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

[prophetx]

I share your posts here:
https://www.facebook.com/groups/UbiCrypt/

You got a FB page?

Maybe we could setup a fan/group in FB only for Mastercoin (if it doesn't already exists)!

Please do not move discussion to Facebook. Facebook tracks user IP addresses across the internet, is a proprietary platform requiring registration with real names, and it has been compromised by the NSA.

yes there is a page for the foundation  https://www.facebook.com/mastercoinfoundation

yes it is possible to have a facebook account with a totally bogus name.  try it for yourself.  just don't post any pictures, etc the usual stuff if you are worried.

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[vokain]

If someone is interested:
The domain MasterCoin.BIZ is for SALE
Checkout the auction topic: [Domain] MasterCoin.BIZ for SALE

We're a nonprofit so I don't know how relevant the .biz TLD is to us

[prophetx]

I just posted the latest blog, a ton of information on there summarizing all the activities from the last week.  If I missed anything please let me know so I can include it next week.  Or if I made any errors (especially in the more technical parts) please inform me via PM.

Making History With Distributed Exchange

News for the week 43.2013.

Last week we discussed the fantastic results of the 1st code contest. Through out this week a few key exciting events took place.

J.R. Willet, the person behind the Mastercoin protocol, announced the 2nd code contest which is to enable distributed exchange transactions between two currencies (BTC <-> MSC); this ambitious contest is giving away 300 BTC and will need support not just from those who will be developing the wallet and website applications but also from those who are willing to test the developed applications, so take a look and get involved. Your contributions will be rewarded.

We also saw an important decision take place with the Bitcoin code base.  According to Gavin Andresen Bitcoin a pull request which allows for the association of up to 80 bytes of arbitrary data transactions will make it into Bitcoin’s 0.9 major release; this will enable Class C Mastercoin transactions (more information below).

Lastly, earlier this week the Mastercoin Foundation Board had its first meeting...

Read more...

http://blog.mastercoin.org/2013/10/26/making-history-with-distributed-exchange/

Another great article, really enjoyed reading it!

thanks, i enjoyed writing it.  next week i'll include that price history graphic you guys have up  

[CryptCard]

We're a nonprofit so I don't know how relevant the .biz TLD is to us

.biz = business

Also a non profit business is a business

[Luckybit]

Exactly 619478.59338440 MSC were created and no more will ever be created.

When asked about it, I think Willet replied: "...well, I don't want to say 'never'"

What if you had the choice: the projects dies for lack of development resources - or - 10% dilution for all participants to reach a spectacular success?  

I'd take choice #2.

Never say never.  Or 'ever'.    

More Mastercoins doesn't dilute anything if the project is a success. Development resources would come from Bitcoin once the decentralized exchange is built. I don't see how it will be an issue at all.

Also you'll have many commercial interests and venture capitalists who will pour millions into it if it even looks like its a success.

[Ola]

Here is a new facebook group, join discuss and share....:  Mastercoin: https://www.facebook.com/groups/213147185526904/

[NewLiberty]

Exactly 619478.59338440 MSC were created and no more will ever be created.

When asked about it, I think Willet replied: "...well, I don't want to say 'never'"

What if you had the choice: the projects dies for lack of development resources - or - 10% dilution for all participants to reach a spectacular success?  

I'd take choice #2.

Never say never.  Or 'ever'.    

More Mastercoins doesn't dilute anything if the project is a success. Development resources would come from Bitcoin once the decentralized exchange is built. I don't see how it will be an issue at all.

Also you'll have many commercial interests and venture capitalists who will pour millions into it if it even looks like its a success.

With such ample and excellent development resources, one might first question other aspects of the project.

[Zaih]

How many mastercoins were distributed for every Bitcoin sent to the Exodus address?

Can't seem to find the original price anywhere in the OP..

[solex]

How many mastercoins were distributed for every Bitcoin sent to the Exodus address?

Can't seem to find the original price anywhere in the OP..

100 msc per btc, plus 10% extra per week before the deadline.

[Zaih]

How many mastercoins were distributed for every Bitcoin sent to the Exodus address?

Can't seem to find the original price anywhere in the OP..

100 msc per btc, plus 10% extra per week before the deadline.

So most Mastercoin investors are up over 10x fold their investment already?

[romerun]

how far are we from finishing the distributed exchg

[klee]

How many mastercoins were distributed for every Bitcoin sent to the Exodus address?

Can't seem to find the original price anywhere in the OP..

100 msc per btc, plus 10% extra per week before the deadline.

So most Mastercoin investors are up over 10x fold their investment already?

Pretty much yes.

[TKeenan]

So most Mastercoin investors are up over 10x fold their investment already?

But please stand by - this will soon be 100X.  MSC:BTC will be 1:1 soon.  Just a bit more functionality in the MSC system and it will start to catch on.

[maxmint]

Did anybody yet contact ASICMINER's friedcat and talk about Mastercoin's smart property feature?

[Tachikoma]

how far are we from finishing the distributed exchg

Progress is being made although the last few weeks we have been working on improving the message encoding itself.

I've broadcasted the first ever Mastercoin BTC/MSC exchange message on the 25th of October. You can see it here on Mastercoin-explorer. For convenience I also made an order book page which shows all broadcasted orders. There is no way to accept these orders for now or for any non-technical to create offers but I expect there might be in the next week or so.

[Luckybit]

How many mastercoins were distributed for every Bitcoin sent to the Exodus address?

Can't seem to find the original price anywhere in the OP..

100:1, 100 Mastercoins for every Bitcoin.

Did anybody yet contact ASICMINER's friedcat and talk about Mastercoin's smart property feature?

It's a bit soon, wait until smart property actually works before contacting Friedcat.

how far are we from finishing the distributed exchg

Progress is being made although the last few weeks we have been working on improving the message encoding itself.

I've broadcasted the first ever Mastercoin BTC/MSC exchange message on the 25th of October. You can see it here on Mastercoin-explorer. For convenience I also made an order book page which shows all broadcasted orders. There is no way to accept these orders for now or for any non-technical to create offers but I expect there might be in the next week or so.

Excellent work! This is actually happening faster than anyone expected.

[dacoinminster]

There will never be more MasterCoins, unless the MasterCoin protocol gets hard-forked. Potentially anybody could do such a hard fork, and if it happened, people would have to decide if they wanted to stay or to join the new fork.

So far the price of BTC has risen faster than we can spend it, so we actually have a lot more money now than when we started, even though we've spent quite a bit. Of course, that could always change if BTC crashes, as it has been known to do. Because of that possibility, I'm a tightwad on a lot of things. Just ask the board - we're currently discussing whether we should hire a very prestigious PR firm who is offering us a discount and offering to take payment in BTC/MSC because they are hugely into what we are doing. However, it's still a LOT of money, and I'm looking at cheaper alternatives before we commit.

[ripper234]

No, there will never be more mastercoins. You can't change that, even by forking. You can create other currencies by forking, but not mastercoins.

[dacoinminster]

No, there will never be more mastercoins. You can't change that, even by forking. You can create other currencies by forking, but not mastercoins.

Well, I guess I'm imagining a scenario where the vast majority of people switch to a fork and continue calling it "MasterCoin" and recognize the old ones. If only one holdout didn't switch to the new fork, they'd have a tough time enforcing that semantic differentiation

My plan, as you well know, has always been to never have any more MSC, but if everybody else in the world decides differently, I can't really stop them.

[killerstorm]

No, there will never be more mastercoins. You can't change that, even by forking. You can create other currencies by forking, but not mastercoins.

That's just like, your opinion, man.