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1  Alternate cryptocurrencies / Altcoin Discussion / Re: Tether: not even a scam on: May 01, 2017, 03:22:01 PM
Krakens definitely trying to push USDT over the edge by opening margin trading.  

My 5c is that this will all workout fine for Tether in the end and the usual bunch of people with inside info will have made some good money out another creative interpretation of the latest money making trend in crypto land- over dramatise the latest news (block size debate, exchange banking issues), get cointelegraph etc to play along, wait for the weak hands to panic, collect their crypto at bargain prices.

In terms of the margin trading, if Tether is actually in trouble, that could help shore it up IMO.  As for what is behind some of the strange responses I've seen on reddit from a Tether dev -- I have had similar thoughts as yours concerning the FUD manipulation being employed.  I can only think of three reasons to make the statements I saw: either (1) Tether's really aren't backed up fully by reserve USD or (2) they are backed up by reserve USD, they just want to create enough uncertainty so they'll be a temporary Tether price drop that they can profit off... OR finally (3) Tether is fully backed by USD but they can't fully say they have the reserves because by making statements like that they could be exposing themselves to libertydollar type prosecution. I'm hoping it's #3, or at worst some of 2 and 3.

Astute observations.  It’s not #1 and while #2 would be evil-genius clever, it’s not the issue either.  (Wire troubles mean neither Tether nor Bitfinex can wire funds to Kraken to buy up all the cheap tethers). :-(

2  Alternate cryptocurrencies / Altcoin Discussion / Re: About the USDT on: April 24, 2017, 04:09:20 PM
Actually I liked the final quote. It is the truth when it comes to TPTB. But then when they fight you they start out by smearing your name but do to Tethers non open backing they have already smeared their own name so step one is already checked off. Smiley

but it has nothing to do with crypto. it's all to do with taiwan's slack regulations. there's a ton of non crypto payment processors who were attracted there because of that and now they have the same problem.

The difficulty is the same that Bitfinex is having - international wires to and from Taiwan are blocked.  This means that while the reserve is in surplus, only Taiwanese customers can actually redeem tethers at 1:1.  (This includes Bitfinex, who has Taiwanese banks as well).  No one being able to move funds to Kraken also means that those in Taiwan who would otherwise be filling the gap (and thus “defending the peg”) are unable to do so (but I hear that people are in Taiwan getting this set up to take advantage of this).

It’s an extremely frustrating scenario, for sure.  I do feel this is an attack on crypto companies, though - my guess is that after the asian banks, the european ones will be next and we’ll see this expand to include more blockchain business being unable to move funds.  I hope not, but this is what it feels like.

I absolutely would not say that Taiwan’s regulations are “slack” - they’re actually higher than most international standards, and Tether’s KYC/AML policies are even stricter beyond that.

3  Alternate cryptocurrencies / Altcoin Discussion / Re: Could someone explain with the Tether Coin / Dollar is? on: April 20, 2017, 06:04:49 PM
I've seen it on many sites and even referenced here in a couple of posts but have no clue what it is in the least and it's price points seems to stick around the $1.00 to .9999 mark which would seem to say that it's tethered to the $1 mark in USD but I have no clue how it's used at all.

Enlighten me and thank you all

Hey squatz1,

You can check out the Tether white paper at

It explains the method by which the USD₮ tokens are pegged to the 1:1 fiat currency reserve.

4  Alternate cryptocurrencies / Altcoin Discussion / Re: How Safe Omni Layer is? on: April 19, 2017, 01:46:59 AM
Hi Craig,

It`s nice to see someone from the team taking the initiative to answer here. I really appreciate that. I understand that message is just to say do things at your own risk but one thing I don`t understand is that, if Omni is safe, secure and old enough to mature and become a "rock-solid" software, why do you still have a very serious, scary looking message there?

I want to remind everyone that the message says
- This software should be considered as "Alpha Level". not even beta.
- Your everything can be lost due to glitches and bugs
- Don`t use it for significant amounts of BTC

These are pretty bold and scary statements. What I undestand from your message is that software is safe, solid and mature enough to be used for big amounts but the message says the opposite.

So I`d appreciate if you can elaborate the conflict a bit more.

PS: Still haven`t used Omni yet because of that msg.

Like I said, we’ve been around a while, although I don’t check bitcointalk as often as I probably should.

