MASTERCOIN VS BITCOIN - First Speculation thread ever

[Chalkbot]

move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.

I suppose you're right yeah. When Satoshi Nakamoto invented bitcoin, he just intended people to buy and sell them on exchanges and not actually do anything else with them. All he had in mind were pump and dumps, weekend dips and bi-annual bubbles. He didn't actually intend them to be revolutionary for humanity at all. Best we forget about any other silly aspirations people may have.

Heh, yeah. I didn't want to be too quick to judge, because admittedly, I don't fully understand how mastercoin works. I read the white paper and some articles on it, and I have an idea of what it's supposed to do, and it's something that I believe is inevitably coming to bitcoin. I think the reason people are dismissing it outright (and understandably so) is that it has the word "coin" in the name. That was a pretty poor marketing decision. With so many new altcoins coming out all the time, we can't be bothered to learn up on them all and what makes them slightly different than the last one, only to realize that it offers no functional advantages. As a result, we've been conditioned to pass right over thiscoin or thatcoin. Mastercoin isn't even a coin, in the sense that the other alts are, it's purpose and goals are entirely different.

[vokain]

move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.

marcelus would if Mastercoin was an altcoin. Furthermore:

Altcoins
Discussion of cryptocurrencies other than Bitcoin. Note that discussion of how these currencies *relate to* Bitcoin may fit in other categories.

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

[grishnakh]

There is still quite the ignorance in the BTC community that you can directly invest in the colored coins idea(+more features) in the form of Mastercoins. Most people active in the community are aware and excited about colored coins, but the Mastercoin project is so easily dismissed with the usual "premined and centralized" accusations, and I think this is wrong.

[calian]

So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?

[vokain]

So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?

Not sure yet, nothing concrete. I don't see there being a MSC <-> XRP link but I could very well be wrong. Perhaps in the form of MSC-backed user-currency RippleCoins that would follow the value of XRP.

You can watch the developers log their progress in this project development thread  (300 BTC Coding Contest: Distributed Exchange (MasterCoin Developer Thread)).

[Barnacle_Ed]

I suppose you're right yeah. When Satoshi Nakamoto invented bitcoin, he just intended people to buy and sell them on exchanges and not actually do anything else with them. All he had in mind were pump and dumps, weekend dips and bi-annual bubbles. He didn't actually intend them to be revolutionary for humanity at all. Best we forget about any other silly aspirations people may have.

And being condescending interblag forums will help save humanity and free us from enslavement from the big banks and then we can all sit in a circle and sing Kumbaya, amirite? You could explain why moving it to the altcoin forum is a bad idea rather than being a prick, but I suppose that would be too easy. And not involve a Moral High Horse +3/+3.

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

2 minutes of poking around on Google netted me the following explanation of Mastercoin from Reddit: "The Mastercoin protocol layer mediates between the existing bitcoin protocol and users-generated currencies. It is intended to be a base upon which anyone can build their own currency."

At the risk of sounding obtuse, I don't see how this doesn't relate directly to altchains; this allows users to build their own currencies based on the Bitcoin protocol, correct? Which would by definition make them alternative cryptocurrencies? Perhaps I have misunderstood and/or this description is inadequate.





EDit:

I think the reason people are dismissing it outright (and understandably so) is that it has the word "coin" in the name. That was a pretty poor marketing decision. With so many new altcoins coming out all the time, we can't be bothered to learn up on them all and what makes them slightly different than the last one, only to realize that it offers no functional advantages. As a result, we've been conditioned to pass right over thiscoin or thatcoin. Mastercoin isn't even a coin, in the sense that the other alts are, it's purpose and goals are entirely different.

Pretty much this. If MSC is a protocol and not a "proper" cryptocurrency, why put the word "coin" in its name at all?

[vokain]

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

2 minutes of poking around on Google netted me the following explanation of Mastercoin from Reddit: "The Mastercoin protocol layer mediates between the existing bitcoin protocol and users-generated currencies. It is intended to be a base upon which anyone can build their own currency."

At the risk of sounding obtuse, I don't see how this doesn't relate directly to altchains; this allows users to build their own currencies based on the Bitcoin protocol, correct? Which would by definition make them alternative cryptocurrencies? Perhaps I have misunderstood and/or this description is inadequate.

