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Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 42. (Read 448480 times)

legendary
Activity: 1260
Merit: 1031
Rational Exuberance
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

Ron and David both told me two days ago that their goal is to dissolve the foundation and have *all* decisions determined by proof-of-stake voting. They are trying to put the governance of the protocol into the protocol itself.

Proof-of-stake voting will almost certainly not ask every person to weigh in on every decision (that would be horribly inefficient). Instead, we'll elect someone to be in charge of a block of money for a block of time. At the end of that time, we'll elect someone else (or the same person, if we like how they ran things) for the next block of money and block of time. The size of the blocks of money and blocks of time will also be decided by proof-of-stake voting.

For instance, we might vote to give Ron authorization to spend 5% of the project funds over the following three months. If Ron does a terrible job, we might elect somebody else after that. If we like how Ron spent the money, we might elect him again.
zbx
member
Activity: 64
Merit: 10
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

Ron and David both told me two days ago that their goal is to dissolve the foundation and have *all* decisions determined by proof-of-stake voting. They are trying to put the governance of the protocol into the protocol itself.
member
Activity: 70
Merit: 10
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

You are actively ignoring the spending rules that the board imposed on itself: "The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis". Though I suppose you could construe "rolling basis" in order to justify excessive unauthorized expenditures.

It is not really a matter of what *you* prefer; you are one investor, and if the rules for spending are going to be broken the community ought to be informed of it.

Lastly, since Ron was not elected by the community as Executive Director, giving him such free-reign is absurd.

Ron is following the rules we all agreed on.

You're just begging the question. Each MSC employee gets paid 6k and 50MSC per month; at the current valuation that's over 10k per employee per month, and Ron is permitted to spend 10k without authorization "on a rolling basis"....

EDIT: You spoke of multiple hires in your post, so even if you were to chalk up the 50 MSC to stock options or something, by hiring at least 2 people, Ron is overstepping his authority.

If you don't like how Ron is running things, you are free to vote for someone else to run things once we've implemented proof-of-stake voting. Right now the biggest holders of MSC are on the board, so board votes are a pretty good proxy for proof-of-stake voting in the meantime.

This is rather blatant proof that proof-of-stake voting will not calm people's concerns regarding Mastercoin's centralization...
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

You are actively ignoring the spending rules that the board imposed on itself: "The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis". Though I suppose you could construe "rolling basis" in order to justify excessive unauthorized expenditures.

It is not really a matter of what *you* prefer; you are one investor, and if the rules for spending are going to be broken the community ought to be informed of it.

Lastly, since Ron was not elected by the community as Executive Director, giving him such free-reign is absurd.

Ron is following the rules we all agreed on, including getting board approval for these major expenditures. If you don't like how Ron is running things, you are free to vote for someone else to run things once we've implemented proof-of-stake voting. Right now the biggest holders of MSC are on the board, so board votes are a pretty good proxy for proof-of-stake voting in the meantime.

You'll be horrified to learn that some on the board have actually bought MORE Mastercoin rather than selling as you have been arguing for so strenuously. This is because, like me, they believe Mastercoin will be successful and are acting accordingly.

Obviously we're further consolidating our evil cabal of power in this ecosystem. No doubt the project is doomed because some major investors bought more at a MUCH higher price than they got initially. Oh well. It was fun while it lasted.
member
Activity: 70
Merit: 10
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.

You are actively ignoring the spending rules that the board imposed on itself: "The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis". Though I suppose you could construe "rolling basis" in order to justify excessive unauthorized expenditures.

It is not really a matter of what *you* prefer; you are one investor, and if the rules for spending are going to be broken the community ought to be informed of it.

Lastly, since Ron was not elected by the community as Executive Director, giving him such free-reign is absurd.
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
Regarding hiring without consulting the community, there is a reason that companies hire a CEO to make all the decisions, rather than having all stakeholders weigh in on every hire. We are giving Ron room as Executive Director to do his job, and even if he makes mistakes on the way (and he undoubtedly will) I vastly prefer that to decision-by-committee.
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
http://blog.mastercoin.org/2013/12/06/first-full-time-scientistdeveloper-hired-peter-todd/

Quote
I am delighted to announce the hiring of our first full-time scientist/developer. Peter Todd is a heavy-hitter with a deep knowledge of the bitcoin network and a long track-record of doing great theoretical work on crypto-currencies. He initially had some very harsh words for the Mastercoin project, but like many of you, he forms his opinions based on data and logic, and is willing to change them when the data and logic change. I’m proud to say that after further review and seeing our progress to date he is now excited to be involved with this project.

Peter’s role will be largely research-oriented. We will look to him to find attack vectors and suggest changes to the spec as needed to avoid them. He will also be contributing code towards these same goals.

Peter will go wherever these attack vectors lead him, including recommending ways to jump to a different block chain if that ever becomes necessary. Everything Peter does will be open-source and completely available for others to learn from and use.

