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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 446750 times)
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Tachikoma
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November 14, 2013, 02:41:40 PM
 #1901

Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.

Right now you can do OTC purchases via this order book. In a few days there will be a distributed exchange build in to at least two wallets so that you can buy Mastercoins using zero trust. This also answers your other question; yes there are wallets (under heavy development). Your Mastercoins are stored on a normal Bitcoin address that you pick choose using a normal client.

For more info check the wiki.

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November 14, 2013, 04:32:00 PM
 #1902

Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.

Right now you can do OTC purchases via this order book. In a few days there will be a distributed exchange build in to at least two wallets so that you can buy Mastercoins using zero trust. This also answers your other question; yes there are wallets (under heavy development). Your Mastercoins are stored on a normal Bitcoin address that you pick choose using a normal client.

For more info check the wiki.

Unfortunately as far as I know the only real way to do orders right now is buymastercoin.com/
From what I hear it's very hard to get liquidity otherwise.

HUGE DISCLAIMER: The owner of buymastercoin is a friend of mine, and most of my information about the market is from him. So buyer beware, do your homework. If you manage to buy via OTC in a cheaper price, power to you!

Please do not pm me, use ron@bitcoin.org.il instead
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November 14, 2013, 04:32:34 PM
 #1903

I've just put the online 'Simple Send' generator online for those who want to do the the occasional 'Simple Send' without a separate Mastercoin wallet and who have an option to sign a raw transaction. As always I recommend a few test payments before you go crazy Smiley



Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.

Right now you can do OTC purchases via this order book. In a few days there will be a distributed exchange build in to at least two wallets so that you can buy Mastercoins using zero trust. This also answers your other question; yes there are wallets (under heavy development). Your Mastercoins are stored on a normal Bitcoin address that you pick choose using a normal client.

For more info check the wiki.

Unfortunately as far as I know the only real way to do orders right now is buymastercoin.com/
From what I hear it's very hard to get liquidity otherwise.

HUGE DISCLAIMER: The owner of buymastercoin is a friend of mine, and most of my information about the market is from him. So buyer beware, do your homework. If you manage to buy via OTC in a cheaper price, power to you!

This is a good alternative but do consider you are paying twice the amount as you would if you would use OTC.

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November 14, 2013, 04:58:29 PM
 #1904

x-post from my Mastercoin software thread but I've just released an update to my wallet software for Linux/OS X. I've enabled sending real Mastercoins through for Simple Send transactions. Distributed exchange will stay on Test Mastercoins only for now since the spec is still not finished on this topic.

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November 14, 2013, 06:16:33 PM
 #1905

Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.

for relevancy Smiley




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Tachikoma
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November 14, 2013, 07:43:13 PM
 #1906

 Cheesy

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November 14, 2013, 10:24:08 PM
 #1907

Our public ledger now computes the vested "dev Mastercoin" balance available for spending on bounties: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE#gid=1

Note that I assumed a year is 365.25 days when computing time since Exodus. This may not be the exact formula we use in the code, but it should be pretty close.

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November 14, 2013, 10:43:22 PM
 #1908

I want to invite everyone to this thread about Bitcoin scalability:

I predict a lot of strain on the Bitcoin network soon due to Mastercoin

Please do not pm me, use ron@bitcoin.org.il instead
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November 14, 2013, 10:59:13 PM
 #1909

I want to hear dacoinminster et al opinion on blacklists, redlists, whitelists etc
How does this may interact with Mastercoin platform?
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November 15, 2013, 05:10:29 AM
 #1910

Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.

Right now you can do OTC purchases via this order book. In a few days there will be a distributed exchange build in to at least two wallets so that you can buy Mastercoins using zero trust. This also answers your other question; yes there are wallets (under heavy development). Your Mastercoins are stored on a normal Bitcoin address that you pick choose using a normal client.

For more info check the wiki.

Thanks. I'm utter tech noob and barely understand anything about MC so I'll wait those wallets and exchanges to be developed, don't want to screw something and stay without both btc and mc Cheesy

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BitThink
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November 15, 2013, 07:16:29 AM
 #1911

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?
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November 15, 2013, 07:17:59 AM
 #1912

Our public ledger now computes the vested "dev Mastercoin" balance available for spending on bounties: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE#gid=1

Note that I assumed a year is 365.25 days when computing time since Exodus. This may not be the exact formula we use in the code, but it should be pretty close.

