MasterCoin: New Protocol Layer Starting From “The Exodus Address”

[dacoinminster]

Love the idea of a spot on LTB - excellent podcast.  A quick summary of the concept, direction for more info, and a call for more developers (not to discount the ones we are fortunate to have already).

Been curious to hear Andreas' thoughts on the project..wishful thinking but if enough progress is made it might warrant mention in his upcoming bitcoin book.

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?

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[superfluouso]

Well..Adam knows him . That's the book and it looks to be the defacto bitcoin book based on the outline.  Also cool that Creative Commons will apply so easy for anyone to access.

[inbox]

Spotted mastercoin logo in this video: http://www.youtube.com/watch?v=k9UHbFb6vOY

Looks like he has a mastercoin video up: http://www.youtube.com/watch?v=kKeAtijscaw

[ripper234]

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

A comment about protocol version:

I would like us all, Willett include, to do changes changes in pieces, and not in bulk.
I believe Willett is currently working on a big pull request for "1.2". This is not the best way to develop software (or specs for this matter).

Instead of one big pull requets that is either accepted or not, let's separate each change to its own pull requests and/or github branch. This will help us all move faster.

We could still have a process of versioning the spec (we don't have to!). If we choose to version it, the the process of deciding on a version would be just that we (= Willett) designate a specific point on the master branch as "1.2", and tag it appropriately.

We need to include some way to propose votes, and to allow the proposer to set a time period.
I propose we add a new message to the protocol: Request Vote.
This message will currently be free of charge (except underlying btc costs). In the future we might want to add a certain price at vote requests, because otherwise anyone will be able to spam vote requests ... we can decide on what a good price for this vote later. We can have the vote request cost go to 1Exodus. Note that I'm not talking about a cost required in order to vote, but a cost required to publish a vote request. Alternative mechanisms to prevent spam are also possible.

Whoever initiated the vote request needs to set a few parameters:

1. Time frame until the voting closes.
2. Percent of stake required for a decision. This should be at least > 50% of all potential votes. The percentage is never out of the people who actually voted - I think we should, at least for now, treat abstaining from voting just like voting "No". Regardless, we might want to have some votes have a higher degree of consensus than 50% like 60 or 70% of all mastercoin holders. Whoever creates the vote request should be able to decide this.

Proof of stake voting is a wonderful feature.
This can provide a secure fully decentralized source of data streams for asset prices.
The price would be an emergent property of a long series of binary votes adjusting it up and down by a small amount.
There are strong incentives for honest reporting because:
a) The mastercoin owners have a strong incentive to maintain accurate data streams. Such accurate datastreams could allow mastercoinUSD (though the plan needs tweaking) and successful implementation of mastercoinUSD would lead the coin to take on tremendous value.
b) individual capacity to influence outcomes is too limited to profit meaningfully from manipulation

Yeah, I've been toying with ideas like that. I think it's too early but that's definitely a valid direction to explore!
I suggest starting a dedicated thread to discuss that.

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.

I prefer organic traffic first. I have emailed Adam and asked him to interview us - a lot better than a 30-second spot!
If that can't be scheduled for whatever reason, we could do the 30-second spot ... but that's just such a pale comparison, I want to fully explore the option getting an entire interview (free or paid) first.

[Tachikoma]

I've just added initial chart support to Mastercoin-explorer. For now you can see the total amount of Simple Send transactions. Next up will be some Selling Offer data.

Looks great! FYI, the top50 page is currently broken (http://mastercoin-explorer.com/addresses).

Thanks! Fixed it

[cunicula]

Yeah, I've been toying with ideas like that. I think it's too early but that's definitely a valid direction to explore!
I suggest starting a dedicated thread to discuss that.

Well there is the hopUSD thread where I tabled the idea in mid-September. I will post some new information there soon.

Perhaps you should open a new thread to talk about these ideas as they apply to Mastercoin in a quasi-neutral setting.
I think that if I was involved in politics, I would have unintentionally instigated World War III a long time ago.

[ripper234]

Updated the list of bitcointalk nicks

David Johnston https://bitcointalk.org/index.php?action=profile;u=76620
Ron Gross https://bitcointalk.org/index.php?action=profile;u=7087
J.R. Willett https://bitcointalk.org/index.php?action=profile;u=3313
Antony Vo https://bitcointalk.org/index.php?action=profile;u=49247
Jonathan Yantis https://bitcointalk.org/index.php?action=profile;u=119362

[ripper234]

Yeah, I've been toying with ideas like that. I think it's too early but that's definitely a valid direction to explore!
I suggest starting a dedicated thread to discuss that.