Peter is currently wrapping up other responsibilities, and hopes to start full-time on Mastercoin February 1st.

Note: I know you’ll all be glad to hear that our #1 priority is hiring developers for new features. However, those hires are in various stages of negotiation, or for various reasons can’t be announced yet. The hires that we can currently announce shouldn’t be taken as evidence that we are not working very hard on hiring feature-focused developers as soon as humanly possible. I hope we’ll be making several more announcements on this front soon.
legendary
Activity: 1498
Merit: 1000
member
Activity: 70
Merit: 10
There has recently been some question regarding when and under what conditions JR will start working on MSC full-time. As everyone may or may not remember, JR said that when the value of MSC is .7BTC/MSC, he will sell 1% of his MSC holdings, which, at the current vauation of BTC is over $1 million (in contrast to his earlier remark that it would take ~$600 ,000 for him to work on a BTC-related project full-time). In apparent contrast to this statement, some fellow board members (e.g. vokain and ripper) have assured us that JR is doing "all he can" to start working on MSC full-time. Now, on the contrary, JR himself has written that he is indeed waiting for MSC to go to .7BTC/MSC. JR goes on to say that there is "no uncertainty" here - a statement, with which I have to disagree, since I would hardly call waiting to secure +$1,000,000 "doing all one can"! vokain and ripper, how do you account for your own vagueness and essentially false assurances?

It also turns out that we have hired full-time devs (refer to link above), in spite of the fact that there was neither a vote nor a discussion among the community regarding these developers! This is so obviously a breach of Mastercoin's purported transparency that it's unclear how our board will justify itself. Indeed, it's unclear who had the authority to hire these developers since at least 6 of 7 board members must agree before $5-20 thousand are spent  - and one would think that at least *one* of the board members would have thought to get the community's input before voting to spend such a large sum.

Going forward such autocratic and careless behavior by the board is unacceptable, and I am surprised that the community has not taken greater issue with this.
I really think by now you have a hidden agenda to ruin Mastercoin like a worm eating flesh from the inside - I will not pay attention to your efforts anymore.

Trojan Horse in Ignore mode.

NB: My "hidden agenda" consists of nothing more than pointing out what I think are problems with Mastercoin's management. I, too, am a Mastercoin investor.
legendary
Activity: 1498
Merit: 1000
There has recently been some question regarding when and under what conditions JR will start working on MSC full-time. As everyone may or may not remember, JR said that when the value of MSC is .7BTC/MSC, he will sell 1% of his MSC holdings, which, at the current vauation of BTC is over $1 million (in contrast to his earlier remark that it would take ~$600 ,000 for him to work on a BTC-related project full-time). In apparent contrast to this statement, some fellow board members (e.g. vokain and ripper) have assured us that JR is doing "all he can" to start working on MSC full-time. Now, on the contrary, JR himself has written that he is indeed waiting for MSC to go to .7BTC/MSC. JR goes on to say that there is "no uncertainty" here - a statement, with which I have to disagree, since I would hardly call waiting to secure +$1,000,000 "doing all one can"! vokain and ripper, how do you account for your own vagueness and essentially false assurances?

It also turns out that we have hired full-time devs (refer to link above), in spite of the fact that there was neither a vote nor a discussion among the community regarding these developers! This is so obviously a breach of Mastercoin's purported transparency that it's unclear how our board will justify itself. Indeed, it's unclear who had the authority to hire these developers since at least 6 of 7 board members must agree before $5-20 thousand are spent  - and one would think that at least *one* of the board members would have thought to get the community's input before voting to spend such a large sum.

Going forward such autocratic and careless behavior by the board is unacceptable, and I am surprised that the community has not taken greater issue with this.
I really think by now you have a hidden agenda to ruin Mastercoin like a worm eating flesh from the inside - I will not pay attention to your efforts anymore.

Trojan Horse in Ignore mode.
member
Activity: 70
Merit: 10
There has recently been some question regarding when and under what conditions JR will start working on MSC full-time. As everyone may or may not remember, JR said that when the value of MSC is .7BTC/MSC, he will sell 1% of his MSC holdings, which, at the current vauation of BTC is over $1 million (in contrast to his earlier remark that it would take ~$600 ,000 for him to work on a BTC-related project full-time). In apparent contrast to this statement, some fellow board members (e.g. vokain and ripper) have assured us that JR is doing "all he can" to start working on MSC full-time. Now, on the contrary, JR himself has written that he is indeed waiting for MSC to go to .7BTC/MSC. JR goes on to say that there is "no uncertainty" here - a statement, with which I have to disagree, since I would hardly call waiting to secure +$1,000,000 "doing all one can"! vokain and ripper, how do you account for your own vagueness and essentially false assurances?

