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Topic: MASTERCOIN VS BITCOIN - First Speculation thread ever - page 2. (Read 4854 times)

sr. member
Activity: 271
Merit: 250
I suppose it'd be a good idea to xpost this here now:
Clearing up 10 Misconceptions about the Mastercoin Protocol

For you: see #2 Smiley

This plus the meme-based explanation in your post prior to this one helped my understanding of MSC significantly.


I do like this concept on paper and it would address several of my concerns with Bitcoin. Whether or not it will ultimately be successful, I suppose we shall see...allow me to backpedal and apologize for some of my earlier remarks now Tongue
sr. member
Activity: 297
Merit: 250
So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?

I've heard the DEx should be ready for OSX and Linux users by the end of next week. Windows shortly after.
legendary
Activity: 1834
Merit: 1019

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.


I did my homework, and as far as I am concerned Mastercoin is bloating the blockchain.

with time it will implode.

I suppose it'd be a good idea to xpost this here now:
Clearing up 10 Misconceptions about the Mastercoin Protocol

For you: see #2 Smiley
legendary
Activity: 1232
Merit: 1011

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.


I did my homework, and as far as I am concerned Mastercoin is bloating the blockchain.

with time it will implode.
legendary
Activity: 1834
Merit: 1019
You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

2 minutes of poking around on Google netted me the following explanation of Mastercoin from Reddit: "The Mastercoin protocol layer mediates between the existing bitcoin protocol and users-generated currencies. It is intended to be a base upon which anyone can build their own currency."

At the risk of sounding obtuse, I don't see how this doesn't relate directly to altchains; this allows users to build their own currencies based on the Bitcoin protocol, correct? Which would by definition make them alternative cryptocurrencies? Perhaps I have misunderstood and/or this description is inadequate.

Because it's more than just about user currencies. Read on Smiley

Give me a sec to pull up the Whitepaper for you.

Edit: https://sites.google.com/site/2ndbtcwpaper/
sr. member
Activity: 271
Merit: 250

I suppose you're right yeah. When Satoshi Nakamoto invented bitcoin, he just intended people to buy and sell them on exchanges and not actually do anything else with them. All he had in mind were pump and dumps, weekend dips and bi-annual bubbles. He didn't actually intend them to be revolutionary for humanity at all. Best we forget about any other silly aspirations people may have.


And being condescending interblag forums will help save humanity and free us from enslavement from the big banks and then we can all sit in a circle and sing Kumbaya, amirite? You could explain why moving it to the altcoin forum is a bad idea rather than being a prick, but I suppose that would be too easy. And not involve a Moral High Horse +3/+3.


You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.

2 minutes of poking around on Google netted me the following explanation of Mastercoin from Reddit: "The Mastercoin protocol layer mediates between the existing bitcoin protocol and users-generated currencies. It is intended to be a base upon which anyone can build their own currency."

At the risk of sounding obtuse, I don't see how this doesn't relate directly to altchains; this allows users to build their own currencies based on the Bitcoin protocol, correct? Which would by definition make them alternative cryptocurrencies? Perhaps I have misunderstood and/or this description is inadequate.





EDit:
I think the reason people are dismissing it outright (and understandably so) is that it has the word "coin" in the name. That was a pretty poor marketing decision. With so many new altcoins coming out all the time, we can't be bothered to learn up on them all and what makes them slightly different than the last one, only to realize that it offers no functional advantages. As a result, we've been conditioned to pass right over thiscoin or thatcoin. Mastercoin isn't even a coin, in the sense that the other alts are, it's purpose and goals are entirely different.

Pretty much this. If MSC is a protocol and not a "proper" cryptocurrency, why put the word "coin" in its name at all?
legendary
Activity: 1834
Merit: 1019
So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?

Not sure yet, nothing concrete. I don't see there being a MSC <-> XRP link but I could very well be wrong. Perhaps in the form of MSC-backed user-currency RippleCoins that would follow the value of XRP.

You can watch the developers log their progress in this project development thread  (300 BTC Coding Contest: Distributed Exchange (MasterCoin Developer Thread)).
sr. member
Activity: 354
Merit: 250
So is there a mastercoin/ripple gateway? I'm serious. I could figure out how to transact XRP/BTC in an automated manner. It appears that mastercoins are currently only trading out of a spreadsheet. What is the ETA on a bitcoin/mastercoin exchange?
newbie
Activity: 49
Merit: 0
There is still quite the ignorance in the BTC community that you can directly invest in the colored coins idea(+more features) in the form of Mastercoins. Most people active in the community are aware and excited about colored coins, but the Mastercoin project is so easily dismissed with the usual "premined and centralized" accusations, and I think this is wrong.
legendary
Activity: 1834
Merit: 1019
move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.

marcelus would if Mastercoin was an altcoin. Furthermore:

Quote
Altcoins
Discussion of cryptocurrencies other than Bitcoin. Note that discussion of how these currencies *relate to* Bitcoin may fit in other categories.