So, the software version is 0.0.12.  Omni Core has been around for just under two years now with zero reports of lost, corrupted, etc wallets or coins (0.0.12 came about maybe three weeks ago).  The next version will be 0.2 (yes, I know these are entirely arbitrary), but the developers decided that after this long, we need to bump it a bit to look a bit less alpha-y.  That being said, the developers take their responsibility extremely seriously, and lots of people complain that Omni progress is slow, but it’s slow due to the absurd amount of testing we do on each feature before we activate them (we even release features in the software that aren’t yet activated so that we can continue testing them in a non-consensus-breaking manner before activating the feature dynamically for the installed user base).

I use it daily (on a Mac) - the same builds we provide to everyone else.  I honestly doubt anything I say can sway someone being cautious, because the warning is there and the developers think it should be.  Maybe in the next release it will get removed, but I’d still recommend that people dealing with large amounts of funds be wary and cautious of *any* crypto software out there.  You’re installing software that (in some cases) can hold the vast majority of someone’s wealth.  That should scare the hell out of all of us.

All I can say is this: I am a regular user of the desktop client, and there are (evidently) thousands of others running as well (based on our download counts).  If you prefer, there is always (web wallet) that you could use instead (user controlled keys, client-side decryption and signing), or hosted wallets like HolyTransaction.  Obviously I wouldn’t recommend holding your coins at an exchange that supports Omni, but those are the existing options.  The good news is, all wallet control and the vast majority of RPC in the client literally *is* Bitcoin Core, so I trust it as much as I trust Bitcoin Core.

I hope you have a good experience with it.  Let me know what you think if you eventually fire it up.

5  Alternate cryptocurrencies / Altcoin Discussion / Re: Litecoin incorporating its own omni layer ? and a pegging system? on: April 19, 2017, 12:22:06 AM
who else has heard this could be happening? chinese whispers or reality?

It’s happening.

6  Alternate cryptocurrencies / Altcoin Discussion / Re: How Safe Omni Layer is? on: April 19, 2017, 12:19:16 AM
I don`t really trust company references anymore. Peer reviews and user experiences are more trust worthy nowadays. That`s why I haven`t tried it yet. But since there is not much info about the safety of it anywhere maybe I`ll put a small amount in a wallet and start from there. Hope more people would write here about their experiences

Howdy - Craig from Omni here.  I forgot that that screen even existed.  We just wanted everyone to understand that everything in this space is experimental and at your own risk.  However, the software behind Omni Core is used by Bitfinex, Tether, Poloniex, Shapeshift, Kraken, Bittrex, BTC-E, Exodus Wallet, Jaxx, HolyTransaction, AmbiSafe, and probably many others I can’t think of right now.

If you have any questions, check out or hit me up on here.  

The project was originally called Mastercoin and ran the first (and second) decentralized crowd sale.  We’ve been around a long while with rock-solid software.  I hope you enjoy using it.

7  Alternate cryptocurrencies / Altcoin Discussion / Re: Waves vs ethereum vs omni on: March 30, 2017, 06:55:54 PM
Can anyone please explain the difference between ethereum vs waves and Omni. Marketcap wise there is no comparison but other than that what are the difference. How is ethereum better than there two other platforms and others that are in the market.

Also is waves second in this market or some other coin. Omni seems similar with tether maidsafe and synereo using it it but don't know why it is so undervalued.

Some clearification would be appreciated.

Omni (, is a meta-asset layer and smart-contract platform that runs on top of the Bitcoin blockchain.  It’s been around since 2013 (originally called Mastercoin).  It was the platform for the world’s first two decentralized crowdsales (Mastercoin and Maidsafe), the first decentralized exchange, and the first managed-asset issuance platform.  It provides asset issuers a way to create tokens (both in fixed quantity and variable/managed quantity, a la Tether) which can be held in a normal Bitcoin address, and provides automated decentralized crowd sale and exchange functionality.  Up and coming features are address tagging (precursor to decentralized identity) and something we call “uniquely identifiable tokens."

You can think of Omni as an extension to Bitcoin, providing a logic layer on top without requiring Bitcoin consensus changes.  It adds functionality to Bitcoin.

8  Alternate cryptocurrencies / Altcoin Discussion / Re: Omni is getting a new big project on: March 30, 2017, 06:50:41 PM
Quick question. What actually gives the OMNI tokens value?

Once the activation transaction is broadcast (and the dynamic fee feature is turned on), OMNI holders will be paid transaction fees on the decentralized exchange.

9  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: August 16, 2016, 05:51:07 PM
Hi Craig

What you think is Omni's pros and cons versus Counterparty? I don't now mean that Omni have Tether and and Maidsafe and Counterparty have Storj and Spells of Genesis. Can you please list 5 pros and 5 cons like you think it?

