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

[ripper234]

Ripper, how will lukes patch affect plans of the mastercoin protocol, iss it something to be worried about?, are their contingency plans?, what are they? this is the only area which i am unclear of

Good question. How is his thread coming along?
We need someone qualified with mining / mining pool dynamics to comment here.

False. The blockchain is only a specific backend infrastructure. If and when that infrastructure no longer suits our purposes, we'll migrate.

Then what is Mastercoin?

Mastercoin is an endeavor to accelerate and encourage human innovation.

Yeah, I know how that sounds.

I'll try to give you guys more details as soon as I manage to get some free time.
I invite you all to our upcoming Meetup/Webinar on Thursday - I will be speaking about Mastercoin in the Israeli Mastercoin Foundation's first official meetup.

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[haightst]

Ripper, how will lukes patch affect plans of the mastercoin protocol, iss it something to be worried about?, are their contingency plans?, what are they? this is the only area which i am unclear of

Good question. How is his thread coming along?
We need someone qualified with mining / mining pool dynamics to comment here.

False. The blockchain is only a specific backend infrastructure. If and when that infrastructure no longer suits our purposes, we'll migrate.

Then what is Mastercoin?

Mastercoin is an endeavor to accelerate and encourage human innovation.

Yeah, I know how that sounds.

I'll try to give you guys more details as soon as I manage to get some free time.
I invite you all to our upcoming Meetup/Webinar on Thursday - I will be speaking about Mastercoin in the Israeli Mastercoin Foundation's first official meetup.

MSC is an attempt to put a freestyle stock market onto the bitcoin blockchain..keep it simple bro 

[bitwhizz]

people... stop spamming this thread, only say productive things please,
 
Dacoinminister, we havn't heard a reply from you about lukes patch, what's your take on this matter?

[bitwhizz]

people... stop spamming this thread, only say productive things please,
 
Dacoinminister, we havn't heard a reply from you about lukes patch, what's your take on this matter?

/\experienced stock market investors stop asking questions !~only MSC pump posts please!LMFAO  

welcome to my ignore list

Edit, when i said 'people', infact its just haighst , now he's on ignore, this thread looks alot more decluttered

[prophetx]

Ripper, how will lukes patch affect plans of the mastercoin protocol, iss it something to be worried about?, are their contingency plans?, what are they? this is the only area which i am unclear of

Good question. How is his thread coming along?
We need someone qualified with mining / mining pool dynamics to comment here.

False. The blockchain is only a specific backend infrastructure. If and when that infrastructure no longer suits our purposes, we'll migrate.

Then what is Mastercoin?

Mastercoin is an endeavor to accelerate and encourage human innovation.

Yeah, I know how that sounds.

I'll try to give you guys more details as soon as I manage to get some free time.
I invite you all to our upcoming Meetup/Webinar on Thursday - I will be speaking about Mastercoin in the Israeli Mastercoin Foundation's first official meetup.

MSC is an attempt to put a freestyle stock market onto the bitcoin blockchain..keep it simple bro 

It is more than that. That is only one facet.  Albeit an important one. 

[haightst]

Ripper, how will lukes patch affect plans of the mastercoin protocol, iss it something to be worried about?, are their contingency plans?, what are they? this is the only area which i am unclear of

Good question. How is his thread coming along?
We need someone qualified with mining / mining pool dynamics to comment here.

False. The blockchain is only a specific backend infrastructure. If and when that infrastructure no longer suits our purposes, we'll migrate.

Then what is Mastercoin?

Mastercoin is an endeavor to accelerate and encourage human innovation.

Yeah, I know how that sounds.

I'll try to give you guys more details as soon as I manage to get some free time.
I invite you all to our upcoming Meetup/Webinar on Thursday - I will be speaking about Mastercoin in the Israeli Mastercoin Foundation's first official meetup.

MSC is an attempt to put a freestyle stock market onto the bitcoin blockchain..keep it simple bro  

It is more than that. That is only one facet.  Albeit an important one.  

