Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 144. (Read 448489 times)

Please explain the cost (i.e., in MasterCoin) to do all of the other things you have listed above, say to create and track a "user-defined currency". Can I create a user-defined currency with 1 MasterCoin?

These special transactions Mastercoin uses get into blockchain too, and so all nodes can agree on their order.

If you try to spend more than you have, the second transaction will be considered invalid, as if it didn't exist.

So to do the Mastercoin thing you have to scan blockchain sequentially and update state whenever you see special transactions.

Keep it simple. There are other fish to fry. Another consideration would be to allocate the appropriate number of MasterCoins to each input, as if they were separate transactions. Once the "simple transfer" is ready, then the user could consolidate them into one address? Of course, other considerations need to be taken into account (eg., transaction fees).

Me again :-)

I've been looking through the code and the white paper again. :-)

How do Mastercoins protect against double-spending without mining taking place on the current protocol layer?

What happens if I create multiple Mastercoin transactions simultaneously -- only one of which I have MSc for, and they all get into the same Bitcoin block? How do you decide which one is valid? And, once you've decided that, how do you prevent me from promulgating a different story?

I just used the last of my personal bitcoins (which were previously at coinbase) to send 4.2 BTC to the Exodus Address to fund the MasterCoin giveaway thread with over 520 MasterCoins. Here is the transaction:

http://blockchain.info/tx/b9fb3df0b70d0303c8f1d1ca194be9a796012693a53c17f0e6f428b8adec9970

Wow - I hadn't even thought of doing it that way!

However, I want my software to be able to definitively answer questions like "How many MasterCoins are stored at address X", and co-owning them creates a lot of complexity for questions like that.

Personally, I'm leaning towards crediting the purchased MasterCoins to the address which sent the most BTC, as that will make using them easier on the purchaser.

Have them all co-own them and the first address used to move them invalidated the others.

I could either divide the MasterCoins proportionally among the sending addresses, or just credit them all to the address which sent the most coins. I haven't decided, actually. Any opinions on this?

I've noticed a couple of mastercoin purchases that have multiple sending addresses. Are each address in the transaction going to have the corresponding amount of mastercoins of which btc were transferred? If so how are you going to account for the transaction fee? Divide the mastercoins proportionally between the multiple sending addresses?

Love the smell of progress in the morning

No hard-fork I can imagine would break MasterCoin permanently. If you know of such a scenario, I'd like to hear about it.

Make sure to mention to the VC's in the "Risks" section that your experiment could cause the entire network to experience a hard-fork. But something tells me that won't make it into the slide-deck, will it?

Anybody using an Android wallet affected by this vulnerability needs to rotate their funds to new addresses, including any MasterCoin funds.

Somebody PM'd me about designing a logo for us. I tend to consider that low priority, but I'm open to it if the price is right. What do you guys think?

Everybody, including current investors, should be posting in this thread for free MasterCoins: https://bitcointalksearch.org/topic/paused-giveaway-for-mastercoins-the-new-protocol-layer-built-on-bitcoin-272577

I'll be chatting about this project with some VC's today in about an hour. Wish me luck!

Why? What's the connection with MSc?

MasterCoin Giveaway thread is LIVE: https://bitcointalksearch.org/topic/paused-giveaway-for-mastercoins-the-new-protocol-layer-built-on-bitcoin-272577

To get free MasterCoins and Test MasterCoins, you have to post your bitcoin address in the thread AND do something to promote the project (like tweet about it).

Luckily, Willet isn't promising to give any interest rates to anyone on their investment.

I have code ready which can send MasterCoins. Here is what it looks like in action (ignore the first line which is from a previous run):



Source code is here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/MasterCoinAdvisor.py
And here: https://github.com/dacoinminster/MasterCoin-Adviser/blob/master/base58_found.py

In order to use this source code, you will need to install python 2.7 and also pycrypto for python 2.7, which I got here: http://www.voidspace.org.uk/python/modules.shtml#pycrypto

On one PC I had to mess with my PATH environment variable to find python and the pycrypto libraries, but when I tried it again on a different PC, I didn't have to mess with the PATH variable at all. Your mileage may vary.

If you wish to avoid compiling, and you are a trusting sort of person, you can use the executable I made using py2exe: https://github.com/dacoinminster/MasterCoin-Adviser/raw/master/MasterCoinAdvisorExecutable.zip - I think the executable will only work if you have the right version of Microsoft's C Runtime DLL: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9b2da534-3e03-4391-8a4d-074b9f2bc1bf&displaylang=en

Those of you who are affected by the Android wallet security problem should try this out right away. Let me know if you see anything weird.

Please note that I still have some testing to do of this code - I just wanted to make sure you guys got hold of this functionality as soon as possible! If something isn't right in this code, I'll try to make sure that nothing you do gets lost. Still, sending MasterCoins from one address to another to another to another might not be a good idea yet!

There are some debug outputs commented out in the code right now, but you might want to turn them back on if you are playing with this code.

This code does NOT parse the block chain to see if you actually have MasterCoins to send, or track MasterCoins which have been sent. That is the next milestone after the giveaway thread.

Hey everyone!

I've updated our MasterCoin mailing list with a summary of the current plan for pegged currencies: https://groups.google.com/forum/?hl=en#!topic/mastercoin/EQgEHvKJBh4

Hopefully that answers any outstanding questions I have seen on this thread.

Sorry I can't take the time right now for individual responses to everybody. I'm almost done with code to send MasterCoins, and the recent vulnerability found in Android wallets (https://bitcointalksearch.org/topic/announce-android-key-rotation-271831) has made this task quite urgent! I will update this thread once I have code complete for sending MasterCoins, and anyone with Android wallets will be able to transfer their MasterCoins to a secure address.

Of course, sending MasterCoins is also a prerequisite for a giveaway thread

The MasterCoin client will have several balances - A BTC balance, a MSC balance, and also some balance in other MSC-based currencies. The tx cost comes out of your BTC balance.

I thought this would be in the whitepaper, but I can't find it. On a mastercoin transaction, where does the bitcoin come from to pay the bitcoin transaction fee?