Why so much hype around mastercoin?

[bluemeanie1]

better buy up those Mastercoins before they run out then!

there are really two possibilities:

1) the Mastercoin people pulled one over on the VC by telling them that they have a technology that they don't(this much has been confirmed).

2) the Mastercoin people and the VC are pulling one over on us by pretending to have a technology in order to market these Mastercoins.

It's really not very difficult to profit from a scheme like this.  Start with 1 million in capital and start the first round of selling Mastercoins.  Lets say they are priced at $10 each.  Distribute a few to people with blogs and they just start churning out senseless crap with as many important sounding hot topic buzzwords as possible.  Suddenly the things are retailing for $15.  You just made a half-million dollars.  Slowly sell them off, a few months later- 'Mastercoin?  never heard of it'.  Have you read the 'whitepaper'?  this is the next big thing in Bitcoin?  lol.

Just a few weeks back they had supposedly put out a bounty for $50,000 to build a 'Distributed Exchange'.  To my knowledge the bounty was supposedly paid, but not to anyone who actually invented a distributed exchange, instead it appeared to have been paid to some pseudonymous programmers who made some kind of wallet app for Mastercoin.  Meanwhile Alex Mizrahi is talking to IBM rep on the BitcoinX list(just days afterwards) about the Distributed Exchange that Mastercoin has, that has never been defined, and a bounty was put out for it only a few weeks ago(the thing was conceived, accepted, and developed all in a few weeks? covertly?), and a rep from Bitangels publicly claimed that it doesn't exist!  The IBM rep is then writing on his blog about how awesome Mastercoin is.

None of these things exist.  None have been theoretically proven.  It's just people pumping up a digital asset, running around and avoiding any hard questions.  If this is your thing I bid you best of luck, amigo.  I think I might be one of the few people who is actually watching this thing who is not in on it.

Personally, I believe in open source.  Developing truly accessible open technologies pays you back more than any other engineering approach.  

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[TKeenan]

Developing truly accessible open technologies pays you back more than any other engineering approach.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about. 

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

[TKeenan]

lol

No kidding.  So many bitter guys who didn't get on the train now run around screaming they are the ones who thought of Mastercoin - and in the same breath saying it will never work.

[bluemeanie1]

Developing truly accessible open technologies pays you back more than any other engineering approach.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about. 

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

so then you admit youre promoting this business?

[bluemeanie1]

Developing truly accessible open technologies pays you back more than any other engineering approach.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about. 

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

As far as I can tell these bounties were never paid.  The code repositories are full of padding code, autogenerated code, etc.

Im not opposed to making money with software.  If you want people to pay you for your software, then you license it.

If you want to trick people into buying into your pump and dump scheme, you start strutting around claiming you have all these things you dont, that you need to invest or 'miss the train', etc.  This stuff is just pathetic.  At this point Im not really sure how much awareness the VC has of what's going on here.

[marcelus]

better buy up those Mastercoins before they run out then!

there are really two possibilities:

1) the Mastercoin people pulled one over on the VC by telling them that they have a technology that they don't(this much has been confirmed).

2) the Mastercoin people and the VC are pulling one over on us by pretending to have a technology in order to market these Mastercoins.

It's really not very difficult to profit from a scheme like this.  Start with 1 million in capital and start the first round of selling Mastercoins.  Lets say they are priced at $10 each.  Distribute a few to people with blogs and they just start churning out senseless crap with as many important sounding hot topic buzzwords as possible.  Suddenly the things are retailing for $15.  You just made a half-million dollars.  Slowly sell them off, a few months later- 'Mastercoin?  never heard of it'.  Have you read the 'whitepaper'?  this is the next big thing in Bitcoin?  lol.

Just a few weeks back they had supposedly put out a bounty for $50,000 to build a 'Distributed Exchange'.  To my knowledge the bounty was supposedly paid, but not to anyone who actually invented a distributed exchange, instead it appeared to have been paid to some pseudonymous programmers who made some kind of wallet app for Mastercoin.  Meanwhile Alex Mizrahi is talking to IBM rep on the BitcoinX list(just days afterwards) about the Distributed Exchange that Mastercoin has, that has never been defined, and a bounty was put out for it only a few weeks ago(the thing was conceived, accepted, and developed all in a few weeks? covertly?), and a rep from Bitangels publicly claimed that it doesn't exist!  The IBM rep is then writing on his blog about how awesome Mastercoin is.

