Ron,
I read that the bitcoin from the Exodus address will be split among the MSC foundation member's wallets. That sounds like a good idea in general, however, do you guys have a list of specific security precautions each member is taking with these wallets? I.e. will each member be using an offline machine with Armory, or it be a totally cold wallet, etc? Maybe I missed where this is mentioned.
I will be experimenting with using Armory in offline mode to sign MSC simple send transactions, based on some tips from Tachikoma. I'll be documenting this and hopefully we can post it into the wiki or FAQ.
We talked security among ourselves. We haven't decided yet to make our specific security practices public. I know this isn't the spirit of open source, but we're talking specific people here that may be at risk of mugging or legal risk. This is why I'm ok with us being a bit secretive about our current practices. I'll give you the long term vision. We want to destroy ourselves. We want every protocol itself to hold all the bitcoins. Everything will be open, and there will be no central points whatsoever. We're going from a centralized Willett --> Foundation --> More pen foundation --> No foundation. That last part sounds good and I understand your reasons for the first part. I was just thinking, given that we aren't there yet, and with Willett's note that someone attempted to clickbait him a few days ago, it would be a shame to lose a big chunk of a big chunk of money. Something where a quick sane standard (i.e. for anyone holding foundation money must either use armory offline wallet, or keep it as a totally cold/paper wallet) would go a long way. You could be open about the general technique(s) you were using at that kind of a high level to secure the funds among the foundation members (or whoever) to give confidence to the community, without having to go into details about who, what, where, etc. Just seen too many stories of people losing tons of BTC to thieves in the last few months... would hate to see that happen here. That's all. |
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Ron,
I read that the bitcoin from the Exodus address will be split among the MSC foundation member's wallets. That sounds like a good idea in general, however, do you guys have a list of specific security precautions each member is taking with these wallets? I.e. will each member be using an offline machine with Armory, or it be a totally cold wallet, etc? Maybe I missed where this is mentioned.
I will be experimenting with using Armory in offline mode to sign MSC simple send transactions, based on some tips from Tachikoma. I'll be documenting this and hopefully we can post it into the wiki or FAQ.
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Hi guys, quick question on the distributed exchange: as Mastercoin is becoming much more valuable now, is there a way to create buy and sell offers from a totally "offline" machine?
I was planning on moving to an offline armory-based setup (with cheapo laptop with no internet connection) for BTC, and wanted to use this same kind of setup with MSC as well...i.e. comprise the trade on the offline machine (that has wallet.dat), then sneakernet/email some trade code/key/trade token to the connected machine to actually input into the MSC network (that does not have wallet.dat). It seems that currently one can not do simple sends with an offline setup like this (from my own experimentation), but I wanted to check on the distributed exchange features.
If this is not possible, then any ideas when someone may get around to it? If MSC raises another 10-30x, you'll have several MSC millionaires in the bunch. If I was one of those guys, I'd be very concerned with doing any trades out of a wallet connected to the internet.
I am no expert on Armory but I believe it can sign raw transactions. If this is indeed the case you can use mastercoin-explorer.com to create the offers then sign the raw transactions with your own client and relay them through Eligius or Blockhain.info. I also have plans to implement seedless addresses into my wallet software but that's a long term plan. This can be used right now. Thank you, I am getting an offline system in a few days and will try that out. I'll document whatever works and send it to Ron to make part of the FAQ. |
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But this is just the beginning. Bitcoin isn't used widely. When the actuall number of transaction is too high for the network to be handled without delay - what will happen, when Bitcoin really starts to be used as a payment.
