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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 447297 times)
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November 11, 2013, 11:21:01 PM
 #1861

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.

Thanks for the note about the offline storage, that's great.

From your spreadsheet, it also clicked with me just now that $10,000 is only 30 BTC. Man...I remember trading 30BTC like it was not that big a deal just even this past summer...how times have changed.
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November 11, 2013, 11:24:55 PM
 #1862

Mastercoin is on slashdot!

http://slashdot.org/firehose.pl?op=view&type=submission&id=3108443

I'll reply to other things later.

From what I can tell, technically this is not "on" slashdot yet (i.e. still awaiting editorial approval).

Please, everyone go to that link and (once logged in with your slashdot account) click on the plus icon to the left of the title to vote it up. Hopefully they will pick it up and publish it!

Ron, you may want to note that in your reddit post about this as well, let's mod it up and turn the topic 'red' and hopefully it will have the best chance to actually run.

More info on the firehose submission process here: http://news.slashdot.org/story/07/08/02/1719238/introducing-the-slashdot-firehose
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November 12, 2013, 05:06:48 AM
 #1863

What's wrong with the Google Docs? If you can make a spec for what's needed for the website I can ask around with some developer friends if they are interested. I would do it myself but I already have a todo list that only increases in size... Wink

Google Docs are fine for limited scale.
We're accelerating.

I don't have time to make a proper spec.

The idea: Manage higher scale, more expenditures, nicer UI, tracking, admin section to allow us to officially enter expenditures (which then become public), tags, ...

FYI this is not just for us.

Read about DACs, and soon David's whitepaper about AAs (it's not published yet).
Let's use the term AA here.

We are in fact an AA with the purpose of building AAs. We are not just a financial system.
We will grow out of this and share our infrastructure with anyone wanting to build AAs.

This budget component in itself will eventually serve many, many AAs. It's a huge project.
(Everything we're doing is a huge project).


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.

A standard is good, however it can't enforce armory.
Some people that will be holding funds haven't used armory, and don't have to learn / buy a machine strong enough to run it.

Please know that we'll all be using cold wallets for this purpose, just every one has his own implementation of cold wallet.

A standard is good to develop anyway. It's just that it might take a while until we adhere to the standard.

A few questions regarding the Mastercoin funds:

1) Has any thought been given to selling a small % of BTC for USD to lock in some of the gains we've made in the development funds and hedge against the risk BTC crashes? For example, let's say we have a huge run up next week and 1 BTC = $500. Or if BTC reaches $1000 in the next several months? In the latter example, would it make sense to sell 1000 BTC and put $1 million USD in the Mastercoin Foundations' bank account. I don't believe the board should engage in trading the funds on a regular basis at all, but a "one off" sale of some small % of BTC for fiat as a hedge might be something worthy of discussion.

Excellent questions!

I would NOT support selling any BTC right now, or perhaps ever.
1. We don't have a decentralized way of representing or storing USD, and I won't support risking our funds on a centralized entity like bank or exchange.
2. I'm uber bullish about BTC and think we'll be at $1000 a pop within a few month.
This will bring us to around 4-5 million dollars in the fund.
I won't risk missing out on that.

2) Similarly, has any thought been given to paying bounties denominated in anything other than BTC or in some sort of hybrid that hedges the payment such as a combination of BTC/MSC/USD? Or is that too confusing? It seems to make sense to reward the developers with some MCS, to increase their incentive to work.

Payouts are paid in whatever currency is required (or perhaps we just pay BTC and let the receiver convert, Willett remind me?

3) If the funds are being distributed amongst board members what precautions/considerations are being made for/against (i) a rogue board member misappropriating funds, (ii)  death or incapacity of a board member and (iii) security of funds? In the case of (i) is it possible to require two or more board members to access fund in storage? In the case of (ii) it is important that more than one person has access to the private keys (private keys should be in safety deposit boxes or some other secure place accessible by the board in case a board member dies).

i. Rouge - nothing. Will go to multisig and eventually direct community control, and then we won't have any definition of "rouge".
ii. Death - each board member holding funds will have his own mechanism for dealing with death. I'm not sure we'll specify more details as this is quite personal.
iii. Security - we discussed this above.