None of these things exist.  None have been theoretically proven.  It's just people pumping up a digital asset, running around and avoiding any hard questions.  If this is your thing I bid you best of luck, amigo.  I think I might be one of the few people who is actually watching this thing who is not in on it.

Personally, I believe in open source.  Developing truly accessible open technologies pays you back more than any other engineering approach.  

You're setting yourself up for a big fall here mate. If it is released, do you promise to take back your slanderous attack?

[bluemeanie1]

better buy up those Mastercoins before they run out then!

there are really two possibilities:

1) the Mastercoin people pulled one over on the VC by telling them that they have a technology that they don't(this much has been confirmed).

2) the Mastercoin people and the VC are pulling one over on us by pretending to have a technology in order to market these Mastercoins.

It's really not very difficult to profit from a scheme like this.  Start with 1 million in capital and start the first round of selling Mastercoins.  Lets say they are priced at $10 each.  Distribute a few to people with blogs and they just start churning out senseless crap with as many important sounding hot topic buzzwords as possible.  Suddenly the things are retailing for $15.  You just made a half-million dollars.  Slowly sell them off, a few months later- 'Mastercoin?  never heard of it'.  Have you read the 'whitepaper'?  this is the next big thing in Bitcoin?  lol.

Just a few weeks back they had supposedly put out a bounty for $50,000 to build a 'Distributed Exchange'.  To my knowledge the bounty was supposedly paid, but not to anyone who actually invented a distributed exchange, instead it appeared to have been paid to some pseudonymous programmers who made some kind of wallet app for Mastercoin.  Meanwhile Alex Mizrahi is talking to IBM rep on the BitcoinX list(just days afterwards) about the Distributed Exchange that Mastercoin has, that has never been defined, and a bounty was put out for it only a few weeks ago(the thing was conceived, accepted, and developed all in a few weeks? covertly?), and a rep from Bitangels publicly claimed that it doesn't exist!  The IBM rep is then writing on his blog about how awesome Mastercoin is.

None of these things exist.  None have been theoretically proven.  It's just people pumping up a digital asset, running around and avoiding any hard questions.  If this is your thing I bid you best of luck, amigo.  I think I might be one of the few people who is actually watching this thing who is not in on it.

Personally, I believe in open source.  Developing truly accessible open technologies pays you back more than any other engineering approach.  

You're setting yourself up for a big fall here mate. If it is released, do you promise to take back your slanderous attack?

if what is released?

[marcelus]

if what is released?

the distributed exchange

[bluemeanie1]

if what is released?

the distributed exchange

Im the only one who has defined what that term means.  http://goo.gl/vy1uUr

If they wish to copy this, and so far anything I've heard from them is indeed a shallow, poorly articulated imitation of what I have written in the link above, that's fine.  VCs are typically in the business of making money though, so if they make it to sell some kind of coin or some such, and mine is open source and free to use, which one do you think will be more popular?

[bluemeanie1]

Developing truly accessible open technologies pays you back more than any other engineering approach.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about. 

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

if you want to be Paul Allen, be my guest, just stop pretending to be Linus Torvalds to sell your sh!tcoins.

[Luckybit]

better buy up those Mastercoins before they run out then!

there are really two possibilities:

1) the Mastercoin people pulled one over on the VC by telling them that they have a technology that they don't(this much has been confirmed).

2) the Mastercoin people and the VC are pulling one over on us by pretending to have a technology in order to market these Mastercoins.

It's really not very difficult to profit from a scheme like this.  Start with 1 million in capital and start the first round of selling Mastercoins.  Lets say they are priced at $10 each.  Distribute a few to people with blogs and they just start churning out senseless crap with as many important sounding hot topic buzzwords as possible.  Suddenly the things are retailing for $15.  You just made a half-million dollars.  Slowly sell them off, a few months later- 'Mastercoin?  never heard of it'.  Have you read the 'whitepaper'?  this is the next big thing in Bitcoin?  lol.

Just a few weeks back they had supposedly put out a bounty for $50,000 to build a 'Distributed Exchange'.  To my knowledge the bounty was supposedly paid, but not to anyone who actually invented a distributed exchange, instead it appeared to have been paid to some pseudonymous programmers who made some kind of wallet app for Mastercoin.  Meanwhile Alex Mizrahi is talking to IBM rep on the BitcoinX list(just days afterwards) about the Distributed Exchange that Mastercoin has, that has never been defined, and a bounty was put out for it only a few weeks ago(the thing was conceived, accepted, and developed all in a few weeks? covertly?), and a rep from Bitangels publicly claimed that it doesn't exist!  The IBM rep is then writing on his blog about how awesome Mastercoin is.

