MasterCoin Buyer/Seller Thread

[dacoinminster]

I think it's time to close down this thread now that our own forum is getting some good traffic. Please move any discussion of Mastercoin price and trading here: http://mastercointalk.org/index.php?board=3.0

Thanks! This thread is now locked.

I'm getting lots of PMs from people who missed the deadline to buy MasterCoins from the Exodus Address (MasterCoin is not an alt-chain - it is a new protocol layer being built on top of bitcoin - read about it here: https://bitcointalk.org/index.php?topic=265488.0). If you missed the deadline, or you are an early adopter looking to sell, this is the place for you!

MasterCoin/Bitcoin exchange will happen on a distributed exchange (hopefully soon), but in the meantime, I'd like to provide a meeting place for buyers and sellers, and a bit of guidance about how to go about buying and selling MasterCoins.

Some sellers are trying to get 100x-200x returns overnight, which might be a bit premature, but whatever MasterCoins are worth over the next few days, we will find out on this thread.

To buy OR sell MasterCoins, you need this software in order to make sure the transaction sending MasterCoins is properly formatted: https://bitcointalk.org/index.php?topic=265488.msg2919863#msg2919863

New: You can also try this website, which has the same functionality: http://mastercoin-explorer.com (note the disclaimers on this site - it has limitations, and may still have some bugs)

If you are curious what the software is doing, you can read a complete breakdown of a send transaction here: https://bitcointalk.org/index.php?topic=265488.msg2940318#msg2940318

Also, buyers will need to do some due diligence to make sure the seller actually has the MasterCoins they claim to have. Just seeing a correctly formatted transaction doesn't mean anything if the seller doesn't actually have MasterCoins to sell! If the seller got the MasterCoins via the Exodus Address, this is a bit easier, since you can check to make sure the address actually owns MasterCoins here: http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P?offset=0&filter=0

Note that if a MasterCoin purchase has multiple input addresses, ONLY the largest input actually owns the MasterCoins!

If a seller received their MasterCoins on the giveaway thread, or purchased them from an early adopter, the due diligence gets harder. You have to check the validity of the transaction that sent them MasterCoins AND check that the address which sent them actually owned MasterCoins. Once MasterCoins have been sent a few times, this will be a very burdensome, manual process.

Also, you must check to make sure the owner hasn't already sent their coins to someone else. This is also manual.

Update: MasterCoin-Explorer.com now traces the history of MasterCoins which have been bought and then sent through the block-chain! However, this code has not been widely tested, so you should still double-check everything the best you can.

Yes, this will become considerably easier in the future, especially once we have the distributed exchange running. At that point, I expect MasterCoins will be considerably more expensive. If you're willing to do some learning now, you might still get a good deal.

Obviously there is no escrow currently for MasterCoins, so if escrow is used (I'd recommend it), the bitcoins will have to be the ones held in escrow.

User MaxMint set up an self-service order book to keep track of the current bids and asks:
http://mcoin.io/#/

The above system is intended to replace the old google spreadsheet order book:
https://docs.google.com/spreadsheet/ccc?key=0ApGPLGUd5ZCzdHFxbnhHQjBDSDVKamY5UHlWdkNMNWc#gid=0

Happy trading!

Warning: We've had some reports of scammers operating on this thread:

• https://bitcointalk.org/index.php?topic=287145.msg3401476#msg3401476
• https://bitcointalk.org/index.php?topic=287145.msg4000542#msg4000542

[maxmint]

Great! I'll buy up to 1000 Mastercoins.
If anyone is interested, please PM me.

[alnoor1231]

Is there gonna be some kind of exchange set up for this coin? Seems like a hassle to start trading....

[dacoinminster]

Is there gonna be some kind of exchange set up for this coin? Seems like a hassle to start trading....

Not just an exchange - a distributed exchange, as specified in the whitepaper

The hassle is temporary!

