Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 165. (Read 448489 times)

Great progress, keep up the good work on it.  This could be a HUGE addition in many directions.  Thank you for your work on it so far.

 

i'm sure you'll do very well, this idea is gr8!

Holy crap! People are actually sending me money!
http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P

A LOT of money.

Holy holy crap batman.

lol, yup 

SOMEONE SENT YOU 16BTC!!!

That is a very good question. It depends a lot on how much money I raise. Huge funds would imply I could move pretty quick. I'm not counting on that though. I'm anticipating a pretty small investment from the community, and a much slower rate of progress (see the risks document)

Definitely open source.

Also, I made that meme! Did you find it in my signature?

I can buy some today, but i won't be able to play with them until you have implemented the client.

are you just starting this implantation?
how long do you think it will take to get this ready?
will it be open source?


right now this is me:

I was trying to explain why I didn't just build my own alt currency, but I'm afraid my bitcoin snobbery comes through a bit there. I should at least acknowledge that some of them are running some interesting experiments, however many horrible also-rans there may be

I did a co-founder search awhile back:

http://www.reddit.com/r/Bitcoin/comments/1fqgn0/will_you_be_my_cofounder_professional_salary/
https://bitcointalksearch.org/topic/will-you-be-my-co-founder-professional-salary-equity-stake-investor-poll-226215

I got some replies but nobody really had what I needed then.

The protocol may change as it gets implemented. Right now is just the fund-raiser. I agree it would be cool to have multiple people helping me hold the coins. I approached several people about helping me hold the coins m-of-n style, but they were all too busy.

One more thing - I would entirely remove the part that "disses" alt currencies.
Alts are important, they serve as a hedge against various potential flaws in Bitcoin.
They are an economics experiment.

MasterCoin is important regardless of alts - your paper does not need to downplay them.

Yup! Everybody running the protocol scans the block chain looking for the encoded protocol messages.

Bitcoins are still needed to pay transaction fees. No getting around that.

I wouldn't say that any bitcoin devs have explicitly endorsed this, just that I sent a preview of the spec to several of them, and the ones that responded were encouraging.

i'm trying to understand how its this basicly works...


lets say I send you 1 MasterCoin

the client will generate a BTC TX and add in some special notes to the TX, your system then scans the blockchain for these special notes to determine the balance of all the MasterCoin accounts?

if so, where will the funds come from to pay the BTC TX fee?

BTW, a quick consideration - it might not be too late to briefly postpone the launch in order to setup a board of directors for the project and setting up m-of-n addresses.

I would happily serve in such a board, as I'm sure other trusted members of the community - you might gain more trust in MasterCoin by removing yourself as a benevolent dictator / point of failure.

You could also take the extra 1-2 weeks to revise and publically review the protocol.
After waiting so much time, why the sudden rush to execute without a proper public review process?

Perhaps you could put the source for the paper (latex?) on github, and people can send pull requests?
Anyway I won't do it right now, too tired. Perhaps you, me, or someone else, will suggest better wording in the future.

Heh. Even once the protocol is fully implemented, you won't be able to do that. Funds used to purchase a new currency go into an escrow fund which is used to maintain the target value of that currency.

The number of MasterCoins is defined as the number which are purchased. The last revision of the paper did have a complicated scheme to make sure bitcoins stayed valuable long enough, but I took it out since that seems like less of a concern now that bitcoin is more mature.



I did mention the usurper in the OP on this thread I haven't decided on a three-letter abbreviation. I'm open to suggestions.


Hmmm. Maybe. I'm open to suggestions for rewording that.

The cat is out of the bag now. The exodus address is posted in the latest revision of the spec and in the OP here. (The one Ripper was looking atbefore didn't have the Exodus Address in it)

Nobody has sent any coins there yet though, and I am delaying my own purchase so I don't make everyone mad by getting the best exchange rate moments after the announcement


The Exodus address is controlled by a wallet in an offline-only computer running the armory client. I'm the only one with access right now, although my family does have a procedure to recover that wallet if I die.


The hash of the public key which becomes the bitcoin address is 160 bits (20 bytes) plus a checksum and version number. You can read about that here: https://en.bitcoin.it/wiki/Technical_background_of_Bitcoin_addresses

Basically, I'm replacing that 20 bytes with my own data.

That is an interesting attack vector. Note that using sendmany avoids this possibility. Also, colluding miners might be able to corrupt a transaction which is broken up, but they couldn't change it.


Thanks!

Offers to sell are good until cancelled under the current spec, although that could easily be changed, I suppose.


Data stream providers make money when people bet on their data streams. Presumably they would get the price of gold per ounce from public sources.


I don't want a ticker flooding the block chain, so I chose a day, since a lot of medium-term traders use that timescale by default. If a ticker published 10 updates in a day, the protocol would only look at the first one (the rest would be ignored). I agree that the day-limit could use better explanation in that spot.


I like that. I was trying to keep things simple, but this would be a fairly easy change to make.


I meant to mention in the paper that the protocol actions are calculated when the ticker sends the data, since the data is known to be accurate at that time.


I definitely would like to experiment with other ways of doing this. I modeled my method after the integral gain of PID loops.

is there a windows client i can download?


i am eager to generate myself 100oz of non existent GOLD  and sell it on this crazy system! 

Was the whitepaper just changed from v0.7 to v1? The title says version 1, but the history says v0.7. Was anything changed between 0.7 and v1 except the "launched" status and the Exodus Address? It's a shame that more time wasn't allowed between the 0.7 release and the launch.

Will all funds sent to the Exodus Address (nice name BTW) be used solely for promoting MasterCoin? Ever?

Suppose you transfer all of your Bitcoins to the Exodus Address now, and further suppose that one year from now you decide to stop working on MasterCoin. What happens to the bitcoins that the Exodus Address collected, including yours and other people BTC? What reason do you have not to transfer all your Bitcoins to the Exodus Address right now?


To the best of my knowledge, funds sent from a single address in MyWallet / BlockChain.info to MasterCoin should be safe. Can you comment on this?

See the intro to the spec for why I didn't make an alt coin.

Ripper, that is a lot of questions! I'm working on a reply right now . . .

all i've seen about this project is this post, i am interested, i'm not sure i like the idea that my MasterCoin are sold at a fixed price by 1 central authority, and the fact that the MasterCoins are piggybacked on the blockchain, why not create a new Alt Coin?