HammerFist
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October 23, 2013, 04:05:21 PM |
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the only way I can really do that is to sell some MSC, which I don't want to do at these prices  See above: That was a very big mistake. Might as well just throw 100 Euro notes in the toilet.
Open markets are good. Market manipulation almost never goes well or produces the intended result. We don't need no water, let the mother F-er burn. |
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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Luckybit
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October 23, 2013, 04:10:18 PM
Last edit: October 23, 2013, 04:25:20 PM by Luckybit |
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I keep thinking that I need to find a way to throw some water on this fire before someone gets hurt, but the only way I can really do that is to sell some MSC, which I don't want to do at these prices I hope everybody isn't buying now with the intention of selling when the distributed exchange opens. If so, that very positive news for MSC could actually be correlated with a price drop! Be careful folks. Is there a way to encourage a more diverse group of people to buy smaller proportions of MSC? I saw Realsolid do a thing where he limited the amount of Feeshares that anyone could buy at one time. I think that is something maxmint could do to put the fire out a bit. I was trying to organize crowdfunding for Netcoin and the plan was to do something similar. So basically if the orders are limited to being below a certain BTC amount per order then you'd have a more widely distributed MSC. We want as many people holding MSC as possible. So Luckybit wants to buy MSC and the limit anyone can spend on MSC for the week is 10BTC worth, this would limit Luckybit to 10BTC worth of MSC no matter how much MSC is going for at the time. This prevents Luckybit from being able to buy enough MSC to dump it later or from spending his life savings on it. Workable solution? Another solution, instead of selling MSC it might be a good idea to start up a MSC faucet and give out small quantities like (random lottery amounts .1 , .2 , .3 ->.9 ) of MSC for free to people. This way the people who already purchased MSC wont suffer as much but MSC would also be distributed a bit more. Who wants to volunteer to start the first MSC faucet to put this fire out? I don't have enough MSC to do it. the only way I can really do that is to sell some MSC, which I don't want to do at these prices See above: That was a very big mistake. Might as well just throw 100 Euro notes in the toilet.
Open markets are good. Market manipulation almost never goes well or produces the intended result. We don't need no water, let the mother F-er burn. I think it's in all of our collective best interest if as many people as possible are holding MSC. If that means starting an MSC faucet thread then we could use that thread to spread MSC around so that more people have a stake. The other thing is we could do is limit the amount of MSC that any single individual could buy and prioritize new purchasers so as to reduce the ability of any individual to dump MSC upon the launch of the decentralized exchange. If thousands of people have 1-2 MSC that is far better than if hundreds of people have 100-200 MSC. |
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ASICSRUS
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Expert Computer Geek
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October 23, 2013, 04:16:50 PM |
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I keep thinking that I need to find a way to throw some water on this fire before someone gets hurt, but the only way I can really do that is to sell some MSC, which I don't want to do at these prices I hope everybody isn't buying now with the intention of selling when the distributed exchange opens. If so, that very positive news for MSC could actually be correlated with a price drop! Be careful folks. BUY the rumour SELL the fact!!!  easyyy~~~ |
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maxmint
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October 23, 2013, 04:20:31 PM |
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Is there a way to encourage a diverse group of people to buy smaller proportions of MSC? I saw Realsolid do a thing where he limited the amount of Feeshares that anyone could buy at one time. I think that is something maxmint could do to put the fire out a bit.
I think this kind of regulation to the open market would be no good. Moreover, I'm just escrowing trades and people sure would find ways to do this without me. Another solution, instead of selling MSC it might be a good idea to start up an MSC faucet and give out small quantities like .1 or .2 or .5 MSC for free to people. This way the people who already purchased MSC wont suffer as much but MSC would also be distributed a bit more.
A faucet would be a great thing. I think the current price spike is mostly because more and more people are learning about Mastercoin and are afraid they could miss the boat. So it would be great if they could get their hands on a small amount of Mastercoins. JR could set up a giveaway thread, similar to the Ripple giveaway thread. This would bring Mastecoins to the masses and would bring more attention to the project at the same time. I'd be willing to donate some of my Mastercoins to this. |
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Luckybit
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October 23, 2013, 04:27:08 PM |
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A faucet would be a great thing. I think the current price spike is mostly because more and more people are learning about Mastercoin and are afraid they could miss the boat. So it would be great if they could get their hands on a small amount of Mastercoins.
JR could set up a giveaway thread, similar to the Ripple giveaway thread. This would bring Mastecoins to the masses and would bring more attention to the project at the same time. I'd be willing to donate some of my Mastercoins to this.