Well there is the hopUSD thread where I tabled the idea in mid-September. I will post some new information there soon.

Perhaps you should open a new thread to talk about these ideas as they apply to Mastercoin in a quasi-neutral setting.
I think that if I was involved in politics, I would have unintentionally instigated World War III a long time ago.

Can you open the thread (discussing how this applies to Mastercoin) and link to it from here?
Pretty please?

[ripper234]

We seem to be spewing sub-projects on a blazing rate.

Here is the newest project that I would like to propose - a Budget Website.

Copy-pasting from the Trello ticket.

We are planning to separate the funds stored in 1Exodus between several addresses, and eventually multisig addresses. This will make it harder for us to prove to the world how much funds we have and how we are using them.

In light of transparency, I would like us to build a "Budget website" (budget.mastercoin.org) that will always show where all the funds are, with full support for multiple multisig addresses.

I would also like this website to let us specify on each expense what it is for. It is basically a replacement for https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing

Eventually this website will become a core part of Mastercoin and will be used by other companies that will be issuing their assets on top of Mastercoin.

The website should be open source of course.

If you want to start working on it, please propose a budget, we can then approve it with the board.

[ripper234]

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!

[Luckybit]

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!

Please give details on what a feature owner is? I might be able to help if I know exactly what is required? Is it just a matter of collecting information from the Mastercoin community because I don't think that would be difficult at all.

A survey could accomplish it, and a few polls. If metrics/stats are what you are after I can do that.

[mindtomatter]

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

[rbdrbd]

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.

[ripper234]

Please give details on what a feature owner is? I might be able to help if I know exactly what is required? Is it just a matter of collecting information from the Mastercoin community because I don't think that would be difficult at all.

A survey could accomplish it, and a few polls. If metrics/stats are what you are after I can do that.

http://ripper234.com/p/what-is-a-feature-owner/

In this specific example, a poll isn't good enough. What's needed is:

0. As always, decide if you require compensation for this feature, or would just do it for free because it's relatively not a lot of work, or you want to use this feature to get involved in Mastercoin.
1. Decide on the correct person or company to actually implement the video (the board has a few suggestions).
2. Close the deal with them.
3. Brainstorm with the community.
4. Do a back-and-forth process with the implementor, review the results by the community and board.
5. Finally, get us to replace the video (you don't have editing privileges for mastercoin.org, so you just need to ask/nag us to do it. I say nag because for some features you'll sometimes have to nag us, because we'll be swamped with tons of other things. The general rule - if somebody, no matter who, is blocking you from implementing your feature, it's your responsibility to take care of that problem).

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

Can you fill in his details on the Trello ticket?
I'd rather not deal with this at all right now, but rather have our feature owner contact him.

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?).

It is my opinion that we'll see $1000 per BTC before the end of the year.

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.

I'm with you (within reason).

[prophetx]

The Heat is On! Bitcoin Economy Decentralization More Important Than Ever.

Posted on November 9, 2013

Just when we thought things were going smooth we heard about another piece of news that will send shock waves through the Bitcoin community. BitFunder, rather than just closing its doors to US residents, is shutting down permanently. And, let us not forget, yet another wallet service and its users became the latest victim of virtual bank robbers.

The Mastercoin protocol, which uses the Bitcoin network, for specialized transactions such as stock transfers, will fill the void.  This is great news for Bitcoin owners, because each time a Mastercoin transaction occurs Bitcoin Miners get paid.  The Bitcoin network is providing value added services were previously financial benefits went to site owners rather than Bitcoin network operators.

So, what does all that mean for Mastercoin and all of the work we are doing on distributed BTC-MSC exchange and smart properties?

It means the stakes just got a lot higher. The good news is that the evolutionary cycles created by market forces are pulling  for more decentralization.

In this week’s update we will focus primarily on the progress in the Distributed Exchange Code Contest, and developments in the Mastercoin Protocol and related proposals.  The post may be a bit more technically oriented than others, but the goal is to ensure that anyone working on developing is aware of all of the changes that have taken place.

hope you all enjoy reading this, there was a TON of information that was out this week, so if I missed something please let me know asap.

http://blog.mastercoin.org/2013/11/09/the-heat-is-on-bitcoin-economy-decentralization-more-important-than-ever/

[ripper234]

Everyone - important request.


