The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread

[bitwhizz]

i have a question about the aid ssafe IPO
if i am correct

Maid safe raises 8 million dollars from the public which purchases MSC which it uses as tokens for the fund raiser.
they purchase it at IPO price per MSC,
Maid safe now have 8 million dollars in MSC token -

this is the bit i don;t get
 
How do Maidsafe turn the MSC tokens, into cash

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[bones]

good question bitwhizz

I have another

if 1 btc is worth 17000 safecoin ( maidsafe tokens )

how much is 1 mastercoin worth?

do I need to check current mkt value, if so which mkt? ( I would guess the decentralized one )

confused...

[Chang Hum]

good question bitwhizz

I have another

if 1 btc is worth 17000 safecoin ( maidsafe tokens )

how much is 1 mastercoin worth?

do I need to check current mkt value, if so which mkt? ( I would guess the decentralized one )

confused...

Mastercoin is gonna rally when all that cabbage goes through mastercoins

[bones]

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.

there ya go bitwhizz, they will sell the MSC eventually...

I still dont see how 1btc  gets 17000 maidsafe tokens when the cost of MSC to BTC is constantly changing, and all BTC must be converted...

surely this will be a mathematical nightmare to calculate exactly who gets what amount...

and is the conversion rate taken at the time i send my BTC, or the time my BTC are traded for MSC ( not in my control if I use the trusted address )

[prophetx]

I have downloaded the "MasterchestWalletAlpha_Bin.zip" once yesterday, and 3 times today, from the "Windows Wallet" link at http://www.mastercoinwallets.org/. The files extract just fine using either 7-zip or WinZip. But when I try to run the "Masterchest_Wallet.exe" program, my Norton deletes it, and gives me a message that the file contained the "SONAR.Heuristic.120" trojan.

I am still successfully using the "MasterchestWalletAlpha_Bin.zip" that I downloaded mid-March. But I wanted to update it.

Any ideas anyone?



EDIT: Okay, the same thing happens when I download the download zip from github at https://github.com/zathras-crypto/masterchest-wallet.


EDIT: I haven't determined what the problem was, so I bypassed Symantec. We'll see. Mastercoin works just fine.
I ran the computer using a Linux OS off a USB Flash drive. It seems to have deleted the anomaly.

i filed an issue with zathras and also let our security guy Shannon know about this.

https://github.com/zathras-crypto/masterchest-wallet/issues/54

[Chang Hum]

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.

there ya go bitwhizz, they will sell the MSC eventually...

I still dont see how 1btc  gets 17000 maidsafe tokens when the cost of MSC to BTC is constantly changing, and all BTC must be converted...

surely this will be a mathematical nightmare to calculate exactly who gets what amount...

and is the conversion rate taken at the time i send my BTC, or the time my BTC are traded for MSC ( not in my control if I use the trusted address )

I was wondering about this timing issue, especially at the end of the sale, obviously mastercoin & bitcoin, send first and arrive first are two different things.

[bitwhizz]

I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,

[dirvine]

I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,

The vast majority of the funding will be via bitcoin. MSC is a vehicle to allow this to be recorded on the blockchain etc. All of the people we know are using BTC to buy MSAFE. There are MSC holders who may purchase direct, but we do not see anyone converting BTC->MSC for this. We will however be doing that in the background for people with BTC. We are working with the Master Protocol guys as well as BitAngels to do this part. Our friends and staff are using BTC to buy MaidSafeCoins (including an excited me) and nobody needs to even know what MSC is. 

As this is possibly the first use of MSC in such a scheme we do have some manual process in place for parts of the sale. These will be automated over time. I hope this crowd sale increases MSC value as it shows a good use for this (the intended use) as well as kickstarting this project.

So if you use Master Protocol for your crowd sale or asset sale you can do so in BTC not only MSC. This will all become much simpler in future though. It is a pretty good model as it fixes in the security of transfers etc.
 

[Chang Hum]

I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,

Yeah there's a discussion about that on  the maidsafe google groups https://groups.google.com/forum/#!forum/maidsafe-development

[Chang Hum]

I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,

The vast majority of the funding will be via bitcoin. MSC is a vehicle to allow this to be recorded on the blockchain etc. All of the people we know are using BTC to buy MSAFE. There are MSC holders who may purchase direct, but we do not see anyone converting BTC->MSC for this. We will however be doing that in the background for people with BTC. We are working with the Master Protocol guys as well as BitAngels to do this part. Our friends and staff are using BTC to buy MaidSafeCoins (including an excited me) and nobody needs to even know what MSC is. 

As this is possibly the first use of MSC in such a scheme we do have some manual process in place for parts of the sale. These will be automated over time. I hope this crowd sale increases MSC value as it shows a good use for this (the intended use) as well as kickstarting this project.

So if you use Master Protocol for your crowd sale or asset sale you can do so in BTC not only MSC. This will all become much simpler in future though. It is a pretty good model as it fixes in the security of transfers etc.
 

Cool how are you blocking mastercoin dumping?

