Proposal for Standardizing the Distribution Rate of Dev MSC via the MSC Protocol

[nanobit]

Is it mentioned somewhere how much  MSC each member of the Board have?

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[ripper234]

No.

Except J.R. I don't even know how much MSC board members have.

[djohnston]

Ron agreed. That is my intension. 100% of Dev MSC and Exodus Funds controlled by the Proof of Stake system in combination with the Distributed Bounty system.

I've posted the poll at this link: https://bitcointalk.org/index.php?topic=348028.0

I'd make an edit to clarify that point.

[rbdrbd]

JR,
As an investor of Mastercoin and as someone who cares about this project I just don't agree to this approach.
Let's be honest with ourselves: the reason that MSC currently worth money is mainly (or practically only) because of the BTC invested in it. The intellectual property of MSC is still very low. We have nice ideas which are not yet implemented and there are only few experimental websites and few experimental wallets and that's it. The number of developers that are currently working on the project is still very low.
The echo system of MSC is very close to zero.
This is why I think that selling the foundation BTC will kill the project.

BTC has value that attracts people. It can be converted to any fiat currency, it's price is rising. Investors are looking at this and understand that the foundation has the ability to make this ambitious project happen - this is the reason that MSC worth money at the moment IMHO.

Like everyone else in the world - I love easy money, but this idea just confuses me.
This idea reminds me of USD - printing money out of air.

+100 to this. The BTC is the rocket fuel that will propel MSC forward. The MSC market is still VERY thin, and I personally don't give much credence to the current MSC valuation given this. Keep the vast majority of your BTC, as ofer said. That is the nest egg that, if properly managed and spent, will make this project successful.

[nanobit]

No.
Except J.R. I don't even know how much MSC board members have.

Has it come up when talking about PoS voting that perhaps it should be made public? It's a common practice with public companies and would be in line with the goal of full transparency to show how much voting power the Board has combined.

Regarding voting in general, I invested in Mastercoin because I highly trust the vision and skills of J.R. and other Board members. You wrote that: "I would like 100% of Dev MSC (and Exodus BTC for that matter) to be controlled by the Proof of Stake voting ASAP." Aren't you concerned that like in any company, a lot of the stakeholders simple are not skilled/informed enough to make decisions about the strategy? Shouldn't the board have pretty tight grip on how the money is spent at least until we have matured products ready?

[bitexch]

Ideally you want developers who really believe in what Mastercoin can become rather than speculators who just want a quick buck. I think it should be MSC or fiat for developers but not BTC, not LTC, or PTS.  Imagine how awkward it is if the Bitcoin foundation paid people in Litecoins.

Even if a company pays its employees in stock options, it doesn't pay its employees exclusively in stock options...

I have not seen anyone take issue with JR's decision to keep his full-time job until he is able to make a certain profit on his Mastercoin, presumably because he has a family to support. If we are looking to hire developers full-time, then we ought to allow for the possibility that they too have families to support, and I can't understand how we could hold them to a more rigorous standard of commitment to the Mastercoin project, than the creator of Mastercoin.

Regardless of whether one is for or against exchanging the majority of the fund's Bitcoins for Mastercoins, I think it can be agreed that this is a less urgent debate than whether we should hire full-time developers. I urge the board to hire full-time developers as soon as possible; contact a head-hunting agency, and, for a relatively small fee, they will find us potential future Mastercoin developers.

Hire full-time developers now!

[TomHirsch]

I have not seen anyone take issue with JR's decision to keep his full-time job until he is able to make a certain profit on his Mastercoin, presumably because he has a family to support.

Hire full-time developers now!

Three months ago, this was a real concern.  JR couldn't quit his job for security.  Now, his resume is very much improved with the advent of Mastercoin.  His next job is going to be real easy to find. 

[nmak]

Thank you everyone for your thoughts on this topic. I'm just getting caught up after spending the weekend working with a team of developers on one of the first Applications that will operate on top of the Mastercoin user currency / smart property feature. That is APIEngine.co / APIcoin. This was part of the Global Startup Battle / Startup Weekend 72 hour hackathon and I'm happy to report our model went over well enough with the judges that we won 1st place for Austin, Texas : )

.....

Does anyone know what is happening with this coin launch. Seem to me they got some 5Milllion in funding and they went quite after that. If you have changed your mind's' please let us know, some of us had a coin or two for this.

[ripper234]

Thank you everyone for your thoughts on this topic. I'm just getting caught up after spending the weekend working with a team of developers on one of the first Applications that will operate on top of the Mastercoin user currency / smart property feature. That is APIEngine.co / APIcoin. This was part of the Global Startup Battle / Startup Weekend 72 hour hackathon and I'm happy to report our model went over well enough with the judges that we won 1st place for Austin, Texas : )

.....

Does anyone know what is happening with this coin launch. Seem to me they got some 5Milllion in funding and they went quite after that. If you have changed your mind's' please let us know, some of us had a coin or two for this.

Working hard, building the team, and launching.

You're more than welcome to follow our blog for weekly updates, and our Facebook group.