[maxmint]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

[dacoinminster]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

You and the seller should both agree on what the transaction should look like in the block chain. Once you see it show up (and assuming they didn't send the coins to someone else first!), you own the coins. There is a website for checking these transactions, but I'm told it doesn't handle valid transactions which have bitcoin change coming back to the sender. You can try that here: http://mastercoin.bysh.me:3000/

Edit: The link above often incorrectly reports MasterCoin balances (it has a bug which greatly inflates purchases for some addresses when they use multiple inputs) - using it for determining if somebody actually owns MasterCoins is not advised!

[TomHirsch]

Great! I'll buy up to 1000 Mastercoins.
If anyone is interested, please PM me.

No problem MaxMint - I'll sell 1000 Master.  Please send 1000BTC to 175MZLma8u6MnLrHSMTapCR57eiioSWcUW. Transfer will be made immediately in accordance with the instructions provided by dacoinminister.  Thanks.

Tom

[Rampion]

Great! I'll buy up to 1000 Mastercoins.
If anyone is interested, please PM me.

No problem MaxMint - I'll sell 1000 Master.  Please send 1000BTC to 175MZLma8u6MnLrHSMTapCR57eiioSWcUW. Transfer will be made immediately in accordance with the instructions provided by dacoinminister.  Thanks.

Tom

Mmm.. So you have 1000 Mastercoins, meaning you sent 10BTC to the Exodus address? Before asking 1000BTC to be sent to your address you could at least prove you OWN 1,000 Mastercoins, right?

You can prove you won 1,000 Mastercoins by signing a message with the address from which you sent 10 or more BTC to the Exodus address.

[alnoor1231]

So when should we be expecting this "distributed exchange"? I`m very much interested in buying but I`m not gonna start dishing out btc unless I have full confidence that my transactions are secure.

[maxmint]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

You and the seller should both agree on what the transaction should look like in the block chain. Once you see it show up (and assuming they didn't send the coins to someone else first!), you own the coins. There is a website for checking these transactions, but I'm told it doesn't handle valid transactions which have bitcoin change coming back to the sender. You can try that here: http://mastercoin.bysh.me:3000/

Can you confirm that there were mastercoins transferred in this transaction? How much?
http://blockchain.info/de/tx/4cad027f03f984d7745c077820617318c7553a90ca64be56e78217fc18cf4ea5

[Patel]

Looking to buy Mastercoins,

Have 5-10 BTC depending on price. PM me.

I am willing to go 1btc:50mc to whoever wants to make their investment back, PM me

If not, PM me some good offers

[StarenseN]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

You and the seller should both agree on what the transaction should look like in the block chain. Once you see it show up (and assuming they didn't send the coins to someone else first!), you own the coins. There is a website for checking these transactions, but I'm told it doesn't handle valid transactions which have bitcoin change coming back to the sender. You can try that here: http://mastercoin.bysh.me:3000/

Can you confirm that there were mastercoins transferred in this transaction? How much?
http://blockchain.info/de/tx/4cad027f03f984d7745c077820617318c7553a90ca64be56e78217fc18cf4ea5

Put the sender address ( 1Eo6FGPytuYvuA3ZS6ToXqP8sScWWtKhWN ) into the first field on that page: http://mastercoin.bysh.me:3000/

There are 5000 MSC

[TomHirsch]

you could at least prove you OWN 1,000 Mastercoins, right?

I have far more than 1,000 Mastercoin.  I can prove it - to legitimate buyers. 

[dacoinminster]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

You and the seller should both agree on what the transaction should look like in the block chain. Once you see it show up (and assuming they didn't send the coins to someone else first!), you own the coins. There is a website for checking these transactions, but I'm told it doesn't handle valid transactions which have bitcoin change coming back to the sender. You can try that here: http://mastercoin.bysh.me:3000/

Can you confirm that there were mastercoins transferred in this transaction? How much?
http://blockchain.info/de/tx/4cad027f03f984d7745c077820617318c7553a90ca64be56e78217fc18cf4ea5

Put the sender address ( 1Eo6FGPytuYvuA3ZS6ToXqP8sScWWtKhWN ) into the first field on that page: http://mastercoin.bysh.me:3000/

There are 5000 MSC

Please be careful using  http://mastercoin.bysh.me:3000/ (it currently mis-reports the balances of some addresses!)

