Topic: The Official Mastercoin Foundation, Master Protocol & Mastercoin Thread - page 14. (Read 165310 times)

I can't find OMNI/Mastercoin on coinmarket cap anymore. Was it delisted?

So now when you're here, perhaps I could ask a few questions as well:

*When will the phase-2 distributed exchange disturbed exchange be launched? Last year in March there was a big countdown and me and I think many else thought the DEx would be released then.

*Do you think anyone would use this DEx? I mean, the transaction volume for OMNI token right now is really low and consists of MAID to almost 100%. Why would anyone want the hassle of first exchanging the tokens for OMNI and then to BTC or whatever? One would most certainly make a loss in such trade since the liquidity will be low.

*When is the windows version of MasterCore coming? There was a similar countdown like the one with the DEx, when I and perhaps other thought it would be something we could really use. Only to find out that it's only for LINUX users.

*Don't you think that other projects like maidsafe and ethereum will be able to do the exact same things as OMNI but with better functionality? To be honest, sitting around waiting for block feels a bit like 2012, both when I'm using BTC and OMNI.

*Do you think OMNI tookens every will be worth more than 0.02BTC each again? What do you think when I say I bought mastercoins for 0.419BTC from a website the mastercoin foundation promoted on their front page?

Appreciate your answers, mastermind/omni.

We almost never watch this thread anymore, since it tends to be more of a trollbox than a forum, I think you'll usually get better results on reddit: http://www.reddit.com/r/omni/
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My answer is the same as it has always been. The near-term reason is the phase-2 distributed exchange which has all child currencies trading decentralized against OMNI. (phase 1 was Omni trading against bitcoin). The longer term plan is: http://blog.omni.foundation/2014/06/11/mastercoin-is-for-burning/
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Here lies the crux of the issue. The omni protocol you guys are building is amazing and inspirataional. You guys are crushing it.


However , i cant for the life of me figure out what the possible use for mastercoins is? Lets just be honest here. You dont need mastercoins to make the protocol work? Is that correct?

Or more accurately the mastercoins dont need value to make the protocol work.


What can possible give mastercoins value?

What would happen if everyone turned in their mastercoins for , i dont know, maybe a derivative on the omni layer.

ie: mastercoin tokens become valueless, as I suspect the omni protocol really doesn't need these to function, but whomever holds these gets their value transfered to something different.

Does anyone know when the 60k msc, that JR donated to the foundation, will be paid out to the devs? It would be nice to see the devs not dump them as they get them, unlike the last year and a half.

Will there be any use for the mastercoins ?

Real problem whit bitcoin 2.0 tokens is that they are useless. MSC (or Omni) is useless like counterparty. Ripple give us a possible solution, that is a burning method when someone use the OmniLayer.

Msc (Omni) is dead, because no one know any good reason to hold or use it.

You know, I wouldn't say it's so much a  "is MSC dead", but more like- has innovation in bitcoin technology moved from open community funded projects to less-open and venture capital backed projects?

At this point, I think the foundation should be thinking more seriously about how it's technology is going to compete in the PR realm against the technology being created by VC's, funded by VC's and used by VC's. Judith can put out as many updates as she would like (nothing against her BTW) but can that really match the Press Release cycle of VC funded companies that seem to take priority on the main Bitcoin news outlets?

I feel as though perhaps the first round of Bitcoin 2.0 technologies have lost their steam before really getting a chance to take off and investors seem to be looking to other sources of bitcoin innovation.

Perhaps I'm a pessimist at times, but the lack of movement in MSC trading- (and other bitcoin2.0 projects) seems to point to a greater obstacle at hand than just simply getting the technology working. While the Mastercoin Team and counterparty teams are hard at work making the technology work- the Venture Capital backed projects seem more interested in earning the trust of their future clients and taking their millions to build the technology that makes it work, later.

State of the Layer: ALL HANDS – MARCH 24 2015

http://blog.omni.foundation/2015/03/24/state-of-the-layer-all-hands-march-24-2015/

Repo moves, OP_RETURN, 0.10 Blockchain, UI updates, OmniJ, HFT exchange engine using DEx API, instructional videos….

And stay tuned for announcements this weekend at the Texas Bitcoin Conference with some new uses of the Omni Layer.

You may continue the “is MSC dead” debate now. 

Craig

Thanks Craig  

Where can I find any updates on Tethers' legal progress and money transmitter license?
 the latest article is from July 2014 - http://blogs.wsj.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

Tether Limited (“Tether”) is a limited company incorporated pursuant to the Hong Kong Companies Ordinance. It is wholly owned by Tether Holdings Limited, a BVI business company incorporated pursuant to the BVI Business Companies Act, 2004.

Tether is registered as a Money Services Business with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (MSB Registration Number 31000058542968). Tether is establishing a relationship with a U.S. financial institution for purposes of better servicing Tether users in the United States, the details to be announced by May.

Tether is concluding a principal–agency agreement with RenRenBee Limited (“RenRenBee”). RenRenBee is licensed as a Money Services Operator by the Hong Kong Customs and Excise Department (Licence No. 13-09-01265). Pursuant to the agreement, RenRenBee will provide anti-money laundering compliance work and customer due diligence procedures as agent for Tether as principal.

Through these and other measures, Tether is undertaking customer due diligence, record-keeping, and reporting procedures consistent with U.S. law and with the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance.

Tether Limited currently has accounts with Cathay United Bank and Hwatai Bank in Taiwan, both of whom are aware and confident that Tether’s business model is acceptable.  In addition 3 more banking partners will be announced in the coming months. 

These banks are satisfied with our processes and also satisfied that our business operates in accordance with Taiwan off-shore banking regulations, as all of the banks had been requested to check this with their own legal, compliance and head-office before opening accounts (also at our own request).  It was our goal from the beginning to have a compliant operation and to provide the maximum level of comfort to our banking partners here.  In addition these banks have and are working with other Bitcoin based businesses.