I've noticed a couple of mastercoin purchases that have multiple sending addresses. Are each address in the transaction going to have the corresponding amount of mastercoins of which btc were transferred? If so how are you going to account for the transaction fee? Divide the mastercoins proportionally between the multiple sending addresses?
I could either divide the MasterCoins proportionally among the sending addresses, or just credit them all to the address which sent the most coins. I haven't decided, actually. Any opinions on this? |
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Make sure to mention to the VC's in the "Risks" section that your experiment could cause the entire network to experience a hard-fork. But something tells me that won't make it into the slide-deck, will it?
No hard-fork I can imagine would break MasterCoin permanently. If you know of such a scenario, I'd like to hear about it. |
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does it have to be the same Bitcoin address with which I "invested" into MasterCoin? What effect does it have if I do/don't use the same address?
You can use the same address, or a different one. Your having some MasterCoins at that address won't prevent me from transferring some more to you  |
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Why? What's the connection with MSc? Anybody using an Android wallet affected by this vulnerability needs to rotate their funds to new addresses, including any MasterCoin funds. Somebody PM'd me about designing a logo for us. I tend to consider that low priority, but I'm open to it if the price is right. What do you guys think? Everybody, including current investors, should be posting in this thread for free MasterCoins: https://bitcointalk.org/index.php?topic=272577.0I'll be chatting about this project with some VC's today in about an hour. Wish me luck! |
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Because of how this is built, it exploits everyone's contributed hashpower without returning anything to those that don't opt-in to the system.
Please consider very carefully the possible issues this will cause, including possible "hard fork" scenarios if this method of alt-coining becomes popular.
There are hazards here that bear careful consideration, don't let the overall 'protocol' description throw you - this is a "Tragedy of the Commons" in the making (Common resources used without consideration for those who choose otherwise).
You've been warned.
I explicitly designed this system to be censorship resistant (that is, it would be really hard to design a code change to bitcoin that would make MasterCoin unusable). That said, MasterCoin pays for resources used via transaction fees, and everyone holding bitcoins will benefit if MasterCoins become popular. Anybody else up for free coins? I just need an address and some proof that you helped promote the project. Even just tweeting about it counts. History suggests that there should be a few hundred posts on a thread like this, but if things remain slow here those who did post will end up with a lot of coins! |
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I want to learn more about this. Some coin might be fun to play around with if they are useful. I don't want to promote something I know nothing about, but I'll check out what you've published about it. I reserved a BTC address 1mcnAR4d5waaD1WaDfH1gU9BuGmCwNNMe.
Ooooo you even made a vanity address! |
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Added this to the OP: If you upvote other peoples' threads about this project on reddit or elsewhere, mention that and I'll take it under consideration |
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Sounds interesting. I'll be inspecting this feature in future, hope it works out.
Um, you'll need to post a bitcoin address as described above if you want to participate in the giveaway!Plus, you need to do SOMETHING promotional (like tweet about this project) within 72 hours of your post (then edit your post to link to what you did). BTW, I haven't done anything deserving so far but here is my BTC address:
1Cu3gkevrm5bAJAWabwiWMWw8DsVujDbMD
Oh good, you updated your post. Thanks! |
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MasterCoin Giveaway thread is LIVE: https://bitcointalk.org/index.php?topic=272577.0To get free MasterCoins and Test MasterCoins, you have to post your bitcoin address in the thread AND do something to promote the project (like tweet about it). |
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This giveaway is paused!!No new requests for MSC will be processed until I find someone new to run this giveaway thread: ANNOUNCEMENT:
Due to the sudden increase in demand and popularity for Mastercoin and this thread, I can no longer keep up with the demand. This will be the final round of the Giveaway thread unless someone else would like to step up into the role as my replacement.
This should be taken as a sign that Mastercoin is on the path to success.