[shakezula]

I thought the transactions were .01:1 for BTC:MSC? This shows my address owning 100MSC:

http://mastercoin.bysh.me:3000/homes?address=1Mt1tCGyJnD6SHzBgxtg6GRJLUhqQrc4ff&commit=Check+coins+bought

Is that right?

In anycase, I am willing to part with my chunk of 50/100 for 2BTC if anyone's buying.

I'll wait until there's a more straightforward method of sending/verifying. Don't want to miss out on the fabulous prices at the moment, but then again, don't want to loose my MSC's either.

[Rampion]

I just checked the MasterCoinAdvisor to get a first deal started. I think I know how to send some mastercoins, but I'm not sure how I can check if the transaction was successful.
Any suggestion on this?

You and the seller should both agree on what the transaction should look like in the block chain. Once you see it show up (and assuming they didn't send the coins to someone else first!), you own the coins. There is a website for checking these transactions, but I'm told it doesn't handle valid transactions which have bitcoin change coming back to the sender. You can try that here: http://mastercoin.bysh.me:3000/

Can you confirm that there were mastercoins transferred in this transaction? How much?
http://blockchain.info/de/tx/4cad027f03f984d7745c077820617318c7553a90ca64be56e78217fc18cf4ea5

It looks to me that 1.3 Mastercoins were transferred in that transaction? That info should be in the hash of the data address (http://blockchain.info/de/address/1EwzPMJan18uaTVWSJtKYJk5H6NnVyiRqp) - if I got it right the amount transferred is 0x7bfa480 or 1.3 Mastercoins.

[dacoinminster]

I thought the transactions were .01:1 for BTC:MSC? This shows my address owning 100MSC:

http://mastercoin.bysh.me:3000/homes?address=1Mt1tCGyJnD6SHzBgxtg6GRJLUhqQrc4ff&commit=Check+coins+bought

Is that right?

In anycase, I am willing to part with my chunk of 50/100 for 2BTC if anyone's buying.

Again, please be careful using  http://mastercoin.bysh.me:3000/ (it currently mis-reports the balances of some addresses!)

I know it's a ghetto-looking command-line program, but if you aren't using MasterCoinAdvisor (and manually checking everything at blockchain.info or blockexplorer), you're doing it wrong!

[shakezula]

I thought the transactions were .01:1 for BTC:MSC? This shows my address owning 100MSC:

http://mastercoin.bysh.me:3000/homes?address=1Mt1tCGyJnD6SHzBgxtg6GRJLUhqQrc4ff&commit=Check+coins+bought

Is that right?

In anycase, I am willing to part with my chunk of 50/100 for 2BTC if anyone's buying.

Again, please be careful using  http://mastercoin.bysh.me:3000/ (it currently mis-reports the balances of some addresses!)

I know it's a ghetto-looking command-line program, but if you aren't using MasterCoinAdvisor (and manually checking everything at blockchain.info or blockexplorer), you're doing it wrong!

There's nothing wrong with your python, I'm just leery/newbish. Until there's a bit more straightforward method to this madness, I'll hold on to them.

[pheaonix]

something about this doesn't feel right

[klee]

Dacoinminster can you verify for me the following two transactions I did in the Exodus address? I used 0.0001btc fee.

In http://mastercoin.bysh.me:3000/ I get an error!

407b1385e8a3c332b559a50fad0956c8f853a939e86f4662beed43d5ada8efa6-000
03efb950f6165f5191e93a7817a9a799a512f40454832a3bfe3f68c6745af3ac-000