The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread

[Viva!]

You know, I wouldn't say it's so much a  "is MSC dead", but more like- has innovation in bitcoin technology moved from open community funded projects to less-open and venture capital backed projects?

At this point, I think the foundation should be thinking more seriously about how it's technology is going to compete in the PR realm against the technology being created by VC's, funded by VC's and used by VC's. Judith can put out as many updates as she would like (nothing against her BTW) but can that really match the Press Release cycle of VC funded companies that seem to take priority on the main Bitcoin news outlets?

I feel as though perhaps the first round of Bitcoin 2.0 technologies have lost their steam before really getting a chance to take off and investors seem to be looking to other sources of bitcoin innovation.

Perhaps I'm a pessimist at times, but the lack of movement in MSC trading- (and other bitcoin2.0 projects) seems to point to a greater obstacle at hand than just simply getting the technology working. While the Mastercoin Team and counterparty teams are hard at work making the technology work- the Venture Capital backed projects seem more interested in earning the trust of their future clients and taking their millions to build the technology that makes it work, later.

Real problem whit bitcoin 2.0 tokens is that they are useless. MSC (or Omni) is useless like counterparty. Ripple give us a possible solution, that is a burning method when someone use the OmniLayer.

Msc (Omni) is dead, because no one know any good reason to hold or use it.

[littleblue]

You know, I wouldn't say it's so much a  "is MSC dead", but more like- has innovation in bitcoin technology moved from open community funded projects to less-open and venture capital backed projects?

At this point, I think the foundation should be thinking more seriously about how it's technology is going to compete in the PR realm against the technology being created by VC's, funded by VC's and used by VC's. Judith can put out as many updates as she would like (nothing against her BTW) but can that really match the Press Release cycle of VC funded companies that seem to take priority on the main Bitcoin news outlets?

I feel as though perhaps the first round of Bitcoin 2.0 technologies have lost their steam before really getting a chance to take off and investors seem to be looking to other sources of bitcoin innovation.

Perhaps I'm a pessimist at times, but the lack of movement in MSC trading- (and other bitcoin2.0 projects) seems to point to a greater obstacle at hand than just simply getting the technology working. While the Mastercoin Team and counterparty teams are hard at work making the technology work- the Venture Capital backed projects seem more interested in earning the trust of their future clients and taking their millions to build the technology that makes it work, later.

Real problem whit bitcoin 2.0 tokens is that they are useless. MSC (or Omni) is useless like counterparty. Ripple give us a possible solution, that is a burning method when someone use the OmniLayer.

Msc (Omni) is dead, because no one know any good reason to hold or use it.

YES

[mishax1]

Can you guys reach to BTER exchange and help them fix the wallet ?  waiting for my MSC deposit for 10 days now, getting some lame excuses over the email..

[udecker]

Tether (https://tether.to/) is now live on https://ShapeShift.io !!

http://www.reddit.com/r/Bitcoin/comments/3390qs/shapeshiftio_integrates_tether_into_its_asset/
http://www.prweb.com/releases/2015/04/prweb12660531.htm

[udecker]

From http://blog.omni.foundation/2015/04/21/state-of-the-layer-all-hands-april-21-2015/

State of the Layer, April 21, 2015: Omni All-Hands

Craig

• Moving the remaining repos from mastercoin-MSC to OmniLayer
  
  • do we want to invite Shannon to add OmniSharp? https://github.com/genecyber/OmniSharp
  • need to move Spec, update nomenclature
• DEx testing progress
  
  • https://github.com/OmniLayer/omnicore/issues/9

Adam

• Processing/handling user support tickets for omniwallet
• Continuing to populate Omni Knowledge base/community help center
  
  • http://support.omniwallet.org / http://support.omnilayer.org
• Need to coordinate with Tomas next week on finalizing Omniwallet ui refresh
• Will continue to update/move repos to new Omnilayer over next two weeks.

Tomás

• Got feedback from Marv on several points to look at in the new design, will review those as soon as I get Tether work done.
• About pages done at 50%

Marv

• Omniwallet – reviewed pages in new design; feedback to Tomás
• Dex Phase 2.0 – diagnosis/debug mtg

Zathras

• Self auditing module written (PR18), will monitor state and pickup when the state deviates from authorized (eg due to math error etc).  Allows detection of bugs so we can spend more time diagnosing / remediating.
  Scenarios currently covered:
  
  • Property tokens created out of thin air.
  • Tokens disappearing.
  • Properties appearing/disappearing/non-sequential property creations.
  • MetaDEx trades with zero values.
  • MetaDEx trades where the unit price has changed.
  • (WIP) MetaDEx trades that are crossed (should have matched) but were not traded.

