The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread

[ejinte]

关于为什么msc不在普通的交易所交易这个问题，好多人已经问了很多遍了。为什么msc基金会一直没有答复呢？推广、营销msc不是你们应该做的吗？

Could you stop using Chinese on this thread ? thanks.

Why isn't MSC on a widely used exchange? XCP is on Bter and Poloniex. Is there a technical difference between XCP and MSC that limits MSC to MasterXchange? What is the Mastercoin Foundation and CEO doing to promote wider participation and trading in MSC?  

Top dev priority right now is the RPC interface for MasterCore (cross-platform implementation) which exchanges have been asking for. Also, there's the distributed exchange for people who don't like trusting a website with their money.

Will this make it possible to put other coins created on the mastercoin protocol into exchanges as well? Like maidsafecoin.

" yes, in fact it will be even easier for exchanges to implement new coins since they will only need to flip a switch in the mastercoin daemon without needing to set up new software, test it, integrate it, security audit, etc."

Very good Sir. Very good.

[prophetx]

关于为什么msc不在普通的交易所交易这个问题，好多人已经问了很多遍了。为什么msc基金会一直没有答复呢？推广、营销msc不是你们应该做的吗？

Could you stop using Chinese on this thread ? thanks.

Why isn't MSC on a widely used exchange? XCP is on Bter and Poloniex. Is there a technical difference between XCP and MSC that limits MSC to MasterXchange? What is the Mastercoin Foundation and CEO doing to promote wider participation and trading in MSC?  

Top dev priority right now is the RPC interface for MasterCore (cross-platform implementation) which exchanges have been asking for. Also, there's the distributed exchange for people who don't like trusting a website with their money.

Will this make it possible to put other coins created on the mastercoin protocol into exchanges as well? Like maidsafecoin.

" yes, in fact it will be even easier for exchanges to implement new coins since they will only need to flip a switch in the mastercoin daemon without needing to set up new software, test it, integrate it, security audit, etc."

Very good Sir. Very good.

lol love star trek

anyone want to sell me some cheap msc?

[RawDog]

anyone want to sell me some cheap msc?

You can get them very cheap on MasterXChange..

[dacoinminster]

Everyone:

In the future, when you see people asking why Mastercoins will be valuable, please point them here:



MASTERCOIN IS FOR B̷̡̍̑ͬ̈̓̊̋̾̐̓ͫͮͣ̚͝U̶̵̷ͩ͑ͤ͛͏R͆̓ͪ͒ͣ̒͗͟͝N̡̈ͯ̿ͧ̋ͬ͆̿ͩͤ̑ͧ̅͢Į̸͑ͪ͐͌ͣͮͮ̿̌̋̽͟͞Ņ̶͗̓̈̿͋̿ͩ̓͒ͣ̎Gͤ̉͒̇̋͜͠

kthxbye

[hmmmstrange]

Everyone:

In the future, when you see people asking why Mastercoins will be valuable, please point them here:



MASTERCOIN IS FOR B̷̡̍̑ͬ̈̓̊̋̾̐̓ͫͮͣ̚͝U̶̵̷ͩ͑ͤ͛͏R͆̓ͪ͒ͣ̒͗͟͝N̡̈ͯ̿ͧ̋ͬ͆̿ͩͤ̑ͧ̅͢Į̸͑ͪ͐͌ͣͮͮ̿̌̋̽͟͞Ņ̶͗̓̈̿͋̿ͩ̓͒ͣ̎Gͤ̉͒̇̋͜͠

kthxbye

Only 9 months to figure out why they might be valuable. Just imagine what the foundation will get done in another 9 months.

[hmmmstrange]

mastercoin needs a slogan.

"Mastercoin, has value because we tax you with it"

"Mastercoin, only *0.3% tax"

fine print:
*0.3% subject to change based on JR's mood

[dexX7]

fine print:
*0.3% subject to change based on JR's mood

1. Lobby for https://github.com/mastercoin-MSC/spec/issues/178
2. Define a voting process which is accepted by the community, foundation and JR
3. ...
4. :)

[hmmmstrange]

fine print:
*0.3% subject to change based on JR's mood

1. Lobby for https://github.com/mastercoin-MSC/spec/issues/178
2. Define a voting process which is accepted by the community, foundation and JR
3. ...
4.

JR owns 30% of the mastercoins. Is there really any point in voting? Seems easier just to ask JR what he wants.

