Why so much hype around mastercoin?

[imrer]

I've read some basic info about mastercoin and ripple but I can see similarities. Could somebody tell me why is mastercoin so great if we for example has to trust creator, that he doesn't issue more mastercoins?

Why do you perceive mastercoin as great idea?

[1714159544]

1714159544

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[b!z]

Because it's built on top of the Bitcoin protocol, apparently.

[TKeenan]

Why do you perceive mastercoin as great idea?

The internet is a brilliant invention.  But standing alone, it is actually a rather boring object.  The internet is actually a mere protocol (ruleset) - called TCP-IP.  It doesn't actually have much function at all.  

On 'top of' TCI-IP is email (smtp); webpages(http); and file transfer (ftp) - among others.  This is where the real functionality that makes the Internet so useful lies.  These are three 'higher level protocols' which give exciting new function to the internet (TCP-IP).  

Bitcoin and more precisely the blockchain and its administration - give rise to a nice digital currency.  But that is not where the excitement lies.  The real excitement comes in all the great functionality which can be supported with the blockchain.  All this functionality will be embodied in Mastercoin - a higher level protocol which operates in conjunction with bitcoin .  Just as http (webpages) operates on top of TCP-IP (internet), Mastercoin is a protocol which operates on top of the bitcoin protocol.  However, Mastercoin will bring all the high level functionality.  Bitcoin is just a boring old currency.  

If I were you, I'd buy tons of Mastercoin right now.  Please do not delay as this will cost you an insane amount of money in the long run.

btw - its not 'hype'; it is genuine excitement which is fully warranted. 

[StarenseN]

Why do you perceive mastercoin as great idea?

The internet is a brilliant invention.  But standing alone, it is actually a rather boring object.  The internet is actually a mere protocol (ruleset) - called TCP-IP.  It doesn't actually have much function at all.  

On 'top of' TCI-IP is email (smtp); webpages(http); and file transfer (ftp) - among others.  This is where the real functionality that makes the Internet so useful lies.  These are three higher level protocols which give exciting new function to the internet (TCP-IP).  

Bitcoin and more precisely the blockchain and its administration - give rise to a nice digital currency.  But that is not where the excitement lies.  The real excitement comes in all the great functionality which can be supported with the blockchain.  All this functionality will be embodied in Mastercoin - a higher level protocol which operates in conjunction with bitcoin.  Just as http (webpages) operates on top of TCP-IP (internet), Mastercoin is a protocol which operates on top of the bitcoin protocol.  However, Mastercoin will bring all the high level functionality.  Bitcoin is just a boring old currency.  

If I were you, I'd buy tons of Mastercoin right now.  Please do not delay as this will cost you an insane amount of money in the long run.

You gave a very nice high level explanation of Mastercoin. Except the financial advice at the end (imo).

[TKeenan]

You gave a very nice high level explanation of Mastercoin. Except the financial advice at the end (imo).

Then you should sell your Mastercoin to me immediately.  Can you please PM me with transfer address so we can save time with this?  I don't want to lose any more money. 

[StarenseN]

You gave a very nice high level explanation of Mastercoin. Except the financial advice at the end (imo).

Then you should sell your Mastercoin to me immediately.  Can you please PM me with transfer address so we can save time with this?  I don't want to lose any more money.  

I meant, it was out of context.

Keep cool.

[dillpicklechips]

If I were you, I'd buy tons of Mastercoin right now.  Please do not delay as this will cost you an insane amount of money in the long run.

btw - its not 'hype'; it is genuine excitement which is fully warranted. 

Have you read any of my threads on coloreded coins vs mastercoins or mastercoin 2? The 'hype' is actually 'hype'. Expect copy cats. Mastercoin is a protocol that's easily duplicated. Bitcoin is not easily duplicated because of the miners.

[klee]

You gave a very nice high level explanation of Mastercoin. Except the financial advice at the end (imo).

Then you should sell your Mastercoin to me immediately.  Can you please PM me with transfer address so we can save time with this?  I don't want to lose any more money.  

I meant, it was out of context.

Keep cool.

Nonsense as usual...

[FTWbitcoinFTW]

If I were you, I'd buy tons of Mastercoin right now.  Please do not delay as this will cost you an insane amount of money in the long run.

btw - its not 'hype'; it is genuine excitement which is fully warranted. 

Have you read any of my threads on coloreded coins vs mastercoins or mastercoin 2? The 'hype' is actually 'hype'. Expect copy cats. Mastercoin is a protocol that's easily duplicated. Bitcoin is not easily duplicated because of the miners.

