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

[ripper234]

My reasons for investing in MasterCoin:

• I know & trust Dacoinminster to responsibly manage the funds and project management.
• I like the idea of an extra protocol layer encoded on top of Bitcoin, and I'd like to fund its research & development. I think the possibilities in such a layer are great, and perhaps other ideas not yet discussed will be the killer app of such a layer
• I like his bootstrapping method
• I think it might just be financially rewarding (but might not ... I believe in diversification)
• I haven't had a chance to read about the competing BitShares proposal ... I might invest in that in the future also, if there's an appropriate investment mechanism

[ripper234]

Related: How to Convince Investors

[herzmeister]

My reasons for investing in MasterCoin:

"Why I trust Dacoinminster..." 

[vokain]

Some parameters will be changed so that escrow funds are never under-funded

That is impossible.
Unless you simply mean closing any fund which becomes underfunded.

I feel we must settle this once and for all before moving on, it's clearly the biggest point of controversy that we've had thus far. While I trust Willett's resolve will solve the problem, most here are not so convinced. We must think this through to a logical end.

[qxzn]

I thought this would be in the whitepaper, but I can't find it. On a mastercoin transaction, where does the bitcoin come from to pay the bitcoin transaction fee?

[ripper234]

I thought this would be in the whitepaper, but I can't find it. On a mastercoin transaction, where does the bitcoin come from to pay the bitcoin transaction fee?

The MasterCoin client will have several balances - A BTC balance, a MSC balance, and also some balance in other MSC-based currencies. The tx cost comes out of your BTC balance.

[dacoinminster]

Hey everyone!

I've updated our MasterCoin mailing list with a summary of the current plan for pegged currencies: https://groups.google.com/forum/?hl=en#!topic/mastercoin/EQgEHvKJBh4

Hopefully that answers any outstanding questions I have seen on this thread.

Sorry I can't take the time right now for individual responses to everybody. I'm almost done with code to send MasterCoins, and the recent vulnerability found in Android wallets (https://bitcointalk.org/index.php?topic=271831.0) has made this task quite urgent! I will update this thread once I have code complete for sending MasterCoins, and anyone with Android wallets will be able to transfer their MasterCoins to a secure address.

Of course, sending MasterCoins is also a prerequisite for a giveaway thread

[dacoinminster]

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):



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.

[ripper234]

My reasons for investing in MasterCoin:

"Why I trust Dacoinminster..."  

seriously..

(for those who don't get the reference, ripper made a post last year back explaining his reasons for trusting the operator of a Pirate Ponzi pass-thru. we all know how that worked out)

Luckily, Willet isn't promising to give any interest rates to anyone on their investment.

[dacoinminster]

MasterCoin Giveaway thread is LIVE: https://bitcointalk.org/index.php?topic=272577.0

To get free MasterCoins and Test MasterCoins, you have to post your bitcoin address in the thread AND do something to promote the project (like tweet about it).

[BitPirate]

and the recent vulnerability found in Android wallets (https://bitcointalk.org/index.php?topic=271831.0) has made this task quite urgent!

Why? What's the connection with MSc?

[dacoinminster]

and the recent vulnerability found in Android wallets (https://bitcointalk.org/index.php?topic=271831.0) has made this task quite urgent!

Why? What's the connection with MSc?

Anybody using an Android wallet affected by this vulnerability needs to rotate their funds to new addresses, including any MasterCoin funds.

Somebody PM'd me about designing a logo for us. I tend to consider that low priority, but I'm open to it if the price is right. What do you guys think?

Everybody, including current investors, should be posting in this thread for free MasterCoins: https://bitcointalk.org/index.php?topic=272577.0

I'll be chatting about this project with some VC's today in about an hour. Wish me luck!

[TraderTimm]

and the recent vulnerability found in Android wallets (https://bitcointalk.org/index.php?topic=271831.0) has made this task quite urgent!

Why? What's the connection with MSc?

Anybody using an Android wallet affected by this vulnerability needs to rotate their funds to new addresses, including any MasterCoin funds.

Somebody PM'd me about designing a logo for us. I tend to consider that low priority, but I'm open to it if the price is right. What do you guys think?

Everybody, including current investors, should be posting in this thread for free MasterCoins: https://bitcointalk.org/index.php?topic=272577.0

I'll be chatting about this project with some VC's today in about an hour. Wish me luck!

Make sure to mention to the VC's in the "Risks" section that your experiment could cause the entire network to experience a hard-fork. But something tells me that won't make it into the slide-deck, will it?

[dacoinminster]

Make sure to mention to the VC's in the "Risks" section that your experiment could cause the entire network to experience a hard-fork. But something tells me that won't make it into the slide-deck, will it?

No hard-fork I can imagine would break MasterCoin permanently. If you know of such a scenario, I'd like to hear about it.

[vokain]

Love the smell of progress in the morning

[hmmmstrange]

I've noticed a couple of mastercoin purchases that have multiple sending addresses. Are each address in the transaction going to have the corresponding amount of mastercoins of which btc were transferred? If so how are you going to account for the transaction fee? Divide the mastercoins proportionally between the multiple sending addresses?

[dacoinminster]

I've noticed a couple of mastercoin purchases that have multiple sending addresses. Are each address in the transaction going to have the corresponding amount of mastercoins of which btc were transferred? If so how are you going to account for the transaction fee? Divide the mastercoins proportionally between the multiple sending addresses?

I could either divide the MasterCoins proportionally among the sending addresses, or just credit them all to the address which sent the most coins. I haven't decided, actually. Any opinions on this?

[hmmmstrange]

Have them all co-own them and the first address used to move them invalidated the others.

[dacoinminster]

Have them all co-own them and the first address used to move them invalidated the others.

Wow - I hadn't even thought of doing it that way!

However, I want my software to be able to definitively answer questions like "How many MasterCoins are stored at address X", and co-owning them creates a lot of complexity for questions like that.

Personally, I'm leaning towards crediting the purchased MasterCoins to the address which sent the most BTC, as that will make using them easier on the purchaser.

[dacoinminster]

I just used the last of my personal bitcoins (which were previously at coinbase) to send 4.2 BTC to the Exodus Address to fund the MasterCoin giveaway thread with over 520 MasterCoins. Here is the transaction:

http://blockchain.info/tx/b9fb3df0b70d0303c8f1d1ca194be9a796012693a53c17f0e6f428b8adec9970