I don’t like to make comparisons between platforms, as each has particular uses that meet user use cases differently.  The things I believe are strengths of Omni are the robust implementation in C++ (as an extension of Bitcoin Core), which provides extremely fast block parsing and ease of integration with exchanges, wallets etc, some of the automated decentralized functionality such as the decentralized crowdsale capability (dynamic, automated creation of new tokens on receipt of purchasing token as a function of the blockchain protocol), and the strength of asset / object issuance and the ease of adding capabilities to the protocol.

10  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: August 15, 2016, 05:52:18 PM
It seems tether is bouncing back to the peg. Can anyone explain why it deveated from the peg for a few days?

Was it just uncertainty amongst tether holders due to bitfinex causing some to sell at a loss?

I reached out to coinmarketcap about this - it’s the way they do their averaging of amounts.  The peg stayed constant at $1.00 but the price being paid for BTC (and other currencies) at Poloniex were higher than the average price on other exchanges.  Also, since C-CEX has the pair set as USD₮/BTC (instead of BTC/USDT with the dollar being the base currency), it also screws up the average.

11  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: August 11, 2016, 05:07:56 PM
It looks like price rise might have been related to the bitfinex token bfx. Can anyone explain if that is the case?
Ie: did omni need to be bought for creation of bfx? How does omni coin factor into projects like these? As opposed to just the omni protocol

I think the timing corellates well, as the announcements made by Bitfinex stemmed widespread community interest. 

The really good news is people are realizing some of the capabilities of Omni - primarily the ability to work with advanced bond-style functionality but also the decentralized exchange capability.  Once people dive in and see how Omni functions, they are all surprised that we’ve been quietly adding this type of functionality to the Bitcoin blockchain.

Omni did not need to be bought for the creation of BFX (which actually hasn’t happened yet, we’re still working out the details and feature needs before we actually issue the token), as OMNI is not required for asset issuance, but OMNI holders will be able to receive fees from usage of the decentralized exchange.  OMNI tokens are also consumed when an issuer uses a proportional distribution transaction (we call it “Send to Owners”).  Something similar to this will be used by Bitfinex when repaying customers / holders of BFX.

12  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: August 11, 2016, 12:17:01 AM
Tether and Bitfinex are separate corporations and enterprises.

Tether and the tether reserve are not affected by the recent security breach at Bitfinex.

13  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: May 29, 2015, 12:16:25 AM
I've got a question..   what community are you talking about ?  Roll Eyes

You.  And everyone else. :-)

14  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: May 28, 2015, 05:37:03 PM
From the /r/Omni subreddit, user magtketo asked some awesome questions, and I thought I’d post them here as well, including my answers:

>1.What's state of the Decentralized Exchange? How many time do you need to finish it?

The Decentralized Exchange, phase II (token exchange) has been live on testnet for several months.  The past two months' development related to the DEx have been devoted to cleaning up the math (with increased precision), cleaning up the math (perfecting the matching engine), testing, and cleaning up the math.  Decentralized exchanges aren't easy.  And it works.  A release is tentatively expected within the next 6-8 weeks, with approximately a month's worth of blocks until the live blockheight (to allow integrators time to integrate).

>2.Besides DEX and Omni wallet, what's other development direction of omni?can you introduce them?thank you.

The development direction of Omni comes from two sources: really good ideas, and what integrators are asking for.  We've been compiling a list of the "what if's" and the "wouldn't it be nice if's."

Some examples of the "wouldn't it be nice if's":
1. We'd like to be able to select which assets my address can receive.
2. We'd like to tag which addresses can receive our asset.
3. We'd like better pending transaction support.
4. We'd like a send-all function.
5. We'd like a crowdsale function that works with bitcoins.
6. We'd like to change attributes of our asset.

Some examples of the "what if's":
1. What if an asset could carry a unique identifier, per token?
2. What if we could "tag" addresses that we trusted?
3. What if we could pass partially signed transactions as payload within an OP_RETURN?
4. What if you could send a message along with your send?  What if it were encrypted?

And the list goes on.  

However, there's a real world need on the other side of house as well:
1. We need something that can make transactions in Java (OmniJ)
2. We need RPC calls to pull unspent transactions for multisig addresses
3. We need RPC calls to output raw transactions to be signed
4. We need a mobile-friendly web wallet to hold our assets
5. We need APIs to poll information about assets

>3.What's the result of board elections?What's the reason and significance of this board elections?what have you learn from this election?

The result of the election was that the four open seats were filled, by myself, Antony Vo, David Gilman and Patrick Dugan.  