I have a slightly different amount on Mastercoin-explorer for the Dev coins. Although the current balance will always be an approximation since we locked it to block-time. I will check with the other devs my calculations is still ok.

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November 15, 2013, 07:18:45 AM
 #1913

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?

Not restricted, but MSC transactions could become a low priority transaction potentially taking longer to complete.

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November 15, 2013, 07:25:05 AM
 #1914

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?

Not restricted, but MSC transactions could become a low priority transaction potentially taking longer to complete.

Every transaction will send something to the "The Exodus Address" (correct me please if I am wrong). Therefore, all transactions will be given lower priority by those miners. The current patch they are proposing includes only one transaction in one block, that already will make MSC transactions become super slow. If they take more aggressive method, things will be worse.
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November 15, 2013, 07:27:30 AM
 #1915

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?


Wow this is really sucky. Especially since my wallets push transactions directly to Eligius. This made me realise how centralised Bitcoin has become. The fact that somebody can just force this change on 15% of the network is a danger to Bitcoin.

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November 15, 2013, 07:32:53 AM
 #1916

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?


Wow this is really sucky. Especially since my wallets push transactions directly to Eligius. This made me realise how centralised Bitcoin has become. The fact that somebody can just force this change on 15% of the network is a danger to Bitcoin.
Eventually it will be a competition to get a confirmation once transactions explode. Addresses that are reused are unfortunately a possible low priority.

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November 15, 2013, 07:37:28 AM
 #1917

It's better to begin setting a MSC mining pool now. MSC transactions will be given the highest priority and each miner believes in MSC can join this pool instead.
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November 15, 2013, 07:59:21 AM
 #1918

I don't think Mastercoin is big enough to find blocks. If we don't find blocks the whole process is meaningless.

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November 15, 2013, 08:40:42 AM
 #1919

I want to hear dacoinminster et al opinion on blacklists, redlists, whitelists etc
How does this may interact with Mastercoin platform?

TL;DR it for me?
You mean the possibility that Bitcoin miners will prefer not to process Mastercoin transactions?
The solution might be another chain and merged mining.

There's a $100 bounty on doing this analysis, we're considering increasing it to $300 or $500.

FYI we haven't decided on the formal criteria to accept this analysis and award the bounty.
I want someone with deep understanding of Bitcoin fundamentals.

Core developers or Meni Rosenfeld would have been great for this, but I don't know if they're interested in Mastercoin.
I asked Vitalik Buterin to look into it.

I want to hear dacoinminster et al opinion on blacklists, redlists, whitelists etc
How does this may interact with Mastercoin platform?

I just heard about this now and don't have the time to form an opinion.
However I trust Mike very much. If Gavin quit then Mike would be my choice for Lead Dev.
It's a good question how this interacts with Mastercoin if at all. See merged mining above.

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?

Nothing. You will just send all your MSC to a new address each time.
All MSC features, including Saving Addresses, can adapt to this model.

It's better to begin setting a MSC mining pool now. MSC transactions will be given the highest priority and each miner believes in MSC can join this pool instead.

Terrific and innovative idea!
I suggest that mining discussions be moved to a dedicated Mastercoin Mining thread.
Talk to us if you need help promoting the pool.

I don't think Mastercoin is big enough to find blocks. If we don't find blocks the whole process is meaningless.

We can start by bribing miners with MSC in exchange for joining the pool.
Then they will have incentive for keeping MSC safe.
The bribe can start at some level and decrease at some rate until it's zero ... the pool should be self-sustainable by then.

Please do not pm me, use ron@bitcoin.org.il instead
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November 15, 2013, 08:42:58 AM
 #1920

What're your thinking about this post: https://bitcointalk.org/index.php?topic=334316.0

If address reusing is restricted by miners, what will happen to mastercoin?

Nothing. You will just send all your MSC to a new address each time.
All MSC features, including Saving Addresses, can adapt to this model.

Both inputs and outputs are counted and since we need to reference Exodus it will still be throttled.

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