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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 448416 times)
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October 28, 2013, 07:00:25 PM
 #1541

Hi all,

I agree that a PR firm that has measurable results (S.M.A.R.T) will be important in the near future.

However, the most important steps in the next few months are delivering features and value-added functionality to MSC so that word-of-mouth spreads within the Bitcoin community. I would first leverage the Project's success to market itself and then spend some money on PR.



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.

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October 28, 2013, 08:11:55 PM
Last edit: October 28, 2013, 08:32:10 PM by Luckybit
 #1542

Hi all,

I agree that a PR firm that has measurable results (S.M.A.R.T) will be important in the near future.

However, the most important steps in the next few months are delivering features and value-added functionality to MSC so that word-of-mouth spreads within the Bitcoin community. I would first leverage the Project's success to market itself and then spend some money on PR.



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.

I agree. If it's the first decentralized exchange I don't think PR will be a problem at all. Get in contact with the issuers and business owners. Have some useful goods and services using the Mastercoin protocol and then run the PR campaign to put it into the media.

It will be important to encourage business owners and issuers to keep using Mastercoins but the truth of the matter is, for any business it will make all the sense in the world based on functionality. For the users I think where else are they supposed to go for a decentralized exchange? There is no alternative so once you have that you'll automatically have the Bitcoin community.

Even if Colored Coin and Bitshares arrive soon or at the same time the demand for a decentralized exchange is so great that there are thousands of people waiting just for that. The more features you have the greater the demand will be and I do believe the potential market cap is big enough for Colored Coin, Bitshares and Mastercoin to all be successful.

Long term PR will be a major issue though. The other issue will be getting fiat currency into the Mastercoin eco-system. Mastercoin is a great idea but if its hard to get fiat into the system it's never going to take off as much as it could. I have ideas on how giftcards can be used to turn fiat into Mastercoins using a giftcard/scratch card approach to selling Mastercoins. I think scratch cards which contain Mastercoins should be sold in liquor stores, coffee shops and at college campuses across the globe.

My idea for marketing Mastercoin to the general public once the functionality exists
I would design the scratch cards so everyone wins something, but the amount of Mastercoins you win is random. Some people would win the jackpot and some would win just enough to want to keep buying Mastercoin scratch tickets.

So just as the giveaway thread gives away Mastercoins at 0.1-0.9, in the future a scratch ticket approach will be necessary. The scratch tickets will be sold so people will actually be buying the Mastercoins but once in a while there will be a jackpot in there so that some people win a lot more than others.

So for $1 to $5 to $20 anyone will be able to buy a scratch ticket. They'll scratch it off to see how many Mastercoins they've won underneath. If they won more than they paid for they hit the jackpot but the majority of people will just win any amount and be happy with that. The total amount sold is the same but the distribution is randomized so that it's got a gambling element to it.

Now you'll have the general public with scratch tickets with Mastercoins which they'll be able to use.
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October 28, 2013, 08:13:43 PM
 #1543

Anybody interested in helping our chinese friends buy MSC and/or get involved in other ways?

Quote
Hi David, J.R, Ron, Sam and Lee:

The MasterCoin has been very hot topic recently in China.

Please allow me introduce Mr. really Lee to you guys.

Really has translated the Mastercoin's white paper into Chinese version, he is running a Mastercoin community via QQ group with 65 members now. (Chines skype)

He told me that there are some Chinese are willing to purchase the Mastercoins, but they have no idea how to buy from second market, and they do not know
how to involve in the project development.....

IMHO: That will be great if you guys invite some Chinese into your group/foundation, help promote and protect Mastercoin project in China.

Anything I could be in assistance, please let me.

Any comments?

Cheers,

Bo

My response:

Quote
Hi Lee!

I've posted a copy of this email in our project thread: https://bitcointalk.org/index.php?topic=265488.msg3429668#msg3429668

We're happy to support our Chinese friends getting involved with MasterCoin, although we don't have any websites or services in Chinese yet. That might be a good starting point for someone who wants to get involved, especially if they speak enough English to work with our developers making English sites. Note that someone who creates such a site will probably be eligible for some payment from our coding contest (https://bitcointalk.org/index.php?topic=292628.240). The potential Chinese buyers may want to pool their money and choose an English-speaking representative to make the purchase on their behalf on the ad-hoc exchange MaxMint is running (https://bitcointalk.org/index.php?topic=287145.0), then distribute the coins purchased to the people who contributed. Otherwise, they can use the distributed exchange when that is ready.

Thanks!

-J.R.

