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What Mastercoins done is outrageous but what Davids done is outrageous, rather than create a coin he's just created a buzz around creating a coin and launched it on a system he clearly has absolutely 0 understanding of. He has absolutlely no understanding of cryptocurrencys in general.
He's taken $3million dollars for salaries and to buy his office and left a useless free to create asset for stupid people to bid on between each other!!??
It's worse than a ponzi scheme it's a ponzi scheme with all the original first round money completely pulled out of it and used to buy a building!
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Hey Chang Hum, I see you put a lot of effort in pushing this thread. May I ask: what would you do different in the future?
Are you kidding? The big issue with David is obviously not to sell a 1 third stake in something for $3 million and then to give away a $6 million stake for free. The issues with mastercoin are they've monetized their system in an extraordinary way to achieve the above ^. The argument about future clearly doesn't exist as Mastercoin is so floored it would be laughable if everyone here didn't take it so seriously. Dex do you accept a con has been played out here to enrich Mastercoin holders? |
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I know Davids slippery so wanted to quote a couple of things before he deletes, wouldn't put it past the mods on this thread to still go through and delete these posts and the originals though
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I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,
The vast majority of the funding will be via bitcoin. MSC is a vehicle to allow this to be recorded on the blockchain etc. All of the people we know are using BTC to buy MSAFE. There are MSC holders who may purchase direct, but we do not see anyone converting BTC->MSC for this. We will however be doing that in the background for people with BTC. We are working with the Master Protocol guys as well as BitAngels to do this part. Our friends and staff are using BTC to buy MaidSafeCoins (including an excited me) and nobody needs to even know what MSC is. As this is possibly the first use of MSC in such a scheme we do have some manual process in place for parts of the sale. These will be automated over time. I hope this crowd sale increases MSC value as it shows a good use for this (the intended use) as well as kickstarting this project. So if you use Master Protocol for your crowd sale or asset sale you can do so in BTC not only MSC. This will all become much simpler in future though. It is a pretty good model as it fixes in the security of transfers etc. Cool how are you blocking mastercoin dumping? We are not blocking MSC dumping, but do not expect it to happen. It may, but if the sale is successful we would hope that MSC would increase in liquidity as it's used more. I don't think any of the Master guys would want to see their coins disappear really. It would wreck that project and some associated groups. So I have faith and we do have support. There is a large number of BTC holders who are certainly in with BTC and that is fantastic. It could be a worry, but I feel we all need some faith at times. IF MSC were dumped and the price went up it may do little harm. If the sale is successful (which looks promising) then more projects use this type of system the whole eco system improves. Feels a little like BTC early days in many ways and I suppose it is. The project will continue and supporters will get rewarded for sure. It would take a disaster to happen to disturb that I think. Then again we are all in this together and we all need to show faith and support for each other. I feel comfortable but not unaware of risk. Was just taking the piss with this question really, as I'd already upset him with talk of Mastercoin dumping on his Google Dev thread less than an hour before! |
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Why will nobody give a firm answer on conversion rate of MSC for maidsafe ?
But only on BTC to maidsafe ?
When all BTC need to be converted ( even if in the background. )
I hold BTC and MSC and I have no idea which would be best to use to buy in to this with.
We have been talking with all groups involved here about this. It looks like we will have a rate of 0.2 fixed for the duration. This is higher than the 0.08 but as MSC will now be useful we think the rise there will be substantial. So it would appear that dumping MSC initially gets a better deal, but it may increase in value very quickly and seem like a worse deal later on. If I held MSC and BTC I would split this if I thought MSC had a future, otherwise take advantage early on. It will be set in stone though for the duration of the sale and likely at 0.2 MSC per BTC which is a much better rate than current. We are not trying to hide anything, but want to make sure we are covering all bases and as fair as possible to the community MSC and BTC. [typo 0.8 -> 0.08] Noticed a factual error about Mastercoin prices, from Davids recollection of prices in his blog (.1) and what he writes here (I Remember when this was posted as I found it an incredibly bizarre thing to announce and started trading immediately at 0.08!! Price was originally 0.06 a few days before (Nick Lambert bizarrely told me by private email his team were moving the market to 0.08). I don't often use the word bizarre but sums the actions of this firm up quite a lot. |
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I can't understand how the fact Mastercoin has no value at this volume goes over most of your heads  1 x Mastercoin = $33.5 each  10 x Mastercoin = $33.5 each  100 x Mastercoin = $32.33 each  1000 x Mastercoin = $28.79 each  10000 x Mastercoin = $3.45 each  100000 x Mastercoin = $0.41 each  If the little value 1 Mastercoin has is derived from it's usefulness at issuing assets to business, then could someone please explain what incentive a business has to use Mastercoin under its current business strategy? 234. If you come to the conclusion a business has absolutely no incentive, please rethink David Irvine and the Mastercoin teams motives and re-asses Mastercoins value as a currency. Hints:
1. Mastercoins haven't gone up in value, the coins have no inherent value and are simply part of an un-collapsed ponzi scheme. Any speculative value is the same speculative value that drives ponzi scheme 2.0's like dodgecoin. Money going in is fine and everyone is happy, money coming out gets a bit more tricky!