Because it's more than just about user currencies. Read on

Give me a sec to pull up the Whitepaper for you.

Edit: https://sites.google.com/site/2ndbtcwpaper/

[tarmi]

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

I did my homework, and as far as I am concerned Mastercoin is bloating the blockchain.

with time it will implode.

[vokain]

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

I did my homework, and as far as I am concerned Mastercoin is bloating the blockchain.

with time it will implode.

I suppose it'd be a good idea to xpost this here now:
Clearing up 10 Misconceptions about the Mastercoin Protocol

For you: see #2

[marcelus]

So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?

I've heard the DEx should be ready for OSX and Linux users by the end of next week. Windows shortly after.

[Barnacle_Ed]

I suppose it'd be a good idea to xpost this here now:
Clearing up 10 Misconceptions about the Mastercoin Protocol

For you: see #2

This plus the meme-based explanation in your post prior to this one helped my understanding of MSC significantly.


I do like this concept on paper and it would address several of my concerns with Bitcoin. Whether or not it will ultimately be successful, I suppose we shall see...allow me to backpedal and apologize for some of my earlier remarks now

[vokain]

no worries we definitely shall see if Mastercoin can cut it.

And now back to our regularly scheduled programming, let us speculate!

[marcelus]

Pretty much this. If MSC is a protocol and not a "proper" cryptocurrency, why put the word "coin" in its name at all?

Bitcoin is a protocol as much as it is a currency - think of mining, proof of work, trustless transactions, anonymity. Why put the word 'coin' in its name?

PS. I guess I don't have an explanation of why this shouldn't be moved to the altcoin section. I just take exception with people dismissing the project when it has so much to offer after a 4-year period of empty space since bitcoin was released. It's bloody well time to harnass this technology and start making things happen instead of merely having 'play money' for gambling. Ironic I know considering this is the speculation forum.  

[vokain]

Simple idea

HTTP:TCP/IP::Mastercoin:Bitcoin

[marcelus]

Simple idea

HTTP:TCP/IP::Mastercoin:Bitcoin

This.

[Barnacle_Ed]

Simple idea

HTTP:TCP/IP::Mastercoin:Bitcoin

This.

Yeah, this is a layout I can understand and support.



OK, as far as speculation goes, let me start with the most simple question for potential discussion: What gives MSC it's inherent value? Or, putting it more bluntly, "why should I believe this protocol will raise in value"?

[vokain]

OK, as far as speculation goes, let me start with the most simple question for potential discussion: What gives MSC it's inherent value? Or, putting it more bluntly, "why should I believe this protocol will raise in value"?

Say Mastercoin didn't exist for a moment. Please consider: What might the value be to a market may be if there was a money protocol that would allow a trustless, distributed way of creating contracts, betting, distributed exchange, smart property signatures, etc.? No middle man, no associated costs with such a middleman, no associated trust necessary of a middleman. This would be like what bitcoin has accomplished, but just at a higher functioning, higher capability level*

*Assuming the logic for all the features are sound.

[marcelus]

OK, as far as speculation goes, let me start with the most simple question for potential discussion: What gives MSC it's inherent value? Or, putting it more bluntly, "why should I believe this protocol will raise in value"?

Say Mastercoin didn't exist for a moment. Please consider: What might the value be to a market may be if there was a money protocol that would allow a trustless, distributed way of creating contracts, betting, distributed exchange, smart property signatures, etc.? No middle man, no associated costs with such a middleman, no associated trust necessary of a middleman. This would be like what bitcoin has accomplished, but just at a higher functioning higher capability level*

*Assuming the logic for all the features are sound.

Yes and to separate mastercoin the currency from mastercoin the protocol, the currency will have value as it will act as the gold standard for all of these economic transactions the protocol allows for. It will have value as it will be required for collateral.

This is completely analogous to bitcoin the currency having value as it is required to avail of the things the bitcoin protocol allows one to do.

[passo]

when will the homepage work again?

[marcelus]

when will the homepage work again?

I'm assuming you mean the distributed exchange. This is software you will have to download. I'm told it's ready for linux and macs late next week. Windows shortly after.

There is already a homepage up and running. mastercoin.org.