The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread

[niner]

They say in the white paper that they are aiming to raise about 8 million USD.
There is no mention of 100 million or a billion but each to his own math.

[bitwhizz]

They say in the white paper that they are aiming to raise about 8 million USD.
There is no mention of 100 million or a billion but each to his own math.

yes 8million dollars based on 10 % of the coins distrubited,

anywyas

simple mathematics therefore values this at approximately 100 million dollars

[shmali]

Jumping in the new thread.
Looking forward to what's next.

[TraderTimm]

Any comment on how sidechains will make Mastercoin redundant?

[marcelus]

If you compare its innovation to something like angry birds which is valued at a few Bil, and is a brain dead app, its doesn't seem to bad, the code is supposedly patented (correct me if i am wrong), so it can;t be ripped off either

It can't be directly ripped off but projects like Bitcloud will directly compete with it.

[prophetx]

They say in the white paper that they are aiming to raise about 8 million USD.
There is no mention of 100 million or a billion but each to his own math.

yes 8million dollars based on 10 % of the coins distributed,

anywyas

simple mathematics therefore values this at approximately 100 million dollars

this one will be interesting to watch that is for sure

[bitwhizz]

I was just wondering what you guys think of side chains

http://letstalkbitcoin.com/e99-sidechain-innovation/#.U0ZUFPldUfU
http://letstalkbitcoin.com/e99-sidechain-innovation/
letstalkbitcoin.com


is this a threat to master coin

what are mastercoins thoughts and responses to this matter

[dacoinminster]

Got a thread back, nice one
Whats is the reationship between master coin to safe coin?

apart from the fact you can buy safe coins with mastgercoins
what links the two together, does safe coin exist on top of the master protocol?, as i thought that wasn;t the case due to teh way its meant to be used,

Below is an excerpt from https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

7. SAFE Crowd Sale

The crowd sale will be operated as follows:

A fixed number of MaidSafeCoin will be issued during the crowd sale

The sale will last until all coins have been purchased (circa $8million) or 30 days has passed, whatever happens first

Within that period, public funds in the form of bitcoin and mastercoin can be sent to exodus bitcoin address via www.BuySafeCoins.com

Each participant will purchase an intermediary coin, MaidSafeCoin

A quantity of 429,496,729 coins will be available for purchase, this equates to 10% of all safecoins

Early buyer incentives are in place to reward early participation (see chart below)

It is estimated that participants will purchase 17,000 MaidSafeCoins for 1 bitcoin

All purchases and transctions will be recorded on the Bitcoin block chain via the Mastercoin protocol

The deposit of funds in the exodus address will auto generate the appropriate level of MaidSafeCoins, they will be reciepted in the participants mastercoin wallet

Once the full network is launched these will be traded on a 1:1 basis for safecoin

Each participants safecoin wallet will be credited as the full network is launched and they create their SAFE network accounts

In the event that not all coins are sold, the remaining coins will be burned

All details are available at www.safecoin.io

</excerpt>

How could the MaidSafeCoin be recorded via the Mastercoin protocol?  There is no 'user currency' feature yet.
Instead they are using a Mastercoin-style fundraiser.  They are going to announce their 'exodus address' on 22-April.
There will apparently be a separate 'exodus address' if you wish to send Mastercoin instead of bitcoin.

Actually, MaidSafe is coinciding their fundraiser with the release of the first version of our user currency feature, and their coins will be entirely purchased and traded exclusively within the Master Protocol. The bitcoin address is run by a trusted third party who will will receive bitcoins and then send Mastercoins to the fundraiser and then send the resulting SafeCoins back to the purchaser, making the process a little more streamlined for some people who don't already own MSC.

[nakaone]

Got a thread back, nice one
Whats is the reationship between master coin to safe coin?

apart from the fact you can buy safe coins with mastgercoins
what links the two together, does safe coin exist on top of the master protocol?, as i thought that wasn;t the case due to teh way its meant to be used,

Below is an excerpt from https://github.com/maidsafe/Whitepapers/blob/master/Project-Safe.md

7. SAFE Crowd Sale

The crowd sale will be operated as follows:

A fixed number of MaidSafeCoin will be issued during the crowd sale

The sale will last until all coins have been purchased (circa $8million) or 30 days has passed, whatever happens first

Within that period, public funds in the form of bitcoin and mastercoin can be sent to exodus bitcoin address via www.BuySafeCoins.com

Each participant will purchase an intermediary coin, MaidSafeCoin

A quantity of 429,496,729 coins will be available for purchase, this equates to 10% of all safecoins

Early buyer incentives are in place to reward early participation (see chart below)

It is estimated that participants will purchase 17,000 MaidSafeCoins for 1 bitcoin

All purchases and transctions will be recorded on the Bitcoin block chain via the Mastercoin protocol

The deposit of funds in the exodus address will auto generate the appropriate level of MaidSafeCoins, they will be reciepted in the participants mastercoin wallet

Once the full network is launched these will be traded on a 1:1 basis for safecoin

Each participants safecoin wallet will be credited as the full network is launched and they create their SAFE network accounts

In the event that not all coins are sold, the remaining coins will be burned

All details are available at www.safecoin.io

</excerpt>

How could the MaidSafeCoin be recorded via the Mastercoin protocol?  There is no 'user currency' feature yet.
Instead they are using a Mastercoin-style fundraiser.  They are going to announce their 'exodus address' on 22-April.
There will apparently be a separate 'exodus address' if you wish to send Mastercoin instead of bitcoin.