The direction is multisig we just don't have time to implement it ...
We won't do Shamir Secret Sharing in the meantime, I'd rather just speed up to multisig which is what you're describing.

4) In the case of BTC, will all of the public addresses holding the funds be published so that MSC holders can periodically view the balance of funds?

Yeah, addresses be published. This will also be a part of the Budget site above - now it's easy to track as there's only one or a few number of addresses. This will change and become very complicated soon. One feature suggestion - "subscribe to expenditures" that will email you whenever we make an expenditure.

5) Has any thought been given to appointing a Treasurer of the Mastercoin Foundation funds, to oversee all of the above, and report to the board and MSC holders? This person should be separate from both JR and RG imo.

We won't trust anyone external at this point.
Maybe an Auditor Smiley
But instead of appointing an auditor, let someone build the Budget/Funds site so you can all audit.

(FYI we're also looking for a security auditor).


From what I can tell, technically this is not "on" slashdot yet (i.e. still awaiting editorial approval).

Please, everyone go to that link and (once logged in with your slashdot account) click on the plus icon to the left of the title to vote it up. Hopefully they will pick it up and publish it!

Ron, you may want to note that in your reddit post about this as well, let's mod it up and turn the topic 'red' and hopefully it will have the best chance to actually run.

More info on the firehose submission process here: http://news.slashdot.org/story/07/08/02/1719238/introducing-the-slashdot-firehose

Hmm, I didn't know this is how things happen, but it sure explains the lack of comments on the thread Smiley
Where are all you guys and why aren't you commenting?

Please post whatever on my reddit and get people to do it, I have a million things to do.
I think I'll sadly need to start spending less and less time on this thread Sad

I might need a secretary soon lol.

Please do not pm me, use ron@bitcoin.org.il instead
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November 12, 2013, 05:52:49 AM
 #1864

Mastercoin is on slashdot!

http://slashdot.org/firehose.pl?op=view&type=submission&id=3108443

I'll reply to other things later.

From what I can tell, technically this is not "on" slashdot yet (i.e. still awaiting editorial approval).

Please, everyone go to that link and (once logged in with your slashdot account) click on the plus icon to the left of the title to vote it up. Hopefully they will pick it up and publish it!

Ron, you may want to note that in your reddit post about this as well, let's mod it up and turn the topic 'red' and hopefully it will have the best chance to actually run.

More info on the firehose submission process here: http://news.slashdot.org/story/07/08/02/1719238/introducing-the-slashdot-firehose

click on the plus icon to the left of the title to vote it up. - Done!

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November 12, 2013, 05:54:14 AM
 #1865

Are MasterCoin being traded for 0.1695 as shown on buymastercoin.com?

"The difference between a castle and a prison is only a question of who holds the keys."
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November 12, 2013, 06:16:53 AM
 #1866

Are MasterCoin being traded for 0.1695 as shown on buymastercoin.com?

They seem to be selling few at that price, mostly 1 msc at a time.
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November 12, 2013, 06:20:14 AM
 #1867

Here is the sale : https://bitcointalk.org/index.php?topic=287145.0


Order book : https://docs.google.com/spreadsheet/ccc?key=0ApGPLGUd5ZCzdHFxbnhHQjBDSDVKamY5UHlWdkNMNWc&usp=sharing#gid=0

Last trade is 0.15

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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November 12, 2013, 06:31:17 AM
 #1868


Thanks guys! Smiley

"The difference between a castle and a prison is only a question of who holds the keys."
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November 12, 2013, 02:17:16 PM
 #1869

I'm sorry if this question has already been posted, but this issue caused some confusion last night when I was buying some MSC.

The person I was buying from sent BTC to the Exodus address on August 31st, a few hours before midnight. The white paper says that, "Anyone sending bitcoins to the Exodus Address before August 31st, 2013 is recognized by the protocol as owning 100x that number of MasterCoins." Is there any way to get clarification from JR or one of the developers on what the exact deadline was? The transaction showed up as valid on mastercoin-explorer, but it still has me worried. I'd like to be able to check everything manually for now. Thanks.