Sean

• OmniJ (last week)
  
  • Bug fixing and code cleanup
  • Documentation improvements
  • Supporting Shannon Code’s usage
• OmniJ (up next)
  
  • Publish JAR artifacts
  • Rivetz signing of raw transactions
• Dex Phase 2.0 meeting

Patrick

• Started trading, Omni RPC by end of next week to stress-test Dex
• Moving forward with proposal for HGC
• Helping with Dex testing
• Finalizing devOMNI budget Thursday
• Did an sBTC proposal last week, ready to move forward with exchanges
• Mobile app w/ Leverage coming together

While this is a long list of things we've gotten done, the list was actually much much longer - Zathras ran us down the list of items that have been completed from our long standing roadmap list, and almost all of the technical debt and items on the wish list have basically all been completed.

As always, a huge thank you and kudos to the team for continuing to deliver large jumps in functionality each and every week.  

Craig

[mishax1]

Will there be any use for the mastercoins ?

[JohnnyBTCSeed]

Will there be any use for the mastercoins ?

Here lies the crux of the issue. The omni protocol you guys are building is amazing and inspirataional. You guys are crushing it.


However , i cant for the life of me figure out what the possible use for mastercoins is? Lets just be honest here. You dont need mastercoins to make the protocol work? Is that correct?

Or more accurately the mastercoins dont need value to make the protocol work.


What can possible give mastercoins value?

[JohnnyBTCSeed]

Or rather do the mastercoins need to have value so you have something to pay yourselves with?

[JohnnyBTCSeed]

What would happen if everyone turned in their mastercoins for , i dont know, maybe a derivative on the omni layer.



ie: mastercoin tokens become valueless, as I suspect the omni protocol really doesn't need these to function, but whomever holds these gets their value transfered to something different.

[hmmmstrange]

Does anyone know when the 60k msc, that JR donated to the foundation, will be paid out to the devs? It would be nice to see the devs not dump them as they get them, unlike the last year and a half.

[stereotype]

Perfectly valid questions here not being answered. These are questions, that will drag on any hopes of Omni making any meaningful progress.....if at all.

[zyfreetip]

They really not give any respect to the community.

[dacoinminster]

We almost never watch this thread anymore, since it tends to be more of a trollbox than a forum, I think you'll usually get better results on reddit: http://www.reddit.com/r/omni/

That said, I'll try to answer the most recent questions.

Will there be any use for the mastercoins ?

Here lies the crux of the issue. The omni protocol you guys are building is amazing and inspirataional. You guys are crushing it.


However , i cant for the life of me figure out what the possible use for mastercoins is? Lets just be honest here. You dont need mastercoins to make the protocol work? Is that correct?

Or more accurately the mastercoins dont need value to make the protocol work.


What can possible give mastercoins value?

My answer is the same as it has always been. The near-term reason is the phase-2 distributed exchange which has all child currencies trading decentralized against OMNI. (phase 1 was Omni trading against bitcoin). The longer term plan is: http://blog.omni.foundation/2014/06/11/mastercoin-is-for-burning/

What would happen if everyone turned in their mastercoins for , i dont know, maybe a derivative on the omni layer.

ie: mastercoin tokens become valueless, as I suspect the omni protocol really doesn't need these to function, but whomever holds these gets their value transfered to something different.

I can't imagine any way this might happen, and there has never been any discussion of doing anything even remotely like this.

Does anyone know when the 60k msc, that JR donated to the foundation, will be paid out to the devs? It would be nice to see the devs not dump them as they get them, unlike the last year and a half.

They will be released quarterly. It looks like most of this 60k will be released in 2016 due to incentives I set up to reward longer vesting periods. What they do with them is up to the devs. I have no plans to ask. Over the next 3+ years, I hope to put the vast majority of my Omni in the hands of the developers working on the project. The impact on the price will be driven entirely by them, (what features they write to create more demand for Omni, and how much they decide to sell). When we ran out of BTC I decided I'd rather be a small holder of something huge than a huge holder of something worthless, so I'm trying to make sure the long-term incentives are in place for that to happen.

I have put enough features in the spec to keep them busy for a long time

[ejinte]

We almost never watch this thread anymore, since it tends to be more of a trollbox than a forum, I think you'll usually get better results on reddit: http://www.reddit.com/r/omni/
...............

My answer is the same as it has always been. The near-term reason is the phase-2 distributed exchange which has all child currencies trading decentralized against OMNI. (phase 1 was Omni trading against bitcoin). The longer term plan is: http://blog.omni.foundation/2014/06/11/mastercoin-is-for-burning/
..........

So now when you're here, perhaps I could ask a few questions as well:

*When will the phase-2 distributed exchange disturbed exchange be launched? Last year in March there was a big countdown and me and I think many else thought the DEx would be released then.

*Do you think anyone would use this DEx? I mean, the transaction volume for OMNI token right now is really low and consists of MAID to almost 100%. Why would anyone want the hassle of first exchanging the tokens for OMNI and then to BTC or whatever? One would most certainly make a loss in such trade since the liquidity will be low.