You should explore what a protocol like Mastercoin would mean to the market place in value if it can actually provide a trustless way of creating contracts, betting, distributed exchange, smart property signatures, etc.
legendary
Activity: 896
Merit: 1001
move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.

I suppose you're right yeah. When Satoshi Nakamoto invented bitcoin, he just intended people to buy and sell them on exchanges and not actually do anything else with them. All he had in mind were pump and dumps, weekend dips and bi-annual bubbles. He didn't actually intend them to be revolutionary for humanity at all. Best we forget about any other silly aspirations people may have.


Heh, yeah. I didn't want to be too quick to judge, because admittedly, I don't fully understand how mastercoin works. I read the white paper and some articles on it, and I have an idea of what it's supposed to do, and it's something that I believe is inevitably coming to bitcoin. I think the reason people are dismissing it outright (and understandably so) is that it has the word "coin" in the name. That was a pretty poor marketing decision. With so many new altcoins coming out all the time, we can't be bothered to learn up on them all and what makes them slightly different than the last one, only to realize that it offers no functional advantages. As a result, we've been conditioned to pass right over thiscoin or thatcoin. Mastercoin isn't even a coin, in the sense that the other alts are, it's purpose and goals are entirely different.
sr. member
Activity: 297
Merit: 250
move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.

I suppose you're right yeah. When Satoshi Nakamoto invented bitcoin, he just intended people to buy and sell them on exchanges and not actually do anything else with them. All he had in mind were pump and dumps, weekend dips and bi-annual bubbles. He didn't actually intend them to be revolutionary for humanity at all. Best we forget about any other silly aspirations people may have.
sr. member
Activity: 271
Merit: 250
move this thread to alt coin area, please.

+1

+1 from me as well. Keep the latest flavor-of-the-monthcoins in the appropriate subform.
sr. member
Activity: 297
Merit: 250
My gripe with mastercoin is that as something built on bitcoin using it will entail bitcoin transaction fees presumably on top of mastercoin fees. Right now this isn't a big deal. However bitcoin is capped at what? 70,000 transactions a day? Bitcoin functions best as a reserve asset, like gold. If you can send bitcoin from Mexico to China in one hour you probably don't care if the transaction ends up costing $5 equivalent. It's still way cheaper than a wire transfer. However if you're using mastercoin as an exchange you're looking at paying a bitcoin fee everytime you enter an order or perform any other actions. Now I'm not saying it won't have compelling uses, but I'll bet it would be more cost effective to use the mastercoin forks running on less busy altcoins. Any Litecoiners up for a Leviticus address?

You may be right but there are compelling reasons to build on bitcoin too. Security being one. The main one reason however is that bitcoin is the front runner in crypto-currencies by a distance. Using its network fosters far more innovation than running on an alt coin. There's been disturbingly little innovation in the space considering the opportunities Satoshi Nakomoto opened up to us. This is a well-funded project that has some really exciting propositions. Its place is on the bitcoin network. It can flourish there most. It will provide the bitcoin developers with challenges down the line for sure. If they can't meet them, mastercoin may have to migrate and contingency planning for that is already in place.   
sr. member
Activity: 354
Merit: 250
My gripe with mastercoin is that as something built on bitcoin using it will entail bitcoin transaction fees presumably on top of mastercoin fees. Right now this isn't a big deal. However bitcoin is capped at what? 70,000 transactions a day? Bitcoin functions best as a reserve asset, like gold. If you can send bitcoin from Mexico to China in one hour you probably don't care if the transaction ends up costing $5 equivalent. It's still way cheaper than a wire transfer. However if you're using mastercoin as an exchange you're looking at paying a bitcoin fee everytime you enter an order or perform any other actions. Now I'm not saying it won't have compelling uses, but I'll bet it would be more cost effective to use the mastercoin forks running on less busy altcoins. Any Litecoiners up for a Leviticus address?
legendary
Activity: 1168
Merit: 1000
OP, are you paid per thread view, or number of replies/pages?
legendary
Activity: 910
Merit: 1000
move this thread to alt coin area, please.

mastercoin isn;t an alt coin, its a protocol which piggys back ontop of the bitcoin block chain, therefore this section is actually appropriate in regards to it being an extension to bitcoin and an extension to bitcoin speculation, as both mastercoin and bitcoin will cause some speculative change in value to each other by co-existing together, thanks
legendary
Activity: 1834
Merit: 1019
move this thread to alt coin area, please.

+1

It's a protocol layer that operates leveraging the power of the Bitcoin blockchain, thus is directly tied into the Bitcoin network. I first heard about mastercoins from adamstgBit in the mtgox wall thread early in August.
sr. member
Activity: 336
Merit: 250
♫ the AM bear who cares ♫
move this thread to alt coin area, please.

+1
legendary
Activity: 1232
Merit: 1011
move this thread to alt coin area, please.
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