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

[maxmint]

The first point to check is the amount of mastercoins bought before 1.9.2013.

My calculation is available on:
http://pastebin.com/HiPVUxzT
where you can see on each line:

• the block on which the tx was confirmed
• txid
• amount of satoshis
• amount of mastercoins (+ the calculated 10% bonus per week)
• the amount of seconds the tx was sent before 1.9.2013

Summing up the amounts gives a total of roughly 528,301 Mastercoins (or 528301.88871472 to be exact).
superfluouso calculated a total of around 554,297, so we do have a discrepancy here.

[1715228122]

1715228122

[1715228122]

1715228122

[Tachikoma]

I've just updated http://mastercoin-explorer.com/.

I've fixed the issue with multiple inputs reported by dacoinminster earlier in this thread and put a web-version of the python advisor online. For now I would appreciate if somebody else would confirm the reference client gives the same output as the web-version.  

Before we start any coding, we should verify that we all understand the spec in the same way.
My calculation is available on:
http://pastebin.com/HiPVUxzT
where you can see on each line:

• the block on which the tx was confirmed
• txid
• amount of satoshis
• amount of mastercoins (+ the calculated 10% bonus per week)
• the amount of seconds the tx was sent before 1.9.2013

Awesome; just what we need. I will see if I can grab the same results from my codebase so we can compare them so we have some test vectors to code against.

Edit: There was a small bug right after posting this where it would set currency_id to 0 and 1 instead of 1 and 2. This has been fixed.

[grazcoin]

The first point to check is the amount of mastercoins bought before 1.9.2013.

My calculation is available on:
http://pastebin.com/HiPVUxzT
where you can see on each line:

• the block on which the tx was confirmed
• txid
• amount of satoshis
• amount of mastercoins (+ the calculated 10% bonus per week)
• the amount of seconds the tx was sent before 1.9.2013

Summing up the amounts gives a total of roughly 528,301 Mastercoins (or 528301.88871472 to be exact).
superfluouso calculated a total of around 554,297, so we do have a discrepancy here.

Indeed my calculation sums up to 528301.88871472
I assume the reasons for the difference may be:

• The 14 tx which are "mastercoin purchase" if one looks at blockchain.info "Received time", but they got confirmed only after the deadline, so the protocol does not consider them as purchases (see "Things to note" on https://bitcointalk.org/index.php?topic=265488.msg3088012#msg3088012)
• The timestamp for tx is taken as the timestamp of the first block in which this tx got included (again, see "Thing to note")
• Including the early mastercoin sending tx (which are per definition also mastercoin purchases if they are sent before 1.9.2013)
• Accuracy in calculation with rounding to full mastercoin smallest unit (100,000,000 dacoinminsters = 1 mastercoin?)
  

Since I gave all the calculation steps (including seconds till 1.9.2013 and bonus), it would be easy to check for a mistake.

Please update if you get the same amount for your address or not.
Anyone?

[maxmint]

Edit: There was a small bug right after posting this where it would set currency_id to 0 and 1 instead of 1 and 2. This has been fixed.

Was about to post that I get a slightly different result when using mastercoin-explorer, then saw your edit.

I made another test and the result is now the same that MastercoinAdvisor gives  – so this seems to be working.
Great tool, thanks for that!

[grazcoin]

I've just updated http://mastercoin-explorer.com/.
[..]
Edit: There was a small bug right after posting this where it would set currency_id to 0 and 1 instead of 1 and 2. This has been fixed.

I am checking one of the first tx to 1EXoDus address from:
https://blockchain.info/address/1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
which was 16BTC and it happened 2687249 seconds (around 31.1 days) before 1.9.2013.
The bonus is then 10% for a week, which is 10%*2687249/(3600*24*7)=>44.43%
[this fits to 4 weeks = 40%]
or in dacoinminsters:
160000000000+71091243386=231091243386
which is:
2310.91243386 mastercoins

Comparing to the mastercoin-explorer:

http://mastercoin-explorer.com/homes?address=1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
gives:
Bought 1600.0 Mastercoins and got a 699.4835978835979 Mastercoins extra.
This gives 2299.483597884 mastercoins

minor remark: precision of 8 decimal, and not 13.

where is the mistake?

