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Topic: MasterCoin: New Protocol Layer Starting From “The Exodus Address” - page 86. (Read 448462 times)

legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason Smiley

How about including a msc transaction fee on top of the btc fee for the miners?

And how would a miner receive the MSC TX fee if the miner doesn't know anything about MSC itself?
Would the MSC fee be kept in "pending" status until the miner accepts the MSC TX fees?
Just my 2 satoshis.





8 pools make up 75% of the mining. You only need to inform 8 people as to the extra value included in their blocks. If they wish to distribute the msc to their pool members that is their choice.

Ideally the MSC software should pay miners the tx fee from a non-exodus standard bitcoin utxo while the MSC transaction amount is in exodus-recognized bitcoins. Is this possible? It needs to be, especially if the MSC/BTC fx rate blows out significantly.
hero member
Activity: 669
Merit: 500
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason Smiley

How about including a msc transaction fee on top of the btc fee for the miners?

And how would a miner receive the MSC TX fee if the miner doesn't know anything about MSC itself?
Would the MSC fee be kept in "pending" status until the miner accepts the MSC TX fees?
Just my 2 satoshis.





8 pools make up 75% of the mining. You only need to inform 8 people as to the extra value included in their blocks. If they wish to distribute the msc to their pool members that is their choice.
legendary
Activity: 2128
Merit: 1002
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason Smiley

How about including a msc transaction fee on top of the btc fee for the miners?

And how would a miner receive the MSC TX fee if the miner doesn't know anything about MSC itself?
Would the MSC fee be kept in "pending" status until the miner accepts the MSC TX fees?
Just my 2 satoshis.



hero member
Activity: 669
Merit: 500
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason Smiley

How about including a msc transaction fee on top of the btc fee for the miners?
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR

Yes, MasterCoin transactions include a transaction fee for the miner. I support making the default fee fairly generous for exactly that reason Smiley
sr. member
Activity: 392
Merit: 250
The security is in how you protect the private key of your Bitcoin address that holds your Mastercoins. The only way to spend Mastercoins is by creating Bitcoin transactions using that address. The only way to do that is by signing transactions with your private key. So as long as you keep your private key safe your Mastercoins are safe.

Thanks, that addresses my concerns. Smiley
hero member
Activity: 938
Merit: 1000
The security is in how you protect the private key of your Bitcoin address that holds your Mastercoins. The only way to spend Mastercoins is by creating Bitcoin transactions using that address. The only way to do that is by signing transactions with your private key. So as long as you keep your private key safe your Mastercoins are safe.
sr. member
Activity: 392
Merit: 250
Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?

It's not, a Bitcoin client won't know anything about your Mastercoin.

I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

http://mastercoin-explorer.com/, https://masterchest.info/ and http://masterchain.info/ should all show your balance. If you are adventurous you can also download one of the alpha wallet-software that I and other developers are working on. Although I wouldn't recommend it yet at this point.


Ok that helps explain some...my concern is exactly how does one secure their mastercoins... is it only through the aforementioned web sites for now?
Is it actually in a software wallet of some kind or is that the eventual plan?
hero member
Activity: 938
Merit: 1000
Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?

It's not, a Bitcoin client won't know anything about your Mastercoin.

I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

http://mastercoin-explorer.com/, https://masterchest.info/ and http://masterchain.info/ should all show your balance. If you are adventurous you can also download one of the alpha wallet-software that I and other developers are working on. Although I wouldn't recommend it yet at this point.
sr. member
Activity: 392
Merit: 250
Hello folks,

Very excited about all the developments in the Mastercoin.

Great feat of engineering with amazing financial implications, all using the bitcoin protocol!

A Newbie question:

How is a Mastercoin indicated in a Bitcoin wallet, to differentiate from regular Bitcoins?
Or is this not a feature of Mastercoin?  I have heard mention of the Mastercoin explorer to show transactions and address.
Is that the only way to verify that you have MSC???

Thanks, and keep up the phenomenal work!

