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

[vokain]

I still have trouble understanding why tx fees aren't enough of a market incentive for miners

[marcelus]

Apologies for my ignorance but I'm curious as to the affect of clone coins on the network. Will people only be able to engage in all the activities the protocol allows with someone holding the same type of MSC (so there are networks within the network) or can people with clone coins place bets, etc with someone holding an original MSC for example?

[Tachikoma]

validateaddress accepts one argument, one of your addresses. So if 1J2svn2GxYx9LPrpCLFikmzn9kkrXBrk8B is your address you would use validateaddress  1J2svn2GxYx9LPrpCLFikmzn9kkrXBrk8B.

[Tachikoma]

Ok I think I've successfully posted 2 transactions on the blockchain https://blockchain.info/address/1LxKQWFd4ACN7fxKokwM7JjcHceVfo4ibt

do they just take super long for the mastercoin protocol to react or what, i'm past 6 confirms in bitcoin.
https://masterchest.info/lookupadd.aspx?address=1LxKQWFd4ACN7fxKokwM7JjcHceVfo4ibt

These transaction do not contain valid Mastercoin data. It only has one public key, it requires more. I've disabled simple send generator from Mastercoin explorer since I'm afraid you created them using my software, if so I apologise and will report back once I have time to check out what went wrong.

[Faraday]

Yes I used your website, it's all good, we're beta. I really need to send 32 mastercoin to 115eZwFLjHS2NWS1feH55LU7bKG45QsbBU

could you just simple step it for me like I'm stupid?

If you look on the first post of the Mastercoin Order Book thread there is a link to mastercoinadvisor program, you can download the exe for windows and enter the information for the transaction and it will let you know the 3 addresses you need to send mastercoins to.

Simple steps.

1. Download and unzip program folder
2. Use cmd.exe to open mastercoinadvisor.exe (because if I just open it by double clicking then the cmd window closes before I can read the final output)
3. Enter currency type, amount, destination address.
4. Use select all / copy paste to copy the output to a notepad file (so you can copy / paste the addresses easier)
5. Create a bitcoin transaction to the 3 addresses at once (exodus, destination and data address)

[superfluouso]

See my earlier post  here for using advisor on os x
https://bitcointalk.org/index.php?topic=292628.msg3426313#msg3426313

[ripper234]

I promised my wife I'll go to sleep 10 minutes ago... so I can't help with this myself.

I just noticed this post on /r/BitcoinStocks

Why I personally feel Colored Coins > MasterCoin

We should reply to them on that reddit post (not just on bitcointalk).

[zathras]

Would this effect both inputs and outputs to the address?  And I am correct in understanding this simply would make confirmations longer but not somehow land them in forever limbo?

What the patch Luke posted does impacts both inputs and outputs, but doesn't hurt the case where you do an unconfirmed spend of a fresh payment in the same block.  And yes, they'll still go through, just deprioritized (currently in the form of only allowing one use per block) so they'll take longer.

I need to catch up on this some more but at first glance isn't this just about adapting to changes in the underlying transport (ie Bitcoin)?  Wasn't that something we always knew we'd have to do?

Outputs to Exodus are used to identify Mastercoin transactions, that's their purpose.  If/when that becomes problematic (ie due to to discouraging address re-use) we just need to amend our method for identifying our transactions.  For example if we made our transaction check for an Exodus output to be a check against an array list (1024, 2048 Exodus addresses etc) instead of a single address, clients can pick from a pool of Exodus addresses & thus minimize the chances of address re-use within a block.

It's definitely more expensive (compute wise) to eval an output against say for example 1024 strings instead of 1, but not enough to worry about I don't think.  For every transaction we have to first retrieve the transaction details from whatever bitcoin backend we're using - that's orders of magnitude slower than comparing strings in memory and is where the real bottleneck sits in blockchain scanning for Mastercoin transactions.

As I say, just initial thoughts

[annette786]

I've been reading up on it.  So, it essentially inserts data streams into the bitcoin blockchain. 

Question-- Why does it need a new coin for this? 

Sorry for the noob question.

[codyave]

I've been reading up on it.  So, it essentially inserts data streams into the bitcoin blockchain. 

Question-- Why does it need a new coin for this? 

Sorry for the noob question.

killerstorm's posts explore this question. fwiw, bluemeanie and a few others have strong opinions on coloured coins and mastercoins.

[ripper234]

Are there any researches among us?

I am putting up a $1000 bounty for writing what may be the first peer-reviewed Mastercoin paper. Details:

http://fc14.ifca.ai/bitcoin/cfp.html

The first person or team to get a paper accepted into the Financial Crypto 14 conference, receives the bounty.