[Bitbird]

Hey dacoinminster and guys,

What's the simplest way if I want to send and receive MSC via blockchain.info wallet?

Thanks for reading!

[maxmint]

Hey dacoinminster and guys,

What's the simplest way if I want to send and receive MSC via blockchain.info wallet?

Thanks for reading!

You can use "Send money > Custom Transaction" to use a specific "from address" and specify multiple outputs.

[dacoinminster]

I've just updated http://mastercoin-explorer.com/.
[..]
Edit: There was a small bug right after posting this where it would set currency_id to 0 and 1 instead of 1 and 2. This has been fixed.

I am checking one of the first tx to 1EXoDus address from:
https://blockchain.info/address/1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
which was 16BTC and it happened 2687249 seconds (around 31.1 days) before 1.9.2013.
The bonus is then 10% for a week, which is 10%*2687249/(3600*24*7)=>44.43%
[this fits to 4 weeks = 40%]
or in dacoinminsters:
160000000000+71091243386=231091243386
which is:
2310.91243386 mastercoins

Comparing to the mastercoin-explorer:

http://mastercoin-explorer.com/homes?address=1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
gives:
Bought 1600.0 Mastercoins and got a 699.4835978835979 Mastercoins extra.
This gives 2299.483597884 mastercoins

minor remark: precision of 8 decimal, and not 13.

where is the mistake?

The blockchain.info timestamps aren't based on data stored in the block chain - they appear to be a timestamp set by blockchain.info when they first see a transaction. I also made the mistake of assuming they were from the block chain, and my greasemonkey script also incorrectly calculates the bonus by a small amount.

MasterCoin-Explorer is getting really good. I don't know of any outstanding bugs, but I'm still looking. (see next post)

If somebody wants to make a list of the refunds I need to make, that would be helpful. I plan to make a list myself before I issue refunds to people who purchased after the deadline, but it would be nice to have a publicly vetted list to double-check against.

I had hoped to not refund the people who sent before the deadline but didn't make it into the block chain until after the deadline, but that would make calculating bonuses for those people weird (negative bonus?) so I think I'll have to refund those folks too, as implied by some of the calculations I see earlier in this thread.

The advertisements for buymastercoin.com are a bit of a grey area, but after talking to the site owner, I'm leaning towards treating those just like other investments, to keep things simple.

I'm in the process of finalizing the composition of the MasterCoin Foundation board. If you made a major investment and would like to sit on the board (which has veto power over my expenditures) let me know ASAP!

Thanks!

[dacoinminster]

OK I did find one outstanding issue with mastercoin-explorer - it still counts the same address multiple times in one purchase. For instance, on this transaction:

http://blockchain.info/tx/52a875a46d7973760974b2ae8fa7bb71bfe7d06e0be8fd2bf2e20eaca182dbd7

When I enter the purchasing address (196V2uB471HoMHwbkQRQRiwd3aYpU6RtWg), I get "Bought 210000.0 Mastercoins and got a 88206.42361111111 Mastercoins extra."

The buyer sent 420 BTC with 5 inputs of 100 BTC each and 80 BTC change, which should have been 42000 MasterCoins plus a bonus. 42000*5 = 210000 which implies each input is being counted.

Probably related is the bug in the handling of this purchase: http://blockchain.info/tx/37992e445c33dd74a1e4e00dabb6a66f16a5d39977a1f5fd1a6c0154e884eee2

15XJoDF4xCUrWX3ES9ftWq3wnGhuRsqrLk (which had the largest total input) should be the owner of those MasterCoins rather than 1G6F8aMJNp3zMG9L1DxDT3WjiUntJYwYka (which had the largest single input). MasterCoin-Explorer incorrectly credits the latter address with the purchase. I realize I need to be more clear in the spec about how to do this!

Also, a quibble: MasterCoins are only divisible to 8 decimal places, so calculated bonuses should be rounded off at that precision

Thanks!

[maxmint]

Tachikoma or dacoinminster: what about one of you starting a dedicated thread for discussing mastercoin-explorer?

