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

[dacoinminster]

Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

You are actively ignoring the spending rules that the board imposed on itself: "The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis". Though I suppose you could construe "rolling basis" in order to justify excessive unauthorized expenditures.

It is not really a matter of what *you* prefer; you are one investor, and if the rules for spending are going to be broken the community ought to be informed of it.

Lastly, since Ron was not elected by the community as Executive Director, giving him such free-reign is absurd.

Ron is following the rules we all agreed on, including getting board approval for these major expenditures. If you don't like how Ron is running things, you are free to vote for someone else to run things once we've implemented proof-of-stake voting. Right now the biggest holders of MSC are on the board, so board votes are a pretty good proxy for proof-of-stake voting in the meantime.

You'll be horrified to learn that some on the board have actually bought MORE Mastercoin rather than selling as you have been arguing for so strenuously. This is because, like me, they believe Mastercoin will be successful and are acting accordingly.

Obviously we're further consolidating our evil cabal of power in this ecosystem. No doubt the project is doomed because some major investors bought more at a MUCH higher price than they got initially. Oh well. It was fun while it lasted.

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[bitexch]

Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

You are actively ignoring the spending rules that the board imposed on itself: "The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis". Though I suppose you could construe "rolling basis" in order to justify excessive unauthorized expenditures.

It is not really a matter of what *you* prefer; you are one investor, and if the rules for spending are going to be broken the community ought to be informed of it.

Lastly, since Ron was not elected by the community as Executive Director, giving him such free-reign is absurd.

Ron is following the rules we all agreed on.

You're just begging the question. Each MSC employee gets paid 6k and 50MSC per month; at the current valuation that's over 10k per employee per month, and Ron is permitted to spend 10k without authorization "on a rolling basis"....

EDIT: You spoke of multiple hires in your post, so even if you were to chalk up the 50 MSC to stock options or something, by hiring at least 2 people, Ron is overstepping his authority.

If you don't like how Ron is running things, you are free to vote for someone else to run things once we've implemented proof-of-stake voting. Right now the biggest holders of MSC are on the board, so board votes are a pretty good proxy for proof-of-stake voting in the meantime.

This is rather blatant proof that proof-of-stake voting will not calm people's concerns regarding Mastercoin's centralization...

[zbx]

Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

Ron and David both told me two days ago that their goal is to dissolve the foundation and have *all* decisions determined by proof-of-stake voting. They are trying to put the governance of the protocol into the protocol itself.

[dacoinminster]

Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

Ron and David both told me two days ago that their goal is to dissolve the foundation and have *all* decisions determined by proof-of-stake voting. They are trying to put the governance of the protocol into the protocol itself.

Proof-of-stake voting will almost certainly not ask every person to weigh in on every decision (that would be horribly inefficient). Instead, we'll elect someone to be in charge of a block of money for a block of time. At the end of that time, we'll elect someone else (or the same person, if we like how they ran things) for the next block of money and block of time. The size of the blocks of money and blocks of time will also be decided by proof-of-stake voting.

For instance, we might vote to give Ron authorization to spend 5% of the project funds over the following three months. If Ron does a terrible job, we might elect somebody else after that. If we like how Ron spent the money, we might elect him again.

[bitexch]

You'll be horrified to learn that some on the board have actually bought MORE Mastercoin rather than selling as you have been arguing for so strenuously. This is because, like me, they believe Mastercoin will be successful and are acting accordingly.

Obviously we're further consolidating our evil cabal of power in this ecosystem. No doubt the project is doomed because some major investors bought more at a MUCH higher price than they got initially. Oh well. It was fun while it lasted.

Pedantic and dismissive comments regarding people's concerns will not help Mastercoin, and I do not see what you or other investors gain by them. No one doubted that you have faith in the project. The question is whether potential investors will want to invest in spite of their concerns about centralization.

[k99]

I received 9 mastercoins into a btc qt client wallet (1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ).
I send some btc to a paperwallet (17nCCJ5ge5et5oKfHEDeoWJhebR2GEjPDG) and there my msc seemed to leave the wallet as well.
I imported then that paper wallet into a blockchain wallet and did the msc sending like it is described here:
https://bitcointalk.org/index.php?topic=348789.0 (is that also possible with the qt client?)
Once with 1 msc, then with 8 msc.
that all seemed ok for me, but at https://masterchest.info/lookupadd.aspx?address=13sTmHYc2jcUPE4EwZnfULqUHwEHV1o8M6 it is marked as invalid.
I dont understand how exactly the msc are identified, but for me it seems if i moved the btc funds from my receiving address to another wallet, then use that wallet so send out msc, that should work, but seems like not.

