Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 155. (Read 448489 times)
August 05, 2013, 11:41:56 AM
I went ahead and created a poll here: https://bitcointalksearch.org/topic/poll-how-should-the-1800-btc-at-the-exodus-address-be-used-268464
August 05, 2013, 11:40:38 AM
That said, he has still failed to address my post regarding the insufficient backing, all downside/0 upside, guaranteed bank run problems with GoldCoin under his design.
Yes, walk us through like we are your wife.
August 05, 2013, 11:39:19 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
Group bounties? Appoint a bounty leader, have them distribute accordingly to whoever they work with? This would have to be reputation based I imagine.
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.
Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.
the guy still has kids!
I think the more telling thing is that he is unable to convince his wife and his wife lacks confidence in his abilities / ideas. My wife doesn't understand everything I do, but she trusts my judgment and overall competence enough to go out on a limb. All of this while having to pay child support to my ex-wife, who sounds more like dacoinminister's wife, to the tune of 50% of my market-rate salary. So for a matter of perspective, I am bootstrapping a company while paying 70% of my income as child support/spousal support because I am working for a below-market-rate salary and the corrupt courts impute market-rate.
While I think it is great that he is using private schools and keeping his kids out of public schools, without the support of his wife this project could be abandoned at any time and he will be unable/unwilling to make the sacrifices necessary to see it succeed. Hiring out this kind of thing is not really viable because good developers are hard to come by and the ideas are all in his head. So, I would suggest that he step back from the project until he can find someone else to pick up the cause and run it entirely. I wouldn't invest money in this project so long as dracoinminster is a critical player and his wife isn't 100% on board and willing to make sacrifices to their lifestyle.
That said, he has still failed to address my post regarding the insufficient backing, all downside/0 upside, guaranteed bank run problems with GoldCoin under his design.
August 05, 2013, 11:39:03 AM
Let's take a poll! Everybody following this thread: please post your opinion on whether you want to see me use bounties for other developers, or pay myself, and what multiplier on my current salary would be scammy if I paid myself.
Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!
Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!
I want you to do both. do as much as you can yourself, pay others if time is not of the essence (i think it sort of is) and it is worth the cost
I suggest something else - start another (moderated?) thread asking for developers to sign up.
We can evaluate the different options and vote on the correct course of action.
I think a vote on your salary is, at this phase, meaningless.
We can evaluate the different options and vote on the correct course of action.
I think a vote on your salary is, at this phase, meaningless.
we really should have a dedicated developer's thread regardless
August 05, 2013, 11:38:20 AM
I suggest something else - start another (moderated?) thread asking for developers to sign up.
We can evaluate the different options and vote on the correct course of action.
I think a vote on your salary is, at this phase, meaningless.
We can evaluate the different options and vote on the correct course of action.
I think a vote on your salary is, at this phase, meaningless.
August 05, 2013, 11:28:30 AM
Let's take a poll! Everybody following this thread: please post your opinion on whether you want to see me use bounties for other developers, or pay myself, and what multiplier on my current salary would be scammy if I paid myself.
Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!
Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!
August 05, 2013, 11:21:14 AM
Now I'm even more confused.
I was under the impression that you intend to quit your day job and instead receive a salary from the Mastercoin project. Is that correct?
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
That also was my point. With an upper bound on your own salary, it becomes practical/necessary to hire other people as well.
The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
I don't plan to take a salary at allSpecifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
How much money I withdraw for work on this project
What does withdrawing have to do with anything? The money in the Exodus address isn't yours, you can't withdraw it. It belongs to the Mastercoin project and a salary can be paid to you. will be a negotiation I have with my wife
That was my point, what assurances do we have that the "negotiations" will not result in you taking a salary of $100K / month?Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
I don't think my wife would demand something totally absurd, but if she did, the Exodus Address funds would be used for bounties to other developers only.
Ultimately, the usage of the Exodus Address funds are in my hands, and you guys will have to decide if you trust my judgement on using them in the most cost-effective way.
I think a $100k/month salary would definitely fall on the "scam" side of the equation! (Although I might be able to justify that if MasterCoins were worth billions of dollars someday)
August 05, 2013, 11:20:19 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
Group bounties? Appoint a bounty leader, have them distribute accordingly to whoever they work with? This would have to be reputation based I imagine.
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.
Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.
the guy still has kids!
August 05, 2013, 11:19:42 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.
Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.
LOL!
August 05, 2013, 11:19:35 AM
Now I'm even more confused.
I was under the impression that you intend to quit your day job and instead receive a salary from the Mastercoin project. Is that correct?
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
That also was my point. With an upper bound on your own salary, it becomes practical/necessary to hire other people as well.
