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

[udecker]

Newest dev update:

More info on the Distributed Exchange testing (Dev MSC + BTC100, folks… for *testing*.  Get testing!)

Marv has put together a test plan, available at https://github.com/marv-engine/QA

Also on deck:

• Curtis & Faiz Web wallet
• Zathras' simplified spec, and blockchain scanning optimizations
• consensus (consensus!)
• Maran & Jeffrey’s mastercoind project, and DEx support in verification API
• Grazcoin’s cool Hybrid web wallet^TM
• and…

http://blog.mastercoin.org/2014/01/17/master-protocol-developer-update-3/

There may be lots to do, but *lots* of things happening, too.  And fast.

Keep up the great work, guys!

[hmmmstrange]

Mastercoin got a bit of publicity today. Max Keiser talked quite a bit on protocols being built on top of bitcoin, describing these as "bitcoin 2.0"

http://rt.com/shows/keiser-report/episode-551-max-keiser-769/

Some of the other exciting features being developed by Mastercoin include a decentralized betting exchange and using contracts for differences to create currencies that don't need to rely on a third party for physical backing.

One thing that needs to be pointed out about the Mastercoin protocol is the mastercoins on that layer also have their own value separate from bitcoins. This means that Mastercoin is also an alt coin. There are some interesting features that are being added to the Mastercoin protocol, such as the ability to mark certain mastercoins in a savings account where payments can be reversed if the are made without the address holder's permission.

[nanobit]

Mastercoin got a bit of publicity today. Max Keiser talked quite a bit on protocols being built on top of bitcoin, describing these as "bitcoin 2.0"
http://rt.com/shows/keiser-report/episode-551-max-keiser-769/

There's also an article about Bitcoin 2.0 (or UltraCoin) on Zerohedge:
http://www.zerohedge.com/contributed/2014-01-19/bitcoin-20-aka-ultra-coin-bitcoins-derivative-layer-allows-virtual-control-re

[jmerme01]

Is this the right faucet to post in to get mastercoin from http://mastercoin-faucet.com/bitcointalk-intro?
My wallet is: 1DnLB9AvyWjke2QVMW94Nx56HhWHFkdwVW

[marvschneider]

Newest dev update:

More info on the Distributed Exchange testing (Dev MSC + BTC100, folks… for *testing*.  Get testing!)

Marv has put together a test plan, available at https://github.com/marv-engine/QA

Also on deck:

• Curtis & Faiz Web wallet
• Zathras' simplified spec, and blockchain scanning optimizations
• consensus (consensus!)
• Maran & Jeffrey’s mastercoind project, and DEx support in verification API
• Grazcoin’s cool Hybrid web wallet^TM
• and…

http://blog.mastercoin.org/2014/01/17/master-protocol-developer-update-3/

There may be lots to do, but *lots* of things happening, too.  And fast.

Keep up the great work, guys!

My strategic test plan https://github.com/marv-engine/QA/MastercoinDistributedExchangeTestPlan.md is in pretty good shape, I think. I haven't yet tailored the other files I forked from bitcoin/QA because I'm still getting my arms around what test mechanics people have used already. Please let me know.

[niner]

Mastercoin got a bit of publicity today. Max Keiser talked quite a bit on protocols being built on top of bitcoin, describing these as "bitcoin 2.0"
http://rt.com/shows/keiser-report/episode-551-max-keiser-769/

There's also an article about Bitcoin 2.0 (or UltraCoin) on Zerohedge:
http://www.zerohedge.com/contributed/2014-01-19/bitcoin-20-aka-ultra-coin-bitcoins-derivative-layer-allows-virtual-control-re

This guy is claiming 'Ultra Coin' is the 'AKA' for Bitcoin 2.0
wtf?

http://www.boombustblog.com/blog/item/9193-bitcoin-20-aka-ultra-coin-the-derivative-layer-above-bitcoin-that-allows-virtual-money-to-control-real-things

[hmmmstrange]

Mastercoin got a bit of publicity today. Max Keiser talked quite a bit on protocols being built on top of bitcoin, describing these as "bitcoin 2.0"
http://rt.com/shows/keiser-report/episode-551-max-keiser-769/

