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

[dacoinminster]

what do you think is the fairest way for you to use the funds that will be available to use provided by 1exodus?

Lastly, I want to thank vokain for posting frugality links on this thread. I love to read /r/frugal, as well as frugality blogs and both my wife and I are absurdly thrifty. For instance, the same evening after somebody bought over $40,000 worth of MasterCoins, we were in the GoodWill thrift store! We wanted to watch a movie, so we bought a VHS tape there for 50 cents because that is cheaper than redbox!

Also, I love your avatar vokain - great monkeys think alike!

There are some things that we do spend far more money on than other people though: education, savings, and charity. Those expenses can be expected to continue.

I plan to use the Exodus Address funds like a "MasterCoin Foundation". They will be spent to further the interests of everyone who purchased MasterCoins. For instance, I hope to buy a laptop suitable for development work on MasterCoin, which I will probably use those funds for. Also, my wife probably won't give up my time on weekends or sacrifice our vacation days unless I can show her U.S. Dollars in our bank account as a result. Sadly, she does not trust bitcoins one whit

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[dacoinminster]

I imagine Mastercoin will be worth as much as to how useful it is in the marketplace. IF, and only IF, the protocol does what  the author claims it will do, then I believe it will be useful to the marketplace. Impeccably useful, actually. As in, society could never go back.

I would like to see these questions addressed:
https://bitcointalk.org/index.php?topic=265488.msg2857527#msg2857527
https://bitcointalk.org/index.php?topic=265488.msg2858535#msg2858535
https://bitcointalk.org/index.php?topic=265488.msg2863003#msg2863003

I think we both posted at the same time, because the post right before yours attempts to address these questions

[vokain]

what do you think is the fairest way for you to use the funds that will be available to use provided by 1exodus?

I plan to use the Exodus Address funds like a "MasterCoin Foundation". They will be spent to further the interests of everyone who purchased MasterCoins. For instance, I hope to buy a laptop suitable for development work on MasterCoin, which I will probably use those funds for. Also, my wife probably won't give up my time on weekends or sacrifice our vacation days unless I can show her U.S. Dollars in our bank account as a result. Sadly, she does not trust bitcoins one whit

Perhaps when the time comes you could have a messaging thread between those that have risked their money in 1exodus so that discussion of your usage of the funds can be facilitated. Transparency and all that.

[dacoinminster]

Perhaps when the time comes you could have a messaging thread between those that have risked their money in 1exodus so that discussion of your usage of the funds can be facilitated. Transparency and all that.

When withdrawing funds from the Exodus address, I'll be sure to say what it was for, probably on this thread.

[Meni Rosenfeld]

Some of you seem to think that  my own money is not at risk if this project fails. That is not true. If this project fails (probably because somebody else does something similar, but does it better and/or faster), I would return any remaining funds to investors. I would get a partial refund just like everyone else.

The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.

Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.

[vokain]

How do you see MSC playing out upon release? As in, what are scenarios for distribution and success?

Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?

[dacoinminster]

The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.

Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.

I don't plan to take a salary at all, given the funds currently raised. How much money I withdraw for work on this project will be a negotiation I have with my wife in order to secure time that would normally be devoted to giving her a break from the kids and household chores or taking her on vacation!

I think it likely that the price per hour will have to be on the order of "overtime pay" in comparison to my current day job in order to secure her approval. I don't want to make any promises, but I doubt I will burn through even half of funds contributed to date in order to get to feature complete.

Again, I haven't actually done this negotiation with her yet, and forecasting how long software projects will take is notoriously tricky!

[ripper234]

http://www.reddit.com/r/Bitcoin/comments/1jqvse/why_was_the_mastercoin_thread_deleted/

[vokain]

The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.

Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.

I don't plan to take a salary at all, given the funds currently raised. How much money I withdraw for work on this project will be a negotiation I have with my wife in order to secure time that would normally be devoted to giving her a break from the kids and household chores or taking her on vacation!

I think it likely that the price per hour will have to be on the order of "overtime pay" in comparison to my current day job in order to secure her approval. I don't want to make any promises, but I doubt I will burn through even half of funds contributed to date in order to get to feature complete.

Again, I haven't actually done this negotiation with her yet, and forecasting how long software projects will take is notoriously tricky!

That's what I figured as well.