*When is the windows version of MasterCore coming? There was a similar countdown like the one with the DEx, when I and perhaps other thought it would be something we could really use. Only to find out that it's only for LINUX users.

*Don't you think that other projects like maidsafe and ethereum will be able to do the exact same things as OMNI but with better functionality? To be honest, sitting around waiting for block feels a bit like 2012, both when I'm using BTC and OMNI.

*Do you think OMNI tookens every will be worth more than 0.02BTC each again? What do you think when I say I bought mastercoins for 0.419BTC from a website the mastercoin foundation promoted on their front page?

Appreciate your answers, mastermind/omni.

[dacoinminster]

So now when you're here, perhaps I could ask a few questions as well:

*When will the phase-2 distributed exchange disturbed exchange be launched? Last year in March there was a big countdown and me and I think many else thought the DEx would be released then.

Craig would be a better person to answer that question. I've heard it's about a month out.

*Do you think anyone would use this DEx? I mean, the transaction volume for OMNI token right now is really low and consists of MAID to almost 100%. Why would anyone want the hassle of first exchanging the tokens for OMNI and then to BTC or whatever? One would most certainly make a loss in such trade since the liquidity will be low.

dEX will be used by people who don't want to trust a centralized exchange, which really should be everyone eventually. Also, it doesn't require you to convince an exchange to list your asset, so for new/small projects, dEX will be their only option.

*When is the windows version of MasterCore coming? There was a similar countdown like the one with the DEx, when I and perhaps other thought it would be something we could really use. Only to find out that it's only for LINUX users.

Dunno. Another good question for Craig. Recommend using a VM in the meantime. Most people should be using Omniwallet anyway.

*Don't you think that other projects like maidsafe and ethereum will be able to do the exact same things as OMNI but with better functionality? To be honest, sitting around waiting for block feels a bit like 2012, both when I'm using BTC and OMNI.

That is certainly their goal. Our mission is advanced features on top of bitcoin. If bitcoin goes away, so will Omni.

*Do you think OMNI tookens every will be worth more than 0.02BTC each again? What do you think when I say I bought mastercoins for 0.419BTC from a website the mastercoin foundation promoted on their front page?

Appreciate your answers, mastermind/omni.

Maybe. I hope they are worth far more than that someday. Crypto coins are an absurdly risky investment, with equally absurd payoffs. I think we've always tried to emphasize that. I think we tried to list ALL available markets trading MSC, without trying to judge how fair their prices were.

[buybtc.cz]

I can't find OMNI/Mastercoin on coinmarket cap anymore. Was it delisted?

[mishax1]

I can't find OMNI/Mastercoin on coinmarket cap anymore. Was it delisted?

It's number 314 on the low volume list down the page.. click the "view all" button on the top right to see them all.

[dexX7]

*When is the windows version of MasterCore coming? There was a similar countdown like the one with the DEx, when I and perhaps other thought it would be something we could really use. Only to find out that it's only for LINUX users.

Actually the lastest stable release was published in March for Windows, too:

- https://github.com/mastercoin-MSC/mastercore/releases/tag/v0.0.9.1

Mirrors:

- http://omnichest.info/files/omnicore-v0.0.9.1-rel-win-x64.zip
- http://omnichest.info/files/omnicore-v0.0.9.1-rel-linux-x64.zip

- http://bitwatch.co/uploads/omnicore-v0.0.9.1-rel-win/omnicore-v0.0.9.1-rel-win.zip
- http://bitwatch.co/uploads/omnicore-v0.0.9.1-rel-win/omnicore-v0.0.9.1-rel-win.zip.asc


Since then, the core project has moved to OmniLayer/omnicore, and OmniLayer/OmniJ slowly starts to transform from a testing framework for Omni Core into a basis for mobile applications.

[Hollingsworth]

HI Folks,

Wondering if someone in the Mastercoin world can help me.

I have a 10 MSC that I acquired a year or so ago, the old fashioned way with original command line software thingie.

I have my MSC listed on the masterchain.info site through my BTC address.

Do I need to convert them over to another place? Is there an official exchange where I can now sell the MSC for BTC?

Sorry to be out of the loop, its been a while.  ://

Thanks!!

Hollings

[udecker]

HI Folks,

Wondering if someone in the Mastercoin world can help me.

I have a 10 MSC that I acquired a year or so ago, the old fashioned way with original command line software thingie.

I have my MSC listed on the masterchain.info site through my BTC address.

Do I need to convert them over to another place? Is there an official exchange where I can now sell the MSC for BTC?

Sorry to be out of the loop, its been a while.  ://

Thanks!!

Hollings

Hello, Hollings!

Masterchain.info is a deprecated wallet, and any funds on there should be moved to another wallet or exchange that supports the Omni Layer (such as omniwallet.org, holytransaction.com, poloniex.com, masterxchange.com, etc).

Once you’ve moved them, you should be able to do anything you like with them. 

Craig