Transaction fees will go up. Companies will spring up that offer off-chain wallets with quick confirmation times and very low fees. Most will get hacked and people will loose money. Some will survive and build up a solid reputation over time. And with this comes increased centralization and the addition of a counterparty with its own inherent trust requirements. It will be interesting to see how these potential developments fit up against the altcoins.. I'm specifically thinking of Peercoin, with it's proof of stake (which as I understand it POS blocks currently comprise the bulk of blocks issues on the PPC network, but not the bulk of new coins generated.) SunnyKing has been stating for years that transaction fees could be an issue with any successful POW-only crypto currencies. |
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I'm already writing an rspec test-suite for my Rails implementation. It won't have 100% coverage but it will give you a good explanation of what to test for and how to implement it. My implementation is based on Bitcoin-ruby, Zathras uses Bitcoin and Grazcoin Obelisk, loads of different backends  Sounds great. Maybe it may make sense for your test suite cases to be standardized at some level eventually (and possibly maintained independently), so that other library implementations can use those same test cases. That would make debugging differences between implementations (and their bugs) more apples-to-apples, and give a good "baseline" point for new library/backend implementations. |
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An idea: this API should be a great start for web-based MSC packages, but as at least I see the base MSC parsing libraries (such as mastercoin-tools maybe) being the base of the implementation, wouldn't it be good to add a unit test suite to them? Or are these various web tools currently using their own MSC parser implementations at this time? I'm wondering what everyone's thought is to these multiple implementations of the MSC spec... eventually a good idea may be to code a reference implementation up in C/C++, which can then be brought up into higher level language libraries (in Ruby/Python/Java/C#, etc) using tools like swig/FFI/Cython, etc to prevent having to duplicate the "guts" of the protocol for each separate language. Maybe this was the idea behind mastercoin-tools and pymastercoin, etc eventually...?? Even the above would not be necessary if there was a standard "test suite" list of test scenarios published, which each MSC parser library implementation would build a scripted unit test suite against. Then, as various "gotchas" were caught that fell through the cracks of the test suite, it could be enhanced to cover those, as well as giving additional test scenarios for new features as they are built in and implemented across the various libraries. The pass rate on this standard list of test scenarios would denote the overall quality of the library, and keep functionality consistent across languages, sites, etc. "Certified status" could even be awarded by the Mastercoin foundation to implementations that consistently have a pass rate > X%. I think this is in the spirit of what Tachikoma is trying to do, but not every MSC tool is web-based, with a web-based API. Just a thought... |
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We need to produce a better video for the homepage of mastercoin.org. I opened a Trello ticket. What do you think should be the bounty for this feature? Please feel free to comment on top of the Trello item. I'd open another thread to discuss this, but we already too many thread ... we're discussing whether to open a subforum in bitcointalk or a separate forum. Aaron from bitfilm.com has offered to produce the video for about 30-35 bitcoins (at around $360 per bitcoin). We need a feature owner to lead this feature on our end, get community feedback, help define script etc. Please nominate yourself via info@mastercoin.com - thanks! Richard Boase would probably do this for less, he did the recent Cloudhashing video, CoinMKT video and I think one or two others. I can give you his info on Skype if you want to get a price from him Ripper With that in mind, it may be wise to take advantage of the current BTC price boom (while it lasts at this level) with any of these services you all know needs to get done, that will take payment in USD (i.e. didn't the PR guy take his ~19k in USD, if I remember right?). Regarding the video, my feel is that this video will be very crucial to introducing MSC to many people... the one on the site currently isn't useful at all, but we've already established that. As a MSC holder, I think that within reason (i.e. 10-30BTC price difference), let's go with the best production that BTC can buy. It will make up for itself 1000 fold. |
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Hi guys, quick question on the distributed exchange: as Mastercoin is becoming much more valuable now, is there a way to create buy and sell offers from a totally "offline" machine? I was planning on moving to an offline armory-based setup (with cheapo laptop with no internet connection) for BTC, and wanted to use this same kind of setup with MSC as well...i.e. comprise the trade on the offline machine (that has wallet.dat), then sneakernet/email some trade code/key/trade token to the connected machine to actually input into the MSC network (that does not have wallet.dat). It seems that currently one can not do simple sends with an offline setup like this (from my own experimentation), but I wanted to check on the distributed exchange features. If this is not possible, then any ideas when someone may get around to it? If MSC raises another 10-30x, you'll have several MSC millionaires in the bunch. If I was one of those guys, I'd be very concerned with doing any trades out of a wallet connected to the internet. (oh and Tachikoma...btw, the top50 page is broken again ...it displays, but is not showing the full list like it was before...but if you're having parse errors/invalids, then that would make sense why http://mastercoin-explorer.com/addresses) |
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@PrintMule et al:
I suppose my password could be brute forced, I hadn't intended any great level of security here. That is why there was only .11BTC to be had. My own previous attempts at cracking a wallet (my own, of course) weren't all that successful, but the program I had only did a few attempts per second. I had to seed it with some pretty good guesses or have a 2-character password to get in.
I don't want to reveal the password, but it was on the order of "malleus4" or "centrifugal9" or "rhapsody3". Oddly enough, PrintMule, the phrase "correct horse battery staple" appears in the address of the guy who got ripped for 300BTC.
This leaves the questions of:
1. What malware finds and sends wallet.dat files? I suppose a decoy wallet might be the thing? And then rename your actual wallet "familyvacation.jpg"?
2. (the one bugging me the most) What is the .00006BTC for?
3. Why wait? I realized TraderCoin was a virus/keylogger (if that is the source of this theft) and cleaned it up, but if I was more concerned or had more BTC, I would have transferred them out immediately. The TraderCoin keylogger thing was 10/24/13, almost two weeks earlier.
