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

[prophetx]

At Bitcoin conference, two 'gurus' draw a crowd

http://www.usatoday.com/story/tech/2013/12/11/the-bitcoin-world-has-its-own-brand-of-gurus/3987573/

Mastercoin Foundation, Bitshares and ColoredCoins Form Self-Regulatory Organization to Ensure Continued Free Operation of New Bitcoin Applications and Protocols

http://sg.finance.yahoo.com/news/mastercoin-foundation-bitshares-coloredcoins-form-160000194.html

I didn't think we were in fear of being locked out of the Bitcoin ecosystem.

huh?  those articles have nothing to do with that

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[prophetx]

anyone familiar with wikipedia and how to get this page to have something on it

http://en.wikipedia.org/wiki/Mastercoin

thanks!

Create an account at http://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Mastercoin&type=signup , then add content via the Wikipedia web based editor.

Looks like Nikos B. will take care of it.

[prophetx]

the documentation contest is complete, thanks for all the hard work everyone!

there are a few people who still haven't submitted their btc address and email.  if this is your trello username, please post on the left most trello card so we can wrap this up.

thanks again and great job, we have over 50 pages and 50+ FAQ items!

https://docs.google.com/spreadsheet/ccc?key=0AjAYAEsUDop2dENDc2tqNVR2RUIybTFEVTJFVjVadXc&usp=drive_web#gid=0

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

need btc and email address for:

@jakecunning
@jamesknight313
@fordlincoln
@michaelbulkley

need emails for

@assafshomer
@wes14

need btc address for
@rolandkofler

the payment amounts in btc will be pegged to a certain date, once I get confirmation from JR when the payment date will happen.

still missing

need btc and email address for:

@jamesknight313
@fordlincoln
@michaelbulkley

need email for

@assafshomer

[prophetx]

has anyone used masterchain.info to do a send?

https://masterchain.info/Address.html?addr=12xdMh16KkH34YKbzoPZmn5Ai6i3jzfVwX&currency=MSC

[drdops]

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

[dacoinminster]

I will be on vacation (offline and unreachable) tomorrow 12/21 through Sunday 1/5. I'll be back on 1/6, but it will probably take me several days to get caught up on email.

In the event of an emergency board vote or similar issue, Ron and David have my phone number. Otherwise, you probably won't hear a peep from me. That is, if I have the self control to stay away from this project which I love so much and focus on my family as I hope to do! If I do have time to work on Mastercoin, I have some changes to make to the spec for Contracts-for-Difference which should keep me busy.

We have several expenses queued up, and there will be a few more. I plan to pay all of them on 1/1 when I get online briefly to do payroll for our Role-based Bounty people (currently Taariq and Dominik, but soon to be a lot more). You can see approved expenses here: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing#gid=0

Thankfully, this decentralized project doesn't need me at all. The next couple weeks will be good practice for if I die unexpectedly

[tlewis]

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol

[jakecnn]

When can we expect dev mastercoins to be payed out? (For example for the documentation contest)

[TKeenan]

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 

[dacoinminster]

When can we expect dev mastercoins to be payed out? (For example for the documentation contest)

We decided to pay a giant lump sum when the distributed exchange bounty is paid, then monthly thereafter.

50% of all dev MSC are paid out that way. The other 50% are for unexpected expenses and hopefully will be rolled into the distributed bounty system which will replace the Mastercoin Foundation in managing the project

[bitlo]

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 

What name do you propose? I haven't come across anything better.

[markm]

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name?  

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name.  

What name do you propose? I haven't come across anything better.

A name that does not make it sound distinct from bitcoin. Mastered Bitcoins maybe or Engraved Bitcoins or multi-purpose bitcoins or bitcoin overlay layer one or bitcoin multipurpose layer or repurposed coins or scented coins or custom coins or scented bitcoins or customised bitcoins or bitcoin market layer etc etc, basically get away from focus on making something other than bitcoin instead getting the focus back on the fact that this is just another of the many amazing things bitcoin offers.

