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Author Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread  (Read 164809 times)
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mishax1
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April 30, 2014, 07:53:59 AM
 #341

Some people don't care about all the ones who invested in Mastercoin and waited over 6 months for their investment to bear fruit.

And I say thank you for sticking up with your investors.

Hope there will be some new projects soon enough and everyone would realize the advantages of Mastercoin in the Bitcoin world.
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Chang Hum
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April 30, 2014, 07:57:03 AM
Last edit: April 30, 2014, 04:01:11 PM by Chang Hum
 #342



Hope there will be some new projects soon enough and everyone would realize the advantages of Mastercoin in the Bitcoin world.

If you understood the table I posted you would realize there isn't any advantage from Mastercoin in the Bitcoin world, you've monetized the system at the expense of gullible investors and customers that don't understand the system.

i.e maidsafe have diluted 38% of funds from investor with 62% of nothing from mastercoin for issuing an asset which costs nothing but Bitcoin dust.
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April 30, 2014, 08:40:35 AM
 #343

Shame they didn't go all the way and allowing Maidsafe to be purchased only with MSC.. 

Would that be good for you ?  That mastercoin early investors would gain a X50 profit from that.. ?   I guess not..


Anyway, wasn't it MaidSafe's call whether to allow purchases with MSC or BTC ?
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April 30, 2014, 09:00:32 AM
 #344

Shame they didn't go all the way and allowing Maidsafe to be purchased only with MSC..  

Yes they did go all the way and do that, I think you should read up more on the subject before commenting.

Would that be good for you ?  That mastercoin early investors would gain a X50 profit from that.. ?   I guess not..


I have absolutely no idea what you mean or the relevance of this question sorry.

Anyway, wasn't it MaidSafe's call whether to allow purchases with MSC or BTC ?


If you read through the google dev thread David Irvine of maidsafe explicity says several times that whatevers going on in the background to issue assets only allows mastercoin. This is why the Bitcoin Angels lent David Irvine Mastercoin (so as he received bitcoins, he could purchase the corresponding amount of maidsafe).
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April 30, 2014, 09:39:28 AM
 #345

When I try to send MSAFE with omniwallet it failed with the following errors:

With Chrome:

Funds could not be sent: Server error: <html>
 <head><title>502 Bad Gateway</title></head>
 <body bgcolor="white">
 <center><h1>502 Bad Gateway</h1></center>
 <hr><center>nginx/1.4.7</center>
 </body>
 </html>
 <!-- a padding to disable MSIE and Chrome friendly error page -->
 <!-- a padding to disable MSIE and Chrome friendly error page -->
 <!-- a padding to disable MSIE and Chrome friendly error page -->
 <!-- a padding to disable MSIE and Chrome friendly error page -->
 <!-- a padding to disable MSIE and Chrome friendly error page -->
 <!-- a padding to disable MSIE and Chrome friendly error page -->


With Internet Explorer:

Funds could not be sent: Server error: <html> <head><title>502 Bad Gateway</title></head> <body bgcolor="white"> <center><h1>502 Bad Gateway</h1></center> <hr><center>nginx/1.4.7</center> </body> </html>

With Firefox:

Funds could not be sent: Server error: <html> <head><title>502 Bad Gateway</title></head> <body bgcolor="white"> <center><h1>502 Bad Gateway</h1></center> <hr><center>nginx/1.4.7</center> </body> </html>

get the same - on two stations

is there a solution for this problem - I followed closely the description of maxmint here https://bitcointalk.org/index.php?topic=584355.0
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April 30, 2014, 09:55:47 AM
 #346

Shame they didn't go all the way and allowing Maidsafe to be purchased only with MSC..  

Yes they did go all the way and do that, I think you should read up more on the subject before commenting.

Would that be good for you ?  That mastercoin early investors would gain a X50 profit from that.. ?   I guess not..


I have absolutely no idea what you mean or the relevance of this question sorry.

Anyway, wasn't it MaidSafe's call whether to allow purchases with MSC or BTC ?


If you read through the google dev thread David Irvine of maidsafe explicity says several times that whatevers going on in the background to issue assets only allows mastercoin. This is why the Bitcoin Angels lent David Irvine Mastercoin (so as he received bitcoins, he could purchase the corresponding amount of maidsafe).

If the people could buy Maidsafe only with MSC then MSC price would skyrocket..

So no, they didn't go all the way with msc.

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April 30, 2014, 10:01:07 AM
Last edit: April 30, 2014, 10:49:11 AM by Chang Hum
 #347

Shame they didn't go all the way and allowing Maidsafe to be purchased only with MSC..  

Yes they did go all the way and do that, I think you should read up more on the subject before commenting.

Would that be good for you ?  That mastercoin early investors would gain a X50 profit from that.. ?   I guess not..


I have absolutely no idea what you mean or the relevance of this question sorry.

Anyway, wasn't it MaidSafe's call whether to allow purchases with MSC or BTC ?


If you read through the google dev thread David Irvine of maidsafe explicity says several times that whatevers going on in the background to issue assets only allows mastercoin. This is why the Bitcoin Angels lent David Irvine Mastercoin (so as he received bitcoins, he could purchase the corresponding amount of maidsafe).

