Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread - page 12. (Read 165310 times)

So he wanted to launch bitblu "the perfect solution to manage Cryptocurrency portfolio" but is whining about the fact the foundation couldn't extract some USD during the last bubble when he was CEO. See the irony?

That guy is nuts... At least he is franc, he could manage to play Starcraft 2 and start multirelationships (yeah).

Perhaps they did as good as they could, but were not competent?

Ron and JR made a lot of huge mistakes, none of which are mentioned in Ron's pitiful blog post.

Oh poor Ron, he has a mental disorder, it excuses everything.

Ross explains what went wrong with mastercoin:
http://ripper234.com/p/so-whats-up/

 http://www.thedailybeast.com/articles/2014/03/31/speed-reading-michael-lewis-s-flash-boys.html


http://symbiont.io/niederauer-backs-smart-securities-startup-symbiont/

Honestly Mastercoin, and by extension counterparty, needs a true killer app. Sorry to say it, but it's not going to be financial services. When mastercoin was invented Banks didn't take bitcoin or blockchain technology seriously. Now however they do- and they have the research budgets to build their own implementations. No fortune 500 needs an open source project with no network effect. Look at Counterparty- Overstock took them on and then realized they could do it without them. There's zero chance someone is going to pick up Mastercoin with it's checkered history if they could just build their own. Not to mention there are a lot more blockchain developers today than when Mastercoin was invented- so it's not like the talent pool is concentrated only in these open source projects anymore. Indeed commercial entities have stolen the talent AWAY from the open source projects if anything.

So what we really need, and all of the Bitcoin 2.0 tech needs (an era that has already passed? because of lack of implementation or usefulness?) needs, is a killer app, but it's hard to imagine at this point what that app might be.


 

In general I think this is an interesting idea, and in theory, as long as a coin has a mechanism to publish arbitrary messages, in one way or another, it should be possible to port the protocol.

However, I see a practical issue: if the global state is shared across multiple blockchains, then it would be mandatory to continuously keep up with all chains at the same time. Primarily, this has an impact on the resource consumption, like disk space to store the chains, and right now Omni Core requires a full copy of the Bitcoin blockchain, with enabled transaction index.

This is pretty wasteful, given that only a fraction of all (Bitcoin) transactions are Omni/Master transactions. It's one of the things I have in mind for some time, and while Omni Core isn't ready for it yet, the preperations were done during the class C/OP_RETURN integration, to support a no-txindex mode, and ultimately to support block pruning. This would at least tackle the space requirements, even though the additional processing of other chains would still be given, and I don't see an easy solution for it at the moment.

Another question that comes to my mind is the following: how are multiple chains synchronized?

While Omni transactions are unconfirmed, the state is fuzzy, and may change at any moment. Once transactions confirm, their order within a block determines the sequence of actions. But if there are multiple chains, then it basically comes down to the question: which block happend first? Bitcoin block xxxxxx, or XYZ block yyyyyy?

I'm thinking outside the box here. So I'm aware that bitcoin is the main desirable chain here, however bitcoin should be also thought of as the sha256d network of hardware.

What is the feasibility of in-addition to bitcoin, omnicore is copied and also run on ixcoin and i0coin to take advantage of these two bitcoin merge mined coins. (lets ignore that these chains need to have majority hash running the new versions that can support this)

Omni could act as a routing protocol for transactions that go to the appropriate chain, maybe atomically, maybe with a decentralized exchange. But omni would live in 3 places and communicate with each copy and respective chains.

i0coin, for example has 90 sec block times, that could be of great use to omni. Ixcoin, has high security, mirrors bitcoin updates and can act as an extra lane for transactions.


I think this might add an extra purpose for omni.

I mention this because it is only a matter of time before these chains update to versions that will allow anyone to fork counterparty or coloredcoins etc. Ixcoin already has the updated software, it just needs the miners to upgrade.

I thought polo made an announcement that they increased min fee to compensate
Guess they don't have coin age in their favor

In order to help withdrawals get processed quickly by the network, the BTC withdrawal fee has been raised from 0.0001 to 0.0005.Posted by busoni@poloniex at 2015-07-08 22:10:34

https://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P

Many delayed transactions on the protocol..

All omni transactions made by poloniex get medium priority..

Ah didn't see that they had a blog
http://blog.omni.foundation/2015/07/07/1670/

New update to it though


True enough he should have posted in the I'm looking for a cofounder thread back in the day.

Dude, watch your tongue.

I give jr big props for coming out and saying he will reduce his holdings. Big standing ovation. Im suprised he didnt get more press for it. That alone restored my faith in the omni project.





"Over the next 3+ years, I hope to put the vast majority of my Omni in the hands of the developers working on the project. The impact on the price will be driven entirely by them, (what features they write to create more demand for Omni, and how much they decide to sell). When we ran out of BTC I decided I'd rather be a small holder of something huge than a huge holder of something worthless, so I'm trying to make sure the long-term incentives are in place for that to happen."

Jrwillet pig wife fucked up all the project. And that's a fact. As soon she were into the game msc crashed.

What they've built is good and usable. But when mastercoin was first announced there was no counterparty, no maidsafe, no etherum, basically nothing like this. Now the mastercoin technology is outdated already.

The technology isn't bad, they just got caught with the problem lots of people get stuck on: Egos. The guys who made counterparty originally offered to help build mastercoin but they were rebuffed. Counterparty had it's moment to shine but thats past too. Divide and conquer really. Had only everyone gotten over their EGOS and tried working together.......

The fairest amongst the reasons, would be to say the team over promised and under delivered. Others may say, a few members of the team are/were deluded, and full of shit.

nah i mean it is a 99% decline form 100mio is extreme, most others fall form 10-4 to one mio (75-90% decline).
100mio to 1mio is a hole new scale. For this loss there must be happen something serious wrong.

Easy come, easy go

Holy crap from 100 Mio to under 1 mio in ~1 years

http://coinmarketcap.com/currencies/mastercoin/

What just happend, premined or what else?

Nah nothing and in the skype chat they're just cheering each other for nothing.