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

[Tachikoma]

Sadly from what I could find out Blockchain.info doesn't let you sign raw transactions. So for now creating either a Selling/Purchase offer requires either a Mastercoin wallet or a way to sign a raw transaction.

Ah..that's what I was guessing also after digging around.  I'll try with another instance/qt-client later - just think its kinda fun that way vs. same console.

Thanks for clarifying the time limit.  I guess I'm wondering what the effects of this could mean compared to traditional, centralized exchanges. It seems like it could make for some pretty interesting market scenarios (manipulations?) and trading strategies if one can keep an eye on expirations/completions of other trades and offers for a given currency/share.

That's basically why you can set the required Bitcoin transaction fee. To discourage sending fake offers. Although if there is enough many involved this of course won't stop it completely.

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[Nagan]

I used the Multibit client to send my BTCs to the Exodus address. Can anyone tell me if this presents any problems given the discussion above re. selling coins? Thanks in advance!

I have asked something similar in the past, and the answer that was given to me was to use qt or armory, because only from these wallets can an outgoing MasterCoin transaction start.

Correct me if I am wrong.

i used blockchain (which apparently also works) so i certainly hope you are wrong.

I don't think you can use multibit because it doesn't allow you to send to multiple addresses in the same transaction.  I also originally used multibit, but I have exported the private key from multibit and imported to a blockchain.info wallet so I could send them if I want to.

Thanks for the replies. So, I just need to import the private key to a wallet that supports sending to multiple addresses in the same transaction such as Bitcoin-QT or Armory?

I haven't used bockchain.info. It's web-based, correct? Thanks.

Yes, either Bitcoin-qt or Armory will do the thing. Also, this sendmany transaction has to originate from the bitcoin address in which your Mastercoins are located. So for qt, if there are bitcoins in other addresses in your wallet, you'll have to send all of them first to that Mastercoin address. And this has to be done each time you send Mastercoins, because of the way qt handles change.

blockhain.info is a web wallet, though I'm not sure if they've implemented an easy GUI for sendmany transaction.

[Tachikoma]

I used the Multibit client to send my BTCs to the Exodus address. Can anyone tell me if this presents any problems given the discussion above re. selling coins? Thanks in advance!

I have asked something similar in the past, and the answer that was given to me was to use qt or armory, because only from these wallets can an outgoing MasterCoin transaction start.

Correct me if I am wrong.

i used blockchain (which apparently also works) so i certainly hope you are wrong.

I don't think you can use multibit because it doesn't allow you to send to multiple addresses in the same transaction.  I also originally used multibit, but I have exported the private key from multibit and imported to a blockchain.info wallet so I could send them if I want to.

Thanks for the replies. So, I just need to import the private key to a wallet that supports sending to multiple addresses in the same transaction such as Bitcoin-QT or Armory?

I haven't used bockchain.info. It's web-based, correct? Thanks.

Yes, either Bitcoin-qt or Armory will do the thing. Also, this sendmany transaction has to originate from the bitcoin address in which your Mastercoins are located. So for qt, if there are bitcoins in other addresses in your wallet, you'll have to send all of them first to that Mastercoin address. And this has to be done each time you send Mastercoins, because of the way qt handles change.

You can also lock all other outputs then the ones from your Mastercoin address.

[wizzardTim]

I used the Multibit client to send my BTCs to the Exodus address. Can anyone tell me if this presents any problems given the discussion above re. selling coins? Thanks in advance!

I have asked something similar in the past, and the answer that was given to me was to use qt or armory, because only from these wallets can an outgoing MasterCoin transaction start.

Correct me if I am wrong.

i used blockchain (which apparently also works) so i certainly hope you are wrong.

I don't think you can use multibit because it doesn't allow you to send to multiple addresses in the same transaction.  I also originally used multibit, but I have exported the private key from multibit and imported to a blockchain.info wallet so I could send them if I want to.

Thanks for the replies. So, I just need to import the private key to a wallet that supports sending to multiple addresses in the same transaction such as Bitcoin-QT or Armory?

I haven't used bockchain.info. It's web-based, correct? Thanks.

Yes, either Bitcoin-qt or Armory will do the thing. Also, this sendmany transaction has to originate from the bitcoin address in which your Mastercoins are located. So for qt, if there are bitcoins in other addresses in your wallet, you'll have to send all of them first to that Mastercoin address. And this has to be done each time you send Mastercoins, because of the way qt handles change.

You can also lock all other outputs then the ones from your Mastercoin address.

Isn't all this too complicated? I believe there should be one lightweight - easy to use wallet.

[Tachikoma]

Of course this is too hard. That's why we are developing Mastercoin wallets.

[ninjaboon]

Of course this is too hard. That's why we are developing Mastercoin wallets.

excited. can't wait for them Mastercoin wallets.

[klee]

Of course this is too hard. That's why we are developing Mastercoin wallets.

