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

[Pouncer]

I'm running some intense database migrations overnight so there is large chance Mastercoin-explorer is lagging behind at the moment. Your transaction should show up in due time, if Masterchest has it I'm sure it's fine.

Edit: Here you go!

Great! Thanks. This came in just as I was clicking send to release escrow

[Aristoteles]

Hi, there is an approximate date when Mastercoin would be released? On the other hand, is likely to be accepted by most of the miners? thanks

[Pouncer]

Hi, there is an approximate date when Mastercoin would be released? On the other hand, is likely to be accepted by most of the miners? thanks

Mastercoin has already been "released" and is being manually traded here
https://bitcointalk.org/index.php?topic=287145.0

What is pending is the release of a distributed exchange where MSC, BTC and other assets can be traded.

Mastercoin is a protocol layer built on top of Bitcoin, so unlike alt coins, there is no mining involved.

Hope this helps.

[rbdrbd]

Newbie question...what's the easiest way to send Mastercoin if I'm using the bitcoin qt client?

* I could run mastercoin-adviser.py, but I'm not sure how to craft that transaction it wants me to make, in bitcoin-qt (could probably do it in armory, but I can't import my bitcoin-qt wallet over to armory)
* mastercoin advisor is disabled on mastercoin-explorer so I can't make the raw transaction there
* pymastercoin is broken up against bitcoin 0.8.3 (some error regarding multisig returned via JSON RPC...can provide more info if needed)
* mastercoin-tools ... can't figure out msc-send.py ....
* The ruby GUI wallet does not allow for sending of mastercoins it seems (only test mastercoin is available)
* The FAQ isn't much help here, beyond what I've tried.

So that's 6 dead ends...

[zathras]

1. Send all your funds in bitcoin-qt to your address holding the Mastercoins.  
2. Note the name of the account this address is held in (using getaddressesbyaccount in the debug window).
3. Use mastercoin-advisor.py to generate the three addresses (1st will be Exodus, 2nd will be recipient, 3rd will be data).
4. Open the debug window in bitcoin-qt and run:

Code:

sendmany "mscaccountname" '{"1staddress":0.00006,"2ndaddress":0.00006,"3rdaddress":0.00006}'

That will send a class A simple send.

Hope that helps  Both Tachikoma & I have desktop wallets we're working on & I think Grazcoin is doing some kind of client-side web based wallet too.  These will make the user experience a lot better once they reach stable.

Excuse the short response, sent from my mobile.

[ripper234]

Hi, there is an approximate date when Mastercoin would be released? On the other hand, is likely to be accepted by most of the miners? thanks

Miners can't "accept" or "not accept" Bitcoin.

[Tachikoma]

FYI I'm bringing Mastercoin-explorer down into Maintenance mode. I'm upgrading the backend database and while I could keep the site running while this happens the performance would be subpar and it will start to lag behind. I rather not confuse people when their transactions do not show up.

[milkyman]

Newbie question...what's the easiest way to send Mastercoin if I'm using the bitcoin qt client?

* I could run mastercoin-adviser.py, but I'm not sure how to craft that transaction it wants me to make, in bitcoin-qt (could probably do it in armory, but I can't import my bitcoin-qt wallet over to armory)

You can go to 'Send' then press 'Add Recipient' two times and insert all the addresses and amounts of 0.00006 btc. That's how I did it and it always worked.

[Tachikoma]

Newbie question...what's the easiest way to send Mastercoin if I'm using the bitcoin qt client?

* I could run mastercoin-adviser.py, but I'm not sure how to craft that transaction it wants me to make, in bitcoin-qt (could probably do it in armory, but I can't import my bitcoin-qt wallet over to armory)
* mastercoin advisor is disabled on mastercoin-explorer so I can't make the raw transaction there
* pymastercoin is broken up against bitcoin 0.8.3 (some error regarding multisig returned via JSON RPC...can provide more info if needed)
* mastercoin-tools ... can't figure out msc-send.py ....
* The ruby GUI wallet does not allow for sending of mastercoins it seems (only test mastercoin is available)
* The FAQ isn't much help here, beyond what I've tried.

So that's 6 dead ends...

I will bring creating Simple Sends from the website back and today or tomorrow there should be a wallet release where real transactions are enabled.

You got to understand though that I'm responsible for the code and if it ends up sending the wrong amount I will be in a heap of trouble. I want to triple check everything before releasing this.

[ripper234]

I will bring creating Simple Sends from the website back and today or tomorrow there should be a wallet release where real transactions are enabled.

You got to understand though that I'm responsible for the code and if it ends up sending the wrong amount I will be in a heap of trouble. I want to triple check everything before releasing this.