[dirvine]

I am confused as to how maid safe coin think they will be able to sell 8 million dollars worth of mastercoin, based on current mastercoin volume on exchanges, in fact JR willet selling just 1 million dollars of mastercoin, caused a price drop from 0.25 all the way down to where it is now, let alone 8 million dollars,

The vast majority of the funding will be via bitcoin. MSC is a vehicle to allow this to be recorded on the blockchain etc. All of the people we know are using BTC to buy MSAFE. There are MSC holders who may purchase direct, but we do not see anyone converting BTC->MSC for this. We will however be doing that in the background for people with BTC. We are working with the Master Protocol guys as well as BitAngels to do this part. Our friends and staff are using BTC to buy MaidSafeCoins (including an excited me) and nobody needs to even know what MSC is. 

As this is possibly the first use of MSC in such a scheme we do have some manual process in place for parts of the sale. These will be automated over time. I hope this crowd sale increases MSC value as it shows a good use for this (the intended use) as well as kickstarting this project.

So if you use Master Protocol for your crowd sale or asset sale you can do so in BTC not only MSC. This will all become much simpler in future though. It is a pretty good model as it fixes in the security of transfers etc.
 

Cool how are you blocking mastercoin dumping?

We are not blocking MSC dumping, but do not expect it to happen. It may, but if the sale is successful we would hope that MSC would increase in liquidity as it's used more. I don't think any of the Master guys would want to see their coins disappear really. It would wreck that project and some associated groups. So I have faith and we do have support. There is a large number of BTC holders who are certainly in with BTC and that is fantastic. It could be a worry, but I feel we all need some faith at times. IF MSC were dumped and the price went up it may do little harm. If the sale is successful (which looks promising) then more projects use this type of system the whole eco system improves.

Feels a little like BTC early days in many ways and I suppose it is. The project will continue and supporters will get rewarded for sure. It would take a disaster to happen to disturb that I think. Then again we are all in this together and we all need to show faith and support for each other. I feel comfortable but not unaware of risk.

[bones]

Why will nobody give a firm answer on conversion rate of MSC for maidsafe ?

But only on BTC to maidsafe ?

When all BTC need to be converted ( even if in the background. )

I hold BTC and MSC and I have no idea which would be best to use to buy in to this with.

[dirvine]

Why will nobody give a firm answer on conversion rate of MSC for maidsafe ?

But only on BTC to maidsafe ?

When all BTC need to be converted ( even if in the background. )

I hold BTC and MSC and I have no idea which would be best to use to buy in to this with.

We have been talking with all groups involved here about this. It looks like we will have a rate of 0.2 fixed for the duration. This is higher than the 0.08 but as MSC will now be useful we think the rise there will be substantial.  So it would appear that dumping MSC initially gets a better deal, but it may increase in value very quickly and seem like a worse deal later on. If I held MSC and BTC I would split this if I thought MSC had a future, otherwise take advantage early on.  It will be set in stone though for the duration of the sale and likely at 0.2 MSC per BTC which is a much better rate than current.

We are not trying to hide anything, but want to make sure we are covering all bases and as fair as possible to the community MSC and BTC.
[typo 0.8 -> 0.08]

[bones]

Thank you very much for your reply. Sorry if I seemed short, I am tired.

I am very excited about the project. The more I see the more I like it.

I only found the thread yesterday and there is not long to prepare.

I am sure it will be great !!

[dirvine]

Thank you very much for your reply. Sorry if I seemed short, I am tired.

I am very excited about the project. The more I see the more I like it.

I only found the thread yesterday and there is not long to prepare.

I am sure it will be great !!

Short and logical is good. It's not an easy thing to set and there are issues for sure. I think we have found a place where everyone should be safe and hopefully it will all work out for all of us who are buying into this SAFE network now, can't wait to see it roll out and everyone developing and using apps as well as improving on what we have started here. Thanks though for your comments.

[bitwhizz]

yes 0.2 sounds good to me

[johnybyo]

How and when this SAFE can buy?

[editor499]

How and when this SAFE can buy?

http://www.safecoin.io/

[petskup]

Participants will buy 17,000 MaidSafeCoins per bitcoin and and 3400 per mastercoin

[jeroenn13]

Participants will buy 17,000 MaidSafeCoins per bitcoin and and 3400 per mastercoin

Thats wrong.

17000 Safecoins per Bitcoin and 34000 safecoins per Bitcoin (if paid with Mastercoins at current price (0.10))

Source:

Why will nobody give a firm answer on conversion rate of MSC for maidsafe ?

But only on BTC to maidsafe ?

When all BTC need to be converted ( even if in the background. )

I hold BTC and MSC and I have no idea which would be best to use to buy in to this with.

We have been talking with all groups involved here about this. It looks like we will have a rate of 0.2 fixed for the duration. This is higher than the 0.08 but as MSC will now be useful we think the rise there will be substantial.  So it would appear that dumping MSC initially gets a better deal, but it may increase in value very quickly and seem like a worse deal later on. If I held MSC and BTC I would split this if I thought MSC had a future, otherwise take advantage early on.  It will be set in stone though for the duration of the sale and likely at 0.2 MSC per BTC which is a much better rate than current.

We are not trying to hide anything, but want to make sure we are covering all bases and as fair as possible to the community MSC and BTC.
[typo 0.8 -> 0.08]