I just tried another approach: If the msc is not directly connected to the btc address it should somehow still be in my qt client wallet. so i tried to send it from there, but seemed like also was not valid:
https://masterchest.info/lookupadd.aspx?address=1AqJqwRrxQM84bGcdGMZZAZ7Tacs6VV2cW

I hope i have not lost them!
I am pretty disappointed how difficult it is to send/sell my mastercoins.

Valid transaction have green color, not red !

Also, no trace for a transaction to load the sending address so maybe it's a fake transaction or a scam.
Which one is yours ?

[Patel]

I received 9 mastercoins into a btc qt client wallet (1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ).
I send some btc to a paperwallet (17nCCJ5ge5et5oKfHEDeoWJhebR2GEjPDG) and there my msc seemed to leave the wallet as well.
I imported then that paper wallet into a blockchain wallet and did the msc sending like it is described here:
https://bitcointalk.org/index.php?topic=348789.0 (is that also possible with the qt client?)
Once with 1 msc, then with 8 msc.
that all seemed ok for me, but at https://masterchest.info/lookupadd.aspx?address=13sTmHYc2jcUPE4EwZnfULqUHwEHV1o8M6 it is marked as invalid.
I dont understand how exactly the msc are identified, but for me it seems if i moved the btc funds from my receiving address to another wallet, then use that wallet so send out msc, that should work, but seems like not.

I just tried another approach: If the msc is not directly connected to the btc address it should somehow still be in my qt client wallet. so i tried to send it from there, but seemed like also was not valid:
https://masterchest.info/lookupadd.aspx?address=1AqJqwRrxQM84bGcdGMZZAZ7Tacs6VV2cW

I hope i have not lost them!
I am pretty disappointed how difficult it is to send/sell my mastercoins.

Valid transaction have green color, not red !

Also, no trace for a transaction to load the sending address so maybe it's a fake transaction or a scam.
Which one is yours ?

I learned that its best to just create a address/private key, import it into blockchain.info and use that address for all your MSC needs. Using the QT makes it difficult because you can't pick which address you want to send from.

It says there is a total of 9 MSC on the address 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

There are 0 outgoing MSC from that address, so they are still on there.

[FTWbitcoinFTW]

Your MSC are in this address : 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

Do you still controlling this address ?

If yes, no worries
If no, well... just have a look to my sign... Amen

[prophetx]

we are in the final push for the first documentation contest.

help out if you are interested in this activity. see:

https://trello.com/b/5lolIlqc/documentation-contest-1

some of the content that has been created so far is here:

http://wiki.mastercoin.org/index.php/Special:Categories

there still needs to be some organization and links on the main page for all of this.

[prophetx]

check out http://wiki.mastercoin.org if you think it lacks a particular page, please post here 

https://trello.com/c/oRlv67Pl

[k99]

That address is from an active qt wallet, so yes i still have control over it, but its btc balance is 0 as i send btc to a paperwallet. does the btc balance of that address has influence of the msc?
How can i send my mastercoins out from it. I tried the 2 possibilities which seemed to me most logical:
1. send msc from the address where teh btc balance from the original msc receiver address went
2. send msc from the qt client wallet, where i recieved the msc but where the address btc balance is 0.
both are not working, so seems that i am still the owner but how can i access it? how can i send them to somebody who want to buy it?

can anyone explain how the msc are stored in the btc address/wallet?

thanks for any help!

Your MSC are in this address : 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

Do you still controlling this address ?

If yes, no worries
If no, well... just have a look to my sign... Amen

[Patel]

Your fine, just sent some BTC to that address so you can pay for your outgoing MSC transactions

That address is from an active qt wallet, so yes i still have control over it, but its btc balance is 0 as i send btc to a paperwallet. does the btc balance of that address has influence of the msc?
How can i send my mastercoins out from it. I tried the 2 possibilities which seemed to me most logical:
1. send msc from the address where teh btc balance from the original msc receiver address went
2. send msc from the qt client wallet, where i recieved the msc but where the address btc balance is 0.
both are not working, so seems that i am still the owner but how can i access it? how can i send them to somebody who want to buy it?

can anyone explain how the msc are stored in the btc address/wallet?

thanks for any help!

Your MSC are in this address : 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

Do you still controlling this address ?

If yes, no worries
If no, well... just have a look to my sign... Amen

[prophetx]

I'm getting swamped with things to do, so  I am announcing a contest to write the weekly blog.  I will try this out for a couple weeks and see if this is something that can be worked out by folks in the community.

The award is 0.5 Dev MSC  (from the Dev MSC allocated for Head of Communications) for the blog post that gets the most hits.