When we will make transactions with these wallets, would we have to pay for the 0.00006BTC + mining fees?

[Tachikoma]

Of course, these are the rules set out by Bitcoin. If we don't follow the rules are transactions won't be accepted and relayed/mined. 

[ripper234]

Hello everyone!

I'm glad to announce a new bounty that I just approved with the board.

The bounty is for building a Mastercoin Faucet.
The bounty amount is between $500-$850, depending on the features that will be implemented.

Please direct any questions/comments to the bounty thread - thanks!

[dacoinminster]

Just a reminder that nitty-gritty protocol questions are probably better suited from our developer/contest thread: https://bitcointalk.org/index.php?topic=292628.0

Usually this thread is used for general discussions, and that one is for technical stuff. The devs may notice technical questions here and answer them, but asking them on that thread saves them a bit of time.

Thanks!

[NeonRonin]

I just wanted to post and reiterated a warning to everyone regarding the safety and storage of their wallets.  The other day, I had to reformat my drive, but in a spectacularly idiotic move on my part, I failed to backup the bitcoin wallet before I did so.  Thankfully no BTC were lost, since I do not store coins in my PC wallet for this very reason.  However, I failed to remember that I had purchased a small amount of Mastercoin with that wallet address (1Fi4UdfU7Bw9CdX85K2rtzMoZuESvDPNS7) which are now forever a memory unless by some miracle I can find a backup I had thought I had made.

Thankfully all is not lost since I had purchased mastercoins on my web wallet as well, but it certainly does sting quite a bit...

Perry
aka Neonronin

[dacoinminster]

I got a PM from someone (who shall remain anonymous) which ended with:

Cheers mate and thank you for saving me financially...

That's kind of scary. If you are in financial trouble, please do NOT bet your remaining money on wildly risky distributed currencies! Sure, if you do your homework it's probably better than a lottery ticket, but still I think it's safe to say that a financial advisor would not recommend this course of action!

[Luckybit]

I got a PM from someone (who shall remain anonymous) which ended with:

Cheers mate and thank you for saving me financially...

That's kind of scary. If you are in financial trouble, please do NOT bet your remaining money on wildly risky distributed currencies! Sure, if you do your homework it's probably better than a lottery ticket, but still I think it's safe to say that a financial advisor would not recommend this course of action!

I think this is happening because look at the state of the economy? There are no truly safe investments which are going to give any sort of guaranteed ROI. Also on Bitcointalk most people already took the plunge to invest in Bitcoins so its just the high risk high reward kind of crowd here and we all fit into that category to a certain extent.

Mastercoin once it's built hopefully can improve the situation but you're also right that Mastercoin is far from a safe bet if its still in the infancy proof of concept stage. That being said since I have Mastercoins too I'm not really in a position to tell anyone not to take the same risk. If you're prepared to win you have to also be prepared to lose equally.

Hello everyone!

I'm glad to announce a new bounty that I just approved with the board.

The bounty is for building a Mastercoin Faucet.
The bounty amount is between $500-$850, depending on the features that will be implemented.

Please direct any questions/comments to the bounty thread - thanks!

This will be superb. Finally we will have a place to send people to get free Mastercoins.

[Tradingriver]

hi everybody,

i am new here and please excuse my englisch

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

[StewartJ]

Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?
Or is this not a feature of Mastercoin?  I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

Thanks, and keep up the phenomenal work!

Stewart

[Tachikoma]

Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?

It's not, a Bitcoin client won't know anything about your Mastercoin.

I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

http://mastercoin-explorer.com/, https://masterchest.info/ and http://masterchain.info/ should all show your balance. If you are adventurous you can also download one of the alpha wallet-software that I and other developers are working on. Although I wouldn't recommend it yet at this point.

[StewartJ]

Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?

It's not, a Bitcoin client won't know anything about your Mastercoin.

I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

http://mastercoin-explorer.com/, https://masterchest.info/ and http://masterchain.info/ should all show your balance. If you are adventurous you can also download one of the alpha wallet-software that I and other developers are working on. Although I wouldn't recommend it yet at this point.

Ok that helps explain some...my concern is exactly how does one secure their mastercoins... is it only through the aforementioned web sites for now?
Is it actually in a software wallet of some kind or is that the eventual plan?

[Tachikoma]

The security is in how you protect the private key of your Bitcoin address that holds your Mastercoins. The only way to spend Mastercoins is by creating Bitcoin transactions using that address. The only way to do that is by signing transactions with your private key. So as long as you keep your private key safe your Mastercoins are safe.

[StewartJ]

The security is in how you protect the private key of your Bitcoin address that holds your Mastercoins. The only way to spend Mastercoins is by creating Bitcoin transactions using that address. The only way to do that is by signing transactions with your private key. So as long as you keep your private key safe your Mastercoins are safe.

Thanks, that addresses my concerns.

[dacoinminster]

hi everybody,

i am new here and please excuse my englisch

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason