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

[AlexMc]

I was just checking on the Exodus Address to see how the project funding was coming along.  I noticed it was up to 99 transactions.

I'm afraid I only had pocket change in my Bitcoin wallet, but I couldn't resist getting it to triple digits.

Congratulations on reaching 100 transactions 

[dacoinminster]

Oh man, thanks for the encouragement guys. It really means a lot to me. I was offline yesterday (caring for my wife who just had a minor surgery), and it was awesome to come back to see these friendly comments (and triple-digit transactions!)

My tiny slivers of project time are very focused on the next two milestones. I have a very good feeling about what will happen once MasterCoins are no longer for sale at the Exodus Address, and we have a distributed exchange set up. I think most of us (especially me) are long-term MasterCoin investors, so any influx of buyers after this month could make the price go crazy since the vast majority of them won't be available for sale

Can I say that? I hope I can. This is a currency rather than a stock, so hopefully I won't get in trouble. Still I should probably mention that I am not a financial adviser (and you should consult one before investing), past performance does not predict future results, any forward-looking statements are guesses rather than guarantees, results not typical, size enlarged to show texture, and whatever else I am supposed to say to not get in trouble!

[ripper234]

I have just finished preparing my MasterCoin presentation for tomorrow's meetup of Israeli Bitcoin Meetup - notes welcome (please on the Google Groups thread).

I believe we will videotape the the meetup, but I will deliver it in Hebrew so the video will be of limited use.
Still the presentation is in English, you may reuse it if you wish.

[ripper234]

I posted a new bounty suggestion / feature request - let's have the greasemonkey script.

Is there a better place to post feature requests? (Well we can post them here / the google group, but we should really have some organized issue tracker. How about a github repo?)

[bernard75]

I posted a new bounty suggestion / feature request - let's have the greasemonkey script.

Is there a better place to post feature requests? (Well we can post them here / the google group, but we should really have some organized issue tracker. How about a github repo?)

+1

[culexevilman]

Sent what I can, GL and hopefully this will be an awesome project.

[shakezula]

Is there a way to get the GreaseMonkey script to work on the individual tx pages and not only on the Exodus addy page? For example, if I visit my TX log:

http://blockchain.info/tx/407e0a6ae2986693c8e5d35b2e47f973af35239fc53e8561137ee5f320195682

I don't see Mastercoins purchased, but if I visit the overall Exodus address page I do....

Just a quibble I guess, not that I don't love seeing everyone else's transactions!

[Ola]

great project JR, its good to see you put your advise to work for yourself. I bought some mastercoins and my project will follow yours in crowd funding similarity

[ripper234]

Well, the meetup today was great, I think about 25-30 people showed up and we all had interesting discussions about MasterCoin.

One feature that was suggested was "all or nothing transactions" in the distributed exchange.
It's essentially a bit added to the buy/sell offers of a given currency, that will make the offer only match counter-offers that want to exchange the entire amount (no partially filled offers will be accepted).

I don't have a Forex background myself, the suggestion was based on the existence of a similar feature in various Forex markets.

[Ola]

Well, the meetup today was great, I think about 25-30 people showed up and we all had interesting discussions about MasterCoin.

One feature that was suggested was "all or nothing transactions" in the distributed exchange.
It's essentially a bit added to the buy/sell offers of a given currency, that will make the offer only match counter-offers that want to exchange the entire amount (no partially filled offers will be accepted).

I don't have a Forex background myself, the suggestion was based on the existence of a similar feature in various Forex markets.

Good idea Ron. I will suggest this as one of the discussion points at my meet-up in NYC. Also, Ron Just in case you were wondering we are friends on FB I sent you that message about your evangelizing

[Wagner2014]

I have a few (admittedly basic) questions regarding investing a small sum in this venture. If there is a FAQ for a newbie, please link.

I would appreciate if anyone can advise on the following:

1) You can not invest using a web-based wallet, but I assume investing from my own Bitcoin QT wallet installed on my PC would work, correct?

2) You need to use a new (separate) address for sending bitcoins to the exodus address, correct?

3) You will receive 100 mastercoins for each bitcoin sent? How do your receive these? How is this verified? Can you receive mastercoins in your bitcoin wallet? When do you receive them?

4) There will be no new mastercoins created after the investment deadline of end of August? How does the total invested amount = optimal # of mastercoins needed to make system work? The method of creating mastercoins creates an arbitrary #.

Thank you.

[ripper234]

I have a few (admittedly basic) questions regarding investing a small sum in this venture. If there is a FAQ for a newbie, please link.

I would appreciate if anyone can advise on the following:

1) You can not invest using a web-based wallet, but I assume investing from my own Bitcoin QT wallet installed on my PC would work, correct?

2) You need to use a new (separate) address for sending bitcoins to the exodus address, correct?

3) You will receive 100 mastercoins for each bitcoin sent? How do your receive these? How is this verified? Can you receive mastercoins in your bitcoin wallet? When do you receive them?