I would ask you that whenever you run into a question about Mastercoin, you post it on The Bitcoin Stackexchange. Mastercoin is on-topic on Bitcoin SE, and the SE platform is terrific:

1. It creates and facilitates building good knowledge
2. It will expose us to new crowds who frequent Bitcoin SE.

You can and should of course post a link to your question here.

If you don't like the above, feel free to ignore it completely and keep doing what you're doing ... this is, as always, just a proposal.

hope you all enjoy reading this, there was a TON of information that was out this week, so if I missed something please let me know asap.

http://blog.mastercoin.org/2013/11/09/the-heat-is-on-bitcoin-economy-decentralization-more-important-than-ever/

Terrific work prophetx, your work is very important!

+tip $10 prophetx

Too bad there's no tipbot for bitcointalk.


BTW, in your next blog post next week, I'd appreciate it if you mention my above request.
I don't want it added to the current post because I want to make sure it reaches everyone who subsribed via email.
(If you just edit your post now, it won't).

[Luckybit]

http://ripper234.com/p/what-is-a-feature-owner/

In this specific example, a poll isn't good enough. What's needed is:

0. As always, decide if you require compensation for this feature, or would just do it for free because it's relatively not a lot of work, or you want to use this feature to get involved in Mastercoin.
1. Decide on the correct person or company to actually implement the video (the board has a few suggestions).
2. Close the deal with them.
3. Brainstorm with the community.
4. Do a back-and-forth process with the implementor, review the results by the community and board.
5. Finally, get us to replace the video (you don't have editing privileges for mastercoin.org, so you just need to ask/nag us to do it. I say nag because for some features you'll sometimes have to nag us, because we'll be swamped with tons of other things. The general rule - if somebody, no matter who, is blocking you from implementing your feature, it's your responsibility to take care of that problem).

I'm trying to grasp this conceptually, but if I think I can help out with this then I will let you know. I am interested in helping out beyond the Giveaway thread. The Giveaway thread seems to be wrapping up and will probably be replaced soon by the faucet site which in my opinion is a much better way to do it anyway. I especially like the Facebook component because if done right there might be a way to maintain contact with these people so that they can be part of the Mastercoin social/business network.

It is my opinion that we'll see $1000 per BTC before the end of the year.

Do you really see it reaching $1000 per BTC before the end of the year? I see it happening in spring 2014 unless it's a bubble. But I understand the optimism and I think we might see it happen due to the Bitcoin Investment Trust.

[ripper234]

Do you really see it reaching $1000 per BTC before the end of the year? I see it happening in spring 2014 unless it's a bubble. But I understand the optimism and I think we might see it happen due to the Bitcoin Investment Trust.

I don't want to derail this thread with off-topic stuff that belong in the dreaded speculation forum.
Up until this morning I had a BUY offer at $180, and a SELL offer at $400.

Then I saw this.

http://www.reddit.com/r/Bitcoin/comments/1q8495/shopify_has_officially_integrated_bitcoin/

This is huge.

I believe Bitcoin is going for $1000 end of 2013. I canceled both my orders, I'm not playing with the market right now, too risky.

Just my 2 cents.

[ripper234]

Great News Everyone!

We're doing a Documentation Contest Week.

Details are TBD. I'll quote myself:

I think we should do a "Documentation Contest".
A 1 week contest where people build documentation on the wiki, bitcoin.stackexchange.com, and other medium.

The focus is not on PR - not mass of posts to Reddit or bitcointalk please ... but just ask good questions about Mastercoin and get some good answers. It's ok to ask FAQ on Stack Exchange btw.
One of their rules is that you are allowed to ask a question that you know the answer to, as long as your question is legit, on topic, and well phrased.

How much bounty for that?

Dominik - do you want to lead this contest?

We'll need to decide on some rough judging criteria.

[ripper234]

Great News Everyone!

We're doing a Documentation Contest Week.

I think we should count retroactive contributions.
Meaning the contest actually starts ... now!
When the deadline expires, we'll count any documentation contributions made for the project, ever, and divide the bounty accordingly.

God I love being a part of this project!