MasterCoin Buyer/Seller Thread

[maxmint]

Hey maxmint,

I have a trade agreed with bitwhizz for 250 MSC for 7.5 BTC.  Would you be happy to escrow again?

Cheers

Of course, no problem. Public or private trade?

Public thanks

Alright, then here's what we need:
- Mastercoin source address
- Mastercoin destination address
- Bitcoin destination address for payment

Please post here and I'll provide an escrow address.

[lishbtc]

Hey maxmint,

My addresses will be the same as per the last trade you escrowed for me:

12bDX26J84x545pzfSZouULeqjfBtAe9Lv holds approx 6K MSC which will fund the trade.
1LqVYQunBMCmiiNzY62Z6oYPzwM2hGE38h is my receiving address for the BTC.

Just confirming bitwhizz's receiving address for the MSC at the mo.

Also the terms of the trade have changed slightly - bitwhizz has requested I match buymastercoins 0.0285 sell offer, and I have agreed to the rate change on this occasion.  So the terms will be 250 MSC @ 7.125BTC, as opposed to the originally set 250 MSC @ 7.5BTC.

Thanks again.

Edit: OK confirmed receiving address as 1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC.

As such a sendmany transaction will be sent with the following 3 outputs of 0.0006BTC once the escrow is funded:
1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P
1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC
1EQGLCYgGwiiRBx43AioJjrxB7ua6uAcod

Thanks

[maxmint]

Hey maxmint,

My addresses will be the same as per the last trade you escrowed for me:

12bDX26J84x545pzfSZouULeqjfBtAe9Lv holds approx 6K MSC which will fund the trade.
1LqVYQunBMCmiiNzY62Z6oYPzwM2hGE38h is my receiving address for the BTC.

Just confirming bitwhizz's receiving address for the MSC at the mo.

Also the terms of the trade have changed slightly - bitwhizz has requested I match buymastercoins 0.0285 sell offer, and I have agreed to the rate change on this occasion.  So the terms will be 250 MSC @ 7.125BTC, as opposed to the originally set 250 MSC @ 7.5BTC.

Thanks again.

Edit: OK confirmed receiving address as 1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC.

As such a sendmany transaction will be sent with the following 3 outputs of 0.0006BTC once the escrow is funded:
1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P
1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC
1EQGLCYgGwiiRBx43AioJjrxB7ua6uAcod

Thanks

I just checked MastercoinAdvisor and the posted data address (1EQGLCYgGwiiRBx43AioJjrxB7ua6uAcod) is correct.

So here's the details for this trade:

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Seller: lishbtc
Buyer: bitwhizz

Amount Mastercoins: 250
Price per Mastercoin: 0.0285 BTC
Total price: 7.125 BTC

Mastercoin source address: 12bDX26J84x545pzfSZouULeqjfBtAe9Lv
Mastercoin receiving address: 1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC

Bitcoin escrow address: 12yytoPZz4msiEZ4D9HJUYGHsN19ZxeAbg
Bitcoin receiving address: 1LqVYQunBMCmiiNzY62Z6oYPzwM2hGE38h
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

bitwhizz, please send 7.125 BTC to the escrow address 12yytoPZz4msiEZ4D9HJUYGHsN19ZxeAbg
lishbtc, you can send send the Mastercoins once you see incoming funds: https://blockchain.info/address/12yytoPZz4msiEZ4D9HJUYGHsN19ZxeAbg

[lishbtc]

Will do, thanks Maxmint.  I think bitwhizz will send the funds once he gets home.

[bitwhizz]

Hello, i just got back, i have sent the funds to the escrow adress

[lishbtc]

Hey bitwhizz, I can see the escrow funds so I'll make the transaction now - won't be long.

[lishbtc]

Sorry, transaction needs to come from my MSC holding address - the last trade I did sent the remaining balance to a change address so there are no funds at my MSC holding address to make the 3x0.0006 transactions.
I've just done a rotate back to that address so it'll be 1 confirm and then I'll be able to do the MSC trade.

Edit: rotate transaction has confirmed but my MSC address still has a 0BTC balance - I'm investigating, apologies for the delay.

Edit2: all done. https://blockchain.info/tx/2d69ad4c5ec9380b2da89c06ef9fd263755d70f9fe7fe0774fe8c8a2494938ee

[maxmint]

Sorry, transaction needs to come from my MSC holding address - the last trade I did sent the remaining balance to a change address so there are no funds at my MSC holding address to make the 3x0.0006 transactions.
I've just done a rotate back to that address so it'll be 1 confirm and then I'll be able to do the MSC trade.