2.Their is no incentive. Issuing assets must be free (or bitcoin dust as per competing alpha systems) or the business model is floored.
3. This method of monetizing the system is not only disgusting but completely unattractive to any business person looking at it objectively.
4. David Irvine can buy his business property outright whilst shouldering the blame on Mastercoin in a scheme that will confuse most civil courts, under the terms of this arrangement it's up to a court to decide if he faces any liability for a $3 million dollar debt. |
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I think it's time to give up, wish the mastercoin and maidsafe guys would face some sort of criminal charges over this but I think people are so idiotic they can't see whats gone on even when it's spelt out for them.
Was the same with Pirate and Patric Harnet by the way (search the thread and watch the people calling out a transparent scam get attacked). Only difference in those days (bit over a year long long ago) there were more so called trolls that bothered to help people getting scammed.
It's actually not the scam that pisses me off it's the realization of how stupid the general population here is that gets me.
Maidsafe’s IPO=“They” cash out a serious volume of Mastercoin Even though English is not your first language, you understand more clearly than most people here |
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Why does XCP suck so hard?
/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 835, in <module>
get_address = get_address(db, address=address)
TypeError: 'dict' object is not callable
I've obviously used counterpartyd_build which completely hijacks my Ubuntu box in order to build and install what should otherwise be a simple one package install. Booooo
http://www.catb.org/esr/faqs/smart-questions.htmlhaha very good! |
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Too bad they didn't just allow BTC's, then it would have been equal for everyone AND they would have received more money.
The level of incompetence is just staggering really.
Mastercoin people actually advised them: a) it wasn't possible to send assets in this way (clearly a lie) b) the solution was to set the price at nearly 4 times the market rate and purchase 20% of all mastercoins in existence with investor funds (clearly insane) Why people think a team this stupid or corrupt is capable of producing anything other than this ponzi scheme to turn a profit on their investments beyond me. It's sad this robbery happened in broad daylight with people shouting stop! |
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"This gave us cause for concern, but experts in the field reassured us the MSC part of sale would be minimal." They can't expect this when offering a 3:1 better offer when paying with MSC. The question is, are they idiots or liying? "Days before the sale we found out the loan amount of MSC would not cover the bitcoin part of the sale, this floored us. A date was set, we had done loads of meetings, talks and interviews stating this. Was MaidSafe going to fail in such a huge step? No we were determined not to. It was suggested we could set the MSC -> BTC rate at 0.3 or 0.4 which we read and nearly collapsed. This was 3 or 4 times market value, how would this be possible. We were convinced to set a rate of 0.2 and the sale could be funded to make sure BTC holders were covered. Again it was stated that MSC would not be above 25% of the sale." I have no words for this  Source: http://metaquestions.me/2014/05/01/surviving-a-crowd-sale/Exactly are they idiots or lying? The more you read about this the more bizzare it get's. What I find staggering is that so far it seems like you, me and the author of the article in my sig are pretty much the only people to see this clearly. |
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The big problem here is that MaidSafe Team was also scammed by MSC... Now they're holding 20% of total MSC supply... and practically that's worth nearly nothing...
The only winners are MSC big holders, who dumped their useless coins.
They wanted over $6 million, but they raised "only" $3 million. This could lead to a liquidity problem or to a second round of crowsale... who knows.
