Topic: SCAM ALERT: "Mastercoin" Official Launch (Exodus address) (read first) - page 3. (Read 5304 times)
July 31, 2013, 11:48:00 PM
The idea is pretty neat. It's understandable to ask for early adopters to crowd fund the project. He has not released any code other than pseudocode, but that is still more than Opencoin has done.
July 31, 2013, 11:42:38 PM
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spiral_mind thanks for the warning, but i think your wrong.
first, every Mastercoin TX will recorded on the block chain so it wont be hard to see if he starts creating them out of thin air.
second, the protocol he plans on implementing will be open-source, i'll read the source code, and not this conspiracy theory
first, every Mastercoin TX will recorded on the block chain so it wont be hard to see if he starts creating them out of thin air.
second, the protocol he plans on implementing will be open-source, i'll read the source code, and not this conspiracy theory
-There is currently no source code yet he's asking for money right now in exchange for promises alone
-It's not a conspiracy theory, this is what the creator has said about his project
-Putting messages on the blockchain is useless unless someone actually values those messages somehow. Since there's nothing keeping the creator honest besides fear that his fake money will be devalued these blockchain records are useless. He'll just run off with his real money (Bitcoins) and post some lame message about how "he can't afford to keep developing since he's too poor"
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Mastercoin ( if implemented like he said he would ) will offer perfect information to all participants at all times.
It should put ripple to shame.
It should put ripple to shame.
And now it's pretty obvious this is a sock puppet account as well.
You were one of the only people in the other thread to post positively about it.
Is it really so unlikely that someone would create a few hero member sockpuppets in order to scam people out of a lot of money? Nope it's not unlikely at all.
July 31, 2013, 11:38:37 PM
I disapprove of spiral_mind and this thread.
me too
spiral_mind thanks for the warning, but i think your wrong.
first, every Mastercoin TX will recorded on the block chain so it wont be hard to see if he starts creating them out of thin air.
second, the protocol he plans on implementing will be open-source, i'll read the source code, and not this conspiracy theory
This seems like an investment risk more than a scam.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
Mastercoin ( if implemented like he said he would ) will offer perfect information to all participants at all times.
It should put ripple to shame.
July 31, 2013, 11:36:37 PM
This seems like an investment risk more than a scam.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
He's asking for money before anything has actually been created. Ripple gave out free ripples and let people voluntarily assign them value.
This is nothing like ripple. It's a scam. It's not a "risky investment" it's him asking for cash money right now in exchange for promises of future money. It's a nigerian prince scheme masquerading as an alt-coin.
July 31, 2013, 11:26:05 PM
This seems like an investment risk more than a scam.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
His "coin" is similar to ripple, whoever buys in will probably know the risk of a single-minted close-source altcoin. Let it be.
July 31, 2013, 11:20:58 PM
I disapprove of spiral_mind and this thread.
Another sock puppet account of dacoinminister?
Any particular reason you disapprove of me? Let me guess. Because I exposed your bullshit before you had very many people send you coins at all.
Impressive how many "hero member" sock puppets you've accumulated. That's not very difficult though considering you've been planning this scam for a long time and "hero member" status is based only upon number of posts.
Care to share any thoughts as to why I'm wrong?
July 31, 2013, 10:55:27 PM
I disapprove of spiral_mind and this thread.
July 31, 2013, 10:34:19 PM
So I've been posting in "dacoinminister"'s thread about "Mastercoin". He asks people to send him coins directly in exchange for "1000 mastercoins" but there's currently no client and no source code. Once he gets "enough money to develop full time" he'll get around to making those he says.
Could this be any more obvious of a scam?
-He controls the creation of "mastercoins"
-You send him Bitcoins directly in exchange for a promise of future "mastercoins"
-He then develops the project at his own pleasure with no way to keep him honest
-Nothing stopping him from running with your Bitcoins or making as many mastercoins as he wants
-He deletes any posts criticizing his project
YOU CAN'T MAKE A VIABLE ALT COIN BASED UPON CLOSED SOURCE AND GIVING ONE GUY A BUNCH OF MONEY
Can you say nigerian prince scam?
He deleted the following post over 10 times rather than reply to it:
SCAM. STAY AWAY.
Mods please move his post to the "scams" section. Link to original (SCAM don't send him coins): https://bitcointalksearch.org/topic/mastercoin-new-protocol-layer-starting-from-the-exodus-address-265488
Could this be any more obvious of a scam?
-He controls the creation of "mastercoins"
-You send him Bitcoins directly in exchange for a promise of future "mastercoins"
-He then develops the project at his own pleasure with no way to keep him honest
-Nothing stopping him from running with your Bitcoins or making as many mastercoins as he wants
-He deletes any posts criticizing his project
YOU CAN'T MAKE A VIABLE ALT COIN BASED UPON CLOSED SOURCE AND GIVING ONE GUY A BUNCH OF MONEY
Can you say nigerian prince scam?
He deleted the following post over 10 times rather than reply to it:
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This is a scam. He keeps deleting my posts hoping someone else will send money to his scam.
ITS NOT OPEN SOURCE. There is no source code. There are no "mastercoins". He will take your money and run because there's NOTHING keeping him honest.
I think what you really meant to say is you're butthurt because I exposed your bullshit on Reddit and you can't self moderate the thread.
We shouldn't have to have faith in the creator if the protocol is sound. We didn't have to have faith in Satoshi Nakamoto or buy Bitcoins from him. The rules of the system create the system. He's set this system up to let him cheat as much as he wants with nothing keeping him honest so that's what is going to happen. This is a fatal flaw with the "project" not a "concern".
He's going to keep deleting this post and I'm going to keep posting it. If he had a valid answer to any of these criticisms he'd reply instead of deleting.
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"@dacoinminster: In order to succeed as an open source project leader, you will need to keep this in mind: http://youtu.be/ZSFDm3UYkeE"
ITS NOT OPEN SOURCE. There is no source code. There are no "mastercoins". He will take your money and run because there's NOTHING keeping him honest.
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Unfortunately, Reddit remains (mostly) a swirling cesspool of ignorance.
I think what you really meant to say is you're butthurt because I exposed your bullshit on Reddit and you can't self moderate the thread.
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I'm sorry you have lost faith in the basic decency of most people. You are right there is risk in sending him money, but people have the right to spend their money how they want. Your concerns have been voiced (he left my quote of you), and you are derailing productive discussion.
We shouldn't have to have faith in the creator if the protocol is sound. We didn't have to have faith in Satoshi Nakamoto or buy Bitcoins from him. The rules of the system create the system. He's set this system up to let him cheat as much as he wants with nothing keeping him honest so that's what is going to happen. This is a fatal flaw with the "project" not a "concern".
He's going to keep deleting this post and I'm going to keep posting it. If he had a valid answer to any of these criticisms he'd reply instead of deleting.
SCAM. STAY AWAY.
Mods please move his post to the "scams" section. Link to original (SCAM don't send him coins): https://bitcointalksearch.org/topic/mastercoin-new-protocol-layer-starting-from-the-exodus-address-265488
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