[td services]

I checked my Bitcoin-QT wallet address used for Mastercoin, got 500.0 purchased, missing fractional Mastercoin, about .719 for about .00729 BTC on second transaction. I tried copy and paste transaction ID fro wallet, to get details on both transactions, got

"Sorry, it seems my blockchain is still catching up or the transaction does not exist."

Any thoughts?

[td services]

Another question, can I safely add a new address to the same Bitcoin-QT wallet instance to receive Bitcoin since I dedicated my existing only address to buy Mastercoin?

[dacoinminster]

Tachikoma or dacoinminster: what about one of you starting a dedicated thread for discussing mastercoin-explorer?

I think yes, but not right now. Currently, I believe this is the most important thing going on with the project!

I checked my Bitcoin-QT wallet address used for Mastercoin, got 500.0 purchased, missing fractional Mastercoin, about .719 for about .00729 BTC on second transaction. I tried copy and paste transaction ID fro wallet, to get details on both transactions, got

"Sorry, it seems my blockchain is still catching up or the transaction does not exist."

Any thoughts?

Please post your address(es) and transaction ids so somebody can take a look.

Another question, can I safely add a new address to the same Bitcoin-QT wallet instance to receive Bitcoin since I dedicated my existing only address to buy Mastercoin?

Yes. It would be quite difficult to send MasterCoins by accident. You can continue using your bitcoin wallet as normal.

[td services]

1G6zjkpKHaDETbswWCJwyu3PQMesoCHvvz - Wallet ID

fc60a1b4b2b267b78c006cdd2cecbb61b8c6a30f2e0af116aab9cb3ef8a94ae2-000  - 5 BTC

e66c3d9e1a9ce18f71ef81eb4fcbe83a23c86cb098f8c2cdcc40bf86b8f4b735-000   - .00729 BTC

[AlexMc]

If somebody wants to make a list of the refunds I need to make, that would be helpful. I plan to make a list myself before I issue refunds to people who purchased after the deadline, but it would be nice to have a publicly vetted list to double-check against.

I had hoped to not refund the people who sent before the deadline but didn't make it into the block chain until after the deadline, but that would make calculating bonuses for those people weird (negative bonus?) so I think I'll have to refund those folks too, as implied by some of the calculations I see earlier in this thread.

The advertisements for buymastercoin.com are a bit of a grey area, but after talking to the site owner, I'm leaning towards treating those just like other investments, to keep things simple.

I have a suggestion regarding which transactions to refund.

All transactions where the blockchain.info received time shows a date in September should be refunded. This excludes any 0.00006 BTC transactions.

https://blockchain.info/tx/4c097244046e1b1fa23edc7ad8efd10babbe7c0caa13925c33097b84dae57af7
https://blockchain.info/tx/8370e73f7d57a80c0191a08f068677cb3e1f2c735dc77d1b43dc8beabca44b97
https://blockchain.info/tx/9215723f2f4069e783796bb6e5b333ed464ae483376bc24f9167cddafbac31ac
https://blockchain.info/tx/8d3e15a6aa391ac59c4d8ae12d1687f1266bc53053bcb28ac6fb408986f89865
https://blockchain.info/tx/710ad508fd09a6a9d66c1c03321453a5a621b89a3591bb0b0ccb27c123535dfb
https://blockchain.info/tx/35fd5e8905b145e912a99e06682f228f80a991e011780ccb422f88c21557c60b


The following transactions identified by grazcoin should also be refunded, even though most of them are advertising spam.  This prevents any future comments that rules regarding the purchasing of MasterCoins were bent or broken, or the specification wasn't followed by it's creator from the start, etc.