Not an Alt-Coin: Mastercoin! A new protocol layer on top of bitcoin. (https://bitcointalk.org/index.php?topic=265488.0Mastercoin)
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November 12, 2013, 02:20:27 PM
 #1870

It was decided that block 255365 was the last block that counts, everything before or in this block counts.

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November 12, 2013, 06:24:57 PM
 #1871

I'm sorry if this question has already been posted, but this issue caused some confusion last night when I was buying some MSC.

The person I was buying from sent BTC to the Exodus address on August 31st, a few hours before midnight. The white paper says that, "Anyone sending bitcoins to the Exodus Address before August 31st, 2013 is recognized by the protocol as owning 100x that number of MasterCoins." Is there any way to get clarification from JR or one of the developers on what the exact deadline was? The transaction showed up as valid on mastercoin-explorer, but it still has me worried. I'd like to be able to check everything manually for now. Thanks.

Maybe someone has to correct me here, but I think if he's one of the original investors, you should see the MSC at his (original) address using the mastercoin explorer:

http://mastercoin-explorer.com/

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November 12, 2013, 08:27:34 PM
 #1872

As I mentioned earlier, we're giving Ron $10k in discretionary funds to use in his role as Executive Director. (Everything he spends that money on will still be posted publicly in the spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE#gid=0)

Ron sent me this address via PM: 1KsChrMq2kg9cNNxDh51N6bK4r2fQA3KtG

I hope to do the outstanding payments in that spreadsheet soon.

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November 12, 2013, 09:22:58 PM
 #1873

First set of cold-storage addresses for project funds:

Quote
J.R.,

I have setup ten addresses for cold storage for the portion that you want me to secure.

We will use ten offline cold storage addresses that have never touched the internet for ultimate security. Each one has been seeded with a small amount of Bitcoin to verify.  Please send the funds to these addresses (divided equally):

1NmoXmhRornn9A1qdXAyKiQzepTQYC1S9A
1Cz2g5qKXxDTBcDc8EvKRHT5tLdeUr3d7v
1G1RkvYx6VMFryK2tyKN75vVAkweuoeYQN
1MS1rNw31nVLUe8PiHSD4BDSnkipaXNxeW
1CqQT7bcxijnBX8Zyzan9adnY325KBtLsT
1HLin2VqAiVAVwWEbn3mLUKnWtwTjicDry
1JtcwDDEY9Sxv1ykRbW9PCjc9J6yWk2hji
1G5PWah7dPYjSNZFRxP4TiZRhSWBRiQWeV
1HvFNLtLvR8fdaGoAyDhs1L5pQN6PfHhng
1PRTNiK2YYgFejRSX1sJfDhBA4wC3DBYQA

You can view the balance at any time by using these links:
http://blockchain.info/address/1NmoXmhRornn9A1qdXAyKiQzepTQYC1S9A
http://blockchain.info/address/1Cz2g5qKXxDTBcDc8EvKRHT5tLdeUr3d7v
http://blockchain.info/address/1G1RkvYx6VMFryK2tyKN75vVAkweuoeYQN
http://blockchain.info/address/1MS1rNw31nVLUe8PiHSD4BDSnkipaXNxeW
http://blockchain.info/address/1CqQT7bcxijnBX8Zyzan9adnY325KBtLsT
http://blockchain.info/address/1HLin2VqAiVAVwWEbn3mLUKnWtwTjicDry
http://blockchain.info/address/1JtcwDDEY9Sxv1ykRbW9PCjc9J6yWk2hji
http://blockchain.info/address/1G5PWah7dPYjSNZFRxP4TiZRhSWBRiQWeV
http://blockchain.info/address/1HvFNLtLvR8fdaGoAyDhs1L5pQN6PfHhng
http://blockchain.info/address/1PRTNiK2YYgFejRSX1sJfDhBA4wC3DBYQA

All coins are already stored offline. This is just moving some of them even MORE offline (paper wallets). I plan to split 1000BTC among these ten addresses (100 BTC each address). More addresses will be posted soon once people get them to me.

The board knows the identity of everyone entrusted with these funds, and if any of this money ever disappears, we'll let you know who was in charge of it.