There's also an article about Bitcoin 2.0 (or UltraCoin) on Zerohedge:
http://www.zerohedge.com/contributed/2014-01-19/bitcoin-20-aka-ultra-coin-bitcoins-derivative-layer-allows-virtual-control-re

This guy is claiming 'Ultra Coin' is the 'AKA' for Bitcoin 2.0
wtf?

http://www.boombustblog.com/blog/item/9193-bitcoin-20-aka-ultra-coin-the-derivative-layer-above-bitcoin-that-allows-virtual-money-to-control-real-things

I'd be surprised if Reggie Middleton actually produces anything. If i remember correctly he just "found" bitcoin 6 months ago.

[marcelus]

Hello all. I'm an economist/political scientist currently researching for 'The Why Mastercoin Has Value? research bounty. Although not necessarily directly related to what I'm doing, I wanted to throw a question to the floor that is bugging me.

It is this. Although, the master protocol has been built on top of the bitcoin protocol and is reliant on the bitcoin protocol to exist, its currency - the mastercoin - also performs the same function the bitcoin protocol's currency does, in that it permits trustless, rapid payments. As a consequence mastercoin the currency competes with bitcoin the currency. Since the master protocol is more advanced and offers more features besides however, logic would dictate that people would always choose to hold mastercoins over bitcoins, thus killing demand for bitcoins. If demand for bitcoins ceases, that in turn will spell the end of the bitcoin protocol as miners will cease to mine. The consequences of this for mastercoin are obvious, resulting in exactly the opposite outcome that building on top of the bitcoin protocol was supposed to achieve.

I find it hard to believe that JR and many other people involved in the foundation haven't thought of this so I would like to hear an explanation as to why it is thought this won't happen.

[Herp]

Hello all. I'm an economist/political scientist currently researching for 'The Why Mastercoin Has Value? research bounty. Although not necessarily directly related to what I'm doing, I wanted to throw a question to the floor that is bugging me.

It is this. Although, the master protocol has been built on top of the bitcoin protocol and is reliant on the bitcoin protocol to exist, its currency - the mastercoin - also performs the same function the bitcoin protocol's currency does, in that it permits trustless, rapid payments. As a consequence mastercoin the currency competes with bitcoin the currency. Since the master protocol is more advanced and offers more features besides however, logic would dictate that people would always choose to hold mastercoins over bitcoins, thus killing demand for bitcoins. If demand for bitcoins ceases, that in turn will spell the end of the bitcoin protocol as miners will cease to mine. The consequences of this for mastercoin are obvious, resulting in exactly the opposite outcome that building on top of the bitcoin protocol was supposed to achieve.

I find it hard to believe that JR and many other people involved in the foundation haven't thought of this so I would like to hear an explanation as to why it is thought this won't happen.

It will compete but it will also add value to Bitcoin at the same time, same as the land near a high traffic area/building is valuable. Theoretically Mastercoin could always migrate to different blockchain as last resort.

[marcelus]

It will compete but it will also add value to Bitcoin at the same time. Theoretically Mastercoin could always migrate to different blockchain as last resort.

How does it add value and will it not have the same effect I outlined above on another blockchain if it migrates there? Is having its own blockchain not the only way to guarantee control over its own destiny?

[Patel]

It will compete but it will also add value to Bitcoin at the same time. Theoretically Mastercoin could always migrate to different blockchain as last resort.

How does it add value and will it not have the same effect I outlined above on another blockchain if it migrates there? Is having its own blockchain not the only way to guarantee control over its own destiny?

It adds value to Bitcoin because it adds applications on top of Bitcoin, which promote Bitcoin.

Moving to another blockchain is not really an issue with OP_RETURN coming in Bitcoin 0.9

[Herp]

It will compete but it will also add value to Bitcoin at the same time. Theoretically Mastercoin could always migrate to different blockchain as last resort.

How does it add value and will it not have the same effect I outlined above on another blockchain if it migrates there? Is having its own blockchain not the only way to guarantee control over its own destiny?

Why does Litecoin or other cryptos have value, while they're not offering something very different than what Bitcoin does?

Advantage of using the Bitcoin network is the big amount of hashing power which offers security and reliability to Mastercoin and 3rd layer applications built on top of it. Most serious developers will want to build on a strong foundation not on quicksand.