If the people could buy Maidsafe only with MSC then MSC price would skyrocket..

So no, they didn't go all the way with msc.



Charging $7million for asset issuance wasn't enough? pmsl. What company is ever going to do a fundraiser where ALL of their money raised goes to mastercoin? It's a miracle this happened! Grin

The bitcoin blockchain records moneys received at any given address so assets can be distributed accordingly (this is how Mastercoin did their own fundraiser).

It's a fraud Mastercoins were sold for asset issuance. A $1million dollar fee would have been enough you didn't have to go overboard  Grin
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April 30, 2014, 10:37:34 AM
 #348

now I get this message using omniwallet:

Browser not supported Omniwallet currently only supports Chrome, and may not function well on other browsers.

what is funny is that I am using chrome
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April 30, 2014, 10:51:08 AM
 #349

now I get this message using omniwallet:

Browser not supported Omniwallet currently only supports Chrome, and may not function well on other browsers.

what is funny is that I am using chrome


Strange. I posted this to the omni wallet dev group on skype.
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April 30, 2014, 11:06:11 AM
 #350

has this been resolved?   source: http://bitcoinpete.com/2014/04/16/ex-post-toronto-bitcoin-expo/

A couple of boys from Alabama under the “BitStore” banner found a way to upload an iOS app without submitting it to Apple’s App Store, effectively cracking the cartel and opening the ecosystem to Android-like development. This was less interesting than the insight from one of the BitStore guys who audited the code of OmniWallet, a Mastercoin web wallet that was shamelessly pumped all weekend despite being in “pre-alpha,” and found that OmniWallet stores user info and private keys unencrypted in plain text on its servers, making OmniWallet a Flexcoin waiting to happen. [↩]

To the best of my knowledge, this is absolutely 100% not correct. We'll wait for the U.S dev team to wake up and double check.

In any case, there are right and wrong ways to do security disclosure. The wrong way is posting it on in forum/blog, the right way is sending it to security@mastercoin.org (I'm not pointing a finger at you you, but rather at the team who did the so called 'audit').

We have a security program - if anyone actually finds a security concerns, they get rewarded.

This is definitely not true, and was never true.  Anyone spreading false rumors faces legal liability in civil court.

I guess we have found a new revenue stream to fund our legal and regulatory engagement team- just kidding.  Cool

I think that it's you guys that will be facing legal liability lol.... Anyway can't see a reason mods have deleted this post except to misguide investors so I'll post it again and keep posting it everytime it's deleted. If I'm making false claims in this table mathematical mistakes can be easily dis-proven  Cool

I think it's worth noting for the devs here that Mastercoins business model is inherently floored and unattractive to anyone looking to issue digital tokens. The table below shows what % of the entire free market  Huh of Mastercoins have to be purchased in order to have a succesful asset issuance.

It also means that by their model they have to fix the price depending on how many assets are to be issued, and significant value is lost from the investment pool into the hands of Mastercoin holders.

Mastercoin Price                      Madesafe per Mastercoin                      Mastercoin required for IPO                %of mastercoin in existance                                      
0.001 (real value, pre ipo)                    17                                                        25264513                                         4000%
0.06 (maidsafe move price 1)                1020                                                      421075                                            68% (lol)
0.08 (maidsafe move price 2)                1360                                                      315806                                            51%
0.2  (crowdsource incentive price)     3400                                                                  126322                                                       20%  

Maths for madesafe per Mastercoin = Bitcoin conversion price*Mastercoin price
Maths for mastercoin required for IPO = 429496729.6(maidsafe issued)/madesafe per mastercoin
Maths for % of mastercoin in existence = (mastercoin required for IPO/619478.6(mastercoin exist))*100

"0.001 (real value, pre ipo)"

Mastercoin's IPO price was 0.01 not 0.001.   0.001 was XPC's IPO price.
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April 30, 2014, 11:20:46 AM
 #351

now I get this message using omniwallet:

Browser not supported Omniwallet currently only supports Chrome, and may not function well on other browsers.

what is funny is that I am using chrome


Strange. I posted this to the omni wallet dev group on skype.

ty do you have an open thread for technical questions/support?

I do not even really know which omniwallet to use https://omniwallet.labs.engine.co/ or this https://test.omniwallet.org/
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April 30, 2014, 12:22:37 PM
 #352

Havnt tried it with Omni yet, but Firefox is now 29.0.
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April 30, 2014, 12:25:11 PM
 #353

Havnt tried it with Omni yet, but Firefox is now 29.0.

Omni doesnt work with chrome/Firefox.
Sent page is messed up.