Giveaway Thread for "MasterCoins" - the new protocol layer built on bitcoin (NOT an alt coin)MasterCoin is a new protocol layer on top of bitcoin which adds features for improved security, distributed exchange between bitcoins and coins on higher protocol layers, distributed betting on real-world stuff, user-created currencies and property tokens, and even user-created currencies which track real-world values like the price of an ounce of gold. You can read all about the project (including how to buy MasterCoins) here: https://bitcointalk.org/index.php?topic=265488.0This thread is originally from a giveaway I did during the month of August 2013, but I had some money left over. I was originally going to just divvy the leftovers up among the top promoters from the first giveaway, but I got caught off guard when MasterCoin prices rose more than tenfold You can see the current price of MSC on our buyer/seller thread here: https://bitcointalk.org/index.php?topic=287145.0I have over 390 MasterCoins and 390 Test MasterCoins designated for this giveaway. To receive your MasterCoins and Test MasterCoins, reply on this thread with the following: - Your bitcoin address (you must be able to SEND bitcoins from this address as well as receive them, so web wallets which manage private keys for you won't work for this). The wallet should also be able to send to multiple addresses at once, otherwise you will have to export your private keys to another client in order to spend your MSC.
- One or more links to something you have done to promote the MasterCoin project. We will accept blog posts, signature changes, relevant comments on forums, reddit posts and relevant comments, relevant comments on news articles, relevant comments on youtube videos, tweets, and probably numerous other things.
Periodically, a MasterCoin community member will come through and pay everybody with qualifying posts. They will determine how much your post is worth according to the rules posted here, and once they have cleared the payments with me, they will send a bit of MSC and test MSC to everybody who qualifies. I will then reimburse them (plus 10% for their effort) from the giveaway funds. Obviously only one post will be accepted per bitcoin forum account on this thread, so promote first, then post about it. Here are some typical payouts: - Just the minimum possible effort (like sending a tweet): 0.1 MSC
- Extra effort (like writing a post supporting MSC on heavily trafficed reddit thread or changing your forum signature): 0.2 MSC
- Multiple posts in multiple places, showing a solid understanding of the protocol: 0.3 MSC
- Above and beyond the call of duty, like making a whole website, doing a presentation at a meetup (post your slides), or writing a post that is obviously getting a lot of attention: 0.4-0.9 MSC
At minimum, your efforts promoting this project should mention that this is a new protocol layer on top of bitcoin (not an alt-coin), and should link to the project announcement thread: ( https://bitcointalk.org/index.php?topic=265488.0) For bonus points, you can mention the cool features MasterCoin enables. Warning: people posting in a spammy way will not get anything! People who received MSC in the first giveaway are not eligible to get more. This thread is about getting MSC in the hands of new users. When you receive your coins, it will look like two very small bitcoin payments - these two payments (one for MasterCoins and one for Test MasterCoins) are each part of a larger MasterCoin transaction, generated using this open source software I wrote: https://bitcointalk.org/index.php?topic=265488.msg2919863#msg2919863 (see the MasterCoin Specification for more on how this works: https://sites.google.com/site/2ndbtcwpaper/MasterCoin%20Specification.pdf). There are three different websites you can use currently to check that the coins were received successfully: User Luckybit has volunteered to do the first wave of giveaways. Please be nice to him, as sending MasterCoins is still a tedious, painful process. It is possible that you may have to wait a few days before getting paid if he gets tired of doing this and I have to find someone else. Posts for the current giveaway start here: https://bitcointalk.org/index.php?topic=272577.msg3403599#msg3403599
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I have code ready which can send MasterCoins. Here is what it looks like in action (ignore the first line which is from a previous run):  Source code is here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/MasterCoinAdvisor.pyAnd here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/base58_found.pyIn order to use this source code, you will need to install python 2.7 and also pycrypto for python 2.7, which I got here: http://www.voidspace.org.uk/python/modules.shtml#pycryptoOn one PC I had to mess with my PATH environment variable to find python and the pycrypto libraries, but when I tried it again on a different PC, I didn't have to mess with the PATH variable at all. Your mileage may vary. If you wish to avoid compiling, and you are a trusting sort of person, you can use the executable I made using py2exe: https://github.com/dacoinminster/MasterCoin-Adviser/raw/master/MasterCoinAdvisorExecutable.zip - I think the executable will only work if you have the right version of Microsoft's C Runtime DLL: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9b2da534-3e03-4391-8a4d-074b9f2bc1bf&displaylang=enThose of you who are affected by the Android wallet security problem should try this out right away. Let me know if you see anything weird. Please note that I still have some testing to do of this code - I just wanted to make sure you guys got hold of this functionality as soon as possible! If something isn't right in this code, I'll try to make sure that nothing you do gets lost. Still, sending MasterCoins from one address to another to another to another might not be a good idea yet! There are some debug outputs commented out in the code right now, but you might want to turn them back on if you are playing with this code. This code does NOT parse the block chain to see if you actually have MasterCoins to send, or track MasterCoins which have been sent. That is the next milestone after the giveaway thread. |
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Having a great vacation; just have a moment online for a couple clarifications:
I've seen speculation that the project is changing direction (it is not) or that stabilized currencies are being dropped (they are not). Some parameters will be changed so that escrow funds are never under-funded, but I'm just as excited as ever to implement them.
