Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 8. (Read 448418 times)

@zbx

You're so full of bullshit.

You just bought into this cheap Counterparty ripoff because you thought you can get another in on another Mastercoin type deal from the early stages, but problem is train left the station for good and you've made a dumb mistake. Probably a move made out of greed which you didn't really thought through.

Mastercoin has huge mover advantage, Counterparty just tried to replicate some of the moves Mastercoin made.

The proof of burn concept used to create Counterparty coins was rather stupid as it left them but naked cash poor. They don't have the money to get the project to the finish line and they are also a bunch of anonymous dudes that wion't show their faces at conventions to help grow the coin.

This will become painfully evident in the months to come, as market weeds out the weak.

The are lots of differences, but a few of the most important ones are, IMHO:

• XCP is distributed much more fairly. Over 50% of MSC is owned by just a handful of people, who consequently have complete control over the price, potential proof-of-stake voting, etc. It's unlikely that anyone owns more than a couple percent of all extant XCP.
• Every MSC transactions sends a small amount of BTC directly to J.R. Counterparty does no such thing, proving that it's completely unnecessary.
• Mastercoin has serious, persistent consensus issues: you can never be sure how much MSC you have at any given time.
• Counterparty is developed much faster, has *many* more *fully-working* features, all while being community driven. It has virtual assets, broadcasts, bets, dividends, callbacks, and more. The Mastercoin Project has a lot of hot air.
• The Mastercoin distributed exchange, while barely functioning, many months late, and missing crucial features. simply will never be able to scale, because sell orders are not matched deterministically, but manually.

I gave up on Mastercoin months ago (though I was originally very supportive of the project!), when they refused to hire competent developers and develop a proper reference client.

About Counterparty vs Mastercoin, can some of you guys explain what is the difference between the scope of the two protocol?

Are they are trying to do the very same thing in a slightly different way, or is there an overlap but also some differences? For example will Mastercoin be able to do some stuff that Counterparty won't?

I agree on this, have you seen the downvotes at the Master Protocol reddit topics?

Lots of counterparty fanboys and trolls here, judging by your posting history, who most likely overpaid for Counterparty.

We'll see where this goes 3-4 months from now. No hard feelings.

Regarding UI:

Yes, you need to read the instructions (tutorial) to use Masterchain web wallet. Sorry, it simply works differently than what you may be used to. This is mostly because Masterchain chose an unusual security model. However, within a few minutes, you'll have an "a ha!" moment and be off to the races. I have personally found it to be quite usable once I understood what was going on.

Please DO open issues on each of the github repos. We're devoting the remainder of March to making these wallets easier to use. Like Ron, I hope that omniwallet will be easier for casual users to use (won't require you to skim a tutorial before you can get started).

Regarding dEX:

Bitcoin/MSC trading is one-sided because posting a MSC buy order means nothing (it is unenforceable at best, spam at worst). Sure, you can signal your intention to buy MSC with BTC, but nobody can actually make you do it.

Once you are in the MSC ecosystem, order books are two-sided, and are automatically matched as you would hope.

Regarding speed of progress:

We've chosen to be more decentralized, with more implementations, and that means more time. Consequently we have a lot of beneficial cross-checking and redundancy (both technical and legal redundancy). However, we are narrowing down our number of officially supported implementations as we go forward to one PC wallet and one web wallet, as we have realized that the time sink of maintaining all these implementations is just too high.

I'm personally very happy with our progress. I realize it looks slow from the outside, but we are simply doing more, and our final product will be better for it.

You all know (or should know) that venture capital groups have lined up millions of dollars to pour into MSC-based initiatives. The Houstan hack-a-thon was completely dominated by Mastercoin projects. Probably 90% of the projects being worked on were targeted at MSC. Our competitors consist of several systems which have a long way to go to catch up with us, and one knock-off which literally forked our spec and rushed some half-baked stuff out the door.

I'm not saying that our project can rest on our laurels, but rather that we have the momentum right now, and we don't intend to lose it.