Yes, but a 4500BTC bounty is not that's easily to duplicated

[justusranvier]

Expect copy cats. Mastercoin is a protocol that's easily duplicated.

As a matter of fact, David Johnston (Bit Angels) is actively encouraging people to do exactly this.

The model he is proposing is that every new startup use the Mastercoin model as a type of crowd funding. In that scenario, every new service would sell a limited quantity of colored coins to fund development, then would only accept those colored coins as payment for their service instead of generic Bitcoins.

[dillpicklechips]

If I were you, I'd buy tons of Mastercoin right now.  Please do not delay as this will cost you an insane amount of money in the long run.

btw - its not 'hype'; it is genuine excitement which is fully warranted. 

Have you read any of my threads on coloreded coins vs mastercoins or mastercoin 2? The 'hype' is actually 'hype'. Expect copy cats. Mastercoin is a protocol that's easily duplicated. Bitcoin is not easily duplicated because of the miners.

Yes, but a 4500BTC bounty is not that's easily to duplicated

And all that funding can easily be used by the copy cat. There is nothing that locks people into one particular mastercoin project. If a company can use the exact same features as mastercoin but roll out a package just for them, then why not? The whole project is open source and usable by anyone. The mastercoin coins are just marking the blockchain so the actual value of the mastercoins doesn't really matter.

[TKeenan]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now. 

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

[dillpicklechips]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now. 

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

[klee]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now. 

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

[dillpicklechips]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now. 

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

[klee]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now.  

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

Dream on..

[dillpicklechips]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now.  

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

Dream on..

They don't NEED to have a following. The MSC protocol can be used by anyone. My point is that they can use their own copy and it will function exactly the same. IF MSC is expensive, then why not? Especially if all they need to use it for is an IPO?

[klee]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now.  

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

Dream on..

They don't NEED to have a following. The MSC protocol can be used by anyone. My point is that they can use their own copy and it will function exactly the same. IF MSC is expensive, then why not? Especially if all they need to use it for is an IPO?

Ever heard of Metcalfe?

[dillpicklechips]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now.  

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

Dream on..

They don't NEED to have a following. The MSC protocol can be used by anyone. My point is that they can use their own copy and it will function exactly the same. IF MSC is expensive, then why not? Especially if all they need to use it for is an IPO?

Ever heard of Metcalfe?

Nope.

[klee]

And all that funding can easily be used by the copy cat.

OK - then you should start now.  You be the copy cat.  You easily use that funding.  Start now.  

Wait.  Not so easy is it?  Why don't you just go make MastercoinCopy?  It's not so easy - is it?  If it were easy, you'd be doing it now.  The total market value of Mastercoin at today's price ((.09BTC/MSC)*600K*(220$/BTC)) is $12Million.  If you could copy MSC to make MSC2 - you'd have 12 million!!.  Better start today!

There's no rush. It would be better to wait for MSC to mature and develop more. Then when a company wants to do an IPO integrate a web interface into their website and use their own copied MSC. They can then use all of MSC features and have a fully functional and secure IPO with very little cost. Or I guess they could spend more BTC on getting original MSC and do the exact same thing.

And struggle all your life to beat the No1, like LTC tries to do with BTC.

Good luck with that..

What's to beat? They get the functionality they need for free. They don't have to be more valuable than MSC. They just need to use coins to transfer assets. They don't care if their version of MSC is valuable or not.

Dream on..

They don't NEED to have a following. The MSC protocol can be used by anyone. My point is that they can use their own copy and it will function exactly the same. IF MSC is expensive, then why not? Especially if all they need to use it for is an IPO?

Ever heard of Metcalfe?

Nope.

http://www.christopherspenn.com/2010/12/metcalfes-law-and-social-media-size-does-matter/

EDIT:
"6. The more valuable you are, the more valuable you become. Metcalfe’s Law, because it’s exponential, indicates that once you cross that critical mass threshold, your network effectively begins to power itself. The faster you can get to critical mass, the faster you’ll get value out of it and the more value you’ll derive from it. This is more or less a mathematical reinforcement of the Matthew effect, a Biblical quote which states that the rich get richer while the poor get poorer. In social media, the more popular you are, the more popular you are. The difference is that you have the tools and access in social media that you don’t have in, say, financial investing. Getting started and growing out of a poor social network is much easier and faster than exiting a poor economic situation."