementations, but the board has been pestering me about when we'll have access to reward MSC (the 10% which is slowly vesting over the next few years) for use in bounties. That work is outside the scope of the current coding contest, so I figured I'd provide an incentive, by sending you each some of those MSC so you'll be motivated to find a few minutes to add support for those coins The balance at the Exodus Address varies over time, so there may be a bit of complexity with supporting those coins. As long as you check the balance as of each send from 1exodus, there shouldn't be any problem determining that a send is valid. I'd suggest that you round down to midnight of the previous day when displaying the balance. The formula for percent vested is 1-(0.5^y) where y is the number of years since the fundraiser ended September 1st 2013. Right now, y is about 0.16666, so the reward MSC are about 11% vested. Since there are 619478.59338440 MSC in the world, 61947.859338440 of those are reward MSC. 11% of those is a bit less than 7000 MSC available there right now. Thanks! |
|
|
|
|
Show Posts