The .00006BTC could have something to do with a Mastercoin transaction. See the spec at https://sites.google.com/site/2ndbtcwpaper/ for more info. Although neither of those addresses have any history at http://mastercoin-explorer.com/ |
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sanity ? lmao selling coins of some unclear protocol that is at odds with the BTC devs ...yes BUY BUY BUY!!  LOL Well you say the same thing as me, but with opposition mark  Disclaimer: I sold 90% of my coins  But if dacoinminster's neutrality and passiveness do not kill his own project, I believe the real price (WHEN AND IF ALL THE FEATURES ARE IMPLEMENTED) is about to land and stay around the 1 BTC horizon. Some kids are excited and spamming these threads reasoning about why it will be 20-30 BTC per MSC by two or three years, I invite them to do a simple multiplication (~600K MSC*30 BTC). God bless btt community! Have someone from Forbes, Huff Post, etc. pick up a story on Mastercoin, and see how long it takes it to get to the 1-2 BTC point. That's all that will be necessary. I think once a basic distributed exchange is in place and being used (as per the current bounty) that could end up happening. The way it rides on top of the bitcoin blockchain is very interesting and I would think worth writing about, once you have something you can share with it in the article (i.e. working distributed exchange, etc) |
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well this sooner or later would happen. Those >5K MSC holder dragons will be wakening one by one if they see the price is going up madly. Still I believe dacoin's possible offer is caused by his integrity to push back the things to sanity again!
Holy crap, exactly how many have more than 5000 each? You can get some information by exploring transactions for the month of August to excel format from blockchain.info (after showing confirmed only and received only), then sorting highest by lowest...but that just shows individual transactions...not total wallet balances. I'd be interested in seeing the latter. However, going off of this raw transaction data... I'd guess somewhere between 14 and 18 folks have wallets with >5000 mastercoin (or at least this was the case at the closing of the window to contribute to the exodus address). A more in depth wealth analysis would be great!! Things I'd love to see: * Distribution of wealth (e.g. how skewed is it towards whales) * Wallet balances of top 25 holders |
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maxmint, please remove my offer for now. The funds I had for purchasing those mastercoins have been used elsewhere. Once I am able to buy again, I will let you know and we can reactivate the offer. Thanks!
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From her last response, someone should contact her and get her set up with a bitcoin wallet. Sounds like she could use some help. :-D
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I received the following email from Dwolla today:
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Dear Dwolla Account Holder,
As you know, Dwolla does not sell, accept, mine, value, take possession of, or hold Bitcoin or any other virtual currency product, and none of Dwolla’s users transact business with Dwolla using Bitcoin or any other virtual currency product. However, recent interest involving virtual currency and its exchanges has created uncertainty and confusion around virtual currency, and Dwolla's relationship with a small number of its exchanges. This has forced Dwolla to reassign resources, funds, and services.
As Dwolla gears up for a new stage of growth, we recognize that we can no longer sustain this merchant base (.1 percent of Dwolla merchants) and its unique needs, and that attempting to do so jeopardizes both of our communities' starkly different, but similarly ambitious, vision for improving payments.
Effective October 28, 2013 at 4pm CT, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services.
What does this mean?
• Your account, and its functionality, will remain unaffected. However, you can deactivate your account from within your Dwolla dashboard, if you so choose.
• Dwolla aims to provide its users and the few affected merchants with the guidance necessary to ensure a smooth transition. To do that, we encourage users to over-communicate with our support team, report any suspicious activity, and revisit our terms of service to ensure uninterrupted services.
What is the timeline of events?
1. October 10: Only existing users with a 30-day history with Dwolla will be able to send funds to merchants affected by this change.
2. October 15: Affected merchants will be limited to sending money only, and will no longer be able to receive funds from customers. They will be able to issue refunds to customers at this time.
3. October 28: Affected merchants’ accounts will be suspended. No further activity will be provided.
4. October 29: Provided no security or fraud concerns, Dwolla will transfer any of the remaining funds inside the affected merchant's Dwolla account to its linked bank account.
The decision to remove anyone from the network -- no matter the circumstances -- is not something Dwolla takes lightly. We are grateful for the opportunity to service and learn from these users. We wish the community and its pioneers the best.
Sincerely,
Dwolla Support
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.25 BTC will be bitcoin's quarter. |
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Thanks to CaptainAK for submitting an update to the OP!
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Please consider adding btc-e prices for PPC, as it is the 3rd largest coin and btc-e is the largest market for it.
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