At this stage I think they can't do anything to help themselves or BTC users. If they try to compensate BTC users "printing" more MaidSafe for them, would be really unfair for the BTC users who bought MSC for the "promotion".
Also remember that a lot of BTC users were burned because they bought MSC at ~0.15 and because they got 3h late, now they are with a 50% loss. Even worse, if they bought a big quantity, now they can't dump them, because only $50k in MSC mastercoins. Sadly, they're now bagholders.
The rules were clear before the start. Stop being denial, was our fault for not doing proper calculations before investing. All was public and MSC sales were closed after 3 hours, so we could have avoided this IPO "scam".
Easier said than done... I also lost money. However now I'm happy, because I took a loss, but I'm holding my precious bitcoins again.
It was scary as hell that after IPO ended some people were dumping their MAID at -50% value (bitcoin IPO), just after bitcoin crowdsale being funded in only 48h.
The average IPO sale was around ~2,300 satoshis, but remember that some guys are able to dump at ~1,300 without loses.
Yeah I think that was all me and I was in Bitcoin to begin with and still made about 5 bitcoin profit out of this whole thing! |
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I'm just here for the gangbang. I have no stake in maidsafe or mastercoin.
sorry I would edit previous posts but would be a bit wordy to change to "you're all fucking idiots here with the exception of one fellow who's just here for the gang bang" |
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I think it's time to give up, wish the mastercoin and maidsafe guys would face some sort of criminal charges over this but I think people are so idiotic they can't see whats gone on even when it's spelt out for them.
Was the same with Pirate and Patric Harnet by the way (search the thread and watch the people calling out a transparent scam get attacked). Only difference in those days (bit over a year long long ago) there were more so called trolls that bothered to help people getting scammed.
It's actually not the scam that pisses me off it's the realization of how stupid quite a substantial amount of people here is that gets me.
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Hey.. do you remember XCP's IPO ? where only a small % of investors could actually use/move XCP with the super complex counetparyd installation allowing only the devs&freinds and other several people who could actually figure out how to sell them to dump them on the market making huge amounts of BTC for a high price, leaving the rest (most) investors watching how "their" recently bought XCP being sold at 1000% profit and not being able to do anything about it because they couldn't get the software to work.
Nobody's perfect.
It's not an IPO when no money is raised. Matt you have to remember that more than 50% of the people on bitcointalk can't tell apples from oranges. Including you. |
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The entire market for maidsafe is $22700 (52.4(bitcoins on buy orders)*434(bitcoin price) The money raised is being used to buy real estate: http://metaquestions.me/2014/05/01/surviving-a-crowd-sale/You have no claim on the real estate.Only 0.75% of the original investment pool is retrievable at this moment (22700/3000000)*100 Mastercoiners have a 62% chance of being the first to "cash grab" the 0.75%, as they have a 62% stake in Maidsafecoins for contributing nothing more than an extra layer of fraud to an already heavily fraudulent fundraising event. |
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I really didn't think my last post was rude in anyway and certainly added value to the thread, but never mind seeing as you've deleted it twice I'll have to come up with a re-wording! https://twitter.com/metaquestionsHey guys just saw this blog by David Irvine of Maidsafe! can anyone explain why he says he has only really raised $3 in cash terms? I thought he raise $3 in Bitcoin alone no??? How come he hasn't counted all the millions of dollars he gave away a 62% share of his coin for in return for mastercoin? |
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I'm going to give them a couple more days to clear this up. At the bare minimum they need to acknowledge clearly that one party of people were able to acquire safecoins significantly cheaper than the other party of people at the same time. Thus causing BTC investors to realise an instant loss.
Instant loss? I invested via BTC and I still have all my maidsafecoin. I've experienced zero loss. For some reason you argue with everyone who is angry about the unfair situation that has occurred. The maidsafe I bought with my BTC is now worth significantly less in terms of BTC. That is a loss. And it occurred because of the incorrect way Maidsafe distributed the coins. I expect you now to keep trying to twist things as you have already demonstrated in this thread your biased point of view. The rest of us wait to see what the Maidsafe team will or will not do about this. But it's worth significantly more in Mastercoin so what's your problem? Baaahhhahahhahahahahahaha  |
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you gave 6 millions usd, are u crazy ?
$3 million...yes they are. |
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