[prophetx]

For those of you who were curious about traffic and stats and stuff like that I prepared this the other day

as you can see the forums are under performing so after much debate it seems that the majority opinion is to use SMF (bitcointalk style forums) to make it easier for people.

on another note now that the wallets are getting tested and should be ready for prime time we have some people working on a new websites, and we will start test doing open ended and specific MSC bounties were people can self organize to accomplish whatever goals they set for themselves or a group, or pick some smaller bounties to group around accomplishing.

if you have any other suggestions around communication, send me a pm

https://docs.google.com/drawings/d/1F0sz4g5D5RxnwJuFgTe5No1l1WDH8Qmij9Ys1rbJ9LQ/edit

[marcelus]

It adds value to Bitcoin because it adds applications on top of Bitcoin, which promote Bitcoin.

The only applications that promote bitcoin are applications that encourage the use of its currency. I'm struggling to see how the Master Protocol does this.

Moving to another blockchain is not really an issue with OP_RETURN coming in Bitcoin 0.9

Of this I am aware, but moving to another blockchain and establishing its own blockchain are two very different things. I would hope the latter is possible because it would seem necessary.

[Patel]

When is the distributed exchange going live? This is important you keep the community updated.

Will it be only for MSC <--> BTC or will you be able to create user currencies and trade them as well?

[marcelus]

When is the distributed exchange going live? This is important you keep the community updated.

Will it be only for MSC <--> BTC or will you be able to create user currencies and trade them as well?

I believe it's just MSC/BTC to start. User currencies and smart property come later.

[prophetx]

When is the distributed exchange going live? This is important you keep the community updated.

Will it be only for MSC <--> BTC or will you be able to create user currencies and trade them as well?

I believe it's just MSC/BTC to start. User currencies and smart property come later.

That is correct.  Well sort of.  TMSC to BTC is live now. You can go test.  Check out Grazcoins wallet and Marv is working on a more thorough test planning covering all of the dev streams.

Last I heard they are aiing at some time by end of Feb for DEx.

Once that is complete user currencies should be relatively "easy"; although there are some kinks around cost of creation, etc. that if you follow a certain other project you know can cause issues if not done right.  Recall that there is also savings and guardian addresses as well.  CFDs, and betting.  As well as more complex "smart properties".

[Armando]

Sorry for a probably stupid question)

I am trying to use MasterCoin, I've made a very small test purchase @ masterxchange.com, and now I got 0.05 MSC for try out how the transfers are going. The interesting thing is that when I did withdrawal to my address, Bitcoin QT shows that I just have 0.00006 XBT in my wallet, my MasterCoin blockchain shows that everything is OK: http://mastercoin-explorer.com/addresses/1A3G55ARtZnjty1c5YTcUU3b4dcvhvNCyS

Next I want to send it back to exchange, I ran MasterCoinAdvisor and tried to deposit 0.01 MSC first, Advisor is telling me to send 0.00006 XBT to 3 addresses in one transaction. I am trying to do it, but the problem is that my QT shows that I have only 0.00006 XBT, and I got "insufficient funds" message because of that.

So, what can I do? Thanks!

[stereotype]

Sorry for a probably stupid question)

I am trying to use MasterCoin, I've made a very small test purchase @ masterxchange.com, and now I got 0.05 MSC for try out how the transfers are going. The interesting thing is that when I did withdrawal to my address, Bitcoin QT shows that I just have 0.00006 XBT in my wallet, my MasterCoin blockchain shows that everything is OK: http://mastercoin-explorer.com/addresses/1A3G55ARtZnjty1c5YTcUU3b4dcvhvNCyS

Next I want to send it back to exchange, I ran MasterCoinAdvisor and tried to deposit 0.01 MSC first, Advisor is telling me to send 0.00006 XBT to 3 addresses in one transaction. I am trying to do it, but the problem is that my QT shows that I have only 0.00006 XBT, and I got "insufficient funds" message because of that.

So, what can I do? Thanks!

You need to send the address 0.00012btc + fees more, you will then have enough to send.

[Patel]

You need to send the address 0.00012btc + fees more, you will then have enough to send.

0.00018 + miner fee