However, I believe that the purchasers made MasterCoin purchases in good faith.  A possible solution for these transactions would be for dacoinminster to offer the owners of these particular addresses the option to purchase the equivalent number of Mastercoins (with no bonus, or penalty) at a rate of 1BTC per 100 Mastercoins.  This would of course mean he would need to agree to sell them from his personal holdings. (4276.9 Mastercoins = 42.769BTC)

This means that the following tx are *NOT* mastercoin purchases (although they have "Received Time" before 1.9.2013):

• https://blockchain.info/tx/a37c9271ce64b9ec4ac147990a24c296747251d09d8da0e27c6a214fbad08421
• https://blockchain.info/tx/eb78c2f3c3b69ef239e9eb9a962109c50f7248d876e985991f632c317f241db5
• https://blockchain.info/tx/23bfafb474e21356fa7f7fe302b5301accde1fb714f0bc34d1f015d16a20c3f2
• https://blockchain.info/tx/da621a2bd48c2bccb536741a5eb94426e191519e1875ccf42b18354130272ae7
• https://blockchain.info/tx/025692e2b535a667e9ce27e783ec19f0b6031038415c7dc7bd218cd6b7c6b296
• https://blockchain.info/tx/16c96d2871a941e54a10892b7e0a0dc40e636e780438c7d6dd045b5f029a8a33
• https://blockchain.info/tx/8fba8cfebc75b3ce4d6453e32ce802238e357983e36078223efe8a3ec99afaac
• https://blockchain.info/tx/fedcb2c01555b284c96326f3ec28007e550e9b3bf68437a4f1e011c9a7c25a19
• https://blockchain.info/tx/b111ac1df8fef7c1c0c8699898e850b539cd5062950991788670d6fc3f2baadd
• https://blockchain.info/tx/4cd397682dab60f00adb4e88d8a51b3d687352ed52fa9b0d7d13b82b6eebc1f7
• https://blockchain.info/tx/ee7eaada2fd5346662750ae452b5b36bf358978087a6bdb2f544055cb02db34a
• https://blockchain.info/tx/827a7818976cc3114f6b157a054cb3be663aaf59dc8afea75a3d9b629d122611
• https://blockchain.info/tx/935dfdcb31237ab4435877f2c6d28dd3906974753b0072c6921fa30c8239e4f3

Finally, I agree that the spammy advertising payments that were made should just be treated as normal purchases, provided they fell into the valid purchase window.

[Tachikoma]

I am checking one of the first tx to 1EXoDus address from:
https://blockchain.info/address/1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
which was 16BTC and it happened 2687249 seconds (around 31.1 days) before 1.9.2013.
The bonus is then 10% for a week, which is 10%*2687249/(3600*24*7)=>44.43%
[this fits to 4 weeks = 40%]
or in dacoinminsters:
160000000000+71091243386=231091243386
which is:
2310.91243386 mastercoins

Can I ask you what time you are using to define the end date? I'm using 1377993600. I think this is the difference between our results.

minor remark: precision of 8 decimal, and not 13.

This should be fixed in the next release.

OK I did find one outstanding issue with mastercoin-explorer - it still counts the same address multiple times in one purchase. For instance, on this transaction:

http://blockchain.info/tx/52a875a46d7973760974b2ae8fa7bb71bfe7d06e0be8fd2bf2e20eaca182dbd7

When I enter the purchasing address (196V2uB471HoMHwbkQRQRiwd3aYpU6RtWg), I get "Bought 210000.0 Mastercoins and got a 88206.42361111111 Mastercoins extra."

The buyer sent 420 BTC with 5 inputs of 100 BTC each and 80 BTC change, which should have been 42000 MasterCoins plus a bonus. 42000*5 = 210000 which implies each input is being counted.

Probably related is the bug in the handling of this purchase: http://blockchain.info/tx/37992e445c33dd74a1e4e00dabb6a66f16a5d39977a1f5fd1a6c0154e884eee2

15XJoDF4xCUrWX3ES9ftWq3wnGhuRsqrLk (which had the largest total input) should be the owner of those MasterCoins rather than 1G6F8aMJNp3zMG9L1DxDT3WjiUntJYwYka (which had the largest single input). MasterCoin-Explorer incorrectly credits the latter address with the purchase. I realize I need to be more clear in the spec about how to do this!

I've fixed this individual issue. But I'm going to run through all the transaction this weekend to make sure I got all edge cases.

On the topic of which transactions to refund; I would vote that all transaction up to block #255362 get included. The last block in August (255361) was 23:47 which seems not fair to use. The next one is #255362 which was a few minutes after.