Actually, MaidSafe is coinciding their fundraiser with the release of the first version of our user currency feature, and their coins will be entirely purchased and traded exclusively within the Master Protocol. The bitcoin address is run by a trusted third party who will will receive bitcoins and then send Mastercoins to the fundraiser and then send the resulting SafeCoins back to the purchaser, making the process a little more streamlined for some people who don't already own MSC.

by simple math, correct me if I am wrong, the maidsafe team, assuming they will receive 8Million Dollar in MSC, would almost own half of the MSC at given market cap (17Million$). Where do the trusted party get the MSC from?

Anyway good to see Mastercoin Protocol in use, can you tell the conversion rate of msc to Safecoins?

[marcelus]

Can i ask why, it even goes from

Bitcoin -> MSC -> Safe coin

Why is MSC the intermediary

Why doesn't it just go

Bitcoin -> Safe coin


i must be missing something here

I'm not aware of any ways to currently issue your own currency on top of bitcoin. There are ways of colouring coins, yes, but not issuing new tokens. Mastercoin permits this.

[dacoinminster]

by simple math, correct me if I am wrong, the maidsafe team, assuming they will receive 8Million Dollar in MSC, would almost own half of the MSC at given market cap (17Million$). Where do the trusted party get the MSC from?

So, the trusted party DOES have a lot of MSC which they may choose to use, but if SafeCoin really raises the funds they think they can raise, well, the MSC will have to be purchased from whoever is willing to sell. ;-)

Eventually, Maidsafe will sell their MSC to pay their expenses, but by that time, we hope to have dozens of companies doing fundraisers at any given time.

This is the whole point of MSC. We make it useful in a wide variety of ways, and we hoard it like filthy misers when people suddenly realize they need some to play in our sandbox.

Actually, every major MSC holder I know of (including me) is investing a big chunk of their MSC into companies who release tokens on our system, so we're not hoarding all of it.

Anyway good to see Mastercoin Protocol in use, can you tell the conversion rate of msc to Safecoins?

Everything currently public should be here: http://safecoin.io/

Doubtless more detail will be added to that site and buysafecoins.com in the coming days.

[Armando]

Is SafeCoin a replacement for MasterCoin, or this is two different projects?

[niner]

Actually, MaidSafe is coinciding their fundraiser with the release of the first version of our user currency feature, and their coins will be entirely purchased and traded exclusively within the Master Protocol. The bitcoin address is run by a trusted third party who will will receive bitcoins and then send Mastercoins to the fundraiser and then send the resulting SafeCoins back to the purchaser, making the process a little more streamlined for some people who don't already own MSC.

Ah, I see.  I didn't know user currency was so close to being released.
The first Mastercoin-derived currency being worth millions of dollars would be huge!

[vokain]

Any comment on how sidechains will make Mastercoin redundant?

Are sidechains secured by a separate set of miners? And will transaction fees from side-chain transactions be the only thing supporting securitization of that side-network? (not entirely rhetorical, I actually am not too familiar with this)

[niner]

Any comment on how sidechains will make Mastercoin redundant?

Are sidechains secured by a separate set of miners? And will transaction fees from side-chain transactions be the only thing supporting securitization of that side-network? (not entirely rhetorical, I actually am not too familiar with this)

Side chains could be merge-mined with Bitcoin according to the Coindesk article...
http://www.coindesk.com/bitcoin-core-developers-bitcoin-side-chains/


If there is a competitive advantage to using a side chain then Mastercoin could always switch from the Bitcoin
blockchain to a side chain.
 
Actually it wouldn't have to be a side-chain.  It could be an alt-coin chain or some other 2.0 chain.

http://wiki.mastercoin.org/index.php/FAQ#Does_the_Master_Protocol_need_the_Bitcoin_network_to_operate.3F

[Chang Hum]

Can anyone explain the lack of movement in price given the revelation that up to $8m usd is going to pour into Mastercoin within the next 5 weeks, for a major IPO!?

[marcelus]

Can anyone explain the lack of movement in price given the revelation that up to $8m usd is going to pour into Mastercoin within the next 5 weeks, for a major IPO!?

$8m is a target. Not a definite amount that will be invested.

[atengzt]

Why mastercoiners need centralized exchange?
1. Most users just use centralized exchange  platforms to do buy&sell, then withdraw their money back, they do not care about msc, even btc, they only care about how much profit.they can make.
2. Currently, users who wanna use msc have to buy btc firstly, then withdraw them to btc-qt or blockchain.info, then use their private key to buy msc, oh god, I can't imagine my mom could do this by herself.
3. 5 million transitions per second is unreachable when trading on Dex.

[Chang Hum]

Can anyone explain the lack of movement in price given the revelation that up to $8m usd is going to pour into Mastercoin within the next 5 weeks, for a major IPO!?

$8m is a target. Not a definite amount that will be invested.

This IPO stinks, it's not being put out to public scrutiny let's say $2m (like counterparty) is invested that's going to rocket mastercoin volume and sky rocket the price. But from an investment point of view it will mean 2.5% of all coins are purchased by the end the end user during the IPO while 15% (6 times the amount) are owned by safe corp!!

[bahatassafus]

Can i ask why, it even goes from

Bitcoin -> MSC -> Safe coin

Why is MSC the intermediary

Why doesn't it just go

Bitcoin -> Safe coin


i must be missing something here

I'm not aware of any ways to currently issue your own currency on top of bitcoin. There are ways of colouring coins, yes, but not issuing new tokens. Mastercoin permits this.

CounterParty? https://bitcointalk.org/index.php?topic=395761.0