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October 28, 2013, 08:26:27 PM
 #1544

Anybody interested in helping our chinese friends buy MSC and/or get involved in other ways?

Quote
Hi David, J.R, Ron, Sam and Lee:

The MasterCoin has been very hot topic recently in China.

Please allow me introduce Mr. really Lee to you guys.

Really has translated the Mastercoin's white paper into Chinese version, he is running a Mastercoin community via QQ group with 65 members now. (Chines skype)

He told me that there are some Chinese are willing to purchase the Mastercoins, but they have no idea how to buy from second market, and they do not know
how to involve in the project development.....

IMHO: That will be great if you guys invite some Chinese into your group/foundation, help promote and protect Mastercoin project in China.

Anything I could be in assistance, please let me.

Any comments?

Cheers,

Bo

My response:

Quote
Hi Lee!

I've posted a copy of this email in our project thread: https://bitcointalk.org/index.php?topic=265488.msg3429668#msg3429668

We're happy to support our Chinese friends getting involved with MasterCoin, although we don't have any websites or services in Chinese yet. That might be a good starting point for someone who wants to get involved, especially if they speak enough English to work with our developers making English sites. Note that someone who creates such a site will probably be eligible for some payment from our coding contest (https://bitcointalk.org/index.php?topic=292628.240). The potential Chinese buyers may want to pool their money and choose an English-speaking representative to make the purchase on their behalf on the ad-hoc exchange MaxMint is running (https://bitcointalk.org/index.php?topic=287145.0), then distribute the coins purchased to the people who contributed. Otherwise, they can use the distributed exchange when that is ready.

Thanks!

-J.R.

Paid translation might be a good use of some of the contest funds. If the spec / whitepaper can be translated into as many languages as possible and if more importantly the development documentation and concepts can be translated then it will probably catch fire.

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October 28, 2013, 10:17:12 PM
 #1545

Anybody interested in helping our chinese friends buy MSC and/or get involved in other ways?

Quote
Hi David, J.R, Ron, Sam and Lee:

The MasterCoin has been very hot topic recently in China.

Please allow me introduce Mr. really Lee to you guys.

Really has translated the Mastercoin's white paper into Chinese version, he is running a Mastercoin community via QQ group with 65 members now. (Chines skype)

He told me that there are some Chinese are willing to purchase the Mastercoins, but they have no idea how to buy from second market, and they do not know
how to involve in the project development.....

IMHO: That will be great if you guys invite some Chinese into your group/foundation, help promote and protect Mastercoin project in China.

Anything I could be in assistance, please let me.

Any comments?

Cheers,

Bo

My response:

Quote
Hi Lee!

I've posted a copy of this email in our project thread: https://bitcointalk.org/index.php?topic=265488.msg3429668#msg3429668

We're happy to support our Chinese friends getting involved with MasterCoin, although we don't have any websites or services in Chinese yet. That might be a good starting point for someone who wants to get involved, especially if they speak enough English to work with our developers making English sites. Note that someone who creates such a site will probably be eligible for some payment from our coding contest (https://bitcointalk.org/index.php?topic=292628.240). The potential Chinese buyers may want to pool their money and choose an English-speaking representative to make the purchase on their behalf on the ad-hoc exchange MaxMint is running (https://bitcointalk.org/index.php?topic=287145.0), then distribute the coins purchased to the people who contributed. Otherwise, they can use the distributed exchange when that is ready.

Thanks!

-J.R.

Hi JR.
I think I can help with the Chinese translation and also applying for a seat in MSC board. I have been tracking the progress of MSC since I staked some btc for the project. I think I am the first to translate the MSC project into Chinese.
http://8btc.com/thread-609-1-1.html
I am the mods of several leading Chinese forums.
http://8btc.com/forum-69-1.html
BTW, the 8btc is manifesting its influence by publishing the 1st articles from Chinese community on bitcoinmagazine:
http://bitcoinmagazine.com/7760/a-brief-discussion-on-the-mechanism-design-of-bitcoin/
We hope to establish better communication between the west and the east.
Miner is my Chinese forum id. I use same avatar here.
Cheers,
Red

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October 28, 2013, 10:30:04 PM
 #1546

An interesting set of quotes from Coinbase relevant to Mastercoin.
http://www.coindesk.com/coinbase-gmail-bitcoin/
Quote
These services, such as more intuitive payment systems, credit services, stock exchanges, and smart property, are what will give bitcoin more traction among mainstream users who would run a mile from a public bitcoin key.