Stewart
full member
Activity: 150
Merit: 100
hi everybody,

i am new here and please excuse my englisch Cheesy

i read about the problems about to be accepted from the bitcoin nodes etc.
- dacoinminster you wrote about "to be a good bitcoinchain citizen"

- my question or idea would be to give the miners in the bitcoin blockchain a reward for there work. Like you would take MSC transactionfee and will be transfering the money to the block miner every period
- you would get marketing in this way, then the miners will do something with this free coins and in the long run a healthy interest from the bitcoin miners to hold the Mastercoin in there network. So the level of conflict could be deascaleted.

Maybe you discussed this point already and i missed it.

Keep up everybody with this cool project.

TR
hero member
Activity: 714
Merit: 510
I got a PM from someone (who shall remain anonymous) which ended with:

Quote
Cheers mate and thank you for saving me financially...

That's kind of scary. If you are in financial trouble, please do NOT bet your remaining money on wildly risky distributed currencies! Sure, if you do your homework it's probably better than a lottery ticket, but still I think it's safe to say that a financial advisor would not recommend this course of action!


I think this is happening because look at the state of the economy? There are no truly safe investments which are going to give any sort of guaranteed ROI. Also on Bitcointalk most people already took the plunge to invest in Bitcoins so its just the high risk high reward kind of crowd here and we all fit into that category to a certain extent.

Mastercoin once it's built hopefully can improve the situation but you're also right that Mastercoin is far from a safe bet if its still in the infancy proof of concept stage. That being said since I have Mastercoins too I'm not really in a position to tell anyone not to take the same risk. If you're prepared to win you have to also be prepared to lose equally.

Hello everyone!

I'm glad to announce a new bounty that I just approved with the board.

The bounty is for building a Mastercoin Faucet.
The bounty amount is between $500-$850, depending on the features that will be implemented.

Please direct any questions/comments to the bounty thread - thanks!

This will be superb. Finally we will have a place to send people to get free Mastercoins.
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
I got a PM from someone (who shall remain anonymous) which ended with:

Quote
Cheers mate and thank you for saving me financially...

That's kind of scary. If you are in financial trouble, please do NOT bet your remaining money on wildly risky distributed currencies! Sure, if you do your homework it's probably better than a lottery ticket, but still I think it's safe to say that a financial advisor would not recommend this course of action!
newbie
Activity: 31
Merit: 0
I just wanted to post and reiterated a warning to everyone regarding the safety and storage of their wallets.  The other day, I had to reformat my drive, but in a spectacularly idiotic move on my part, I failed to backup the bitcoin wallet before I did so.  Thankfully no BTC were lost, since I do not store coins in my PC wallet for this very reason.  However, I failed to remember that I had purchased a small amount of Mastercoin with that wallet address (1Fi4UdfU7Bw9CdX85K2rtzMoZuESvDPNS7) which are now forever a memory unless by some miracle I can find a backup I had thought I had made.

Thankfully all is not lost since I had purchased mastercoins on my web wallet as well, but it certainly does sting quite a bit...

Perry
aka Neonronin
legendary
Activity: 1260
Merit: 1031
Rational Exuberance
Just a reminder that nitty-gritty protocol questions are probably better suited from our developer/contest thread: https://bitcointalksearch.org/topic/300-btc-coding-contest-distributed-exchange-mastercoin-developer-thread-292628

Usually this thread is used for general discussions, and that one is for technical stuff. The devs may notice technical questions here and answer them, but asking them on that thread saves them a bit of time.

Thanks!
legendary
Activity: 1358
Merit: 1003
Ron Gross
Hello everyone!

I'm glad to announce a new bounty that I just approved with the board.

The bounty is for building a Mastercoin Faucet.
The bounty amount is between $500-$850, depending on the features that will be implemented.

Please direct any questions/comments to the bounty thread - thanks!
hero member
Activity: 938
Merit: 1000
Of course, these are the rules set out by Bitcoin. If we don't follow the rules are transactions won't be accepted and relayed/mined. 
legendary
Activity: 1498
Merit: 1000
Of course this is too hard. That's why we are developing Mastercoin wallets.
When we will make transactions with these wallets, would we have to pay for the 0.00006BTC + mining fees?
legendary
Activity: 2128
Merit: 1002
Of course this is too hard. That's why we are developing Mastercoin wallets.

excited. can't wait for them Mastercoin wallets.
hero member
Activity: 938
Merit: 1000
Of course this is too hard. That's why we are developing Mastercoin wallets.
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