Edit: rotate transaction has confirmed but my MSC address still has a 0BTC balance - I'm investigating, apologies for the delay.

Edit2: all done. https://blockchain.info/tx/2d69ad4c5ec9380b2da89c06ef9fd263755d70f9fe7fe0774fe8c8a2494938ee

It seems you sent 0.0006 BTC instead of 0.00006 BTC – I'm not sure if this is a valid Mastercoin transaction. Maybe dacoinminster can advise on that?

I'll have to leave now and will be offline for a couple of hours, but I'll release funds as soon as I'm back online and we are certain about the validity of the transaction.

[lishbtc]

{insert profanity here}!  My mistake.  The spec calls for 0.00006 so I'd assume anything outside this would not be considered a valid transaction.

I think I'll need to resend with the correct number of decimal places, but as you say let's get JR's confirmation that the transaction will be considered invalid first so I don't end up sending two lots of 250MSC

Bitwhizz, apologies for the delay.

[AlexMc]

I just realized I paid 20 cents each for those transactions instead of 2 cents each. Doh!

I was typing 0.0006 BTC instead of 0.00006 BTC 

You're not alone in making that mistake.  Dacoinminster did the same thing for the Giveaway thread.  A send to me was one of the affected transactions, and it's been picked up as valid for the purposes of calculating how many Mastercoins I have.

Here's the transaction on blockchain.info

https://blockchain.info/tx/0ce5e9eaa64e4aa0873720edc9b251d700cc9164e95396bbf995d84d49d48e67

You may want to double check with Dacoinminster to be sure to be sure!

[lishbtc]

Thanks for the info - in that case then it sounds like my initial send will be considered valid & I won't need to resend. I'm just waiting for a response from JR to confirm. 

Maxmint, if you wouldn't mind holding onto the escrow for a little longer until we have this cleared up that would be greatly appreciated - I don't want bitwhizz to worry

[maxmint]

Thanks for the info - in that case then it sounds like my initial send will be considered valid & I won't need to resend. I'm just waiting for a response from JR to confirm. 

Maxmint, if you wouldn't mind holding onto the escrow for a little longer until we have this cleared up that would be greatly appreciated - I don't want bitwhizz to worry

Of course, let's make sure first that the Mastercoins were actually transferred, then I'll release the funds.

It seems Mastercoin-explorer picked this up as a valid transaction:
http://mastercoin-explorer.com/addresses/1EYe3HxCA9txmN9pfEADctC7v69wi3TbMC

Here's a quote from the lastest specification (v 1.1), page 7:

All transaction outputs should be for the same amount, which should be above the “dust” threshold, and should include an appropriate fee to ensure that miners include them in the block chain in a timely manner. For instance, the first MasterCoin transactions had three outputs of 0.00006 BTC each, with a 0.0001 BTC transaction fee.

So to my understanding, there's no fixed amount defined and your transaction should be valid.
But to be sure let's wait for JR to comment on this.

[bitwhizz]

 learning quite a few things here about master coin transactions

[lishbtc]

Thanks guys - and thanks for the pointer in the spec (should have gone over that again myself) - given the insights from you guys & Tachikoma on the other thread I'm now pretty confident it's a valid transaction - if the spec calls for outputs over the dust threshold and we can infer that 0.00006 is over said threshold, well, 0.0006 > 0.00006 hence the tx was valid.

More than happy to wait for JR to confirm before escrow is released though

[bitwhizz]

Once JR confirms (although i'm sure its fine), i'm happy for the funds to be released immediately, as mastercoin is quite new its probably best to wait just to be on the safe side.

[b!z]

I want to buy mastercoins... anybody selling? Please post here or PM me.

[maxmint]

I want to buy mastercoins... anybody selling? Please post here or PM me.

Take a look at the order book, a couple of people are selling:
https://docs.google.com/spreadsheet/ccc?key=0ApGPLGUd5ZCzdHFxbnhHQjBDSDVKamY5UHlWdkNMNWc#gid=0

[dacoinminster]

Yeah that transaction should be fine, for all the reasons you guys worked out

-J.R.

[maxmint]

Yeah that transaction should be fine, for all the reasons you guys worked out

-J.R.

Great. I just released 7.125 BTC to the receiving bitcoin address:
https://blockchain.info/de/tx/a3bf69e864ffb0525fc6efb1224efcb66be7ad6977e4fa64f94d892f4e2f0575

[bitwhizz]

Brilliant
Thankyou Lishbtc, pleasure exchanging with you
Thanks again Maxmint, i have sent a little tip again to the escrow address
I dont think i will be buying more Mastercoins for the time being unless someone fills my buy order (any amount) in the orderbook at 0.02
Good day!