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Author Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address”  (Read 448149 times)
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Zaih
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October 28, 2013, 01:12:59 AM
 #1541

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..
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October 28, 2013, 01:43:38 AM
 #1542

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.

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October 28, 2013, 05:15:02 AM
 #1543

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?
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October 28, 2013, 05:18:34 AM
 #1544

how far are we from finishing the distributed exchg
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October 28, 2013, 08:42:12 AM
 #1545

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.
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October 28, 2013, 09:43:29 AM
 #1546

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.
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October 28, 2013, 09:57:55 AM
 #1547

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

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Verify my messages using keybase: https://keybase.io/maxmint
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October 28, 2013, 10:45:42 AM
 #1548

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.

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October 28, 2013, 11:50:22 AM
 #1549

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.
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October 28, 2013, 04:34:47 PM
 #1550

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, 06:04:55 PM
 #1551

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.

Please do not pm me, use ron@bitcoin.org.il instead
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October 28, 2013, 06:10:53 PM
 #1552

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 Smiley

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.

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October 28, 2013, 06:42:06 PM
 #1553

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.

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October 28, 2013, 07:00:25 PM
 #1554

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
 #1555

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
 #1556

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
 #1557

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
 #1558

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
 #1559

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
 #1560

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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