Notice of proposed expenditure (sort of):

The board has decided to give Ron Gross $10000 in discretionary funds so that he can spend money with a bit less friction. All money he spends will still be publicly itemized. I've added a new column for that money in our public ledger: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing#gid=0

Also, there will be a new column for offline paper-wallet storage once the board gets me all the addresses we will be using for that. Those addresses will be public, and anybody will be able to check their balance at any time.

None of the websites recognize those coins yet. Don't worry, they will. I'm planning on sending some of those MSC to each of the website owners. I hate to distract them from what they are doing now though.

Also, we're bullish on MSC here at the Mastercoin Foundation. So we'd much rather buy them than spend the ones we have

Yes. At the current exchange rate, whatever it may be.


Sorry!

This is actually a market order (I'll take whatever the best price is right now), so I don't think it really belongs on the order book.

edit: It will probably be a couple days before I actually finish this transaction. Don't want to leave anybody out.

edit: PM'd the bottom 4 available prices about this: (Pale Phoenix, Nagan, aTriz, lishbtc)

Oh, and Zathras, your documentation is now Appendix A. Would you mind taking a look? I broke some of the formatting, but I hope I at least got all the text correct. Feel free to make pull requests yourself

I know I've been promising (and promising and promising) to update the spec. Well, I finally did:



This doesn't affect anything you guys are currently working on - just fleshing out a bunch of stuff I had promised to add.

This is one giant pull request, but expect to see smaller ones in the future, and originating from other people besides myself

I'd like to purchase $1099 worth of MSC to use for an expenditure where the payee would like to be paid in MSC. His name is Stas. His address is 12D1x4kUAej19N2EAPzyhuimxh7XV6UqN3 (and I'll ask him to confirm that address here if he has an account on the forum). The expenditure is described here: https://bitcointalk.org/index.php?topic=265488.msg3550871#msg3550871

I prefer to deal with one seller to keep things simple. Please let me know your best price. You can send it to me privately or post it publicly, although I will post my best price before accepting it, if received privately.

Thanks!

Mastercoin is decentralized in the "bloody hard to shut down" way. I think trying to democratize wealth and opportunity would actually harm our project, so I didn't embrace that type of decentralization.

Note that the current coding contest acceptance criteria already requires that at least once website have price charts. I've seen some efforts in this direction already.

New proposed expenditure: $1099 to Stas, the guy in charge of our Hebrew blog. Ron knows him well, so we are giving him $1000 in discretionary funds to pay him for various IT tasks he is doing for us. The other $99 is paying for the blog registration.

He wants MSC, so I'll get him some on the buyer/seller thread.

This expenditure has been approved by the board.

OK - Ron has gotten about a billion balls rolling all at once, and I can't keep up.

What I can do, and did, was get most of the changes I promised ready for version 1.2 of the spec. It's a giant pull request, but I agree that future pull requests should be smaller: https://github.com/mastercoin-MSC/spec/pull/3

This version of the spec, which I labeled 1.2, has dividend payments, CFD betting, spending rate-limits for savings wallets, and distributed e-commerce. Many people will probably use the latter feature as a distributed silk road, but I used selling contraband Bibles as my example

I haven't done proof-of-stake voting yet, although that should be easy. I decided against a kickstarter feature, since someone who can be trusted to run a kickstarter can also be trusted to give the money back if the target isn't raised.

You must mean this book, yes?: http://bitcoinbook.info/

That would be cool. I note it has a section for "bitcoin in the future"

Anybody know him?

Adam from LetsTalkBitcoin has approached us about our sponsoring his show. I really like that idea because Adam's show was instrumental in getting the word out in the last days of our fundraiser (and he owns some MSC, which helps too).

I believe he said it would cost 1.5 BTC to produce a 30-second spot for us, which we can then pay to have on his show. I'd like to suggest that we pay Adam do that, and once we all hear the result, we can decide if it is something the community is enthusiastic about. If so, we can sponsor a few episodes so that the spot is included. I believe his show reaches about 5500 rabid bitcoiners twice a week (so about 11000 impressions per week)

I'd be interested to hear opinions on this. What do you guys think the spot should say? I'd also be interested in hearing what Adam thinks the spot should say.

Note that I am not promising money to anybody yet (all expenses have to be approved by the board). Just making a suggestion to see what you guys think.

Thanks!

Great post, David. Progress on Mastercoin is really blowing my mind!

Yeah, I think the time has come. I suggest we get a couple quotes from Mich and maybe one other person. Maybe we could start with a tiny bounty for the best proposed transcript for the voice-over

Tachikoma and bitoy: I am LOVING these charts!

Seriously. I am so jealous of you guys. This has got to be the most fun programming project I have ever seen. I'm grateful for the part I get to play in it, even if I'm not (currently) slinging code.

Wow, that's a really cool idea. I never thought of that!

I have no idea if it would work (the game theory involved makes my head hurt), but we should definitely try something like this at some point and see what happens.

Here's another feature which may be in the 1.2 version of the spec if people like it: Proof of Stake voting

https://bitcointalk.org/index.php?topic=309729.msg3524354#msg3524354

Quoted here for convenience:

Ron asked me to spec out what this might look like. If this is acceptable, it could go into the 1.2 version of the spec:

• Mastercoin websites will have a "voting" section for each currency and smart property.
  • Owning a currency or property allows you to vote on issues related to how that currency or property should be run.
• The voting section will list issues which are available to vote on, as well as feature requests, in descending order of popularity, and the current vote tally for each
• Mastercoin messages needed for voting are:
  
  • Create new issue (title and what the options are, such as YES/NO or A/B/C/D)
  • Vote on issue (address X votes NO on currency Y issue Z)
    • Weight of vote is proportional to the amount of currency or property owned by that address (proof of stake)
  • Create a new feature request (title and description)
  • Vote on feature (address X supports feature Z on currency Y) - also weighted by ownership
    • A single address may only support one feature, and may only vote in one direction, however . . .
      
    • A user may split their vote by using multiple addresses
• When some or all property is transferred out of an address which has voted, the votes of the transferred property are invalidated (this allows the owner of the new address to vote again)
• Votes are advisory votes only, and are enforced by social contract, rather than by the protocol itself

As an example, the Mastercoin foundation will be issuing memberships at some point as a smart property. Owners of those memberships can vote on issues related to the governance of the Mastercoin foundation. Similarly, Mastercoins themselves will have a voting section.

Somebody just tried to steal my bitcointalk login credentials using a disguised link which looked like a bitcoin talk forum thread, but actually redirected to: "bitcointlak.my-board.org/Login.htm"

I of course reported this to the mods. I just wanted to warn everybody that this is happening. If someone did manage to steal my account credentials, they would probably come here and pretend to be me selling Mastercoins. I may have been one of the early targets because of this, but I won't be surprised if other people start getting these links.

Somebody just tried to steal my bitcointalk login credentials using a disguised link which looked like a bitcoin talk forum thread, but actually redirected to: "bitcointlak.my-board.org/Login.htm"

I of course reported this to the mods. I just wanted to warn you guys to be careful. If someone did manage to steal my account credentials, they would probably come here and pretend to be me selling MSC. Please be suspicious of everyone, including me!