MasterCoin's distributed being system requires bettors to trust their data source, but not each other. Calling it trust-based is misleading.
Nice to see that project funds are still rolling in. There will be a MasterCoin giveaway thread in a few days where I'll give away a few of my own MasterCoins. I have an interesting twist on the give-away concept which I'd like to try. It should get us a lot of attention. ;-)
Talk to you guys Monday!
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I realize that there are more issues to be addressed since I last posted, but I am now behind on my other responsibilities, and need to take a break from this thread. Also, I'll be offline tomorrow through Sunday for vacation. I will try to catch up with everything when I return on Monday. A couple updates about the project: - Yesterday I purchased the laptop for ~$860 which I will be using for development. After talking to my wife, we decided that we probably would have bought this laptop anyway, so probably only partial reimbursement would be appropriate from project funds. I'll discuss this more with the oversight board later.
- When I next update the spec, I plan to add a "create property" transaction and "transfer property" transaction, which could be used for car titles, house deeds, or just plain old colored coins
- Over many pages of posts, it was established that the old escrow-backed currency model I proposed does have a critical weakness when the escrow is under-funded. We discussed several potential fixes which I believe could work, but given the controversial nature of this feature I think it makes sense to implement it last!
I have promised not to touch project funds until September, so bytemaster and d'aniel, I hope you don't mind waiting until then for your reward (Ripper hasn't responded about this, but I'm assuming he won't object). Thanks everyone! |
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No need for a *massive* short position, you can allow many people to take out short positions in the same currency and collectively they form the short position and are the 'creators'.
If you have a problem with the margin-call, the least you can do is enlighten me to return the favor.
I don't doubt that you have it working for BitShares, but the mechanism for lining up more short positions to replace people who are forced to close their positions is fuzzy to me. What if not enough people want to short? I'm just not convinced that the longs balance the shorts over the long term. Ugh, I fear what Pandora's box I might be opening by bringing this up. We may have to move to a different thread if this goes more than a couple posts! Also, I'm going offline now. For reals Talk to you guys tomorrow. |
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I'm going offline until tomorrow, but you guys have my sincere thanks.
Ripper and vokain, I didn't officially set up a bounty, but I would like tip these two guys (maybe 3 BTC each) once I start tapping Exodus Address funds September 1st. Do you approve?
bytemaster needs a tip for his insane persistence, and d'aniel for actually describing the attack that bytemaster felt must exist.
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Keep in mind that the price of the backing is uncorrelated with the price of the pegged-to asset, and it's just a matter of time before their ratio randomly walks below 1. Plus, capital costs money, so there are limits to how overcapitalized the currency can be (fees have to remain competitive).
Indeed. That's why I expect I will need to make sure all currencies start out over-funded, and automatically liquidate if/when they eventually fall back to 100%. The over-funding will have to come from the currency creator, who will have various ways to make a profit if the currency is successful (possible methods: getting a cut of the transaction fees and/or getting excess money from the escrow fund and/or something like the massive short position bytemaster proposed) |
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