..bustadice..         ▄▄████████████▄▄
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......Play......
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April 30, 2014, 12:35:09 PM
Last edit: April 30, 2014, 03:57:15 PM by Chang Hum
 #354

has this been resolved?   source: http://bitcoinpete.com/2014/04/16/ex-post-toronto-bitcoin-expo/

A couple of boys from Alabama under the “BitStore” banner found a way to upload an iOS app without submitting it to Apple’s App Store, effectively cracking the cartel and opening the ecosystem to Android-like development. This was less interesting than the insight from one of the BitStore guys who audited the code of OmniWallet, a Mastercoin web wallet that was shamelessly pumped all weekend despite being in “pre-alpha,” and found that OmniWallet stores user info and private keys unencrypted in plain text on its servers, making OmniWallet a Flexcoin waiting to happen. [↩]

To the best of my knowledge, this is absolutely 100% not correct. We'll wait for the U.S dev team to wake up and double check.

In any case, there are right and wrong ways to do security disclosure. The wrong way is posting it on in forum/blog, the right way is sending it to security@mastercoin.org (I'm not pointing a finger at you you, but rather at the team who did the so called 'audit').

We have a security program - if anyone actually finds a security concerns, they get rewarded.

This is definitely not true, and was never true.  Anyone spreading false rumors faces legal liability in civil court.

I guess we have found a new revenue stream to fund our legal and regulatory engagement team- just kidding.  Cool

I think that it's you guys that will be facing legal liability lol.... Anyway can't see a reason mods have deleted this post except to misguide investors so I'll post it again and keep posting it everytime it's deleted. If I'm making false claims in this table mathematical mistakes can be easily dis-proven  Cool

I think it's worth noting for the devs here that Mastercoins business model is inherently floored and unattractive to anyone looking to issue digital tokens. The table below shows what % of the entire free market  Huh of Mastercoins have to be purchased in order to have a succesful asset issuance.

It also means that by their model they have to fix the price depending on how many assets are to be issued, and significant value is lost from the investment pool into the hands of Mastercoin holders.

Mastercoin Price                      Madesafe per Mastercoin                      Mastercoin required for IPO                %of mastercoin in existance                                      
0.001 (real value, pre ipo)                    17                                                        25264513                                         4000%
0.06 (maidsafe move price 1)                1020                                                      421075                                            68% (lol)
0.08 (maidsafe move price 2)                1360                                                      315806                                            51%
0.2  (crowdsource incentive price)     3400                                                                  126322                                                       20%  

Maths for madesafe per Mastercoin = Bitcoin conversion price*Mastercoin price
Maths for mastercoin required for IPO = 429496729.6(maidsafe issued)/madesafe per mastercoin
Maths for % of mastercoin in existence = (mastercoin required for IPO/619478.6(mastercoin exist))*100

"0.001 (real value, pre ipo)"

Mastercoin's IPO price was 0.01 not 0.001.   0.001 was XPC's IPO price.

I wasn't talking about the IPO price I was talking about the value in relation to this fundraiser. If you accept this ridiculous convoluted system as functional in the first place then the total cost of Mastercoins required for the fundraiser in Bitcoin shouldn't exceed what you can sell them for on the market afterwards.
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April 30, 2014, 01:11:52 PM
 #355

^ anyone knows what he's talking about ?
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April 30, 2014, 01:21:31 PM
 #356

^ anyone knows what he's talking about ?

If you can only get the Mastercoin protocol to work as a method of issuing assets by selling a large proportion of all Mastercoins in existence, the system is inherently floored.

The maths' of what a Mastercoin is worth in this instance (which is calculated by market depth/coins required for fundraiser) is pretty pointless seeing as the underlying statement points out Mastercoin are a worthless scam.
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April 30, 2014, 01:22:16 PM
 #357

^ anyone knows what he's talking about ?

In his own words.....

"Don't worry no one ever gets my points:"
    https://bitcointalk.org/index.php?topic=395761.msg6310737#msg6310737

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April 30, 2014, 01:49:30 PM
 #358

I'm trying to follow everything that's being said. So to do an asset issuance on the mastercoin protocol you have to have a good chunk of all mastercoins like tens of thousands, or did I miss something.
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April 30, 2014, 02:01:43 PM
 #359

I have the message "Servor error, try later" when I try to connect to omniwallet.
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April 30, 2014, 02:02:11 PM
Last edit: April 30, 2014, 03:10:07 PM by Chang Hum
 #360

I'm trying to follow everything that's being said. So to do an asset issuance on the mastercoin protocol you have to have a good chunk of all mastercoins like tens of thousands, or did I miss something.

It was impossible for this fundraiser to ever reach the target of $10mil using the mastercoin system. This is because the value of Mastercoins lent to Maidsafe to exchange for Bitcoin didn't amount to $10mil at a value of 0.2 per bitcoin.

As per the table I've posted if the price was left at 0.06 then 68% of all Mastercoins would have had to be sold in order for the fundraiser to sell out. They changed the price to 0.2 for one of these reasons:

- So Maidsafe could re-sale the Mastercoins they'd been lent by Bit-angels at a higher price in exchange for Bitcoin.

- So only 20% of all maidsafe coins in existance would need to be sold for the fundraiser to sell out. (relative to 68% at previous price)

- Because they thought the market was going that direction anyway (official reason given by David Irvine of Maidsafe but most unlikely)

The system is so insanely floored it suggests the whole thing was a con to take advantage of a particularly gullible customer or that the customer himself is a conspirator.
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