Coinbase isn’t building most of them – but it is focusing on making a superset of services as simple as possible.
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October 28, 2013, 10:33:35 PM
 #1547

I'm happy to report that the first distributed Mastercoin to Bitcoin transaction using the Mastercoin protocol has been done.

I sold 10 test Mastercoin to myself for the sum of 0.0001 Bitcoins. Let me explain how this works.


I added recent distributed transactions to the order book page on mastercoin-explorer.

I achieved all this using the mastercoin-explorer website and Bitcoind, if anybody knows how to deal with the Bitcoin-qt/d console and wants to try this let me know.

As always this is just my implementation of the rules set out by the official spec, this won't be set in stone until the other developers come up with their own implementations and they come to the same conclusion as my libraries. This is quite a difficult Mastercoin message so I expect things to change around a little before everything is final.

We are getting closer  Cheesy 

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October 28, 2013, 10:50:55 PM
 #1548

I'm happy to report that the first distributed Mastercoin to Bitcoin transaction using the Mastercoin protocol has been done.

I sold 10 test Mastercoin to myself for the sum of 0.0001 Bitcoins. Let me explain how this works.


I added recent distributed transactions to the order book page on mastercoin-explorer.

I achieved all this using the mastercoin-explorer website and Bitcoind, if anybody knows how to deal with the Bitcoin-qt/d console and wants to try this let me know.

As always this is just my implementation of the rules set out by the official spec, this won't be set in stone until the other developers come up with their own implementations and they come to the same conclusion as my libraries. This is quite a difficult Mastercoin message so I expect things to change around a little before everything is final.

We are getting closer  Cheesy 


Congrats ! The beginning of a new era... I'm proud to be a witness of that !
You (and any other dev) will deserve the bounty Smiley
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October 28, 2013, 10:57:16 PM
 #1549

Awesome job Tachikoma!  This is really exciting!

Can you modify the order book to distinguish test MSC transactions?
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October 28, 2013, 11:02:21 PM
 #1550

I'm happy to report that the first distributed Mastercoin to Bitcoin transaction using the Mastercoin protocol has been done.

I sold 10 test Mastercoin to myself for the sum of 0.0001 Bitcoins. Let me explain how this works.


I added recent distributed transactions to the order book page on mastercoin-explorer.

I achieved all this using the mastercoin-explorer website and Bitcoind, if anybody knows how to deal with the Bitcoin-qt/d console and wants to try this let me know.

As always this is just my implementation of the rules set out by the official spec, this won't be set in stone until the other developers come up with their own implementations and they come to the same conclusion as my libraries. This is quite a difficult Mastercoin message so I expect things to change around a little before everything is final.

We are getting closer  Cheesy 


This post needs to be copied onto Reddit and then tweeted.
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October 28, 2013, 11:06:05 PM
 #1551

Awesome job Tachikoma!  This is really exciting!

Can you modify the order book to distinguish test MSC transactions?

Done. Although I don't expect non-test transactions in the near future. A lot of testing will have to be done before we can allow real transactions. There are so many edge cases that need to be tested. Building the initial code is the easy part..

And with that it's time for some sleep. Smiley

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October 28, 2013, 11:07:55 PM
 #1552

I'm happy to report that the first distributed Mastercoin to Bitcoin transaction using the Mastercoin protocol has been done.

I sold 10 test Mastercoin to myself for the sum of 0.0001 Bitcoins. Let me explain how this works.


I added recent distributed transactions to the order book page on mastercoin-explorer.

I achieved all this using the mastercoin-explorer website and Bitcoind, if anybody knows how to deal with the Bitcoin-qt/d console and wants to try this let me know.

As always this is just my implementation of the rules set out by the official spec, this won't be set in stone until the other developers come up with their own implementations and they come to the same conclusion as my libraries. This is quite a difficult Mastercoin message so I expect things to change around a little before everything is final.

We are getting closer  Cheesy 


This post needs to be copied onto Reddit and then tweeted.

Reddit part: http://www.reddit.com/r/mastercoin/comments/1pf8o5/the_first_distributed_mastercoin_to_bitcoin/

We don't have an official twitter account, but anybody who wants to tweet it should feel free Smiley

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October 28, 2013, 11:59:23 PM
 #1553

In order to avoid any accusations of giving people insider information on my plans for my own MSC, I'm posting this email between myself and David Johnston (WARNING: the following quote is heavily speculative! I'm NOT offering anyone investment advice - I just don't want to give unfair access to one person about my tentative plans)

Quote
On Mon, Oct 28, 2013 at 2:12 PM, David Johnston wrote:
Quote
    J.R.