Holy shit!

How goes the Windows support?
I haven't had time to pay attention or play with linux.

[Tachikoma]

I will bring creating Simple Sends from the website back and today or tomorrow there should be a wallet release where real transactions are enabled.

You got to understand though that I'm responsible for the code and if it ends up sending the wrong amount I will be in a heap of trouble. I want to triple check everything before releasing this.

Holy shit!

How goes the Windows support?
I haven't had time to pay attention or play with linux.

Haha it runs on Windows. But that's about it. It's a pain in the ass to install and average joe probably can't do it. Instructions are in the readme if you feel adventurous. Luckily once Zathras's client is out nobody will need to use it on Windows. I will keep focussing on the linux crowd, Zathras will tailor to Windows

[rbdrbd]

Thanks everyone for the help, I will try what zathras/milkyman said (can't believe I didn't think of that... I'll attribute it to being tired, lol).

[dacoinminster]

First set of cold-storage addresses for project funds:

J.R.,

I have setup ten addresses for cold storage for the portion that you want me to secure.

We will use ten offline cold storage addresses that have never touched the internet for ultimate security. Each one has been seeded with a small amount of Bitcoin to verify.  Please send the funds to these addresses (divided equally):

1NmoXmhRornn9A1qdXAyKiQzepTQYC1S9A
1Cz2g5qKXxDTBcDc8EvKRHT5tLdeUr3d7v
1G1RkvYx6VMFryK2tyKN75vVAkweuoeYQN
1MS1rNw31nVLUe8PiHSD4BDSnkipaXNxeW
1CqQT7bcxijnBX8Zyzan9adnY325KBtLsT
1HLin2VqAiVAVwWEbn3mLUKnWtwTjicDry
1JtcwDDEY9Sxv1ykRbW9PCjc9J6yWk2hji
1G5PWah7dPYjSNZFRxP4TiZRhSWBRiQWeV
1HvFNLtLvR8fdaGoAyDhs1L5pQN6PfHhng
1PRTNiK2YYgFejRSX1sJfDhBA4wC3DBYQA

You can view the balance at any time by using these links:
http://blockchain.info/address/1NmoXmhRornn9A1qdXAyKiQzepTQYC1S9A
http://blockchain.info/address/1Cz2g5qKXxDTBcDc8EvKRHT5tLdeUr3d7v
http://blockchain.info/address/1G1RkvYx6VMFryK2tyKN75vVAkweuoeYQN
http://blockchain.info/address/1MS1rNw31nVLUe8PiHSD4BDSnkipaXNxeW
http://blockchain.info/address/1CqQT7bcxijnBX8Zyzan9adnY325KBtLsT
http://blockchain.info/address/1HLin2VqAiVAVwWEbn3mLUKnWtwTjicDry
http://blockchain.info/address/1JtcwDDEY9Sxv1ykRbW9PCjc9J6yWk2hji
http://blockchain.info/address/1G5PWah7dPYjSNZFRxP4TiZRhSWBRiQWeV
http://blockchain.info/address/1HvFNLtLvR8fdaGoAyDhs1L5pQN6PfHhng
http://blockchain.info/address/1PRTNiK2YYgFejRSX1sJfDhBA4wC3DBYQA

All coins are already stored offline. This is just moving some of them even MORE offline (paper wallets). I plan to split 1000BTC among these ten addresses (100 BTC each address). More addresses will be posted soon once people get them to me.

The board knows the identity of everyone entrusted with these funds, and if any of this money ever disappears, we'll let you know who was in charge of it.

Thanks

This is done: http://blockchain.info/tx/41bf29ec81143c3c50b464e10487abba36aab07591792ddebe2a22458d15847a

Also includes a couple other payments, including some discretionary $$$ for Ron. You can read all about it here: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE#gid=0

[ripper234]

I wanted to announce that I authorized a $1,000 budget for the Israeli Mastercoin Foundation.
It will need to decide (independently from The Mastercoin Foundation) how its budget is spent.

There's a lot of stuff going on in Israel ... lots of demand for Mastercoin from fiat users who have no BTC.

1) Has any thought been given to selling a small % of BTC for USD to lock in some of the gains we've made in the development funds and hedge against the risk BTC crashes?