I'll chime in with the rest of them on this thread:

>4.David A Johnston,Judith Jakubovics,and some other members ,I haven't seen them issue anything about omni for a long time.It seems they put most of their energy on factomproject ,Tether and other projects.I want know why. It looks no one care about omni.

Caring about Omni and shouting it from the hilltops are two different things.

David Johnston did not stand for re-election during the recent board election due to his focus on Factom.  He is still a mastercoin holder as well as an Omni advocate and technologist, and we consider him a good friend.  He is not actively involved in the development of Omni.

Judith is extremely active on social media on behalf of Omni and a number of innovative projects.  I am on phone calls with her almost daily with integrators as they progress through their projects and new integrators looking to get started.  She is the engine behind basically all Omni communication with partners.  

The energy you see for projects that use Omni for their assets (MaidSafe, Synereo, La'Zooz, Tether, etc.), is in many ways because we think they're extremely good ideas, in addition to using Omni as their platform of choice.  

Less visible are the deep integrations.  Projects such as Factom, Tether and others spur additional third-party development (hardware based transactions, mobile-to-mobile applications, etc), some of which are in stealth mode.

>5.I can't see any significant progress from 《State of the Layer: All Hands – May 19 2015》,only four members have done something,where are other members?

You need to watch the repos:
Most DEx RPC calls were completed (many were still stubs a week ago), STO functionality was revamped, and we got good news from one of the deep integrators.

The four members you mention were the ones present at the weekly all-hands that added something to the agenda document.  Not present (nor tracked) are the integration developers who are working on their projects that use Omni.  

>6.Please list a item about what you have finished in the past two years.include sites which can be use now.

Personally, I feel like I'm still building something. :-) But I think your definition of "finishing" includes the following things delivered by the Omni technologists in the past two years, of who I am extremely proud:

1. The idea: JR.
2. The first crowdsale, ever: David, Ron, BitAngels, Mastercoin
3. The original parsers: Maran, Jeff, Zathras, Grazcoin, Grimetz, Bitoy
4. The original block explorers:
5. The original web wallet:
6. The original desktop wallet:;all
7. The first decentralized exchange, ever: Zathras, Grazcoin, Bitoy, Curtis
8. The first decentralized crowdsale, ever:
9. The first mastercoin exchange:
10. The flagship web-wallet reference client:
10. The addition of asset extensibility (used by Tether, Synereo, La'Zooz)
11. The addition of asset proportional distribution "Send-to-Owners" (used by La'Zooz)
12. The release of OmniJ (Sean's amazing work being used by several outside projects)
13. The release of OmniSharp (Shannon's library for .NET and web developers)
14. The release of Omni Wallet Desktop for Windows:
15. All of the integrations across many many blockchain companies (see the list on

>7.Please list a item about how many members now working for omni,who is full Time work and who is Part Time work.

At least one developer works full time on Omni (possibly two - both are anonymous and I have no idea if the other one actually ever sleeps).  Judith lives in Israel but is on phone calls with me at hours where she should've been asleep for 4 hours, so I'm assuming she's full-time as well. :-)

The rest of us are working on projects that relate to, or rely upon Omni.  Contributions that go into Omni come from a variety of sources (GoCoin provided the ruby code to parse incoming pending transactions, for example, in use by and others, Leverage Holdings provided test code for automating DEx transactions, etc).

Omni is an open-source project that many of us believe in - to create a free and fair financial system based upon the rules of math, where creative developers and entrepreneurs can leverage these tools and create applications never before conceived.  We do it because we know what it can do.

>8.How many fund left now after the crowd raise?

All of the funds from the Mastercoin crowdsale were invested in the development, and have been spent, as of December of 2014.  A small amount remains to keep the domains renewed and the servers running.  Companies currently sponsor development on Omni either with funds, or with resources.  We've found that resources are as good as funds.  People are building on it because they know what it can do, too.

Thanks for the awesome questions!


If there are other questions that anyone has, please let me know - we’ve got some amazing momentum right now, and want to make sure the community is aware. :-D

15  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: May 11, 2015, 04:00:17 AM
Tether USD₮ is now live on :-)


16  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: May 11, 2015, 03:59:40 AM
HI Folks,

Wondering if someone in the Mastercoin world can help me.

I have a 10 MSC that I acquired a year or so ago, the old fashioned way with original command line software thingie.

I have my MSC listed on the site through my BTC address.

Do I need to convert them over to another place? Is there an official exchange where I can now sell the MSC for BTC?