None of these things exist.  None have been theoretically proven.  It's just people pumping up a digital asset, running around and avoiding any hard questions.  If this is your thing I bid you best of luck, amigo.  I think I might be one of the few people who is actually watching this thing who is not in on it.

Personally, I believe in open source.  Developing truly accessible open technologies pays you back more than any other engineering approach.  

It does exist and I tested it. It's in the blockchain forever for anyone to observe. I exchanged a test Mastercoins for Bitcoins.  I first purchased the test Mastercoins and once that was successful I sold the test Mastercoins back to the distributed exchange for a nominal profit all through the blockchain.

Here is the distributed order book: http://mastercoin-explorer.com/order_books
It all take place in the blockchain and it's as decentralized as Bitcoin. It's not an advanced exchange but what do you expect for an ambitious project such as this after only a month?

Developing truly accessible open technologies pays you back more than any other engineering approach.

oh yeah?  Just go to Antibes and look a Linus Torvalds yacht parked next to Paul Allen's yacht and see if you can sustain that position.  You are an idiot AND you don't know what you are talking about.  

You'll see the exchange in action very soon.  You'll be shitting bricks about it then.

As far as I can tell these bounties were never paid.  The code repositories are full of padding code, autogenerated code, etc.

Im not opposed to making money with software.  If you want people to pay you for your software, then you license it.

If you want to trick people into buying into your pump and dump scheme, you start strutting around claiming you have all these things you dont, that you need to invest or 'miss the train', etc.  This stuff is just pathetic.  At this point Im not really sure how much awareness the VC has of what's going on here.

Propaganda. The bounties have been paid and you can look at the blockchain.  This is not how you win. You can win by producing some code.

[bluemeanie1]

Propaganda.

why do I need to buy Mastercoins?

[klee]

Propaganda.

why do I need to buy Mastercoins?

To prove you are smart!

[Luckybit]

Propaganda.

why do I need to buy Mastercoins?

You don't need to buy them. You can work for them.

[Gyrsur]

so is it better than Ripple.com?  

[pabloangello]

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?

I especially like one of it's feature, that you will can exchange one cryptocurrency for another without third parties like Markets.

[klee]

Can someone explain in a few clear, concise sentences why each mastercoin should be worth a decent amount? I'll even let you assume it is successful, with many people using it for smart assets, startup IPOs, and whatnot. Gimme some ballpark numbers. Do people need to hold mastercoin for a length of time for these use cases? If it was your goal to (fairly/legally) minimize mastercoin's success in these main sectors, how would you do so?

I too find the hype around mastercoin to be distracting and off-putting.

So why is Bitcoin so expensive? It could be dirty cheap like XRP and still do it's job!

[bluemeanie1]

I too find the hype around mastercoin to be distracting and off-putting.

They're turning this forum into something like the Las Vegas Strip.

[klee]

Can someone explain in a few clear, concise sentences why each mastercoin should be worth a decent amount? I'll even let you assume it is successful, with many people using it for smart assets, startup IPOs, and whatnot. Gimme some ballpark numbers. Do people need to hold mastercoin for a length of time for these use cases? If it was your goal to (fairly/legally) minimize mastercoin's success in these main sectors, how would you do so?

I too find the hype around mastercoin to be distracting and off-putting.

So why is Bitcoin so expensive? It could be dirty cheap like XRP and still do it's job!

That chip on your shoulder, it ain't healthy bro. I was honestly curious with my question.

I am too - no irony here!

[Kyune]

Can someone explain in a few clear, concise sentences why each mastercoin should be worth a decent amount? I'll even let you assume it is successful, with many people using it for smart assets, startup IPOs, and whatnot. Gimme some ballpark numbers. Do people need to hold mastercoin for a length of time for these use cases? If it was your goal to (fairly/legally) minimize mastercoin's success in these main sectors, how would you do so?

I too find the hype around mastercoin to be distracting and off-putting.

+1

It would be nice to see an sound answer, grounded in economic reasoning, to this question.   The supply of mastercoin is fixed.  So help me understand, where does the eventual demand come from (assuming success of the project as assumed in 100x's question above)?  Is there a minimum number of mastercoins that are "tied up" or "taken out of circulation" when I launch a smart asset or a startup IPO, or I can use an arbitrarily small fraction of a mastercoin to do so long as it is divisible down to the requisite number of digits?  

If the former, would not supply eventually run out or the mastercoin protocol only be available for use by the wealthy?

 If the latter, how can mastercoins have much intrinsic value?