See rules here https://trello.com/c/gbrOtwVK

I reserve the right to change the rules at anytime to ensure fairness and quality content.

btw this is a pretty neat tool cloudflood.com that I came across a couple years ago.

any questions? please email info@mastercoin.org

[k99]

Its not so easy....
I just sent some fund to the orig. address (https://blockchain.info/address/1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ) so its funded again and then did the msc send but without success:
https://masterchest.info/lookupadd.aspx?address=13TkryWbfWtsBWLXsFRNGEhGgHGzt8qKYP
Is there a way in the btc qt client to force to use a specific addredd for the send? it seems that the msc tx was using another address....
maybe i need to empty all in that wallet and the fund it again.... damn what a nightmare to get rid of my msc!

Your fine, just sent some BTC to that address so you can pay for your outgoing MSC transactions

That address is from an active qt wallet, so yes i still have control over it, but its btc balance is 0 as i send btc to a paperwallet. does the btc balance of that address has influence of the msc?
How can i send my mastercoins out from it. I tried the 2 possibilities which seemed to me most logical:
1. send msc from the address where teh btc balance from the original msc receiver address went
2. send msc from the qt client wallet, where i recieved the msc but where the address btc balance is 0.
both are not working, so seems that i am still the owner but how can i access it? how can i send them to somebody who want to buy it?

can anyone explain how the msc are stored in the btc address/wallet?

thanks for any help!

Your MSC are in this address : 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

Do you still controlling this address ?

If yes, no worries
If no, well... just have a look to my sign... Amen

[jeroenn13]

Its not so easy....
I just sent some fund to the orig. address (https://blockchain.info/address/1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ) so its funded again and then did the msc send but without success:
https://masterchest.info/lookupadd.aspx?address=13TkryWbfWtsBWLXsFRNGEhGgHGzt8qKYP
Is there a way in the btc qt client to force to use a specific addredd for the send? it seems that the msc tx was using another address....
maybe i need to empty all in that wallet and the fund it again.... damn what a nightmare to get rid of my msc!

Your fine, just sent some BTC to that address so you can pay for your outgoing MSC transactions

That address is from an active qt wallet, so yes i still have control over it, but its btc balance is 0 as i send btc to a paperwallet. does the btc balance of that address has influence of the msc?
How can i send my mastercoins out from it. I tried the 2 possibilities which seemed to me most logical:
1. send msc from the address where teh btc balance from the original msc receiver address went
2. send msc from the qt client wallet, where i recieved the msc but where the address btc balance is 0.
both are not working, so seems that i am still the owner but how can i access it? how can i send them to somebody who want to buy it?

can anyone explain how the msc are stored in the btc address/wallet?

thanks for any help!

Your MSC are in this address : 1EMPjmn72bHniRCcVsYD2PZ9Bw86n4uRbQ

Do you still controlling this address ?

If yes, no worries
If no, well... just have a look to my sign... Amen

It's very easy, send all your BTC to the address which contains the MSC and you wish to send from.
A wallet can contain multiple addresses.

[DGulari]

You'll be horrified to learn that some on the board have actually bought MORE Mastercoin rather than selling as you have been arguing for so strenuously. This is because, like me, they believe Mastercoin will be successful and are acting accordingly.

Obviously we're further consolidating our evil cabal of power in this ecosystem. No doubt the project is doomed because some major investors bought more at a MUCH higher price than they got initially. Oh well. It was fun while it lasted.

Pedantic and dismissive comments regarding people's concerns will not help Mastercoin, and I do not see what you or other investors gain by them. No one doubted that you have faith in the project. The question is whether potential investors will want to invest in spite of their concerns about centralization.

While your attempt to be very frank and thorough with all persons is admirable, I am begging you to please quit arguing with this idiot.  You don't owe an explanation to everyone.  You are doing a remarkable job placing power where it belongs.  Holders of MSC are not shareholders of a corporation entitled to long explanations from the CEO.  You are not the CEO and MSC units are not shares.  The foundation has a job to do.  MSC holders do not run the foundation.  The foundation runs the foundation until a proof of stake system is defined.  bitexch thinks he has a devine vote today - he doesn't.  I am very happy you understand why Ron has to do his job without permission from bitexch.  Hey bitexch - sell the rest of your MSC if you don't like the show.  dacoinminster is kicking major ass running this thing - and he doesn't need your boring inputs.

[DGulari]

By the way, is there any further word on the 'share buyback' proposal?  If it has been cancelled, I'd like to adopt one position.  If it is forthcoming, I'd like to adopt another position.  If it is still being debated, I'd like to adopt another.  Part of 'full disclosure' is mentioning the state of this proposal.  Can we have a word on this please?