~i'm from Sebastopol >> i'm glad Adam pressed him with some tough questions!!!


http://letstalkbitcoin.com/e59-bitcoins-center-of-gravity/#.UocOkCugknE

[romerun]

have we spent BTC1709.2715 (almost a million $) over bounties already ? or am I missing something ?

http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P?offset=0&filter=1

[FTWbitcoinFTW]

Yes you miss something

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

[ripper234]

have we spent BTC1709.2715 (almost a million $) over bounties already ? or am I missing something ?

http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P?offset=0&filter=1

No, these are funds being migrated to other addresses other than J.R's, for safe keeping.
We really need a Budget site so people can see how the funds are managed. There is the Google Doc now but I think we need something more powerful.

There is a $500 bounty on building this website.

We are planning to separate the funds stored in 1Exodus between several addresses, and eventually multisig addresses. This will make it harder for us to prove to the world how much funds we have and how we are using them.

In light of transparency, I would like us to build a "Budget website" (budget.mastercoin.org) that will always show where all the funds are, with full support for multiple multisig addresses.

I would also like this website to let us specify on each expense what it is for. It is basically a replacement for https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing

Eventually this website will become a core part of Mastercoin and will be used by other companies that will be issuing their assets on top of Mastercoin.

The website should be open source of course.

If you want to start working on it, please propose a budget, we can then approve it with the board.

[murraypaul]

It's better to begin setting a MSC mining pool now. MSC transactions will be given the highest priority and each miner believes in MSC can join this pool instead.

Or do what should have been done right from the start, and run Mastercoin as a real alt-coin rather than piggy-backing on Bitcoin.

worst idea ever

Pretty much all of the development issues that have occured have been caused by trying to squeeze a complicated transaction set into Bitcoin's more simple one. If you had defined your own transactions and blockchain from the start there wouldn't be any problem with identifying which output is which, or fudging data into invalid addresses. And you wouldn't need to be constantly transferring dust to the Exodus address just to identify your own transactions.
The advantage of building off the Bitcoin blockchain is that you instantly got a huge base of miners to process and secure your transactions. Given the huge amount of money raised by the project, you could have just bought that processing power instead, and avoided these issues, and wouldn't have the problem that some of the Bitcoin community are, actively or passively, trying to force you to leave.

[dacoinminster]

Dacoinminister, we havn't heard a reply from you about lukes patch, what's your take on this matter?

Sorry guys, I'm drowning in emails and forum posts that need replies, and I'm not going to be able to get to them all as quickly as I would like. I'll probably miss some, and I apologize for that.

Luke's patch does not seem to be getting a very warm reception, but even if it doesn't ever get adopted there may be other patches which are unfriendly to MSC in the future. Our strategy is twofold:

1. Be generous with transaction fees, so that miners lose out on a lot of money if they exclude us
2. Be flexible. This particular patch is easily circumvented by creating multiple Exodus Addresses, as somebody already suggested. MSC transactions cannot be permanently excluded without breaking bitcoin in some very fundamental way.

If somehow we did get permanently excluded, we'll just create a list of all MSC balances, sign it, and jump chains. I don't see that happening any time soon though.

[Tachikoma]

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

[TKeenan]

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... 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.

Hedging a certain amount of the outgoing funds would mean the Foundation would have sufficient funds available regardless of any crash in the price of BTC.

How's that hedging plan looking now?  Hedging is a bet against yourself/your interests.  Either you believe in the future ofBTC or you don't .  If you don't, go buy facebook shares.

I am sure happy the foundation doesn't have guys like you on it to take the funds and place bets against meteoric rise.  Now MSC project has $2.0 million to spend rather than 'locking in' $.4 million.  Nice.

[TKeenan]

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

Luke is an idiot.  We will always find the design around strategy.  Mike Hearn listens carefully each day to important information which will make bitcoin work for all - including organized society.  Anarchists like Luke - who don't sit in these important meetings - who don't consider both sides of the story - who aren't invited to talk to congress about what is going on - force these rules of idiots.  Luke will lose every time.  Mike Hearn and congress will find a nice middle road which works for all of society.  Anarchists will not interrupt good progress no matter how hard they try. 