1G6zjkpKHaDETbswWCJwyu3PQMesoCHvvz - Wallet ID

fc60a1b4b2b267b78c006cdd2cecbb61b8c6a30f2e0af116aab9cb3ef8a94ae2-000  - 5 BTC

e66c3d9e1a9ce18f71ef81eb4fcbe83a23c86cb098f8c2cdcc40bf86b8f4b735-000   - .00729 BTC

The transaction lookup is only for real Mastercoin transactions; not transactions that are buying coins via Exodus.

Is there a mastercoin irc channel?
Curious about how this project will evolve btw.

Whenever I'm online I can be found at #mastercoin.

[dacoinminster]

I am checking one of the first tx to 1EXoDus address from:
https://blockchain.info/address/1PA8qhEzW7to6EeqBAdhVZYGbVj2MfmN2n
which was 16BTC and it happened 2687249 seconds (around 31.1 days) before 1.9.2013.
The bonus is then 10% for a week, which is 10%*2687249/(3600*24*7)=>44.43%
[this fits to 4 weeks = 40%]
or in dacoinminsters:
160000000000+71091243386=231091243386
which is:
2310.91243386 mastercoins

Can I ask you what time you are using to define the end date? I'm using 1377993600. I think this is the difference between our results.

minor remark: precision of 8 decimal, and not 13.

This should be fixed in the next release.

OK I did find one outstanding issue with mastercoin-explorer - it still counts the same address multiple times in one purchase. For instance, on this transaction:

http://blockchain.info/tx/52a875a46d7973760974b2ae8fa7bb71bfe7d06e0be8fd2bf2e20eaca182dbd7

When I enter the purchasing address (196V2uB471HoMHwbkQRQRiwd3aYpU6RtWg), I get "Bought 210000.0 Mastercoins and got a 88206.42361111111 Mastercoins extra."

The buyer sent 420 BTC with 5 inputs of 100 BTC each and 80 BTC change, which should have been 42000 MasterCoins plus a bonus. 42000*5 = 210000 which implies each input is being counted.

Probably related is the bug in the handling of this purchase: http://blockchain.info/tx/37992e445c33dd74a1e4e00dabb6a66f16a5d39977a1f5fd1a6c0154e884eee2

15XJoDF4xCUrWX3ES9ftWq3wnGhuRsqrLk (which had the largest total input) should be the owner of those MasterCoins rather than 1G6F8aMJNp3zMG9L1DxDT3WjiUntJYwYka (which had the largest single input). MasterCoin-Explorer incorrectly credits the latter address with the purchase. I realize I need to be more clear in the spec about how to do this!

I've fixed this individual issue. But I'm going to run through all the transaction this weekend to make sure I got all edge cases.

On the topic of which transactions to refund; I would vote that all transaction up to block #255362 get included. The last block in August (255361) was 23:47 which seems not fair to use. The next one is #255362 which was a few minutes after.

1G6zjkpKHaDETbswWCJwyu3PQMesoCHvvz - Wallet ID

fc60a1b4b2b267b78c006cdd2cecbb61b8c6a30f2e0af116aab9cb3ef8a94ae2-000  - 5 BTC

e66c3d9e1a9ce18f71ef81eb4fcbe83a23c86cb098f8c2cdcc40bf86b8f4b735-000   - .00729 BTC

The transaction lookup is only for real Mastercoin transactions; not transactions that are buying coins via Exodus.

Is there a mastercoin irc channel?
Curious about how this project will evolve btw.

Whenever I'm online I can be found at #mastercoin.

I'm cool with that. I'm guessing block 255362 transactions would get a bonus of zero? It's possible that if you just used the same math, they'd actually get a small negative bonus!