Thanks

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November 12, 2013, 09:34:14 PM
 #1874

If you use Shamir's secret no money will never disappears...


A good exemple : http://passguardian.com/


Ps :i'm not for using this site or a other but multi sign address is possible since the beginning of bitcoin, it's a shame it's not use more often.
It would save many bitcoin from scam or "lost" bitcoin

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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November 12, 2013, 10:03:40 PM
 #1875

I have code ready which can send MasterCoins. Here is what it looks like in action (ignore the first line which is from a previous run):

http://anonymouse.org/cgi-bin/anon-www.cgi/http://img834.imageshack.us/img834/9066/sf7p.png

Source code is here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/MasterCoinAdvisor.py
And here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/base58_found.py

In order to use this source code, you will need to install python 2.7 and also pycrypto for python 2.7, which I got here: http://www.voidspace.org.uk/python/modules.shtml#pycrypto

On one PC I had to mess with my PATH environment variable to find python and the pycrypto libraries, but when I tried it again on a different PC, I didn't have to mess with the PATH variable at all. Your mileage may vary.

If you wish to avoid compiling, and you are a trusting sort of person, you can use the executable I made using py2exe: https://github.com/dacoinminster/MasterCoin-Adviser/raw/master/MasterCoinAdvisorExecutable.zip - I think the executable will only work if you have the right version of Microsoft's C Runtime DLL: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9b2da534-3e03-4391-8a4d-074b9f2bc1bf&displaylang=en

Those of you who are affected by the Android wallet security problem should try this out right away. Let me know if you see anything weird.

Please note that I still have some testing to do of this code - I just wanted to make sure you guys got hold of this functionality as soon as possible! If something isn't right in this code, I'll try to make sure that nothing you do gets lost. Still, sending MasterCoins from one address to another to another to another might not be a good idea yet!

There are some debug outputs commented out in the code right now, but you might want to turn them back on if you are playing with this code.

This code does NOT parse the block chain to see if you actually have MasterCoins to send, or track MasterCoins which have been sent. That is the next milestone after the giveaway thread.

Hi Willett,

there seems to be a small glitch in the mastercoin-adviser. When trying to send e.g. 1.23456789 mastercoins, the result is only 1.23456788, due to a rounding error.

Replace line 8
amount = long(float(sys.stdin.readline())*100000000)

with
amount = long(round(float(sys.stdin.readline())*100000000))

It might not be so relevant, but it can be, for example if you want to send all the funds of one address to another.
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November 12, 2013, 10:25:07 PM
 #1876

I haven't touched that code since I first published it! I probably won't touch it again unless something major comes up, but thanks for pointing that out. You can do a pull request against my repo if you're feeling ambitious Smiley

Note that the spec treats a message sending more than your current balance as sending your entire balance, so that should work for anybody looking to transfer their entire balance.

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November 12, 2013, 11:07:38 PM
 #1877

Hi,

Anyone any idea why this transaction has not shown up in Mastercoin-explorer and Mymastercoins more than 2 hrs after it showed up in Masterchest?

https://masterchest.info/lookuptx.aspx?txid=553b78a3337b0cc9815f7df201c3648d6aea3f010d269ac3f4591ba8bfa8b378

Just trying to confirm an escrow trade. Thanks.


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November 12, 2013, 11:14:07 PM
 #1878

I'm running some intense database migrations overnight so there is large chance Mastercoin-explorer is lagging behind at the moment. Your transaction should show up in due time, if Masterchest has it I'm sure it's fine.

Edit: Here you go! Smiley

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November 12, 2013, 11:33:04 PM
 #1879

I'm running some intense database migrations overnight so there is large chance Mastercoin-explorer is lagging behind at the moment. Your transaction should show up in due time, if Masterchest has it I'm sure it's fine.

Edit: Here you go! Smiley

Great! Thanks. This came in just as I was clicking send to release escrow Smiley

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November 12, 2013, 11:35:22 PM
 #1880

Hi, there is an approximate date when Mastercoin would be released? On the other hand, is likely to be accepted by most of the miners? thanks
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