FYI the workshop is sponsored by The Bitcoin Foundation.

[ripper234]

Founding a local chapter of the Mastercoin Foundation

This is a voluntary opportunity. There is no bounty or salary for doing this.
If you want to get involved, but not sure how - this is a great way to get involved.

Found your own local Mastercoin Community. It can be a country-wide thing, a city chapter, or anything else.

Currently there are at least four groups working on setting up their local organizations. Just organize, ask us for help, and we'll do this together. More details to follow soon.

[superfluouso]

I highly recommend everyone check out Let's Talk Bitcoin Episode 59  Adam, Andreas, and Stephanie discuss the upcoming unlicensed bitcoin securities market (MasterCoin) and specifically mention MasterCoin multiple times.  Begin listening at about the 19:00 minute mark for that specific segment.

[killerstorm]

I've been reading up on it.  So, it essentially inserts data streams into the bitcoin blockchain. 

Question-- Why does it need a new coin for this? 

Sorry for the noob question.

You cannot add any new rules to Bitcoin itself. So if you want to do something which cannot be done with Bitcoin (or if you don't like the way it can done with Bitcoin), you have to introduce "a new coin".

[haightst]

I highly recommend everyone check out Let's Talk Bitcoin Episode 59  Adam, Andreas, and Stephanie discuss the upcoming unlicensed bitcoin securities market (MasterCoin) and specifically mention MasterCoin multiple times.  Begin listening at about the 19:00 minute mark for that specific segment.

I don't see an episode 59! ~ is it not posted yet? 

[haightst]

Are there any researches among us?

I am putting up a $1000 bounty for writing what may be the first peer-reviewed Mastercoin paper. Details:

http://fc14.ifca.ai/bitcoin/cfp.html

The first person or team to get a paper accepted into the Financial Crypto 14 conference, receives the bounty.

FYI the workshop is sponsored by The Bitcoin Foundation.

====>Researcher here!

*per* >>

http://fc14.ifca.ai/bitcoin/cfp.html

"  Paper submissions must be anonymous "

...so umm how do I prove that I wrote that one? =)

>>is that @$1000 cash or in BTC?~tia!!~  

[superfluouso]

I highly recommend everyone check out Let's Talk Bitcoin Episode 59  Adam, Andreas, and Stephanie discuss the upcoming unlicensed bitcoin securities market (MasterCoin) and specifically mention MasterCoin multiple times.  Begin listening at about the 19:00 minute mark for that specific segment.

I don't see an episode 59! ~ is it not posted yet? 

Link takes you directly to it -just click play

[haightst]

I highly recommend everyone check out Let's Talk Bitcoin Episode 59  Adam, Andreas, and Stephanie discuss the upcoming unlicensed bitcoin securities market (MasterCoin) and specifically mention MasterCoin multiple times.  Begin listening at about the 19:00 minute mark for that specific segment.

I don't see an episode 59! ~ is it not posted yet?  

Link takes you directly to it -just click play

ok cool found it, i'm on soundcloud too!!! yeah I was looking here >>

http://www.youtube.com/user/LetsTalkBitcoinChan/videos

[haightst]

I highly recommend everyone check out Let's Talk Bitcoin Episode 59  Adam, Andreas, and Stephanie discuss the upcoming unlicensed bitcoin securities market (MasterCoin) and specifically mention MasterCoin multiple times.  Begin listening at about the 19:00 minute mark for that specific segment.

=FAIL!!! LOL     


http://images4.wikia.nocookie.net/__cb20130423021661/cardfight/images/b/bc/2003013-godzilla_facepalm_godzilla_facepalm_face_palm_epic_fail_demotivational_poster_1245384435.jpg

[hl5460]

We would require around 500TH to find one block per hour. Not sure that's feasible.

Not in the long run. Too expensive capital costs, probably won't ROI, so we couldn't  stay mining for long. The capital will not be replenished and we won't be able to buy nonobsolete miners/electricity.

I'm following this very loosely but have you thought of contacting pools like Eligius? They already have nonstandard transaction handling, and mention the possibility of deals in their FAQ.
You could also have some interest from mining companies that use direct shares or similar, and could switch to using Mastercoin, like AsicMiner.

Asicminer has already developed an OSE system that relies on a centralized server to parse the transaction data that represents certain information. If MSC is BTC 2.0, this OSE system of Asicminer could be like BTC 1.5.

Detailed introduction of the OSE system(in chinese):
http://bitell.sinaapp.com/show.php?tid=679