Maybe bitcoin protocol overlays then call the master coins protocol overlay one or bitcoin overlay master, the bitdollars if any are created bitcoin overlay dollars, the goldcoins if any are created bitcoin overlay gold and so on?

Maybe even tinted coins or flavoured coins or coins on steroids or souped up coins...

Bitcoin Mastery, maybe?

Overlay coins, reflecting that they can be overlaid onto any blockchain?

-MarkM-

[drdops]

just spotted an alt coin trading on cryptsy against litecoin as MasterCoin (MST). Im presuming its completely unrelated? seems confusing or is that the intent?

That's another Mastercoin (MST) that was launched over the summer https://bitcointalk.org/index.php?topic=242406.0

It's not MSC, which is the Mastercoin Protocol

How many more thousands of times are we going to have to give people this explanation?  Shouldn't we just change the name? 

I hate alt cryptos that end in 'coin' anyway.  What a dumb name.  Although I hate 'Ripple' at least they weren't so foolish to adopt another 'coin' name. 

I have quite a large investment here from the early exodus address. I was merely pointing out the use of the same name out of concern that it would affect MSC development.

[abuelau]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

[DGulari]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.

[abuelau]

Have you guys seen the news on the colored coins front? It's looking quite cool: https://bitcointalk.org/index.php?topic=106373.0

maybe this has been answered a thousand times already, but.. imagine both Colored Coins and MasterCoin works. What is really the difference between them to the END USER? I know the technical aspects, but users don't care much about those.

One difference is that Mastercoin has a 100 Million dollar market cap.  Its owners will be fiercely protective to do what it takes to keep the project moving forward.

Colored Coin has some asshole named KillerShitStorm who keeps trying to make trouble for mastercoin because his project is an unfunded 'for the good of man' system where the programming team will finally burn out and quit as doing hard work without pay finally turns out to be a dumb ass business model.  But don't worry, KillerShitStorm will be over here telling everyone why they should run from Mastercoin.  Colored Coin was dead on arrival.  The end user will never know about Colored Coins.

So, end users will prefer Mastercoins because you don't like the guy behind Colored Coins?

Hm.. I get the "funding" argument, although right now that doesn't come across in the product itself, I think the colored coins website is probably clearer, simpler and more user friendly.

[BitThink]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all.

[abuelau]

I think the reason why most people here do not like colored coin is simple. They cannot invest on it. Colored coin is just like a traditional open source project, where people earn reputation but no money.

That said, it make sense to say that msc may have better chance to succeed because the developers have more incentives. Colored coin has been developed for a long period and the slow progress Could be explained by its volunteer nature.

Nonetheless, in a project like master coin, there's another problem. If the wealth is not distributed fairly, the progress may be even slower than colored coin. Human's nature makes us hate working hard to make others to be super rich. We may feel better if no one gets rich at all.

Well said.

I hope that Mastercoin gets a really amazing website with a very cool video and all the other stuff like p2p exchanges, assets etc... soon... with all the money at their disposal, I am a bit impressed with the slow progress so far.

[dance4x]

I have a question when it comes to the decentralized exchange. How fast will it be? I must be misunderstanding the protocol because the way I have read about Mastercoin makes me think that trades will only be possible with each bitcoin confirmation (roughly every ten minutes). So will the decentralized exchange work like the exchanges that we are used to today with instant trade execution?

Edit: Watching a presentation from Ron Gross on Mastercoin right now and he talked about how the trades will be happening every 10 minutes.

[ak84]

Serious question, and I don't mean to undervalue the work you've all put in..

but as an observer, why don't you launch this already? You don't need to have all the features.

Launch it with the most important feature to have, and get people's reactions. Ask them what they like, what they don't like, and what they want to see. There's a balance between taking the time to build something really great and over-building so much that you never release the product.