4) There will be no new mastercoins created after the investment deadline of end of August? How does the total invested amount = optimal # of mastercoins needed to make system work? The method of creating mastercoins creates an arbitrary #.

Thank you.

No FAQ yet (we should definitely make one).

1) bitcoin-qt and also blockchain.info are safe - any wallet where you control the privaet keys is ok.
2) You don't have to use a new address, it might make your internal accounting easier.
3) You will receive a bit more than 100 MSC per BTC sent. There is a 10% "early adopter bonus" per week of early sending before the deadline (continuous). You receive your MSC the instant you send them ... you can try the greasmonkey script (see above in the thread) to verify you do have them.
4) Correct, up to a small amount created at the Exodus address (10% of its content I believe). There is no "optimal number of MSC" ... just like the total number of BTC, the total number of MSC doesn't matter in itself - they're divisible enough.

[ripper234]

Good idea Ron. I will suggest this as one of the discussion points at my meet-up in NYC. Also, Ron Just in case you were wondering we are friends on FB I sent you that message about your evangelizing

Now I make the connection, thanks for reminding me.
Feel free to use my presentation if you'd like, I put a good few hours of work into it, and it has cool animations

[Wagner2014]

I have a few (admittedly basic) questions regarding investing a small sum in this venture. If there is a FAQ for a newbie, please link.

I would appreciate if anyone can advise on the following:

1) You can not invest using a web-based wallet, but I assume investing from my own Bitcoin QT wallet installed on my PC would work, correct?

2) You need to use a new (separate) address for sending bitcoins to the exodus address, correct?

3) You will receive 100 mastercoins for each bitcoin sent? How do your receive these? How is this verified? Can you receive mastercoins in your bitcoin wallet? When do you receive them?

4) There will be no new mastercoins created after the investment deadline of end of August? How does the total invested amount = optimal # of mastercoins needed to make system work? The method of creating mastercoins creates an arbitrary #.

Thank you.

No FAQ yet (we should definitely make one).

1) bitcoin-qt and also blockchain.info are safe - any wallet where you control the privaet keys is ok.
2) You don't have to use a new address, it might make your internal accounting easier.
3) You will receive a bit more than 100 MSC per BTC sent. There is a 10% "early adopter bonus" per week of early sending before the deadline (continuous). You receive your MSC the instant you send them ... you can try the greasmonkey script (see above in the thread) to verify you do have them.
4) Correct, up to a small amount created at the Exodus address (10% of its content I believe). There is no "optimal number of MSC" ... just like the total number of BTC, the total number of MSC doesn't matter in itself - they're divisible enough.

Thank you.

So as of today there would be 2,157 x 100 (plus bonus) = 215,700 plus 10% weekly bonus MSC

You receive the coins instantly but need a script to verify? This I don't understand. The MSCs are sent to the same wallet that you sent the bitcoins from? The wallet made for bitcoin can receive mastercoins?

Edit: I found the "MasterCoin Complete Speculation" document which will hopefully answer some of my questions...

[hmmmstrange]

Wagner2014,

Just the act of sending coins to the address is all that is needed to purchase mastercoins. Coins received at that address and at what date and time before aug 1st is how your mastercoin total is calculated. The greasemonkey script is just to calculate the amount of mastercoins purchased(seems to be a little bug in it now).

[ripper234]

I have just finished preparing my MasterCoin presentation for tomorrow's meetup of Israeli Bitcoin Meetup - notes welcome (please on the Google Groups thread).

I believe we will videotape the the meetup, but I will deliver it in Hebrew so the video will be of limited use.
Still the presentation is in English, you may reuse it if you wish.

Slides are also available on slideshare for any of you who are interested.

[Tachikoma]

Would it make sense to get an exodus address for (bitcoin) testnet?

[crazy_rabbit]

Would it make sense to get an exodus address for (bitcoin) testnet?

Good point- why not?

[dacoinminster]

Would it make sense to get an exodus address for (bitcoin) testnet?

Good point- why not?

"Test MasterCoins" were created for this purpose - everybody gets the same number of MasterCoins and Test MasterCoins, and both run on top of the main bitcoin block chain. This simplifies development somewhat.

[dacoinminster]

I have just finished preparing my MasterCoin presentation for tomorrow's meetup of Israeli Bitcoin Meetup - notes welcome (please on the Google Groups thread).

I believe we will videotape the the meetup, but I will deliver it in Hebrew so the video will be of limited use.
Still the presentation is in English, you may reuse it if you wish.

Slides are also available on slideshare for any of you who are interested.

Ron, I think you have earned considerable additional credit for receiving MasterCoins on the giveaway thread

The slides I looked at really threw me for a loop when some of the pictures had English words right-to-left instead of left-to-right - it took me a minute to figure out, but I assume this made sense to people who are used to reading Hebrew.