+1 I vote on the faucet idea. I don't favor that kind of regulation either and I think a faucet would work just fine. It would build hype for the launch of the decentralized exchange, increase interest in Mastercoin, and give people a reason to use it. At some point they are probably going to dump their stash. The way to dampen the effect is to distribute the coins more widely. |
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HammerFist
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October 23, 2013, 04:44:56 PM |
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Can you do a top 20? That would be interesting. |
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HammerFist
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October 23, 2013, 04:47:57 PM |
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Another solution, instead of selling MSC it might be a good idea to start up a MSC faucet and give out small quantities like (random lottery amounts .1 , .2 , .3 ->.9 ) of MSC for free to people. This way the people who already purchased MSC wont suffer as much but MSC would also be distributed a bit more.
Oh God - why can't people just leave free markets alone? Why do you feel the need to control and decide what other people perceive the value to be? Free markets take care of themselves. Idiots should get burned. That is the way it works. Don't mess with free trading to make rules that artificially control the price movements. Let the movements go as the information is processed by the masses - rather than on the information you (or one single guy) thinks is important. |
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Luckybit
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October 23, 2013, 04:49:54 PM |
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Another solution, instead of selling MSC it might be a good idea to start up a MSC faucet and give out small quantities like (random lottery amounts .1 , .2 , .3 ->.9 ) of MSC for free to people. This way the people who already purchased MSC wont suffer as much but MSC would also be distributed a bit more.
Oh God - why can't people just leave free markets alone? Why do you feel the need to control and decide what other people perceive the value to be? Free markets take care of themselves. Idiots should get burned. That is the way it works. Don't mess with free trading to make rules that artificially control the price movements. Let the movements go as the information is processed by the masses - rather than on the information you (or one single guy) thinks is important. That's not what a MSC faucet would do. The purpose of a MSC faucet would be to preserve the long term value of MSC and the MSC protocol. If you're just in it for short term profit now would be a good time to sell. Mastercoin is only useful to us as a protocol if as many people use it as possible. |
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HammerFist
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October 23, 2013, 04:50:20 PM |
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At some point they are probably going to dump their stash. The way to dampen the effect is to distribute the coins more widely.
Don't dampen the effect. Let the effect play out. If the dump and the true value is high, we all get a discount. Buying BTC at 110 after Silk Road got busted was cool. Selling today might be cool. It's for the buyers and sellers to decide - not some moderator. Why do people oppose swings? They are needed and important. Let free markets run and stop trying to control them. Free trading is good, not bad. |
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Luckybit
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October 23, 2013, 04:51:41 PM |
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At some point they are probably going to dump their stash. The way to dampen the effect is to distribute the coins more widely.
Don't dampen the effect. Let the effect play out. If the dump and the true value is high, we all get a discount. Buying BTC at 110 after Silk Road got busted was cool. Selling today might be cool. It's for the buyers and sellers to decide - not some moderator. Why do people oppose swings? They are needed and important. Let free markets run and stop trying to control them. Free trading is good, not bad. Once again, who is we? All 100 of us? I want it to be 5000 of us at least. What good is it when we have a decentralized exchange if it's only 100 of us using it? We want thousands of people with MSC trying it out making trades because that is where long term value comes from. |
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dacoinminster (OP)
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Rational Exuberance
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October 23, 2013, 04:51:53 PM |
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In fact, I DID do a giveaway thread during the month of August when MSC was first on sale: https://bitcointalk.org/index.php?topic=272577.0I actually have some left over from that giveaway, which I previously said I would split up among the top promoters. I'd still like to give some money to the top promoters from the first giveaway, but the value of MSC has risen a lot since then, so I think it's fair to reserve most of it for another giveaway. There's still 394.84328263 MSC earmarked for giveaway here: http://mastercoin-explorer.com/addresses/15og4WXZPwkMnnsb3dj6HqgTUfcRLx4J9bRunning the giveaway took a LOT of my time, but if someone trustworthy wants to get it running again, I can turn over that 394 MSC. I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. Given how much time it took me to run the giveaway, I think it would be fair to have the person running it take a bit off the top for themselves. Maybe 10%? If someone wants to run this, let me know. I'm a little paranoid about trusting someone with that much money. I'd probably not give it all to you at once, no matter how trustworthy you are Any volunteers? |
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HammerFist
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October 23, 2013, 04:53:22 PM |
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That's not what a MSC faucet would do. The purpose of an MSC faucet would be to preserve the long term value of MSC
Nonsense. China (and others) tries to control free markets and produces a miserable result nearly everytime. Rarely do these schemes ever produce that which is intended. Smart traders digest the effect of the rules and trade on those. Then the rule produces a side effect of miserable opposing consequence. Don't upset free trading. When a spike comes, it will get settled by smart people who fix it via natural market forces. No need to restrain trade. |
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Luckybit
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October 23, 2013, 04:54:41 PM |
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In fact, I DID do a giveaway thread during the month of August when MSC was first on sale: https://bitcointalk.org/index.php?topic=272577.0I actually have some left over from that giveaway, which I previously said I would split up among the top promoters. I'd still like to give some money to the top promoters from the first giveaway, but the value of MSC has risen a lot since then, so I think it's fair to reserve most of it for another giveaway. There's still 394.84328263 MSC earmarked for giveaway here: http://mastercoin-explorer.com/addresses/15og4WXZPwkMnnsb3dj6HqgTUfcRLx4J9bRunning the giveaway took a LOT of my time, but if someone trustworthy wants to get it running again, I can turn over that 394 MSC. I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. Given how much time it took me to run the giveaway, I think it would be fair to have the person running it take a bit off the top for themselves. Maybe 10%? If someone wants to run this, let me know. I'm a little paranoid about trusting someone with that much money. I'd probably not give it all to you at once, no matter how trustworthy you are Any volunteers? I would volunteer but I don't even know how to send Mastercoins out yet. How about you divide the responsibility among a few trusted people so that one of them can take a break and the other can resume? |
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HammerFist
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October 23, 2013, 04:56:38 PM |
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Once again, who is we? All 100 of us? I want it to be 5000 of us at least.
