Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 67. (Read 448462 times)

I'd like to go on the record stating that Luke-Jr is NOT an idiot. He's a very respected community member that has had involvement in a ton of different bitcoin projects.

Sorry, Luke. You know how it is around here . . .

Luke is an idiot.  We will always find the design around strategy.  Mike Hearn listens carefully each day to important information which will make bitcoin work for all - including organized society.  Anarchists like Luke - who don't sit in these important meetings - who don't consider both sides of the story - who aren't invited to talk to congress about what is going on - force these rules of idiots.  Luke will lose every time.  Mike Hearn and congress will find a nice middle road which works for all of society.  Anarchists will not interrupt good progress no matter how hard they try. 

And if Luke tries to stuff it to the Mastercoin protocol, it will take guys like Tachi 5 minutes to write a few lines of code and put Luke back in his place.  Trying to stop progress is like trying to unring a bell.  Mastercoin is progress on the bitcoin foundation and Luke will not be successful in his attempts to stop it.

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.

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

Any update regarding the progress of the PR group hired?

(Kudos to the board for recognizing this, I think it will be money well spent. First mover advantage with a few articles outside of the Bitcoin community especially..e.g. Techcrunch, Slashdot, Forbes, etc will be HUGE.)

My suggestion around luke's patch would be the following.

Create a BIP32 key/pair and supply the public part of the key.

Every implementation of the Mastercoin protocol should use this chain and check a list of addresses based on transaction volume of the last 25 blocks. We would start with a gap limit of 50 and retarget this number if the average volume across the last 25 blocks was more then half of this number to avoid collisions. We could also just hardcode a list but this solution should offer a bit more scaling and save some CPU cycles. 

Hedging is actually not idiotic at all. It is in fact what most large organizations do... It is certainly not 'idiotic' to think about it and have a plan for it given how volatile BTC is. Let me give you an example.

Hedging a certain amount of the outgoing funds would mean the Foundation would have sufficient funds available regardless of any crash in the price of BTC.

Dacoinminister, we havn't heard a reply from you about lukes patch, what's your take on this matter?

worst idea ever

have we spent BTC1709.2715 (almost a million $) over bounties already ? or am I missing something ?

http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P?offset=0&filter=1

We are planning to separate the funds stored in 1Exodus between several addresses, and eventually multisig addresses. This will make it harder for us to prove to the world how much funds we have and how we are using them.

In light of transparency, I would like us to build a "Budget website" (budget.mastercoin.org) that will always show where all the funds are, with full support for multiple multisig addresses.

I would also like this website to let us specify on each expense what it is for. It is basically a replacement for https://docs.google.com/spreadsheet/ccc?key=0AtCyUJvk_IyNdGpVcnpBN2tOczFmbVRnck5TWjZuRFE&usp=sharing

Eventually this website will become a core part of Mastercoin and will be used by other companies that will be issuing their assets on top of Mastercoin.

The website should be open source of course.

If you want to start working on it, please propose a budget, we can then approve it with the board.

First set of cold-storage addresses for project funds:


All coins are already stored offline. This is just moving some of them even MORE offline (paper wallets). I plan to split 1000BTC among these ten addresses (100 BTC each address). More addresses will be posted soon once people get them to me.

The board knows the identity of everyone entrusted with these funds, and if any of this money ever disappears, we'll let you know who was in charge of it.

Thanks

It is more than that. That is only one facet.  Albeit an important one.  

MSC is an attempt to put a freestyle stock market onto the bitcoin blockchain..keep it simple bro