    The Mastercoin project is making awesome progress. Its everything I was hoping the project could be.

    I'm just curious. Now that you have $4,000,000 in MSC value (just in the first 60 days), how is the convincing of the wife coming along?

    Any light on the horizon of her being convinced its something you should spend more of your working hours on?

    Thanks for all your work so far and great even handed leadership of the effort.

    Talk with you soon.

    Best Regards,

    David A. Johnston

Yeah, she knows that we now have a lot more of that crazy theoretical money Smiley

I really feel that the MSC price has a long way to go, and regardless of the price I doubt I will sell any at all before the new tax year starts, as I'd rather not have to deal with the tax implications any sooner than necessary. I'm more optimistic about future MSC values than even the wildest speculations I have seen (mostly based on my belief that the escrow funds will lock up most of the MSC float someday), but if we see another 10x of growth, I'd be able to quit my job after selling about 1% of my MSC, which would be pretty hard to resist.

I don't know how soon any of that might happen, but for now I'm not doing anything hasty . . .

Thanks!

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October 29, 2013, 01:19:35 AM
Last edit: October 29, 2013, 01:49:30 AM by solex
 #1554

In order to avoid any accusations of giving people insider information on my plans for my own MSC, I'm posting this email between myself and David Johnston...

Such transparency can only help maintain momentum for the Mastercoin project and enthusiasm in those involved.

As the for the project, the potential in leveraging the blockchain for smart property is huge. It is excellent that core dev are supporting OP_RETURN data in the reference client. Who knows where this will lead? Those wondering where the next google or facebook might emerge from should be paying attention to this space.

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October 29, 2013, 01:47:43 AM
 #1555

Anybody interested in helping our chinese friends buy MSC and/or get involved in other ways?

Quote
Hi David, J.R, Ron, Sam and Lee:

The MasterCoin has been very hot topic recently in China.

Please allow me introduce Mr. really Lee to you guys.

Really has translated the Mastercoin's white paper into Chinese version, he is running a Mastercoin community via QQ group with 65 members now. (Chines skype)

He told me that there are some Chinese are willing to purchase the Mastercoins, but they have no idea how to buy from second market, and they do not know
how to involve in the project development.....

IMHO: That will be great if you guys invite some Chinese into your group/foundation, help promote and protect Mastercoin project in China.

Anything I could be in assistance, please let me.

Any comments?

Cheers,

Bo

My response:

Quote
Hi Lee!

I've posted a copy of this email in our project thread: https://bitcointalk.org/index.php?topic=265488.msg3429668#msg3429668

We're happy to support our Chinese friends getting involved with MasterCoin, although we don't have any websites or services in Chinese yet. That might be a good starting point for someone who wants to get involved, especially if they speak enough English to work with our developers making English sites. Note that someone who creates such a site will probably be eligible for some payment from our coding contest (https://bitcointalk.org/index.php?topic=292628.240). The potential Chinese buyers may want to pool their money and choose an English-speaking representative to make the purchase on their behalf on the ad-hoc exchange MaxMint is running (https://bitcointalk.org/index.php?topic=287145.0), then distribute the coins purchased to the people who contributed. Otherwise, they can use the distributed exchange when that is ready.

Thanks!

-J.R.

Hi David, J.R, Ron, Sam and Lee:

I am the guy who has translated the Mastercoin's white paper into Chinese version.With the help of changjia http://bitcoinmagazine.com/7760/a-brief-discussion-on-the-mechanism-design-of-bitcoin/ ,we have made a  chinese Mastercoin Special discussion area in 8btc.com  http://8btc.com/forum-69-1.html. I think 8btc.com will be a good Media platform of Mastercoin in china.

Miner and I have done some work as the link between the followers of MSC in east and west .I think we will do it better in the future.If we both get a  seat in MSC board that will be great.

Tachikoma's big news of the first distributed Mastercoin to Bitcoin transaction,that is amazing! P2P trading platform has been rising now.

Many thanks to Bo Shen.

Cheers,

Really


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October 29, 2013, 02:48:00 AM
 #1556

In order to avoid any accusations of giving people insider information on my plans for my own MSC, I'm posting this email between myself and David Johnston (WARNING: the following quote is heavily speculative! I'm NOT offering anyone investment advice - I just don't want to give unfair access to one person about my tentative plans)

Quote
On Mon, Oct 28, 2013 at 2:12 PM, David Johnston wrote:
Quote
    J.R.

    The Mastercoin project is making awesome progress. Its everything I was hoping the project could be.

    I'm just curious. Now that you have $4,000,000 in MSC value (just in the first 60 days), how is the convincing of the wife coming along?