Perhaps she should look at it like a long-term investment as well, just in terms of your time and her time with you. She would stand to gain from seeing the success of this through, no? The "overtime pay" concept, while I understand it, is tricky to me for that reason.

[dacoinminster]

How do you see MSC playing out upon release? As in, what are scenarios for distribution and success?

Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?

Take a look at the project milestones in post #2 - I'm hoping to give away a small number of MasterCoins in order to widen our user base and increase demand for them.

The economics of how this will play out are anybody's guess, but here is my guess:

• MasterCoin sales will continue throughout this month, raising an unknown amount of money
• Assuming that I don't raise an absurd amount of money, MasterCoin features will start trickling in slowly over the following months
• At some point, probably once distributed betting is implemented, MasterCoins will catch fire, and early investors will hopefully have a large profit
• Once user-created escrow-backed currencies are implemented, there will be another big jump in MasterCoin prices, and early escrow funds will have way more than they need to maintain stability as a result
• Later currencies will be less over-funded, and any currency failures we see will probably happen to them
• Ponzi schemes (as in, this currency doubles in value every week!) will be rampant
• Ponzi schemes will eventually die, giving us a lot of information which will be used to tune the parameters of real currencies to hopefully allow them to keep their stability for many years
• MasterCoins will eventually become quite valuable, as commerce starts using stabilized currencies, such as USDCoins, and a whole economy gets built on this protocol

I really hope to make you guys very rich. We'll see how it goes!

[bytemaster]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

[vokain]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

agreed, though I understand the trickiness of the situation.

As the 'Eight of Eights', the power card of power cards, the Eight of Spades has the heaviest burden and obligation to use his or her power for good. All of them are tempted to take this power and use it to escape from their fears and avoid facing themselves from time to time. They are here to work and make a contribution and ultimately this must take priority above their romantic life. These are the workers and the workaholics of the deck. Their power is expressed through action and the force of their indomitable will.

[dacoinminster]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just one person who might not do a good job.

Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!

[ripper234]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.

Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.

[Meni Rosenfeld]

Now I'm even more confused.

The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.

Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.

I don't plan to take a salary at all

I was under the impression that you intend to quit your day job and instead receive a salary from the Mastercoin project. Is that correct?

How much money I withdraw for work on this project

What does withdrawing have to do with anything? The money in the Exodus address isn't yours, you can't withdraw it. It belongs to the Mastercoin project and a salary can be paid to you.

will be a negotiation I have with my wife

That was my point, what assurances do we have that the "negotiations" will not result in you taking a salary of $100K / month?

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.   

That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.

Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!

That also was my point. With an upper bound on your own salary, it becomes practical/necessary to hire other people as well.

[dacoinminster]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.

Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.

LOL!

[vokain]

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.

Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!

Group bounties? Appoint a bounty leader, have them distribute accordingly to whoever they work with? This would have to be reputation based I imagine.

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.

Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.

the guy still has kids!

[dacoinminster]

Now I'm even more confused.

The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.

Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.

I don't plan to take a salary at all

I was under the impression that you intend to quit your day job and instead receive a salary from the Mastercoin project. Is that correct?

How much money I withdraw for work on this project

What does withdrawing have to do with anything? The money in the Exodus address isn't yours, you can't withdraw it. It belongs to the Mastercoin project and a salary can be paid to you.

will be a negotiation I have with my wife

That was my point, what assurances do we have that the "negotiations" will not result in you taking a salary of $100K / month?

Sounds like your wife is a net drag on investors profits.   I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.  

That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.

Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!

That also was my point. With an upper bound on your own salary, it becomes practical/necessary to hire other people as well.

I don't think my wife would demand something totally absurd, but if she did, the Exodus Address funds would be used for bounties to other developers only.

Ultimately, the usage of the Exodus Address funds are in my hands, and you guys will have to decide if you trust my judgement on using them in the most cost-effective way.

I think a $100k/month salary would definitely fall on the "scam" side of the equation! (Although I might be able to justify that if MasterCoins were worth billions of dollars someday)

[dacoinminster]

Let's take a poll! Everybody following this thread: please post your opinion on whether you want to see me use bounties for other developers, or pay myself, and what multiplier on my current salary would be scammy if I paid myself.

Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!

[ripper234]

I suggest something else - start another (moderated?) thread asking for developers to sign up.
We can evaluate the different options and vote on the correct course of action.

I think a vote on your salary is, at this phase, meaningless.