The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
I don't plan to take a salary at allSpecifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
How much money I withdraw for work on this project
What does withdrawing have to do with anything? The money in the Exodus address isn't yours, you can't withdraw it. It belongs to the Mastercoin project and a salary can be paid to you. will be a negotiation I have with my wife
That was my point, what assurances do we have that the "negotiations" will not result in you taking a salary of $100K / month?Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just once person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
August 05, 2013, 11:18:27 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
Yeah, the optimal thing for the project's success would be for Willet to divorce his wife, because he would have much more free time and less liabilities.
Luckily (or unluckily, depending on your perspective), he has other priorities except MasterCoin, including (gasp), his wife's happiness.
August 05, 2013, 11:17:47 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
That is a great idea - I've thought about doing some bounties, and it is likely that there will be some. Bounties have their own set of problems though, since somebody might work many hours and not get paid because somebody else collected first. Or, you have to offer the bounty to just one person who might not do a good job.
Still, I would LOVE to use the Exodus Address funds to pay somebody else to work on this!
August 05, 2013, 11:14:05 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
agreed, though I understand the trickiness of the situation.
Quote
As the 'Eight of Eights', the power card of power cards, the Eight of Spades has the heaviest burden and obligation to use his or her power for good. All of them are tempted to take this power and use it to escape from their fears and avoid facing themselves from time to time. They are here to work and make a contribution and ultimately this must take priority above their romantic life. These are the workers and the workaholics of the deck. Their power is expressed through action and the force of their indomitable will.
August 05, 2013, 11:11:51 AM
Sounds like your wife is a net drag on investors profits. I would hire everything out if I were you because you cannot use your wife as an excuse for charging insane rates.
August 05, 2013, 11:11:30 AM
How do you see MSC playing out upon release? As in, what are scenarios for distribution and success?
Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?
Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?
Take a look at the project milestones in post #2 - I'm hoping to give away a small number of MasterCoins in order to widen our user base and increase demand for them.
The economics of how this will play out are anybody's guess, but here is my guess:
- MasterCoin sales will continue throughout this month, raising an unknown amount of money
- Assuming that I don't raise an absurd amount of money, MasterCoin features will start trickling in slowly over the following months
- At some point, probably once distributed betting is implemented, MasterCoins will catch fire, and early investors will hopefully have a large profit
- Once user-created escrow-backed currencies are implemented, there will be another big jump in MasterCoin prices, and early escrow funds will have way more than they need to maintain stability as a result
- Later currencies will be less over-funded, and any currency failures we see will probably happen to them
- Ponzi schemes (as in, this currency doubles in value every week!) will be rampant
- Ponzi schemes will eventually die, giving us a lot of information which will be used to tune the parameters of real currencies to hopefully allow them to keep their stability for many years
- MasterCoins will eventually become quite valuable, as commerce starts using stabilized currencies, such as USDCoins, and a whole economy gets built on this protocol
I really hope to make you guys very rich. We'll see how it goes!
August 05, 2013, 11:06:25 AM
The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
I don't plan to take a salary at all, given the funds currently raised. How much money I withdraw for work on this project will be a negotiation I have with my wife in order to secure time that would normally be devoted to giving her a break from the kids and household chores or taking her on vacation!
I think it likely that the price per hour will have to be on the order of "overtime pay" in comparison to my current day job in order to secure her approval. I don't want to make any promises, but I doubt I will burn through even half of funds contributed to date in order to get to feature complete.
Again, I haven't actually done this negotiation with her yet, and forecasting how long software projects will take is notoriously tricky!
That's what I figured as well.
Perhaps she should look at it like a long-term investment as well, just in terms of your time and her time with you. She would stand to gain from seeing the success of this through, no? The "overtime pay" concept, while I understand it, is tricky to me for that reason.
August 05, 2013, 11:02:55 AM
The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
I don't plan to take a salary at all, given the funds currently raised. How much money I withdraw for work on this project will be a negotiation I have with my wife in order to secure time that would normally be devoted to giving her a break from the kids and household chores or taking her on vacation!
I think it likely that the price per hour will have to be on the order of "overtime pay" in comparison to my current day job in order to secure her approval. I don't want to make any promises, but I doubt I will burn through even half of funds contributed to date in order to get to feature complete.
Again, I haven't actually done this negotiation with her yet, and forecasting how long software projects will take is notoriously tricky!
August 05, 2013, 10:55:04 AM
How do you see MSC playing out upon release? As in, what are scenarios for distribution and success?
Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?
Also, does it matter how many initial buyers/MSC holders that you have in terms of distribution? Would more hands at the beginning help its success?
August 05, 2013, 10:50:30 AM
Some of you seem to think that my own money is not at risk if this project fails. That is not true. If this project fails (probably because somebody else does something similar, but does it better and/or faster), I would return any remaining funds to investors. I would get a partial refund just like everyone else.
The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
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