Sorry to be out of the loop, its been a while.  ://



Hello, Hollings! is a deprecated wallet, and any funds on there should be moved to another wallet or exchange that supports the Omni Layer (such as,,,, etc).

Once you’ve moved them, you should be able to do anything you like with them. 

17  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: April 21, 2015, 11:19:44 PM

State of the Layer, April 21, 2015: Omni All-Hands


  • Processing/handling user support tickets for omniwallet
  • Continuing to populate Omni Knowledge base/community help center
  • Need to coordinate with Tomas next week on finalizing Omniwallet ui refresh
  • Will continue to update/move repos to new Omnilayer over next two weeks.

  • Got feedback from Marv on several points to look at in the new design, will review those as soon as I get Tether work done.
  • About pages done at 50%

  • Omniwallet – reviewed pages in new design; feedback to Tomás
  • Dex Phase 2.0 – diagnosis/debug mtg

  • Self auditing module written (PR18), will monitor state and pickup when the state deviates from authorized (eg due to math error etc).  Allows detection of bugs so we can spend more time diagnosing / remediating.
    Scenarios currently covered:
    • Property tokens created out of thin air.
    • Tokens disappearing.
    • Properties appearing/disappearing/non-sequential property creations.
    • MetaDEx trades with zero values.
    • MetaDEx trades where the unit price has changed.
    • (WIP) MetaDEx trades that are crossed (should have matched) but were not traded.

  • OmniJ (last week)
    • Bug fixing and code cleanup
    • Documentation improvements
    • Supporting Shannon Code’s usage
  • OmniJ (up next)
    • Publish JAR artifacts
    • Rivetz signing of raw transactions
  • Dex Phase 2.0 meeting

  • Started trading, Omni RPC by end of next week to stress-test Dex
  • Moving forward with proposal for HGC
  • Helping with Dex testing
  • Finalizing devOMNI budget Thursday
  • Did an sBTC proposal last week, ready to move forward with exchanges
  • Mobile app w/ Leverage coming together

While this is a long list of things we've gotten done, the list was actually much much longer - Zathras ran us down the list of items that have been completed from our long standing roadmap list, and almost all of the technical debt and items on the wish list have basically all been completed.

As always, a huge thank you and kudos to the team for continuing to deliver large jumps in functionality each and every week.  

18  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: April 21, 2015, 12:27:45 AM
Tether ( is now live on !!

19  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: March 25, 2015, 05:46:47 PM
Thanks Craig  Cheesy

Where can I find any updates on Tethers' legal progress and money transmitter license?
 the latest article is from July 2014 -

Official statement from Tether:

Tether Limited (“Tether”) is a limited company incorporated pursuant to the Hong Kong Companies Ordinance. It is wholly owned by Tether Holdings Limited, a BVI business company incorporated pursuant to the BVI Business Companies Act, 2004.

Tether is registered as a Money Services Business with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (MSB Registration Number 31000058542968). Tether is establishing a relationship with a U.S. financial institution for purposes of better servicing Tether users in the United States, the details to be announced by May.

Tether is concluding a principal–agency agreement with RenRenBee Limited (“RenRenBee”). RenRenBee is licensed as a Money Services Operator by the Hong Kong Customs and Excise Department (Licence No. 13-09-01265). Pursuant to the agreement, RenRenBee will provide anti-money laundering compliance work and customer due diligence procedures as agent for Tether as principal.

Through these and other measures, Tether is undertaking customer due diligence, record-keeping, and reporting procedures consistent with U.S. law and with the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance.

Tether Limited currently has accounts with Cathay United Bank and Hwatai Bank in Taiwan, both of whom are aware and confident that Tether’s business model is acceptable.  In addition 3 more banking partners will be announced in the coming months. 

These banks are satisfied with our processes and also satisfied that our business operates in accordance with Taiwan off-shore banking regulations, as all of the banks had been requested to check this with their own legal, compliance and head-office before opening accounts (also at our own request).  It was our goal from the beginning to have a compliant operation and to provide the maximum level of comfort to our banking partners here.  In addition these banks have and are working with other Bitcoin based businesses.


20  Alternate cryptocurrencies / Announcements (Altcoins) / Re: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread on: March 24, 2015, 11:36:44 PM
State of the Layer: ALL HANDS – MARCH 24 2015

Repo moves, OP_RETURN, 0.10 Blockchain, UI updates, OmniJ, HFT exchange engine using DEx API, instructional videos….

And stay tuned for announcements this weekend at the Texas Bitcoin Conference with some new uses of the Omni Layer.

You may continue the “is MSC dead” debate now.  Wink


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