It also turns out that we have hired full-time devs (refer to link above), in spite of the fact that there was neither a vote nor a discussion among the community regarding these developers! This is so obviously a breach of Mastercoin's purported transparency that it's unclear how our board will justify itself. Indeed, it's unclear who had the authority to hire these developers since at least 6 of 7 board members must agree before $5-20 thousand are spent  - and one would think that at least *one* of the board members would have thought to get the community's input before voting to spend such a large sum.

Going forward such autocratic and careless behavior by the board is unacceptable, and I am surprised that the community has not taken greater issue with this.
hero member
Activity: 644
Merit: 500
Please add a sell order for 100 MSC @ .15 .14, thank you.

Wrong forum.
hero member
Activity: 938
Merit: 1000
According to my implementation the address tried to create selling offers, but since they have no coins they were invalidated: http://mastercoin-explorer.com/addresses/17nCCJ5ge5et5oKfHEDeoWJhebR2GEjPDG
sr. member
Activity: 476
Merit: 250
Valid transaction have green color, not red !

Also, no trace for a transaction to load the sending address so maybe it's a fake transaction or a scam.
Which one is yours ?
k99
sr. member
Activity: 346
Merit: 255
Manfred Karrer
can anyone help me to understand why on
https://masterchest.info/lookupadd.aspx?address=13sTmHYc2jcUPE4EwZnfULqUHwEHV1o8M6
the balance is 0 but the 2 transactions are visible and marked as valid?
is this just a bug in the https://masterchest.info or was there something wrong with the transaction?
newbie
Activity: 31
Merit: 0

Who do we want as Board Members

As for who we want as Board Members I hope everyone will consider my input on this given I've served on a number of Boards over the years.

The most important criteria for a Board member ought to be: Connections + Relationships they can bring to bare in order to benefit the Foundation's work and more broadly the whole Mastercoin Community. In a close second is the level of experience the candidate has in developing new technology projects in order to provide input and accountability.

Let me give you one simple example. I sat on the Board of a Biotech / Energy Startup. The most important member we attracted was the retired President of a major oil company. Because of her connections we made important in roads with a Fortune 100 strategic partner that ended up funding our renewable energy efforts. Without her I'm sure our startup would not have been taken seriously or would we have had the experience to know how to manage such a big customer / relationship.

That's what you want out of a board member. You want someone with relationships, connections, and experience to provide accountability and input to management who tackles things day to day.

Brock Pierce is the perfect example of this. The guy is basically the grandfather of virtual currency having been building and investing in startups in the space since the late 1990's / early 2000's. He is a super Angel in the Bitcoin space and travels around the world to jurisdictions such as Singapore, Hong Kong and others helping build companies in the Bitcoin space. While you are never going to get Brock to work full time on Mastercoin, his relationships, connections and input are invaluable to the Mastercoin effort having been there since the Exodus Address and actively been involved in Board discussions.

We want a clear separation between Board Members and the operational team. I agree with your comment about wanting to avoid conflicts of interest with those providing accountability and those receiving the funds for their efforts.

I'd recommend approaching a partner at a Big 4 firm (PwC, EY, KPMG, Deloitte).  They can provide insight to international accounting, tax laws, and have partners worldwide that have global insight and political connections.  (As a matter of full disclosure, I work for EY in the IT department and not on the business side)

Katten Muchin is the law firm that assisted the Winklevoss twins with their Bitcoin ETF and understand the US laws and regulations with Virtual Currency.  Maybe another worthwhile approach.

Linkedin also has http://nonprofits.linkedin.com/ that can be used for finding board members.
legendary
Activity: 910
Merit: 1000
legendary
Activity: 1386
Merit: 1000
KawBet.com - Anonymous Bitcoin Casino & Sportsbook
sr. member
Activity: 308
Merit: 251
Giga
This project is very interesting, i plan to get into it soon once i research the details.

Good job everyone on the master coin team!
sr. member
Activity: 285
Merit: 250
I'm about to make a couple payments from 1Exodus, including sending more BTC to secure storage:

200 BTC to 18S23kiGWkgVtsUuXMkvLohGxhVasujyMa
200 BTC to 1G6YQefEZEweatGsmVJFDRVSySYTzgXWg6
200 BTC to 1L2uRf8ShoDTZ67cU4Wq8VLJbFddvr5jWS
200 BTC to 1NccyJvcPhu3qhZ7LwFBbQygFsNGDjLdT4
200 BTC to 19jvwkkn9r27w479zAdLS51JXzPjVaR56A

Also, a payment to prophetx for his work on our blog:
0.24691358 to 1GFC6Kc1UiH8m48EPCFpK7j8Cs9hbyyF55

Ledger of all project expenditures is here: https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE#gid=0

Thanks!
thanks for your great job!
i love J.R
i wish msc-wallet (it is easy ,and run windows or ios,it is .exe, like btc-wallet) come soon.
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