[MCRyan]

Hello Everyone,

My name is Ryan and I am excited to announce that I will be organizing the Mastercoin meetups for three major US west coast cities.

If you are a Mastercoin enthusiast, developer, merchant, or consumer in the San Francisco Bay Area, Los Angeles, or San Diego, I urge you to join one of our meetups and partake in some seriously awesome networking events. I intend for these meetups to be a local platform where everyone's voice is heard surrounding relevant topics to the Mastercoin community. As of right now everything is still in its planning stages. It is my hope that during the month of December each of these three meetups will begin to fill with members. I am aiming for the first actual in-person meetups to begin in early January.

Join us to create the future of Mastercoin while having fun and meeting new lifelong friends! Details for each city are below.

San Francisco & Silicon Valley Mastercoin Meetup
Link: http://www.meetup.com/Mastercoin-San-Francisco-Silicon-Valley-Meetup/
First Scheduled Meetup: Saturday, January 4th, 2014 ; 2PM-4PM

I am hoping to get 20+ masterminds to attend this first meetup in the Bay Area. I am taking all suggestions on venues that would best accommodate a group of that size along with deciding on a geographical location that benefits everyone looking to attend. If you are planning to join us, please feel free to suggest topics of discussion that you would like addressed. In the past three years, I have lived in both San Mateo and Mountain View. I have attended quite a few networking events and meetups while also attending Draper University (a school for entrepreneurs). I feel like a great meetup is one in which everyone's voice is heard and that also has an optional social hour after the meetup.

Los Angeles Mastercoin Meetup
Link: http://www.meetup.com/Mastercoin-Los-Angeles-Meetup/
First Scheduled Meetup: Saturday, January 11th, 2014 ; 2PM-4PM

I am hoping to get 20+ masterminds to attend this first meetup in the greater Los Angeles area. It would be great to gauge how many of you will be coming from the city and how many from the Silicon Beach area. What are some great venues for these types of networking events? What are the best areas of the city that are easiest to access for everyone? If you are planning to join us, please feel free to suggest topics of discussion that you would like addressed. Everyone will have a voice at this meetup surrounding topics that we choose together.

San Diego Mastercoin Meetup
Link: http://www.meetup.com/Mastercoin-San-Diego-Meetup/
First Scheduled Meetup: Saturday, January 18th, 2014 ; 2PM-4PM

San Diego is where I currently reside. Although it is a smaller tech community as compared to the Bay Area and Los Angeles, I am hoping at least 10 or more masterminds attend this first meetup. I figured Filter Coffee House in Hillcrest would be a great central location for everyone to meet at. If there are any objections to this, please voice them. If you are planning to join us, please feel free to suggest topics of discussion that you would like addressed. Everyone will have a voice at this meetup surrounding topics that we choose together.

Not in one of these three cities?
No problem! Contact me (my information is below) and let's discuss getting your own chapter started. Since Mastercoin meetups are just starting, there is room for everyone to become involved in a major way! If you are a future-minded Mastercoin adopter and do not want your city to get left in the dust, let's join forces and make sure starting your own local chapter is a breeze.

Thanks Everyone!

My contact information:

Ryan@livelyfeed.com
Skype: ryan.keenan.11

[SyRenity]

I posted a new question about savings account implementation and features, will appreciate any developers currently working on MSC implementations looking at it:
https://bitcointalk.org/index.php?topic=362447.msg3878731#msg3878731

[Pouncer]

Recently, a user did the following MSC tx:

Qty: 30 MSC   
MSC Receiving: 1Mp1Wy6g5F8STm67LvvmGNTJpSdhuTufL2
MSC sending: 1K7ebt2PamR7Q7qD75v7HMj5EmSPWrmcLQ

Bitcoin tx:
https://blockchain.info/tx/80a087558fa95e105dcde0935c1994906d2a1b16e34ca70aecf12e3c04d10c70

Result:

The transaction showed up in MyMastercoin.com
http://mymastercoins.com/default.aspx?XID=4713 with a tx id of
80a087558fa95e105dcde0935c1994906d2a1b16e34ca70aecf12e3c04d10c70
but both Mastercoin-explorer.com and Masterchest.info could not find this transaction id.

Balance of MSC receiving address 1Mp1Wy6g5F8STm67LvvmGNTJpSdhuTufL2 showed that the 30MSC has not been credited at Mastercoin-explorer
http://mastercoin-explorer.com/addresses/1Mp1Wy6g5F8STm67LvvmGNTJpSdhuTufL2
and also at Masterchest.info
https://masterchest.info/lookupadd.aspx?address=1Mp1Wy6g5F8STm67LvvmGNTJpSdhuTufL2

Please advise what could be the problem.

Thanks