If you research a bit more, you will find Counterparty has not copied Mastercoin. Instead, Counterparty has created a project in the *same space* using a *different* approach. If Counterparty simply copied Mastercoin, why did Counterparty's development surpass that of Mastercoin's with a team of two core developers and no external funding in only half the time?

Yes, that's correct!

You can currently trade Mastercoins and Test Mastercoins. To buy, sell or whatever you need a few Bitcoins for the fees, because Mastercoin is build on top of Bitcoin and uses Bitcoin transactions to facilitate Mastercoin transactions. You may get a small amout of Mastercoins and Test Mastercoins via http://mastercoin-faucet.com to start.

Those two videos are probably also helpful:

http://masterprotocoleducation.org/how-to-send-mastercoins-from-masterchain-info/
http://masterprotocoleducation.org/how-to-sell-and-buy-mastercoins-through-the-decentralized-exchange-and-masterchain-info/

So this in basic terms is the P2P exchange for BTC/MSC? I have to have BTC to start with? What about other currencies, kindly let me know as I'm still trying to figure this out!

There are actually two Desktop GUIs for Counterparty: BoottleXCP and pyrpcwallet. pyrpcwallet is actually a lightweight wallet, so you don't have to download the entire blockchain.

What everyone is really excited for though is Counterwallet, a web wallet that looks really slick and will be available for testing this week. You can find screenshots here: https://www.dropbox.com/sh/738w1f3kgqik1za/ymr1VCWUv6 (and more info about Counterwallet here: https://forums.counterparty.co/index.php/topic,79.0.html.

So this in basic terms is the P2P exchange for BTC/MSC? I have to have BTC to start with? What about other currencies, kindly let me know as I'm still trying to figure this out!

https://www.counterparty.co/faqs/how-do-i-issue-an-asset/ This is how you create an asset. Command prompt style. Not many will bother to use this for quite some time, trust me.

Also check their bounty list https://www.counterparty.co/wiki/bounties-2/ It's empty. They don't have any resources. No cash at hand, just a very small team of guys who bit more than they could chew.

 Now go check Mastercoin's bounty list. It's overloaded with bounties many devs working at many different things at once not to mention the recently held hackathlon that will bring some very interesting apps to Mastercoin.

Mastercoin ecosystem is a luxurious exotic garden with many varieties while Counterparty pretty much resembles a desert wasteland. Some of the things in the works at the moment:

    Storj – distributed dropbox

    Toroken – incentivizing Tor relays

    SharedMiles (smiles) ride-sharing
    (This is also the team that won the Tel Aviv Hackathon)

    Coinvance – bounty management for Bitcoin 2.0 workforces

    BlockAuth – on-blockchain identify verification

    GoxCoin -  purpose of which will be to help out MtGox users recover some of what they've lost.
    More here about GoxCoin http://www.humint.is/goxcoin/

With Counterparty you can create assets, make bets and contracts for difference, and you can trade all assets, not only XCP and BTC, on the distributed exchange. According to Mastercoin's timeline, they only expect to have user-created assets by the end of Q2, and I don't know when they plan to have bets and contracts for difference implemented.

Calling Counterparty a "copycat" is calling it as it is. They've copied Mastercoin down to smallest details and Mastercoin's idea of using BTC blockchain.

I agree that space is big enough to allow for more competitors to emerge and competition is healthy.

Please name these specific features Counterparty has right now.

With Counterparty you can create assets, make bets and contracts for difference, and you can trade all assets, not only XCP and BTC, on the distributed exchange. According to Mastercoin's timeline, they only expect to have user-created assets by the end of Q2, and I don't know when they plan to have bets and contracts for difference implemented.

Calling Counterparty a "copycat" is calling it as it is. They've copied Mastercoin down to smallest details and Mastercoin's idea of using BTC blockchain.

I agree that space is big enough to allow for more competitors to emerge and competition is healthy.

Please name these specific features Counterparty has right now.