[dexX7]

JR owns 30% of the mastercoins. Is there really any point in voting? Seems easier just to ask JR what he wants.

Well, if you follow the link, you'll see 50.4227 % of all Mastercoins (at the time of writing of that doc) are held in 17 addresses. So yeah, there is definetily a concentration of power, so to speak.

Nevertheless this might be addressed by the way votings are done, say for example very critical things need at least 75 % agreement between all voters. I get your point and share your concern to some degree, but it would be a step in the right direction, right?

[hmmmstrange]

JR owns 30% of the mastercoins. Is there really any point in voting? Seems easier just to ask JR what he wants.

Well, if you follow the link, you'll see 50.4227 % of all Mastercoins (at the time of writing of that doc) are held in 17 addresses. So yeah, there is definetily a concentration of power, so to speak.

Nevertheless this might be addressed by the way votings are done, say for example very critical things need at least 75 % agreement between all voters. I get your point and share your concern to some degree, but it would be a step in the right direction, right?

So with a 75% agreement between all voters requirement, and JR holding 30%, JR has an implicit VETO at the very least.

There is no point in voting.

[RawDog]

Well, the DEx was a complete disaster.  Doesn't work at all.  Now we have a countdown to the 'MetaDEx'.  60 days of waiting for another failure?  What will the MetaDEx do?  Will it have the same wonderful user interface that the DEx had?  Will anyone attempt to use it?  Do the creators understand that the reason no one used the DEx is because the UI was spectacularly dumb and horrible?  Why even make a MetaDEx?  Why not make the DEx actually work with a decent UI.  How many bonefide trades in total got executed on the DEx? 

[dexX7]

Well, the DEx was a complete disaster.  Doesn't work at all.  Now we have a countdown to the 'MetaDEx'.  60 days of waiting for another failure?  What will the MetaDEx do?  Will it have the same wonderful user interface that the DEx had?  Will anyone attempt to use it?  Do the creators understand that the reason no one used the DEx is because the UI was spectacularly dumb and horrible?  Why even make a MetaDEx?  Why not make the DEx actually work with a decent UI.  How many bonefide trades in total got executed on the DEx?  

Is it really the UI?

Other implementations aside, I actually like masterchain.info's design, but I had to figure out how to use it at first. Not limited to the website itself, but also related to the two-step process of accept/payment. That's point A - the learning curve. Would I use it, if I were a frequent trader? No way, it takes way to long in comparison to "fund your account and trade with one click". That's point B - the delay and waiting time based on the additional "accept" transaction. Would I use it, if I just want to buy or sell some MSC? Yes, but... the low volume! - which is my personal point C of potential reasons not to use the DEx.

The design and interface is something (at least for me) that comes after those points and a brilliant UI can increase the user experience very significantly, but these problems remain and they can only be masked to some degree.

Token-to-token trades solve B and partly A, because there is no need anymore to reserve coins with the accept transaction. And with less friction based on A or B, C may naturally solve over time.

[TraderTimm]

Everyone:

In the future, when you see people asking why DisasterCoins will be valuable, please point them here:

< Mangled Burning URL >

kthxbye

Yes, just like a penny-stock buyback scheme. "See guys? Its going to be even MORE VALUABLE I SWEAR TO GOD."

Gads, you don't even try to hide the pumping nature of your schemes anymore, do you?

Such hubris.

[BldSwtTrs]

Counterparty makes free the services MSC makes pay for. I wonder which one people will use 

[mishax1]

Everyone:

In the future, when you see people asking why Mastercoins will be valuable, please point them here:



MASTERCOIN IS FOR B̷̡̍̑ͬ̈̓̊̋̾̐̓ͫͮͣ̚͝U̶̵̷ͩ͑ͤ͛͏R͆̓ͪ͒ͣ̒͗͟͝N̡̈ͯ̿ͧ̋ͬ͆̿ͩͤ̑ͧ̅͢Į̸͑ͪ͐͌ͣͮͮ̿̌̋̽͟͞Ņ̶͗̓̈̿͋̿ͩ̓͒ͣ̎Gͤ̉͒̇̋͜͠

kthxbye

Serious question here..   Have you considered burning your own Masters and keep it a 0% fee service ?




p.s  This gif is horrible 

[Bitoy]

Comparing Dex and Meta Dex

In Dex
You can only post a sell order (if no one is selling, you can't post a buy order)
Wait for the confirmation
Wait for a buyer
Send your buy request to a seller (if you want to buy from multiple seller, you have to send one request to each seller)
Wait for the confirmation
Send payment
Wait for confirmation
Order is executed.