And if Luke tries to stuff it to the Mastercoin protocol, it will take guys like Tachi 5 minutes to write a few lines of code and put Luke back in his place.  Trying to stop progress is like trying to unring a bell.  Mastercoin is progress on the bitcoin foundation and Luke will not be successful in his attempts to stop it.

[rbdrbd]

Any update regarding the progress of the PR group hired?

(Kudos to the board for recognizing this, I think it will be money well spent. First mover advantage with a few articles outside of the Bitcoin community especially..e.g. Techcrunch, Slashdot, Forbes, etc will be HUGE.)

[vokain]

Any update regarding the progress of the PR group hired?

(Kudos to the board for recognizing this, I think it will be money well spent. First mover advantage with a few articles outside of the Bitcoin community especially..e.g. Techcrunch, Slashdot, Forbes, etc will be HUGE.)

Just finalizing the press kit, interview requests are coming in now and we should see the results of that effort in due time.

[solex]

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

This is exactly the right approach. Luke's patch and the momentum to reducing address reuse is a non-risk to Mastercoin.

The main risk is scalability. As this is now a multi-million dollar enterprise contingency planning becomes important. A project to develop a merged-mined alt-chain based upon Jeff's work should be considered, and high-value/low-volume MSC applications preferred in the meantime.

[Voodah]

I have code ready which can send MasterCoins. Here is what it looks like in action (ignore the first line which is from a previous run):



Source code is here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/MasterCoinAdvisor.py
And here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/base58_found.py

In order to use this source code, you will need to install python 2.7 and also pycrypto for python 2.7, which I got here: http://www.voidspace.org.uk/python/modules.shtml#pycrypto

On one PC I had to mess with my PATH environment variable to find python and the pycrypto libraries, but when I tried it again on a different PC, I didn't have to mess with the PATH variable at all. Your mileage may vary.

If you wish to avoid compiling, and you are a trusting sort of person, you can use the executable I made using py2exe: https://github.com/dacoinminster/MasterCoin-Adviser/raw/master/MasterCoinAdvisorExecutable.zip - I think the executable will only work if you have the right version of Microsoft's C Runtime DLL: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9b2da534-3e03-4391-8a4d-074b9f2bc1bf&displaylang=en

Those of you who are affected by the Android wallet security problem should try this out right away. Let me know if you see anything weird.

Please note that I still have some testing to do of this code - I just wanted to make sure you guys got hold of this functionality as soon as possible! If something isn't right in this code, I'll try to make sure that nothing you do gets lost. Still, sending MasterCoins from one address to another to another to another might not be a good idea yet!

There are some debug outputs commented out in the code right now, but you might want to turn them back on if you are playing with this code.

This code does NOT parse the block chain to see if you actually have MasterCoins to send, or track MasterCoins which have been sent. That is the next milestone after the giveaway thread.

Hi dacoin and everyone,

I need to make a transfer. Is this still the current best method?

[rbdrbd]

Did you just hear the senate hearings? Patrick Murck just made an indirect reference to Mastercoin (and related things like BitShares) by making a statement on the future of where Bitcoin was going. Sorry, don't have the exact quote...came on about 4:40PM EST.

[Luke-Jr]

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

Luke is an idiot.  We will always find the design around strategy.  Mike Hearn listens carefully each day to important information which will make bitcoin work for all - including organized society.  Anarchists like Luke - who don't sit in these important meetings - who don't consider both sides of the story - who aren't invited to talk to congress about what is going on - force these rules of idiots.  Luke will lose every time.  Mike Hearn and congress will find a nice middle road which works for all of society.  Anarchists will not interrupt good progress no matter how hard they try. 

And if Luke tries to stuff it to the Mastercoin protocol, it will take guys like Tachi 5 minutes to write a few lines of code and put Luke back in his place.  Trying to stop progress is like trying to unring a bell.  Mastercoin is progress on the bitcoin foundation and Luke will not be successful in his attempts to stop it.

LOL thanks, this is hilarious... send me a PM next time.