Lock in gains!?  lol that is funny.  You don't 'lock in gains' - you lock out future value.  Don't do this idiot move.  Only take this step on the day you no longer believe in bitcoin's future.  Right now, I'd have to say we are all a bit bullish on bTC

Hedging is actually not idiotic at all. It is in fact what most large organizations do if they have currency or interest rate risks with respect to their accounts payable. That's why the OTC derivative market is so huge. It is certainly not 'idiotic' to think about it and have a plan for it given how volatile BTC is. Let me give you an example. Let say BTC reaches $1000 in 3 months and then crashes to $200 in month 4. Lets say the Board plans to spend X amount of BTC or USD in the next 12 months. That X amount is being spent regardless in the next 12 months. It is not being held long term as an investment - so one's view on the long term future of BTC is irrelevant. Hedging would mean the Foundation would have sufficient funds available regardless of any crash in the price of BTC. Again, we are spending a certain % of the funds regardless, not holding it all as a long term investment.

You dont hedge as a trading strategy you hedge to make your balance sheet deterministic.

I think we should start hedging as soon as we implement CFDs.
This will be great on so many levels.

[npl]

J.R. suggested I reach out to the MasterCoin community, and I take it that this thread might be a good place to do so.

I am launching a project called notpriceless.com. notpriceless will facilitate a market for tradeable commodity pegged shares. These shares that will be initially obtainable only through contributing (donating or volunteering) to causes. The shares can then be traded on an exchange.

As I understand it, MasterCoin could potentially fit very well into this project. And so I have two questions:

Is it feasible at this stage to utilize MasterCoin to design and release such tradeable shares?
Is there interest in the MC community to aid with this initiative?

thanks!
 

[Luckybit]

J.R. suggested I reach out to the MasterCoin community, and I take it that this thread might be a good place to do so.

I am launching a project called notpriceless.com. notpriceless will facilitate a market for tradeable commodity pegged shares. These shares that will be initially obtainable only through contributing (donating or volunteering) to causes. The shares can then be traded on an exchange.

As I understand it, MasterCoin could potentially fit very well into this project. And so I have two questions:

Is it feasible at this stage to utilize MasterCoin to design and release such tradeable shares?
Is there interest in the MC community to aid with this initiative?

thanks!
 

Absolutely, but it's going to take some time to develop. Please follow the development of the user currencies feature in particular as it might be the feature you're looking for.

[npl]

Absolutely, but it's going to take some time to develop. Please follow the development of the user currencies feature in particular as it might be the feature you're looking for.

Thanks. Is there a centralized location where I can follow updates? Is a rough timeframe available?
In the MasterCoin Spec doc user-created currencies are described as the most important feature- so is this a priority on the dev timeline?

[prophetx]

Absolutely, but it's going to take some time to develop. Please follow the development of the user currencies feature in particular as it might be the feature you're looking for.

Thanks. Is there a centralized location where I can follow updates? Is a rough timeframe available?
In the MasterCoin Spec doc user-created currencies are described as the most important feature- so is this a priority on the dev timeline?

You project sounds great!

As far as updates:

Try out blog.mastercoin.org  we have updates there and also links to groups on facebook, google or linkedin, so whichever you prefer.  I will be adding quora, twitter and others soon.

Right now the devs are working on p2p exchange.

I believe currencies and smart property come after that.

[ripper234]

Absolutely, but it's going to take some time to develop. Please follow the development of the user currencies feature in particular as it might be the feature you're looking for.

Thanks. Is there a centralized location where I can follow updates? Is a rough timeframe available?
In the MasterCoin Spec doc user-created currencies are described as the most important feature- so is this a priority on the dev timeline?

You project sounds great!

As far as updates:

Try out blog.mastercoin.org  we have updates there and also links to groups on facebook, google or linkedin, so whichever you prefer.  I will be adding quora, twitter and others soon.

Right now the devs are working on p2p exchange.

I believe currencies and smart property come after that.

Yeah. Although note that "currencies" will be first implemented as CFDs and not the original "backed currencies" concept, which may follow later on.

[Luckybit]

Absolutely, but it's going to take some time to develop. Please follow the development of the user currencies feature in particular as it might be the feature you're looking for.

Thanks. Is there a centralized location where I can follow updates? Is a rough timeframe available?
In the MasterCoin Spec doc user-created currencies are described as the most important feature- so is this a priority on the dev timeline?

You project sounds great!

As far as updates:

Try out blog.mastercoin.org  we have updates there and also links to groups on facebook, google or linkedin, so whichever you prefer.  I will be adding quora, twitter and others soon.

Right now the devs are working on p2p exchange.

I believe currencies and smart property come after that.

Yeah. Although note that "currencies" will be first implemented as CFDs and not the original "backed currencies" concept, which may follow later on.

In this case it seems they are requesting the backed currencies feature. CFDs seem to be more for reproducing USD because it can provide absolute stability in the price 1:1 with the USD.

I think CFD is probably easier to implement and less controversial so I do not blame the foundation for choosing to implement it first.