What good is it when we have a decentralized exchange if it's only 100 of us using it? We want thousands of people with MSC trying it out making trades because that is where long term value comes from.
You don't understand what you are talking about. If only 100 own and trade MSC - that is fine. That doesn't limit the benefit it will bring to the people. One of those MSC owners will take a MSC and convert it to 1Million shares of company stock and people can buy and sell those shares. MSC ownership can be limited to 100 people while the functionality of the protocol can be enjoyed by millions. It is not necessary that millions become owners of MSC in order for its value to rise. You are not very bright are you? I can turn over that 394 MSC. I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. Pure, unmitigated genius. Full stop. I would volunteer but I don't even know how to send Mastercoins out yet. Please, don't volunteer to do anything. |
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ASICSRUS
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Expert Computer Geek
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October 23, 2013, 05:01:11 PM |
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In fact, I DID do a giveaway thread during the month of August when MSC was first on sale: https://bitcointalk.org/index.php?topic=272577.0I actually have some left over from that giveaway, which I previously said I would split up among the top promoters. I'd still like to give some money to the top promoters from the first giveaway, but the value of MSC has risen a lot since then, so I think it's fair to reserve most of it for another giveaway. There's still 394.84328263 MSC earmarked for giveaway here: http://mastercoin-explorer.com/addresses/15og4WXZPwkMnnsb3dj6HqgTUfcRLx4J9bRunning the giveaway took a LOT of my time, but if someone trustworthy wants to get it running again, I can turn over that 394 MSC. I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. Given how much time it took me to run the giveaway, I think it would be fair to have the person running it take a bit off the top for themselves. Maybe 10%? If someone wants to run this, let me know. I'm a little paranoid about trusting someone with that much money. I'd probably not give it all to you at once, no matter how trustworthy you are Any volunteers? ~i'd be happy to help here and on the stock market boards!, i've got extra time right now no problem! |
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Luckybit
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October 23, 2013, 05:05:31 PM |
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Once again, who is we? All 100 of us? I want it to be 5000 of us at least.
What good is it when we have a decentralized exchange if it's only 100 of us using it? We want thousands of people with MSC trying it out making trades because that is where long term value comes from.
You don't understand what you are talking about. If only 100 own and trade MSC - that is fine. That doesn't limit the benefit it will bring to the people. One of those MSC owners will take a MSC and convert it to 1Million shares of company stock and people can buy and sell those shares. MSC ownership can be limited to 100 people while the functionality of the protocol can be enjoyed by millions. It is not necessary that millions become owners of MSC in order for its value to rise. You are not very bright are you? I can turn over that 394 MSC. I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. Pure, unmitigated genius. Full stop. I would volunteer but I don't even know how to send Mastercoins out yet. Please, don't volunteer to do anything. Are you trolling? Anyway I'll do it as soon as I get the hang of Mastercoin advisor which I've never used. If you are more experienced with sending out Mastercoins and would like to do it go ahead and volunteer. Why are you so against an MSC faucet? |
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HammerFist
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October 23, 2013, 05:06:20 PM |
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I gave bits of MSC out for people who wrote blog posts, changed their forum signature, or otherwise made some good-faith effort to promote the project. I would suggest continuing the model where you have to at least tweet about MSC to qualify for some. High powered tweets are still only worth a fraction of one MSC. I'd say someone who has the capacity to produce excellent press release bits which attract the attention of journalists. And still further, for intelligent people to talk to those journalists in a fashion which results in a news story of good quality. If someone manages to a Wall Street Journal writer to cover MSC it should be worth 10 or 20 MSC. |
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dacoinminster (OP)
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Rational Exuberance
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October 23, 2013, 05:07:02 PM |
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Perhaps the best model would be for me to reimburse people who run the giveaway out of their own pockets, plus 10% for their trouble.
I'd suggest that the standard payout be 10x smaller now, since MSC is ~10x more valuable.
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HammerFist
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October 23, 2013, 05:07:34 PM |
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Why are you so against an MSC faucet?
Because I am not a communist who favors redistribution of wealth to the disadvantage of those who diligently invested in good time. |
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