Assuming we accept investments through block 255362, here is my proposed refund list: https://docs.google.com/spreadsheet/ccc?key=0AnnInaIJVqrtdGMteFNOWjBpWTNqd3BYbWUzdGVLMmc&usp=sharing

From that spreadsheet:

Refund Amount   Address
11   1KDCt8VoY45ya3QnExwtZEdugAnRAncr1Z   
27.5995   1Bqp4VEweM1S8FKGHWYviRRtSxv5tMAVih
10   1HMGFJLpVabBkPr7qqcMUXtwrTxfdYUgKL   
2.6   1FZh5jq1jiqUWSYrtPQhW3bUFCdDHU31WL   
0.1   1P1bvEdC5S8TsNsM7Nt43JiiX2YCpEhPnr   
0.11   1MVdiQSHvHhXzvMvEhEDtsPoBhdJ1zU8Ju   
0.32   1GaNupdUBzfVF2B3JUAY1rZwHoXJgjyzXj
0.01   1HpNa5GbsPRbJ1s931oNKGqgN5gVbBBE8s   
0.119   1QGrEUT3spsKDB6VPjrcfy21qx3f6CuCwF   
      
51.8585   Total Refund   

[dacoinminster]

Ola sent me a marketing proposal: https://docs.google.com/file/d/19elBi_gl142UYtHREf74bPVCmWxYNUhEYDKfVw7gAEBVkaX1A9J3xEcWcSSo/edit?usp=sharing

Here's an unformatted copy/paste:

Mastercoin Marketing Plan Proposal (Rough Draft)

Mastercoin can be referred to as the great unifier; it is what the core

bitcoin developers have been waiting for to happen for some time

now. As that, is should be synonymously referred to whenever there

is a discussion on bitcoin. Bitcoin is great, it frees us by providing

a way to transport value, build upon it and store value. The media

have criticized bitcoins functionality store as a value in the past

arguing that the currency is too volatile to store value with confidence.

Mastercoin changes all this: Because Mastercoins are built on top

of the bitcoin protocol, a set number of bitcoin will always equal a

number of Mastercoin denomination. Furthermore commodity and

currency can be accurately represented using Mastercoin. As this,

Mastercoin becomes the layer that brings stability to bitcoin. As that

is should be synonymously referred to whenever there is a discussion

on bitcoin. Mastercoin = the great unifier. I am not sure how this works

as a slogan but it will hopefully start the discussion going in the right

direction. The marketing approach will take a top down one starting

with the market and branding:

Identify the target Market

From my rough guestimate I would assume that some of your core

innovators and early adopters would be:

Crypto Entrepreneurs / Entrepreneurs

Developers

Financial investors

Wall street traders

Financial Speculators

Tech savvy customers

Branding

• Logo (I see one has been designed already, Perfect!)

• Slogan: should sum the value of Mastercoin in a short phrase

• Website: (with high converting landing page clearly

highlighting your most important value proposition)

• Blog/ meme style blog post

Very highly engaging oatmeal style. We also want lots of text

(Writing from a development, influential and global perspective.

Then Search engine optimization/ creation of category, I doubt

there are any keyword existing for this category, as it is pretty

much brand new

• Social Media profiles branded design (Facebook/

YouTube/twitter)

• Explainer video

• Youtube video series: video series with a speak explaining

various concepts and facts is a fun engaging way. it could be a

series of explainer videos

Marketing:

• Start growing relationships with already established players in

the financial and crypto-currency space to bring your simplified

message and its benefits to their customer base

• Press releases/2 per month (recommendation)

• Search Engine Optimization

• Twitter follower campaign

• Facebook Campaign

• Reddit promotion

• Viral incentivized and Gamified give away system for viral

marketing adoption on main website landing page

Some good ideas here. I have to say "The Great Unifier" is a pretty catchy tagline.

Any feedback about this? Alternate ideas?

[Tachikoma]

I would personally work a bit more on the implementation and protocol before focusing-in on the marketing message. I feel like we are still selling an idea without much practical implementation yet.

The biggest problem is still that Mastercoin data is encoded in a very parasitic way. I personally would not want Mastercoin to take off before this major problem is solved. This also means that I think we should be open to the idea that Mastercoin might have different rules on how to parse the blockchain data based on the block it's parsing. This means Mastercoin can adapt to changes in the Bitcoin protocol or when it needs to make internal changes.

[maxmint]

I would personally work a bit more on the implementation and protocol before focusing-in on the marketing message. I feel like we are still selling an idea without much practical implementation yet.

I was thinking the same. I would prefer to have a solid protocol and client before making any marketing efforts. I guess there will be some pitfalls along the way which might be quite hard to overcome.