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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 446752 times)
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tlewis
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December 20, 2013, 07:02:08 PM
 #2561

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol
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jakecnn
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December 20, 2013, 10:53:49 PM
 #2562

When can we expect dev mastercoins to be payed out? (For example for the documentation contest)
TKeenan
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December 20, 2013, 11:58:40 PM
 #2563

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 
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December 21, 2013, 12:13:36 AM
 #2564

When can we expect dev mastercoins to be payed out? (For example for the documentation contest)

We decided to pay a giant lump sum when the distributed exchange bounty is paid, then monthly thereafter.

50% of all dev MSC are paid out that way. The other 50% are for unexpected expenses and hopefully will be rolled into the distributed bounty system which will replace the Mastercoin Foundation in managing the project Smiley

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December 21, 2013, 09:08:15 AM
 #2565


How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 

What name do you propose? I haven't come across anything better.
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December 21, 2013, 10:38:38 AM
 #2566


How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name?  

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name.  

What name do you propose? I haven't come across anything better.

A name that does not make it sound distinct from bitcoin. Mastered Bitcoins maybe or Engraved Bitcoins or multi-purpose bitcoins or bitcoin overlay layer one or bitcoin multipurpose layer or repurposed coins or scented coins or custom coins or scented bitcoins or customised bitcoins or bitcoin market layer etc etc, basically get away from focus on making something other than bitcoin instead getting the focus back on the fact that this is just another of the many amazing things bitcoin offers.

Maybe bitcoin protocol overlays then call the master coins protocol overlay one or bitcoin overlay master, the bitdollars if any are created bitcoin overlay dollars, the goldcoins if any are created bitcoin overlay gold and so on?

Maybe even tinted coins or flavoured coins or coins on steroids or souped up coins...

Bitcoin Mastery, maybe?

Overlay coins, reflecting that they can be overlaid onto any blockchain?

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December 21, 2013, 11:10:15 AM
 #2567

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 

I have quite a large investment here from the early exodus address. I was merely pointing out the use of the same name out of concern that it would affect MSC development.
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December 21, 2013, 04:14:07 PM
 #2568

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

Know what's happening in cryptoworld: www.coinschedule.com
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December 22, 2013, 01:51:23 AM
 #2569

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.


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abuelau
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December 23, 2013, 11:07:25 AM
 #2570

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.



So, end users will prefer Mastercoins because you don't like the guy behind Colored Coins?

Hm.. I get the "funding" argument, although right now that doesn't come across in the product itself, I think the colored coins website is probably clearer, simpler and more user friendly.

Know what's happening in cryptoworld: www.coinschedule.com
BitThink
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December 23, 2013, 11:44:30 AM
 #2571

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all. Smiley
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December 23, 2013, 01:23:09 PM
 #2572

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all. Smiley

Well said.

I hope that Mastercoin gets a really amazing website with a very cool video and all the other stuff like p2p exchanges, assets etc... soon... with all the money at their disposal, I am a bit impressed with the slow progress so far.

Know what's happening in cryptoworld: www.coinschedule.com
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December 23, 2013, 02:23:19 PM
 #2573

I have a question when it comes to the decentralized exchange. How fast will it be? I must be misunderstanding the protocol because the way I have read about Mastercoin makes me think that trades will only be possible with each bitcoin confirmation (roughly every ten minutes). So will the decentralized exchange work like the exchanges that we are used to today with instant trade execution?

Edit: Watching a presentation from Ron Gross on Mastercoin right now and he talked about how the trades will be happening every 10 minutes.
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December 23, 2013, 02:57:31 PM
 #2574

Serious question, and I don't mean to undervalue the work you've all put in..

but as an observer, why don't you launch this already? You don't need to have all the features.

Launch it with the most important feature to have, and get people's reactions. Ask them what they like, what they don't like, and what they want to see. There's a balance between taking the time to build something really great and over-building so much that you never release the product.

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December 23, 2013, 03:54:45 PM
 #2575

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development
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December 23, 2013, 04:07:07 PM
 #2576

Right now, I think there is 5 different names competing in this space right now

Mastercoin
NXT
Colored Coins
Bitshares
eMunie

Out of all of them, Mastercoin has the biggest amount of capital to work with, but some others seem to have faster development

You could also add Open Transactions to that list. Which other projects seem to be moving faster?
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December 23, 2013, 04:15:58 PM
 #2577

You could also add Open Transactions to that list. Which other projects seem to be moving faster?

I have a fair portion of MSC, but it seems like NXT is winning the race right now in terms of hype and development.
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December 23, 2013, 04:17:56 PM
 #2578

You could also add Open Transactions to that list. Which other projects seem to be moving faster?

I have a fair portion of MSC, but it seems like NXT is winning the race right now in terms of hype and development.

With it still being closed source, I'd say they're far behind. What does the client look like right now? I don't want to test it out until it's open source.
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December 23, 2013, 04:20:34 PM
 #2579

I thought that about Ripple too, but by the time they did open the source it was way too late, too many other things to do to go back and look again.

Seems likely that by the time NXT is open source the same thing will happen, oh yeah queue it up like Ripple as something to look at someday but meanwhile keep looking into the actually already open source ab-initio stuff...

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December 23, 2013, 04:22:28 PM
 #2580

You could also add Open Transactions to that list. Which other projects seem to be moving faster?

I have a fair portion of MSC, but it seems like NXT is winning the race right now in terms of hype and development.

With it still being closed source, I'd say they're far behind. What does the client look like right now? I don't want to test it out until it's open source.

client is java. I've read some of comefrombeyond's posts, and it seems they have the server side ready for their distributed exchange and are working on the client now. They will be releasing the source code on Jan 3
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