In meta Dex
You can post a buy or a sell order.

send your buy offer
Wait for confirmation
Order is executed.

it will automatically look for the lowest price and can partially or fully fill your order from multiple sellers.  Unfullfiled buy orders are placed in a queue. To match it with future sell offers.

Send your sell offer
Wait for confirmation
Order is executed
it will automatically get the highest price and partially or fully fill your order from multiple buyers.
Unfullfiled sell orders are placed in a queue. To match it with future buy offers.

In effect meta Dex works like the typical btc exchange (ex. btc-e.com). But instead of btc it will use initially MSC.

[ejinte]

Comparing Dex and Meta Dex

In Dex
You can only post a sell order (if no one is selling, you can't post a buy order)
Wait for the confirmation
Wait for a buyer
Send your buy request to a seller (if you want to buy from multiple seller, you have to send one request to each seller)
Wait for the confirmation
Send payment
Wait for confirmation
Order is executed.

In meta Dex
You can post a buy or a sell order.

send your buy offer
Wait for confirmation
Order is executed.

it will automatically look for the lowest price and can partially or fully fill your order from multiple sellers.  Unfullfiled buy orders are placed in a queue. To match it with future sell offers.

Send your sell offer
Wait for confirmation
Order is executed
it will automatically get the highest price and partially or fully fill your order from multiple buyers.
Unfullfiled sell orders are placed in a queue. To match it with future buy offers.

In effect meta Dex works like the typical btc exchange (ex. btc-e.com). But instead of btc it will use initially MSC.

Yepp. Hope they get it ready soon.

[crypto era]

Everyone:

In the future, when you see people asking why Mastercoins will be valuable, please point them here:



MASTERCOIN IS FOR B̷̡̍̑ͬ̈̓̊̋̾̐̓ͫͮͣ̚͝U̶̵̷ͩ͑ͤ͛͏R͆̓ͪ͒ͣ̒͗͟͝N̡̈ͯ̿ͧ̋ͬ͆̿ͩͤ̑ͧ̅͢Į̸͑ͪ͐͌ͣͮͮ̿̌̋̽͟͞Ņ̶͗̓̈̿͋̿ͩ̓͒ͣ̎Gͤ̉͒̇̋͜͠

kthxbye

Serious question here..   Have you considered burning your own Masters and keep it a 0% fee service ?




p.s  This gif is horrible 

This would be a great idea. They don't want to let go of there money though. If this want's to become extremly serious. There should not be a monopoly of who owns these coins. According to this post there kinda is.

JR owns 30% of the mastercoins. Is there really any point in voting? Seems easier just to ask JR what he wants.

Well, if you follow the link, you'll see 50.4227 % of all Mastercoins (at the time of writing of that doc) are held in 17 addresses. So yeah, there is definetily a concentration of power, so to speak.

Nevertheless this might be addressed by the way votings are done, say for example very critical things need at least 75 % agreement between all voters. I get your point and share your concern to some degree, but it would be a step in the right direction, right?

Also pointing out that you burn mastercoin when you trade a smart property for a smart property. Does that mean you constantly need mastercoin to trade anything? A distributed exchange is to me like creating a free market. With the fee you always bring it back to mastercoin. It almost hinders the person wanting to trade just that one smart property. Adding a extra step. If I misunderstood that blog post then disregard the last part of this post.

[dacoinminster]

I think investing in companies building on top of MSC is a far more productive way to reduce my % of MSC held than burning it. It attracts people to our ecosystem, which is good for everyone holding MSC.

[Bitoy]

Also pointing out that you burn mastercoin when you trade a smart property for a smart property. Does that mean you constantly need mastercoin to trade anything? A distributed exchange is to me like creating a free market. With the fee you always bring it back to mastercoin. It almost hinders the person wanting to trade just that one smart property. Adding a extra step. If I misunderstood that blog post then disregard the last part of this post.

Instead of burning, There is a proposal to charge a fee only if the offer is filled.
Ex. 
Alice offers 10 xcoins for 20 ycoin.  It is not filled, no fee is charged.
Bob offers 20 ycoins for 10 x coins.  It is filled,  Bob is charged a fee ex. 1 msc and it is given to Alice.

This is to encourage filling up the meta dex order book.