    Any light on the horizon of her being convinced its something you should spend more of your working hours on?

    Thanks for all your work so far and great even handed leadership of the effort.

    Talk with you soon.

    Best Regards,

    David A. Johnston

Yeah, she knows that we now have a lot more of that crazy theoretical money Smiley

I really feel that the MSC price has a long way to go, and regardless of the price I doubt I will sell any at all before the new tax year starts, as I'd rather not have to deal with the tax implications any sooner than necessary. I'm more optimistic about future MSC values than even the wildest speculations I have seen (mostly based on my belief that the escrow funds will lock up most of the MSC float someday), but if we see another 10x of growth, I'd be able to quit my job after selling about 1% of my MSC, which would be pretty hard to resist.

I don't know how soon any of that might happen, but for now I'm not doing anything hasty . . .

Thanks!


So JR,, not to be devils advocate but what will that mean for the value of MSC when you sell 1% ?
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October 29, 2013, 03:02:25 AM
 #1557

So JR,, not to be devils advocate but what will that mean for the value of MSC when you sell 1% ?

It should mean a positive pressure on distribution which in the long term should increase MSC's value. It's up to the market whether or not it wants to buy the coins, is it not? And I do wish to see how far Mastercoin can go with JR on full time...
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October 29, 2013, 03:42:04 AM
 #1558

So JR,, not to be devils advocate but what will that mean for the value of MSC when you sell 1% ?

It should mean a positive pressure on distribution which in the long term should increase MSC's value. It's up to the market whether or not it wants to buy the coins, is it not? And I do wish to see how far Mastercoin can go with JR on full time...
That is how I see it too vokain. If he sells that is actually good for the protocol. What matters is how he goes about selling it and whether it's dumped all at once or done intelligently over a long enough period.

I don't think it will matter if he sells 1% if the demand far exceeds the supply. Also it does make a difference how he sells it and whether or not he dumps it all at once or sells it in a very organized smart way.

If for instance he sells MSC for cash then it wont affect the BTC to MSC exchange rate very much because he'd be selling it to a completely different demographic.

For example, JR could start up a regulated exchange or wait until something like Coinbase comes around to MSC and then sell to Coinbase (they have to get their MSC from somewhere right?). He could sell a little bit at a time so that the price doesn't change and do it quietly. He could for instance sell only when demand far exceeds the supply and only after it reaches the level of maturity where if there is plenty of people trying to buy it.

As long as he doesn't sell before the community grasps the value of what the protocol is then it wont matter in my opinion if he does sell even if its more than 1%. At some point Mastercoin will be in so much demand, far more demand than we see with Bitcoin that there will be a need to match that demand with supply and he's the guy who has the supply.

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October 29, 2013, 03:54:00 AM
 #1559


Paid translation might be a good use of some of the contest funds. If the spec / whitepaper can be translated into as many languages as possible and if more importantly the development documentation and concepts can be translated then it will probably catch fire.


This is PR++

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October 29, 2013, 04:08:56 AM
 #1560

So JR,, not to be devils advocate but what will that mean for the value of MSC when you sell 1% ?

It should mean a positive pressure on distribution which in the long term should increase MSC's value. It's up to the market whether or not it wants to buy the coins, is it not? And I do wish to see how far Mastercoin can go with JR on full time...
That is how I see it too vokain. If he sells that is actually good for the protocol. What matters is how he goes about selling it and whether it's dumped all at once or done intelligently over a long enough period.

I don't think it will matter if he sells 1% if the demand far exceeds the supply. Also it does make a difference how he sells it and whether or not he dumps it all at once or sells it in a very organized smart way.

If for instance he sells MSC for cash then it wont affect the BTC to MSC exchange rate very much because he'd be selling it to a completely different demographic.

For example, JR could start up a regulated exchange or wait until something like Coinbase comes around to MSC and then sell to Coinbase (they have to get their MSC from somewhere right?). He could sell a little bit at a time so that the price doesn't change and do it quietly. He could for instance sell only when demand far exceeds the supply and only after it reaches the level of maturity where if there is plenty of people trying to buy it.

As long as he doesn't sell before the community grasps the value of what the protocol is then it wont matter in my opinion if he does sell even if its more than 1%. At some point Mastercoin will be in so much demand, far more demand than we see with Bitcoin that there will be a need to match that demand with supply and he's the guy who has the supply.

Concern about utility > concern about price.

If he (or anyone) "dumps" >>% to folks that actually are using it, the value will increase.  Use it, or lose it.

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